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A debt-ratings rift rattles Chicago
The Wall Street Journal
The world’s two largest ratings firms are divided in their view of Chicago’s fiscal health as the city grapples with a $20 billion pension hole, a potential preview of battles expected to break out around the U.S. as retirement obligations mount.
Moody’s Investors Service lowered Chicago’s bonds to junk status while rival Standard & Poor’s Ratings Services settled on an investment-grade A-minus rating, a more optimistic view of the nation’s third-largest city.
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CFA Chicago
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CFA Chicago
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To cope with more volatile markets, take a lesson from football managers
CFA Institute's Enterprising Investor
So far in 2015, the financial markets can aptly be characterized by increased volatility, in terms of both the average level of volatility and the greater frequency of higher volatility.
In the first week of trading alone, the EuroStoxx 50 Index, made up of 50 blue-chip eurozone equities, moved by plus/minus 3 percent or more on three occasions.
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When a LinkedIn connection crosses the line
Huffington Post
Nowadays, Linkedin users are paying more attention to who views their profiles, especially prior to connecting. It is commonplace to joke about this behavior as "professional stalking." You may say with tongue-in-cheek to a repeat visitor, "Hey, I saw you checking me out on LinkedIn. What are you doing, stalking me?" But sometimes, people are put in the unsettling position of having to field unwanted advances, obscene remarks, or threats via social media, email, instant message, or other forms of electronic communication.
How CEO Crane is remaking Exelon
Crain's Chicago Business
The planned acquisition of Pepco Holdings, narrowly approved by Maryland regulators on May 15, is Crane's first major deal since succeeding John Rowe as CEO in 2012. The $6.8 billion deal puts his stamp on Chicago-based Exelon, for better or worse.
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Ariel names head of 1st office in the Asia-Pacific region
Pensions&Investments
Ian M. Webber joined Ariel Investments in Sydney as senior vice president, institutional marketing and client service, and head of Asia-Pacific. Webber opens Ariel's first office in the Asia-Pacific region, with initial plans to market the Chicago-based firm's global equity strategy, led by Rupal J. Bhansali, chief investment officer, international and global equities, to institutional investors in Australia and the broader Asia-Pacific region.
Illinois scrambles for solutions to a mounting pension crisis
The New York Times
Illinois is facing one of the worst fiscal crises of any state in recent decades, largely because it has mismanaged its pension system.
The shortfalls could potentially mean sharply higher taxes and cuts in spending. And even though the state’s highest court just this month threw out a landmark plan to cut worker and retiree benefits, some lawmakers say they may have to find another way to make those reductions as well.
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Chicago's junk status: The basics
Chicago Tribune
Moody's Investors Services, a credit rating agency, downgraded Chicago's debt to junk status. Most people can glean that this is bad news. Beyond that, it's easy to gloss over the details. It's finance, after all.
Here are the basics you need to understand.
Capital One sued by taxi finance firm Jilted for Uber
Bloomberg
Two Capital One Financial Corp. units were sued by a Chicago firm claiming they abandoned a joint venture to lend money to taxi medallion buyers and struck a passenger-discount deal with Uber Technologies Inc.
Capital One is accused by Transit Funding Associates LLC of inducing it to increase the scope of its lending operations, starting in 2009, and then last year abruptly repudiating the commitments it made, “leaving TFA high and dry.”
Junk-rated Chicago to test bond market
Financial Times
Chicago is expected to return to the bond market for the first time since the city was downgraded to junk by Moody’s, with the yields on offer now high enough to attract international investor attention to the normally insular U.S. municipal debt market.
Missed last week's issue? See which articles your colleagues read most.
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