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Bloomberg Cities & Debt: Defusing the Municipal Pension Bomb

August 19, 2010

  Bloomberg Cities & Debt: Defusing the Municipal Pension Bomb

          Municipal Market Players Examine Debt Crisis and Solutions

Business Wire

NEW YORK -- August 19, 2010

On the heels of New Jersey's settlement with the Securities and Exchange
Commission for masking the underfunding of its two biggest pension plans and
misleading investors, Bloomberg examines the pending pension crisis and the
impact it has on the fiscal health of U.S. municipalities at the Bloomberg
Cities & Debt Briefing.

The full day program, being held on September 15, 2010 at 92YTribeca in New
York City, will assess the scope of the municipal fiscal crisis and the
pension problem, and look at where the opportunities are for investors in the
muni market.

Once considered a safe haven for investors, municipal bonds are now seen as
higher risk by investors like Warren Buffett, who told Congress this year that
many state and local governments would soon face a “terrible problem” in
refinancing their debt loads and that some could eventually need to be bailed
out by the federal government. At the same time, the $2.6 trillion U.S.
municipal bond market has hit historic lows this year and drawn big time
investors like Susquehanna International, investor Wilbur Ross, and bond fund
manager Bill Gross.

To address these topics, Bloomberg has brought together some of the most
influential players on both sides of the table, including:

  * Howard J. Cure, Director of Municipal Research, Evercore Wealth Management
  * Fernando Ferrer, Former Borough President, The Bronx, New York
  * Kenneth E. Goodreau, Chief Investment Officer, Department of the General
    Treasurer, Rhode Island
  * Ronald C. Green, Houston City Controller
  * Peter J. Hayes, Managing Director and Head of Municipals, BlackRock Inc.
  * David Leininger, Chief Financial Officer, Dallas Area Rapid Transit
  * Dean Martin, State Treasurer, Arizona
  * Brian Mayhew, Chief Financial Officer, Bay Area Toll Authority
  * James L. McIntire, State Treasurer, Washington State
  * Jim Reynolds, CEO, Loop Capital Markets
  * Andrew Sidamon-Eristoff, State Treasurer, New Jersey
  * Chriss Street, Orange County Treasurer
  * Bill Thompson, Fmr. NYC Comptroller

As part of the program, the Bloomberg rankings team will release a 3-year
ranking of state pension funds based on the percentage of plan assets that are
available to fund projected benefits. The data has been collected from state
reports and additional information collected by Bloomberg.

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Angela Martin, +1-212-617-1211