Richard Ravitch, who helped New York weather its fiscal crisis in the 1970s, was named by the judge overseeing Detroit’s record municipal bankruptcy as a court adviser to help evaluate that city’s debt-cutting plan.
U.S. Senator Charles Schumer of New York said he’ll oppose any attempts to divert money from about $3.5 billion remaining in funds from a superstorm Sandy aid law until the area has enough money to fully rebuild.
Sylvia Mathews Burwell, President Barack Obama’s choice to be his next secretary of Health and Human Services, brings experience in budgeting and management and one other important qualification: proven ability to get confirmed by a divided U.S. Senate.
Hedge funds, low-income borrowers and municipalities face steeper costs from global rules enacted after the financial crisis as banks stand to benefit, said JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon.
Mitsui Fudosan Co., Japan’s largest property developer by sales, reported defects in a residential complex being built by Shimizu Corp. and will start repairing those parts this month, Kawasaki City said in a statement.