Word: annualized
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...spring, here's what he found: Contracts had been stuffed in office drawers. The district couldn't afford new books. Gas was siphoned between buses. The district had to borrow money to pay its employees. There wasn't even a chief financial officer managing the system's $1.3 billion annual budget. "Detroit is unlike anything I've ever experienced. It's a lot worse than I anticipated," he says...
...pits; to cover tuition at Grambling State University, he buffed floors. He moved quickly through a series of city-management jobs in Kalamazoo, Mich., and Oakland, Calif. In 2003, Washington's then mayor, Anthony A. Williams, hired Bobb as city manager and deputy mayor; he managed an $8 billion annual budget and some 20,000 employees. Three years later, he was elected president of D.C.'s board of education. After that experience, why would anyone want to take on the task of saving Detroit's public schools? "I wanted to go to an urban school district, the roughest...
...date, Mugabe said a vote was "not far off." The 11-month-old government of national unity, in which he serves as President and Tsvangirai, head of the Movement for Democratic Change (MDC), serves as Prime Minister, has "lived more than half its life," Mugabe told the annual conference of his Zimbabwean African National Union-Patriotic Front (ZANU-PF). His party should prepare for a fresh vote, he said, in a spirit of "never [surrendering] your birthright." (See pictures of political high tension in Zimbabwe...
...costs) as actively managed mutual funds; when they do have portfolio turnover, it is often by swapping stocks instead of buying and selling them, which means they don't run up capital-gains taxes the way mutual funds often can. The result: lower overall costs for investors. The average annual fee for an ETF is 55 basis points (i.e., 0.55% of assets), significantly below the average 1.5%-of-assets charge from mutual funds, says Scott Burns, director of ETF research at Morningstar...
Active ETFs would likely require higher fees than passive ETFs because the active players need to cover research and commission costs, although most experts believe the fees would still be cheaper than those charged by mutual funds. Among the currently offered active ETFs, annual fees range from a low of 0.35 percentage points to a high of 1.6 percentage points. (See the top 10 financial-crisis buzzwords...