11/10/18

JPMorgan Expert: Illinois Bankruptcy Option Needed - True Debt, Pension, Health Costs Would Consume Half Of Revenue



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JPMorgan Expert: Illinois Bankruptcy Option Needed - True Debt, Pension, Health Costs Would Consume Half Of Revenue
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Authored by Mark Glennon via WirePoints.com,

Michael Cembalest is Chairman of Market and Investment Strategy at J.P. Morgan Asset Management.

His report released yesterday, The ARC and the Covenants, updates his earlier research comparing the percentage of state revenues needed to pay interest on general obligation debt, and meet all future pension and retiree healthcare obligations. [The link to the report appears to be working sporadically: https://www.jpmorgan.com/directdoc/ARC4_ES.pdf ]

Most states, he concludes, have manageable burdens (which he defines as 15% or less).

Not Illinois, which is far worst among the states. By his calculations, 51% of state ....

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