NCPERS News Clips

6/16/2009

Good Intentions

This week's clips lead off with an editorial from the Washington Post written by Treasury Secretary Timothy Geithner and Director of the National Economic Council Lawrence Summers. The two describe the administration's framework for modernizing financial regulation and supervision. Given that most agree the economic meltdown resulted from inadequate and inept regulation, let's hope this effort is effective in sparing us more pain in the future.

• A New Financial Foundation
  Over the past two years, we have faced the most severe financial crisis since the Great Depression. The financial system failed to perform its function as a reducer and distributor of risk. Instead, it magnified risks, precipitating an economic contraction that has hurt families and businesses around the world.
• U.S. seniors hunt jobs as retirement hopes fade
  Jean Johnson is 81 years old and suffering from diabetes. But instead of relaxing in retirement, she recently started a new job.
• U.S. Senate Democrats unveil healthcare bill
  Leading Senate Democrats unveiled on Tuesday a plan to reshape U.S. healthcare that calls for sweeping insurance market reforms and prohibits insurers from denying coverage or charging more due to medical history.
• Bleak Times For Buyouts
  Private equity firms have taken plenty of blame for sinking companies with piles of debt, rewarding themselves with fees and projecting returns that proved illusory. Now even their once-reliable backers have soured on them: institutional investors say they expect a quarter of private equity firms to fail in the next seven years, according to research released Monday.
• Calpers raises private equity, venture allocation
  The board of Calpers, the biggest U.S. public pension fund, voted on Monday to let its investment staff increase its asset allocation for private equity and venture capital investments and to reduce its stock holdings.
• Baldacci has bill on state retirees' benefits
  An emergency bill protecting state retirees from losses of retirement benefits is awaiting consideration by Gov. John Baldacci. The House and Senate gave final, overwhelming approval late Friday to an emergency bill -- sponsored by Senate President Elizabeth Mitchell, D-Vassalboro -- that puts in place a floor to ensure state retirees don't see a cut in benefits, even if the Consumer Price Index falls.
• GOP bill: Let state retiree funds go into science research
  A Southern Arizona lawmaker wants to allow the state retirement system to invest in research cooperatives between universities and corporations, with a promise the fund would profit from discoveries.
• State pension benefits hikes championed
  While the Legislature is poised to close a series of controversial state pension loopholes in a reform bill up for enactment today, it is also considering bills that add up to 20 new ways in which state employees could boost pensions.

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