Bank of America Agrees to Mammoth $14 Billion Settlement
Bank of America has agreed to settle for $14 billion with investors who bought ill-fated subprime mortgage securities from its Countrywide Financial subsidiary.
Newsmakers
CalPERS Paid Millions for Internal Review, Revealing Allegations of Corruption, Bribery, Questions Over Legal Fees
The nation's largest public pension fund paid $11 million to a Washington, DC, law firm to conduct an internal review, raising questions over legal fees.
Alabama Lawsuit Raises Questions Over In-State Public Pension Money
A class action lawsuit has been filed on behalf of employees in Alabama's state pension plan, raising questions over investments in golf courses, condominiums, hotels, and resorts.
Ontario Teachers Gets Top Up From Union Members, Government
In a deal that mirrors New Jersey’s, the Canadian province’s massive pension system will see its deficit erased via an increase in contributions from the government and members.
Signals from China: Euro Good, Dollar (Potentially) Bad
Recent statements by the heads of the China Investment Corporation and the Chinese Social Security system express faith in the Euro – and concern over the value of the U.S. dollar.
Sweden's Pension Group Weighs Scheme Consolidation
Sweden has initiated a review of the country's state pension funds, which collectively manage more than €100 billion ($141.8 billion).
PIMCO's El-Erian Envisions Greek Default to Resolve Debt Problems
PIMCO's El-Erian predicts a Greek default, yet says a default will not prompt a new global financial crisis because the country is too small in terms of economic impact.
Cornell Endowment Rocked by Another Resignation
Fewer than two months after the controversial departure of Cornell University’s chief investment officer Michael Abbott, senior investment officer John Regan has announced that he will also resign.
With Deteriorating Financial Situation, Moody's Slashes Illinois County Rating
Moody's Investors Service has given Illinois' biggest county a rating downgrade.
As Greece Dumps Infrastructure, Do Institutional Investors Stand to Gain?
While institutional investors may view Greece's selloff of state assets to get loans as an opportunity, some say it's too early to tell.
PIMCO Chief Raises Alarm Over EU’s Greece Indecision
Mohammed El-Erian, chief executive officer of Pacific Investment Management Co. (PIMCO), has warned that the European Union risks wasting billions and possibly precipitating a wider sovereign debt crisis as a result of inaction in Greece.
Greenspan: Greek Default “Almost Certain,” Could Cause Double-Dip
Former Federal Reserve Chairman Alan Greenspan declared in a June 16 interview that a Greek default is “almost certain” and could precipitate another U.S. recession.
After Debate, NJ Dems Join Sweeney in Supporting Christie’s Pension Reform
After a months-long debate stretching back to February, New Jersey Governor Chris Christie has reached a deal with the state’s Democrats to overhaul the pensions and benefits of public employees.
TimberWest Approves Pension Fund Takeover
Shareholders of Vancouver-based TimberWest Forest Corporation have overwhelmingly approved a $1.03 billion takeover by two Canadian public pension plans.
Interrogation: Roger Gray Thinks Governance Equals Performance
From aiCIO Magazine's Summer Issue: Gray—via Oxford, Harvard, Rothschild, UBS, and Hermès—arrived at the United Kingdom's US$52 billion Universities Superannuation System in 2009, intent on furthering internal management and governance strength.