Warren Buffett has added his voice to the growing chorus of concern over public pension obligations. In his annual letter to shareholders, the legendary investing guru calls underfunded public pension plans a "gigantic financial tapeworm."
Buffett said he anticipates lots of bad news in the coming decade about public pensions, and he stresses the need for prompt remedial action where problems exist.
Connecticut’s state budget faces a series of problems that have been building for some time. It’s why the Office of Fiscal Analysis shows looming budget deficits in the next two fiscal years.
But we’re not alone. A study of several states shows some of the same trends: Medicaid costs growing faster than states can raise money, which means less funding for education; the federal government cutting aid to states in an effort to cut their own deficits; reliance on volatile tax structures and massive underfunding of public pensions.
The Commissioner of Economic and Community Development has defended her department's record on business assistance loans. Catherine Smith gave evidence before the Commerce Committee, saying 1,114 companies have been helped through DECD programs like Small Business Express.
Tennessee Gov. Bill Haslam delivers his State of the State address to a joint session of the General Assembly on Monday in Nashville, Tenn. In the speech, he proposed spending the state's lottery money on free community college education for those in need.
Pretty soon, going to community college in Tennessee may become absolutely free. Republican Gov. Bill Haslam unveiled the proposal in his annual State of the State address this week.
Haslam is trying to lift Tennessee's ranking as one of the least-educated states. Less than a third of residents have even a two-year degree. But a community college free-for-all has been tried elsewhere, though not sustained, and there's always a nagging question.
"So I know you're wondering," Haslam said. "How do we pay for this?"
Our financial analysts look at protecting and growing your money.
On this fresh edition of The Faith Middleton Show, the markets have been dropping despite some good economic news. Are investors truly spooked or taking profits? What's going on? Are we in for one of those rocky years in the market, and if so, our guests take your calls and talk about protecting and growing your money.
A recently-released report by the U.S. Government Accountability Office found that as college tuition costs soared between 2007 and 2012, demand for federal student loans increased more than 300 percent.
The Connecticut Department of Children and Families held a full-day forum on Wednesday about domestic minor sex trafficking. The aim was to raise awareness of the issue and to strengthen partnerships across the state to combat the victimization of children. Keynote speaker Audrey Morrissey shared her experience as a survivor of the commercial sex industry, and discussed her work teaching young girls how to avoid her fate.
Last year, The Pew Charitable Trusts studied fiscal data from the 50 states to see how each could survive on its respective reserve fund. The results were diverse, depending largely on each state’s population and resources.
For Connecticut, the study’s outcome did not look promising. New England’s Constitution State was found to have one of the lowest-ranking reserve funds in the nation. Alaska, on the other hand, came out on top. But why?
Last year, The Pew Charitable Trusts analyzed the fiscal data for all 50 states. They used several markers to rank the states, including the amount of money in reserve funds, sometimes known as rainy day funds. Connecticut’s rainy day fund is among the lowest in the nation. The highest? Alaska.
This hour, we find out how states like Alaska got so far ahead, while Connecticut fell so far behind.
A Hartford Superior Court judge has denied a request by the state to delay the start of a landmark education lawsuit that challenges the way Connecticut funds its public schools. The attorney general’s office had filed motions aimed at postponing the start of the trial until October 2015. Now, the case is set to begin later this year.
It's been two years since the in-state tuition law went into effect. It benefits students without legal status who have graduated from a Connecticut high school. The young people who fought for the in-state tuition law for undocumented students are launching a new campaign. Their new goal is to help these students access financial aid.
Total Mortgage Services has announced a deal with the state of Connecticut to expand its headquarters in Milford. The company said it will create 140 new jobs in the town, doubling its Connecticut workforce over five years.
The State Bond Commission, along with Governor Dannel Malloy, held a meeting on Thursday. One of the items was a request from the Department of Social Services for just under $6 million to provide grants-in-aid to eight social service providers. An additional request was made for $3 million toward grants-in-aid to non-profits in Stamford, Pomfret, and Branford.
It’s been one month since State Comptroller Kevin Lembo announced the expansion of Open Connecticut -- an online source for state finances -- to include financial information for Connecticut’s quasi-public agencies and federal programs.
Established in 1965, the Connecticut Health and Educational Facilities Authority has earned its title as the oldest quasi-public agency in our state. Now, it’s one of eleven quasi-public entities in Connecticut, agencies like Connecticut Innovations, Inc.; the Connecticut Development Authority; the Connecticut Lottery Corporation; and the Connecticut Resources Recovery Authority -- to name a few.
Connecticut officials are campaigning for the extension of a federal tax provision that expired at the end of last year. It's the tax relief provided for distressed families that have to sell their homes at a loss, or who go through a foreclosure.
Jury selection begins on Tuesday in the trial of Matthew Martoma, a manager for SAC Capital, who's accused of insider trading. It's the latest court action in an investigation of the Connecticut-based hedge fund that has lasted for several years.
The Senate has approved Janet Yellen as the next head of the Federal Reserve. At a ceremony commemorating the Fed's centennial last month, Yellen sat with (from left-to-right) former chairmen Paul Volker and Alan Greenspan, and current Fed leader Ben Bernanke.
Originally published on Mon January 6, 2014 7:13 pm
The Senate has voted to approve the nomination of Janet Yellen as the next leader of the U.S. Federal Reserve. With Monday's vote, Yellen, 67, will become the first woman to serve as America's banking chief, heading an institution that was established in 1913.
The line of people who want their money from Earl O'Garro continues to grow.
O'Garro is the man at the center of a federal grand jury investigation looking into $670,000 in missing taxpayer money. The city of Hartford paid him to pay its insurance bills, and he apparently never did.
State and federal regulators have hailed Tuesday's $13 billion settlement with JPMorgan Chase & Co. over faulty mortgage assets it sold in the years leading up to the financial crisis as a big victory for the judicial system.
But like other big settlements to emerge from the financial crisis, the deal leaves unclear just what the bank did wrong.