Alfred Brittain III, the former chairman and chief executive officer of Bankers Trust New York Corp. who raised profits by exiting retail banking to focus on lending to companies and other banks, has died. He was 88.
Illinois, which shares the worst state credit rating with California, is draining its pension funds as candidates for governor promote plans that would cover less than a quarter of a record budget gap.
Illinois’s plan to chip away at its $9 billion bill backlog with a $2.5 billion bond sale is earning praise from investors, who view the move as a sign lawmakers are taking steps to repair state finances.
Illinois , facing the worst financial crisis in its history, received a negative outlook on $25 billion of general obligation bonds from Moody’s Investors Service after failing to address a deficit that almost tripled in one year.
The Illinois Legislature will shore up the state’s underfunded pension system when it meets after the November elections, having failed to do so in August, the head of a Chicago-based watchdog group predicted.