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

JP MORGAN CHASE (JPM)  More Company Research Source: zero hedge
Last jp morgan chase earnings: 10/12 06:46 am Check Earnings Report
PDF 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 revenue would have to go towards debt, pensions and retiree healthcare to reach full funding, and that would take 30 years. He assumes all pensions will earn 6% per year on invested assets. His comparison chart is below.For the worst off states, particularly Illinois and New Jersey, Cembalest says a solution based on tax increases or [Read more]

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