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Martin Z. Braun

STATES WITH high state and local taxes have seen an uptick in residents leaving the state following the implementation of a federal SALT deductions cap. / BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE

Trump’s SALT cap fuels a wealth exodus from high-tax states

NEW YORK – Some of the hardest evidence yet indicates that the 2017 Republican tax law is pushing money and people from high-tax states...
CONNECTICUT LAWMAKERS CLOSED a $3.7 billion gap in the state's $43 billion two-year budget while sparing residents an income-tax increase. The budget is getting mostly positive reviews from investors. Above, the Travelers Property and Casualty headquarters in Hartford, Conn. / BLOOMBERG FILE PHOTO/GEORGE RUHE

Connecticut closes budget deficit without income-tax hike

NEW YORK – Connecticut’s $43 billion two-year budget, which spares residents an income-tax increase, is getting mostly positive reviews from investors. The budget, approved by...
THE SEC has adopted amendments that obligates securities dealers to ensure that municipalities report updated financial information and material events to bondholders. The amendments will force the disclosure of loans incurred by municipalities, loan defaults and changes to financial covenants that affect bondholders within 10 business days. /BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE

SEC forces cities to reveal Wall Street loans with holdings surging

NEW YORK - The U.S. Securities and Exchange Commission moved to require states and local governments to disclose bank loans and privately placed debt, seeking...
U.S. STATE PENSIONS improved overall for the first time since 2014, driven by global stock-market gains. / BLOOMBERG FILE PHOTO/MICHAEL NAGLE

Stock gains lift state pension funding for first time since 2014

NEW YORK - The health of United States state pension systems improved for the first time since 2014 because of global stock-market gains, according to...
CONNECTICUT LAWMAKERS passed a veto-proof budget that provides $50 million in financial aid to Hartford, Conn. Above, the Travelers Property and Casualty headquarters in Hartford, Conn. / BLOOMBERG FILE PHOTO/GEORGE RUHE

Connecticut lawmakers pass veto-proof budget to rescue Hartford

NEW YORK - Connecticut lawmakers ended a four-month impasse over the budget by approving steps to close the state’s $3.5 billion deficit and provide...
HARTFORD HIRED A restructuring firm as fiscal strains on the city build. Above, Aetna Inc. headquarters stands in Hartford, Conn. Aetna recently announced it will move its headquarters from Hartford to New York City. / BLOOMBERG FILE PHOTO/MICHAEL NAGLE

In America’s richest state, the capital flirts with bankruptcy

NEW YORK - The hedge-fund enclave of Greenwich, on the Connecticut Gold Coast, is about 100 miles and a world away from the state...
BANK OF AMERICA, Citigroup and JPMorgan are the top municipal underwriters. / COURTESY BLOOMBERG

Bank of America expands lead in U.S. municipal-bond underwriting

NEW YORK - Bank of America Corp. is extending its lead in the municipal-bond business. The Charlotte, N.C.-based bank held its spot as the top...
R.I. Treasurer Seth Magaziner said in a news release that investments in seven hedge funds have been terminated. / PBN FILE PHOTO/ MICHAEL SALERNO

Rhode Island pension terminates Och-Ziff and Brevan Howard funds

PROVIDENCE - Rhode Island’s $7.7 billion pension fund terminated investments in seven hedge funds, including Brevan Howard Asset Management and Och-Ziff Capital Management Group...
BANK OF AMERICA Corp., the second-biggest U.S. lender by assets, was the largest underwriter of municipal bonds in the U.S. for the fourth consecutive year.

Bank of America tops municipal underwriter ranks for fourth year

NEW YORK - John Lawlor, the head of Bank of America Corp.’s municipal-bond department, is a graduate of the U.S. Naval Academy. In 2015,...

Connecticut’s Mohegans bond sale flounders as junk supply grows

NEW YORK - Connecticut’s Mohegan Tribe, which own the Mohegan Sun casino, hasn’t been able to complete a $53 million bond sale as competition...

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