California’s budget deficit has swollen to $16 billion after legislators ignored Governor Jerry Brown’s calls for cost cuts.
Governor Brown had estimated in January that the budget would be short by $9.2 billion dollars. The federal government stepped in to block budget cutting measures and tax revenue was $2 billion under projections which led to the increase in the deficit. Continue reading
Ina Drew, the chief investment officer for JPMorgan Chase, resigned after 30 years with the company due to mismanagement that led to a $2 billion dollar loss by the largest US bank. The bank’s co-chief of global fixed income will take over as CIO.
The poor investments have apparently been restricted to the company’s London office where other staff members are expected to resign or be terminated. Continue reading