The implications of unfunded pension liabilities have become an ever-increasing concern for muni issuers and investors. Among the most important issues are the extremely weak pension fund returns for the past fiscal year, but perhaps more importantly, growing pressure to drastically reduce assumed investment returns, which would cause unfunded liabilities and required annual contributions to skyrocket. Mark Meyer and other panelists will examine the growing budget, credit and policy implications of these factors from the viewpoint of an actuary, a rating agency analyst and a muni strategist.
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Layered orders and spoofing allegations
Spoofing charges made headlines recently when jurors in an Illinois court convicted two former JP Morgan precious metals traders, Gregg Smith and Michael...