Illinois
lawmaker pushes to ban post-retirement bonuses for educators - (www.chicagotribune.com) Suburban
Chicago lawmaker is pushing to ban the cash bonuses that some school districts
give to retired educators, a practice that costs local taxpayers thousands of
dollars. State Rep. David McSweeney, R-Barrington Hills, said he wasn't aware of the
so-called post-retirement bonuses until the Tribune last month highlighted the
little-noticed payouts that are tucked into teacher and administrator
contracts. McSweeney filed legislation Friday that would prohibit suburban and
downstate school districts from including post-retirement bonuses in contracts.
Hedge
Funds Cost N.Y. Pension Plan $3.8 Billion, Report Says - (www.bloomberg.com) The
New York state comptroller’s decision to stick with hedge funds despite their
poor returns has cost the Common Retirement Fund $3.8 billion in fees and
underperformance, according to a critical report by the Department of Financial
Services. The state comptroller, who invests $181 billion for two systems
covering local employees, police and fire personnel, "has over relied on
so-called ‘active’ management by outside hedge fund managers," the
department said Monday in the 20-page report. "For years the State
Comptroller has been frozen in place, letting outside managers rake in millions
of dollars in fees regardless of hedge fund performance." Spokeswoman
Jennifer Freeman defended the office of comptroller Thomas DiNapoli, accusing
the department of harboring political motives.
China Property Boom Spurs Fear of Bubble’s
Burst - (www.nytimes.com) Zheng
Ruizhen counted herself among the last holdouts on Lufeng Road. Even as
high-rises sprang up in recent years to surround her dilapidated home, Ms.
Zheng, a 50-year-old schoolteacher, and her husband, Sun Guojian, held firm. He
grew up there. Her school was a 20-minute bicycle ride away. They raised their
son there, though he eventually grew so tall that his head grazed the ceiling
of his cramped room. When city officials pushed them to sell, they said no. Then
came China’s latest property bubble — a frothy surge in
prices that could have global repercussions if it pops. In August, an
unremarkable piece of land around the corner from Ms. Zheng sold for nearly
$2,000 a square foot, a national record and nearly three times the average land
price in Manhattan. Local officials grew more insistent and threatened to tear
down their bathroom.
Hong Kong Stocks Slump as Casinos Plunge After
Crown Detentions - (www.bloomberg.com) Hong
Kong stocks extended last week’s slump as casino operators declined after
Chinese authorities detained employees from billionaire James Packer’s Crown
Resorts Ltd., while property developers paced losses by financial shares. The
Hang Seng Index fell 0.8 percent at the close, after dropping 2.6 percent last
week. Sands China Ltd. and Galaxy Entertainment Group Ltd. retreated as the
detentions, which include the head of Crown’s VIP International team, highlight
the industry’s vulnerability to Chinese crackdowns. A gauge of real estate
companies closed at its lowest since Aug. 4. A measure of U.S.
dollar-denominated shares traded in Shanghai tumbled the most in nine months.
Deutsche Bank's options to solve capital
dilemma seen to be limited – (www.reuters.com) Deutsche
Bank needs to move quickly to boost capital and deliver healthy profits if it
is to restore investor confidence, but its room for maneuver appears limited,
bankers, analysts and investors say. When John Cryan took over as chief
executive last year, he announced steps to cut staff and overheads and to sell
off non-core businesses. But a $14 billion fine sought by the U.S. Department
of Justice (DOJ) for the bank's mis-selling of mortgage securities has exposed
a potential capital shortfall of between 5 to 10 billion euros, while progress
in implementing Cryan's strategy has been slow. The bank has no solvency or
liquidity problems and it says it currently has no plans for a capital increase
and that it is meeting all its regulatory requirements.
More Than One Worry Is Hitting Bond Markets - (www.wsj.com)
Index Funds Are Taking Over The S&P 500 - (www.wsj.com)
Wall Street’s “Do-Nothing” Investing Revolution - (www.wsj.com)
The Dying Business of Picking Stocks - (www.wsj.com)
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