Maybe they got the memo: After years of sometimes- embarrassing experiments with high-fee exotic investments, the underfunded Pennsylvania and Philadelphia pension systems, like a lot of small retirement savers, are doing what some readers of this column have long suggested:
As DuPont Co. weighs plans to shed more facilities and contractors on the eve of its proposed marriage to Dow Chemical, its Delaware neighbor W.L. Gore & Co., the $3 billion (in yearly sales) family- and worker-owned company that makes high-end Gore-Tex fabric, is raising its profile.
TE Connectivity builds parts for hazardous environments - engines, battlefields, high altitudes, ocean floors, your guts. The multinational also has to manage the hazardous environment on Wall Street, where even very large industrial companies that can't show rising profits are taken over and dismembered.
James Meyer, who invests $1 billion in other people's money as chief investment officer of Tower Bridge Advisors in West Conshohocken, expects President-elect Trump and the Republican-led Congress to push a familiar conservative program: "tax reform, reshaping Obamacare, and reducing the regulatory burden. Each of these would be economically stimulative" because they would save companies very large piles of money.
After a quick attitude adjustment, U.S. investment pros have decided that President Donald Trump could be a second coming of Ronald Reagan, a pro-business figure who will help companies and owners pay less taxes and keep more money, so long as he behaves as he did in his high-minded victory speech early Wednesday.
Bruce Leto, who has been head of the investment management group at law firm Stradley Ronon since 1994 - back when Vanguard Group, the mutual-fund giant, was still on its first $100 billion - says he and his peers in Philly's fund-service industry have gotten a little tired of having to support associations, galas, and parties that are up in New York.
Work on the largest prison in Pennsylvania, which general contractors from Chicago and Atlanta had promised to complete last year, blew through another deadline Oct. 24, and state officials now say it will open more than a year behind schedule.
Brewer Richard "Dick" Yuengling's embrace of Republican Donald Trump for president upset some beer drinkers in the Pottsville company's front yard, Philadelphia, where rival Hillary Clinton expects to poll a fat Democratic majority next week.
California, Illinois, Ohio, Chicago, and Seattle say they have stopped depositing money with Wells Fargo, or hiring it to sell bonds, after the bank was forced to admit its aggressive sales-bonus policy encouraged thousands of workers to set up phony accounts - and bank bosses let the scams run for years.