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BLACKROCK BLASTS #ILLINOIS ON BUDGET

BlackRock Inc., the world’s largest money manager, says it’s time to shut the doors on Illinois. Despite the state’s inability to pass a budget and the worst-in-the-nation pension shortfall, the state keeps coming back to the municipal-bond market to borrow more money, according to Bloomberg News. Head of municipal bonds at BlackRock, Peter Hays, said Wednesday, “We as municipal market participants should really penalizing them in some way, by almost not giving them any access to the market.” The state plans to borrow $550 million for capital projects next week.

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