The tie is broken for now, with Republican Meg Whitman, coming off last weekend’s state GOP Convention, moving out to her best showing yet in the race to be the next governor of California.
The latest Rasmussen Reports telephone survey of Likely Voters in California finds Whitman earning 48% support, while Democrat Jerry Brown picks up 40% of the vote. Six percent (6%) prefer some other candidate in the race, and six percent (6%) are undecided.
These new numbers move California from a Toss-Up to Leans GOP in the Rasmussen Reports Election 2010 Gubernatorial Scorecard.
Early this month, Brown was slightly ahead 43% to 41% in a contest that has been neck and neck since last September. Brown, currently the state’s attorney general, bounced briefly ahead immediately following the state Democratic Convention in April, but the race tightened again in June after Whitman's Republican primary win.
Thursday, August 26, 2010
Tuesday, August 24, 2010
CRAINS REPORTS: IL Teachers' Retirement System Sells Assets to Pay Current Benefits
(Crain's) — Illinois Teachers' Retirement System, Springfield, plans to sell $3 billion in investments, or about 10% of its $33.1 billion in assets, in the current fiscal year to pay pension benefits, according to Dave Urbanek, public information officer.
The system is the fifth Illinois statewide defined benefit plan to sell off investments this fiscal year to pay benefits.
Illinois State Universities Retirement System, Champaign, expects to sell $1.2 billion in investments from its $12.2 billion defined benefit fund this fiscal year to raise liquidity to pay benefits to participants.
The Illinois State Board of Investment, Chicago, could sell $840 million investments from its $9.9 billion fund to pay benefits of the Illinois State Employees' Retirement System, Illinois Judges' Retirement System and Illinois General Assembly Retirement System. ISBI oversees the investments of the three systems.
The liquidity stress from the investment sales at the five plans could force each of them to restructure their strategic asset allocations, terminate investment managers and search for new managers.
Illinois Teachers sold $290 million in investments so far this month and $200 million last month because of a lack of state contributions.
“Without the monthly state contribution, TRS estimates sales of roughly $3 billion for the entire fiscal year, or approximately $250 million every month,” Mr. Urbanek said in a statement in response to an inquiry.
So far, TRS has accomplished the investment liquidation through “appropriate rebalancing,” Mr. Urbanek said in the statement. “As the year progresses, this approach will no longer be sufficient to cover the total amount of benefit payments and more targeted asset sales will need to be considered.
“TRS staff continues to study the impacts of the current liquidity situation on the total portfolio and recommendations will be made as necessary to adjust targets. These changes could include revisions to the system's target asset allocation and termination of investment manager relationships as 10% or more of the portfolio is liquidated to pay benefits this fiscal year,” he said.
Mr. Urbanek said the investment sales could force changes in the system's current asset allocation impacting whether it could meet its current 8.5% target rate of return.
“In the current market environment, there are significant market opportunities to institutional investors with available capital. In the absence of the required contribution from the state, TRS and the other Illinois pension systems will no longer be able to participate in these opportunities,” he said.
R.V. Kuhns, the system's investment consultant, is evaluating possible allocation changes for liquidity needs as they arise, Mr. Urbanek added. He said it was “impossible” to know details of possible searches or terminations at this time.
Since the start of the fiscal year on July 1 through Aug. 20, the system has received only $8.1 million in contributions from the state. For the current fiscal year, ending June 30, 2011, the system requested $2.35 billion in contributions from the state, Mr. Urbanek said.
In the last fiscal year, the system sold $1.3 billion in assets to pay pension benefits; it received $170.4 million in employer contributions and $899 million in member contributions, while requesting $2.08 billion in employer contributions alone.
TRS' current asset allocation is U.S. equities, 30.5%; international equities, 20.3%; fixed income, 17.5%; real estate, 9.6%; real return, 9.3%; private equity, 8.3%; absolute return, 3.6%; and short-term investments, 0.9%.
The system is the fifth Illinois statewide defined benefit plan to sell off investments this fiscal year to pay benefits.
