Tuesday News: Getting out while the getting's good

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CHIEF INVESTMENT OFFICER QUITS UNDER TREASURER DALE FOLWELL: Kevin SigRist, the chief investment officer for the $94 billion state pension fund the past four years, has unexpectedly resigned. Folwell has cut fees paid to outside money managers by more than $60 million on an annualized basis, easily exceeding his campaign promise to slash fees by $100 million during the course of his four-year term. In conjunction with that cost-cutting, Folwell has shifted billions of dollars previously invested in stocks into investment-grade bonds and cash – for example, investing in things such as short-term U.S. Treasury bills. At times, according to internal memos reviewed by The News & Observer, Folwell has overruled the recommendations of the pension fund’s investment staff in shifting those funds out of stocks. Critics say the pension fund’s potential returns are being reduced because stocks typically outperform bonds and cash.
http://www.newsobserver.com/news/politics-government/state-politics/article163373913.html

Tuesday Twitter roundup

The show is about to begin, but nobody knows what it's about:

And if you want to see what it is, you'll have to buy the ticket first:

Is Raleigh's Airbnb kerfuffle turning into the new "Free Market" battlefield?

A business model in dire need of government regulation:

Like many cities, Raleigh is grappling with how to regulate Airbnb and companies like it. Unlike hotels and traditional bed and breakfasts, Airbnb is unregulated in most places. In Raleigh, Airbnb hosts don't collect or pay state or local sales tax, or the local hotel occupancy tax, which in Wake County is set at 6 percent. Airbnb rentals aren't required to get a business license or special-use permit. Nor do they have to submit to health and safety inspections. Hosts don't even have to tell their neighbors that they're renting rooms, though the information is publicly available on Airbnb's website.

Personally, I have no desire to spend the night in a stranger's house, and my one experience with a bonafide B&B was a little too personal, if you catch my drift. My door got knocked on like six times, and I was barely able to keep Evil Steve from yelling, "What now, for God's sake!" But that's just me. The above article is from 2 1/2 years ago, but the "task force" empaneled to solve this problem just recently hammered out some recommendations for a proposed ordinance. Pay close attention to who is co-chairing the group:

Monday News: Channeling Goebbels?

TRUMP'S NEW PRESS SECRETARY SCARAMUCCI HINTS AT PROPAGANDA CAMPAIGN: President Donald Trump's new communications adviser says it's time to hit the "reset button." Appearing on Fox News Sunday, Wall Street financier Anthony Scaramucci pledged to begin "an era of a new good feeling" and said he hopes to "create a more positive mojo." He also promised to crack down on information leaks and pledged to better focus the message coming from the White House. To that end, Scaramucci suggested changes to come, noting: "I have in my pocket a radio studio, a television studio, and a movie studio. The entire world has changed; we need to rethink the way we're delivering our information."
http://www.newsobserver.com/latest-news/article163190198.html

Sen. Berger Losing Support in Home District

In case you missed it, Sen Berger is taking a bit of heat back home as the largest employer in Eden, Morehead Memorial Hospital, files for Chapter 11. The hospital cited a decline in revenues from competition from larger hospitals and NC's failure to expand Medicaid as why they needed to do this. For the immediate future, the hospital's 700 jobs are 'safe.' At least, they are as safe as jobs at any company that has filed for bankruptcy.

One constituent's Letter to the Editor says it all:

Failing hospitals

Sunday News: From the Editorial pages

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GOVERNOR COOPER MUST MAKE SAFE WATER TOP PRIORITY: Even amid the General Assembly’s efforts to shrink and minimize the regulatory authority of state agencies, it remains a basic function of government to assure the safety of its citizens – in this case that the water they drink won’t kill them. The Cooper administration needs to remain vigilant and be sure the advisory board fulfills its mandate. Regan and Secretary Mandy Cohen, his counterpart in the Department of Health and Human Services, need to work together, openly, so citizens are assured the rules and regulations are established in an open and transparent matter. Further, the first priority is public safety not the political posture of any public officials or the financial interests of powerful companies.
http://www.wral.com/editorial-cooper-must-make-safe-water-is-top-priority/16825586/

DuPont/Chemours plant still discharging GenX despite promise to cease

Playing a dangerous game with the health of downstream citizens:

Chemours said on June 21 it would voluntarily stop discharging GenX into the Cape Fear from its Fayetteville plant. On June 27, the NCDEQ verified Chemours had stopped.

However, the NCDEQ said on July 12 that additional sources of GenX were still being discharged into the river from the Chemours site after June 27.

On July 13, NCDEQ confirmed that the discharging of GenX from the Chemours complex had ended.

This timeline shows the folly of NC regulators' tendency to prefer self-regulation by private companies over applying strict rules. That "voluntary" decision to stop discharges just happened to coincide with water testing that was in process, so the declaration was already suspect. But that promise also (apparently) superseded/supplanted the need for DEQ to order them to stop. Chemours beat them to the punchline, and they may have done so because they knew more discharges would be needed to get rid of that crap, and were relying on regulatory ambiguity to continue a little longer. Whatever the case, they broke their promise, and DEQ needs to take appropriate steps before they end up owning part of this disaster. Here's a warning to stockholders from the Motley Fool:

Saturday News: Sweet little lies

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ATTORNEY GENERAL SESSIONS DID HAVE CONVERSATION ABOUT TRUMP CAMPAIGN WITH RUSSIAN AMBASSADOR: Ambassador Sergey Kislyak's accounts of two conversations with Sessions - then a top foreign policy adviser to Republican candidate Donald Trump - were intercepted by U.S. spy agencies, which monitor the communications of senior Russian officials both in the United States and in Russia. Sessions initially failed to disclose his contacts with Kislyak and then said that the meetings were not about the Trump campaign. "I did not have communications with the Russians," Sessions said when asked whether anyone affiliated with the Trump campaign had communicated with representatives of the Russian government.
http://www.newsobserver.com/news/nation-world/national/article163035623.html

One hour left before candidate filing in NC municipal elections closes

The clock is ticking:

Candidates seeking to file for the 2017 municipal elections will be able to file their notice of candidacy at their county board of elections starting at 12:00 noon on Friday July 7, 2017 and ending at 12:00 noon on Friday, July 21. To file, a candidate will need to submit a Notice of Candidacy to their county board of elections either by mail or in person during the filing period. In order to prevent the premature filing of the form, the Notice of Candidacy forms will be available approximately two weeks prior to the start of candidate filing. The filing form and the requisite filing fee must be received by the county board of elections before the filing period ends.

Sorry about the last-minute thing, but (for some reason) I thought filing ended at 5:00 p.m.

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