Illinois State Universities Retirement System, Champaign, expects to sell $1.2 billion in investments from its $12.2 billion defined benefit fund this fiscal year to raise liquidity to pay benefits to participants.
The Illinois State Board of Investment, Chicago, could sell $840 million investments from its $9.9 billion fund to pay benefits of the Illinois State Employees' Retirement System, Illinois Judges' Retirement System and Illinois General Assembly Retirement System. ISBI oversees the investments of the three systems.
The liquidity stress from the investment sales at the five plans could force each of them to restructure their strategic asset allocations, terminate investment managers and search for new managers.
Illinois Teachers sold $290 million in investments so far this month and $200 million last month because of a lack of state contributions.
“Without the monthly state contribution, TRS estimates sales of roughly $3 billion for the entire fiscal year, or approximately $250 million every month,” Mr. Urbanek said in a statement in response to an inquiry.
So far, TRS has accomplished the investment liquidation through “appropriate rebalancing,” Mr. Urbanek said in the statement. “As the year progresses, this approach will no longer be sufficient to cover the total amount of benefit payments and more targeted asset sales will need to be considered.
“TRS staff continues to study the impacts of the current liquidity situation on the total portfolio and recommendations will be made as necessary to adjust targets. These changes could include revisions to the system's target asset allocation and termination of investment manager relationships as 10% or more of the portfolio is liquidated to pay benefits this fiscal year,” he said.
Mr. Urbanek said the investment sales could force changes in the system's current asset allocation impacting whether it could meet its current 8.5% target rate of return.
“In the current market environment, there are significant market opportunities to institutional investors with available capital. In the absence of the required contribution from the state, TRS and the other Illinois pension systems will no longer be able to participate in these opportunities,” he said.
R.V. Kuhns, the system's investment consultant, is evaluating possible allocation changes for liquidity needs as they arise, Mr. Urbanek added. He said it was “impossible” to know details of possible searches or terminations at this time.
Since the start of the fiscal year on July 1 through Aug. 20, the system has received only $8.1 million in contributions from the state. For the current fiscal year, ending June 30, 2011, the system requested $2.35 billion in contributions from the state, Mr. Urbanek said.
In the last fiscal year, the system sold $1.3 billion in assets to pay pension benefits; it received $170.4 million in employer contributions and $899 million in member contributions, while requesting $2.08 billion in employer contributions alone.
TRS' current asset allocation is U.S. equities, 30.5%; international equities, 20.3%; fixed income, 17.5%; real estate, 9.6%; real return, 9.3%; private equity, 8.3%; absolute return, 3.6%; and short-term investments, 0.9%.
Gov Quinn Picks Michelle Saddler as His New Chief of Staff
FROM THE GOV'S OFFICE
Governor Pat Quinn today named Michelle R.B. Saddler as his Chief of Staff. Saddler previously served as the Secretary of the Illinois Department of Human Services (DHS). Prior to serving as Secretary of DHS, Saddler was the Director of Policy for the Quinn Administration and has held a number of key management and policy positions in the public and private sectors.
“Michelle Saddler is one of the most knowledgeable and dedicated members of my cabinet, and I look forward to having her serve as my Chief of Staff,” said Governor Quinn. “There is no one better-suited to continue my mission of creating jobs, supporting Illinois’ economic recovery and protecting our most vulnerable residents.”
Saddler was appointed by Governor Quinn to be Secretary of DHS on Oct. 11, 2009. The agency, one of the state’s largest, provides integrated services to individuals, families and communities for developmental disabilities, mental health, rehabilitation services and alcoholism and substance abuse, among others.
While at DHS, Saddler was charged with implementing a number of Governor Quinn’s top initiatives, including the Put Illinois to Work program. The program was one of the largest and most successful in the nation and has put more than 26,000 people to work in subsidized temporary jobs. Additionally, under Saddler’s leadership, the agency drew down an additional $250 million in federal funds for human services.
Before being named policy chief for the Quinn Administration, Saddler served in a number of policy and management positions in both the public and private sectors. Her past positions include Vice President for International Adoptions for the Lifelink Corporation and Executive Director of the Illinois Metropolitan Investment Fund. She also served as Director of Investments with then-Illinois State Treasurer Quinn and is a Co-Chair of the Board of Directors of Protestants for the Common Good.
Saddler earned her bachelor’s degree from Princeton University’s Woodrow Wilson School of Public and International Affairs and has a master’s in management from Northwestern University’s J.L. Kellogg Graduate School of Management, where received the F.C. Austin Scholarship – the school’s highest merit award. (Additional background information is attached.)
“I look forward to continuing to serve and care for the people of Illinois as Governor Quinn’s Chief of Staff,” said Saddler. “I will work to continue the important partnerships with our legislators, employees, providers and advocacy groups.”
Current DHS Assistant Secretary Grace Hou will serve as the agency’s Acting Secretary. Prior to her work at DHS, Hou was Executive Director of the Chinese Mutual Aid Association, a non-profit social service agency that serves Chinese immigrants and refugees.
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Governor Pat Quinn today named Michelle R.B. Saddler as his Chief of Staff. Saddler previously served as the Secretary of the Illinois Department of Human Services (DHS). Prior to serving as Secretary of DHS, Saddler was the Director of Policy for the Quinn Administration and has held a number of key management and policy positions in the public and private sectors.
“Michelle Saddler is one of the most knowledgeable and dedicated members of my cabinet, and I look forward to having her serve as my Chief of Staff,” said Governor Quinn. “There is no one better-suited to continue my mission of creating jobs, supporting Illinois’ economic recovery and protecting our most vulnerable residents.”
Saddler was appointed by Governor Quinn to be Secretary of DHS on Oct. 11, 2009. The agency, one of the state’s largest, provides integrated services to individuals, families and communities for developmental disabilities, mental health, rehabilitation services and alcoholism and substance abuse, among others.
While at DHS, Saddler was charged with implementing a number of Governor Quinn’s top initiatives, including the Put Illinois to Work program. The program was one of the largest and most successful in the nation and has put more than 26,000 people to work in subsidized temporary jobs. Additionally, under Saddler’s leadership, the agency drew down an additional $250 million in federal funds for human services.
Before being named policy chief for the Quinn Administration, Saddler served in a number of policy and management positions in both the public and private sectors. Her past positions include Vice President for International Adoptions for the Lifelink Corporation and Executive Director of the Illinois Metropolitan Investment Fund. She also served as Director of Investments with then-Illinois State Treasurer Quinn and is a Co-Chair of the Board of Directors of Protestants for the Common Good.
Saddler earned her bachelor’s degree from Princeton University’s Woodrow Wilson School of Public and International Affairs and has a master’s in management from Northwestern University’s J.L. Kellogg Graduate School of Management, where received the F.C. Austin Scholarship – the school’s highest merit award. (Additional background information is attached.)
“I look forward to continuing to serve and care for the people of Illinois as Governor Quinn’s Chief of Staff,” said Saddler. “I will work to continue the important partnerships with our legislators, employees, providers and advocacy groups.”
Current DHS Assistant Secretary Grace Hou will serve as the agency’s Acting Secretary. Prior to her work at DHS, Hou was Executive Director of the Chinese Mutual Aid Association, a non-profit social service agency that serves Chinese immigrants and refugees.
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Friday, August 20, 2010
Pictures of This Week's Political Rallies at the State Fair
GOVERNOR'S DAY
Atty-General Lisa Madigan Chides her father, Speaker Mike Madigan, for his feeding ice cream to her children for breakfast. This was one of the lighter moments, as Illinois Democrats tried to lift their spirits in the wake of Rod Blagojevich's conviction the day before, and polls showing Republicans ahead in a number of key races.
GOP DAY
Republicans were far more upbeat this year, where they believe they have a strong opportunity to pick up Barack Obama's US Senate seat, and to win back the Governor's office, and several other statewide offices. Steve Kim, is one of those with a very difficult race -- running against Sec of State Jesse White. But he told the crowd of his pride in being the first Asian-American to be nominated for a statewide office.
BELOW: A Massive Confetti spray fell upon the GOP rank 'n file, and visually captured their mood as the Republicans launch their fall campaigns.
Tuesday, August 17, 2010
Gov Quinn Speaks on Gov Blagojevich's Conviction
Gov Quinn responds to conviction of Blagojevich by Urging Passage of Recall Amendment on Fall ballot for IL Constitution. Says Honesty is the ONLY policy that counts in the Governor's office.
Quinn says it was shocking at some of what Gov Blagojevich said on tape. Quinn says he thinks the people know he fights for honesty everyday, and that he continues to fight for those principles. He wants stronger ethics laws in Illinois, giving the people reforms that are needed.
Quinn says it was shocking at some of what Gov Blagojevich said on tape. Quinn says he thinks the people know he fights for honesty everyday, and that he continues to fight for those principles. He wants stronger ethics laws in Illinois, giving the people reforms that are needed.
GOP Gubernatorial Candidate Bill Brady on Blago Conviction
Republican gubernatorial candidate Bill Brady today released the following statement in response to the Blagojevich trial verdict;
“The people of Illinois are grateful to the men and women of the jury for their hard work. While we hoped this decision would mark the end of an unfortunate chapter and put this embarrassing episode behind us, today’s conviction of Rod Blagojevich for lying to federal law enforcement officials will likely result in further action in the pursuit of justice.
But one thing is clear - the people of Illinois are rightly frustrated about the unchecked power of politicians like Rod Blagojevich who put the special interests before taxpayers. This important election in November marks the single best opportunity in our lifetime to finally clean house in Springfield.”
“The people of Illinois are grateful to the men and women of the jury for their hard work. While we hoped this decision would mark the end of an unfortunate chapter and put this embarrassing episode behind us, today’s conviction of Rod Blagojevich for lying to federal law enforcement officials will likely result in further action in the pursuit of justice.
But one thing is clear - the people of Illinois are rightly frustrated about the unchecked power of politicians like Rod Blagojevich who put the special interests before taxpayers. This important election in November marks the single best opportunity in our lifetime to finally clean house in Springfield.”
Statement of IL GOP Chair Pat Brady, on Blago's Conviction
CHICAGO - Illinois Republican Party Chairman Pat Brady issued the following statement today regarding the decision of the jury in the trial of Rod Blagojevich:
“We extend our gratitude to the men and women of the jury for their sacrifice and hard work. They had a difficult job, as demonstrated by their many days of deliberations. The fact that Rod Blagojevich was convicted on only one of the counts against him does not take away from his serious breach of the Public’s trust.
“From his infamous “bleeping golden” remark to his attempt to shake down Children’s Memorial Hospital, Blagojevich was all about pay-to-play. The lack of any real defense and Blago’s refusal to testify spoke volumes.
“The entire case was a black eye for Illinois, but made even worse by the fact that Pat Quinn, Mike Madigan and the Democrats stood by this man, supported his re-election and later denied the public the right to a special election for the U.S. Senate seat Blagojevich had tried to sell. The trial also showed that Blago’s scheming was going on in the earliest days of his administration, and yet Quinn, Madigan and the Democrats were silent.”
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“We extend our gratitude to the men and women of the jury for their sacrifice and hard work. They had a difficult job, as demonstrated by their many days of deliberations. The fact that Rod Blagojevich was convicted on only one of the counts against him does not take away from his serious breach of the Public’s trust.
“From his infamous “bleeping golden” remark to his attempt to shake down Children’s Memorial Hospital, Blagojevich was all about pay-to-play. The lack of any real defense and Blago’s refusal to testify spoke volumes.
“The entire case was a black eye for Illinois, but made even worse by the fact that Pat Quinn, Mike Madigan and the Democrats stood by this man, supported his re-election and later denied the public the right to a special election for the U.S. Senate seat Blagojevich had tried to sell. The trial also showed that Blago’s scheming was going on in the earliest days of his administration, and yet Quinn, Madigan and the Democrats were silent.”
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