Archive for June 10th, 2011

CNBC (Reuters): Fed Will Buy $50 Billion of Treasurys in Final QE2 Push

Published: Friday, 10 Jun 2011 | 2:58 PM ET
By: Reuters

The flood of Federal Reserve money that has supported Wall Street and the rest of the U.S. economy for two and a half years will shrink to a trickle with the conclusion of the Fed’s bond purchases announced Friday.

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Goodbye Dow 12,000!

Friday, June 10, 2011 – 01:30 p.m.

Stock indexes continued their slide on Friday.

Signs of a weakening economy and a loss in investor confidence took the Dow Jones Industrial Average down another 172.45 points.

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The PE: SB COUNTY: Arraignment delayed in bribery probe

From left, developer Jeff Burum stands with Mark Kirk, the former chief of staff to San Bernardino County Supervisor Gary Ovitt, former San Bernardino County assistant assessor Jim Erwin and former San Bernardino County Supervisor Paul Biane during an appearance in San Bernardino County Superior Court today. DAVID BAUMAN / The Press-Enterprise

By PE News
June 10, 2011 10:40 AM

A judge today delayed the arraignment for four defendants in the Colonies bribery case.

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The Sun: Colonies defendants receive grand jury transcripts

Will Bigham, Staff Writer
Posted: 06/10/2011 10:15:14 AM PDT

SAN BERNARDINO — Attorneys for four men charged with bribery and other crimes in connection with the county’s $102 million legal settlement with Colonies Partners LP received transcripts this morning of grand jury proceedings that resulted in a 29-count criminal indictment last month.

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San Bernardino County Supervisor Neil Derry, center, with his attorneys, Mark McGuire, left and Thomas M. Brown appear in court in San Bernardino on Thursday.

10:10 PM PDT on Thursday, June 9, 2011

The Press-Enterprise
Published: 6/9/2011 10:54 AM

PDF: Neil Derry case demurrer

Special Section: San Bernardino Co. Corruption Probe

San Bernardino County Supervisor Neil Derry is seeking to have campaign finance violation charges against him dismissed, arguing Thursday in court documents that his actions were “entirely legal.”

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By Mike Cruz Staff Writer
Posted: 06/09/2011 04:54:47 PM PDT

Online document: Challenge to felony charges

SAN BERNARDINO – County Supervisor Neil Derry’s arraignment in Superior Court on charges of laundering a campaign contribution was postponed Thursday when his lawyers filed paperwork to dismiss the charges.

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The PE: Deputy charged in Explorer sex case

10:08 PM PDT on Thursday, June 9, 2011

The Press-Enterprise

A deputy sheriff will be prosecuted on felony criminal charges that accuse him of having sex with an underage female Explorer scout, San Bernardino County district attorney officials announced Thursday.

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By James Rufus Koren Staff Writer
Posted: 06/09/2011 05:32:22 PM PDT

Over objections from Supervisor Brad Mitzelfelt, the San Bernardino County Board of Supervisors asked that next year’s county budget not include a special fund that supervisors have used for projects in their districts.

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Local officials announced the launch of a study to examine the potential health effects caused by emissions from the Burlington Northern Santa Fe rail yard in San Bernardino. (Gabriel Luis Acosta/Staff Photographer)

By Josh Dulaney Staff Writer
Posted: 06/09/2011 05:59:19 PM PDT

SAN BERNARDINO – Teresa Flores-Lopez can see and hear the Burlington North Santa Fe rail yard from her home on West Fourth Street where she has lived for 57 years.”Before all this was there, we could sit out and enjoy the air, and now we have to be careful because we smell the diesel from the trains and we know dangerous it is,” she said. “I hope they find a reason why a lot of us are sick.”

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By Debbie Pfeiffer Trunnell, Staff Writer
Posted: 06/09/2011 04:40:38 PM PDT

SAN BERNARDINO – Classified employees in the San Bernardino City Unified School District voted no to a 5 percent pay cut.

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By James Rufus Koren Staff Writer
Posted: 06/09/2011 04:58:51 PM PDT

When elected officials are charged with certain crimes, they can jeopardize the flow of federal funding to their respective cities, counties or other public agencies.

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By Jesse B. Gill Staff Writer
Posted: 06/09/2011 08:42:06 PM PDT

REDLANDS – The second-highest member of the San Bernardino City Police Department command staff was picked Wednesday as the new police chief for the Redlands Police Department.

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Staff Report
Created: 06/09/2011 09:31:46 PM PDT

RANCHO CUCAMONGA – City Manager Jack Lam announced Thursday that he will retire Aug. 31 after 32 years with the city.

Lam has been city manager for 22 years.

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By Sandra Emerson Staff Writer
Created: 06/09/2011 05:27:18 PM PDT

UPLAND – The first signs of trouble in the city’s government became evident one year ago today.

FBI and IRS agents raided City Hall on June 10, 2010 triggering several jaw-dropping revelations and changes within the city throughout the past year.

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By Sandra Emerson Staff Writer
Created: 06/09/2011 03:30:35 PM PDT

UPLAND – One year after FBI and IRS agents confiscated records from their businesses, John Pomierski and John Hennes are preparing to defend themselves against charges of extortion, bribery and conspiracy.

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By Sandra Emerson Staff Writer
Created: 06/09/2011 03:56:14 PM PDT

UPLAND – A Rancho Cucamonga man accused of helping former Mayor John Pomierski in an extortion scheme is still at large.

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VVDailyPress: Layoffs, cuts loom for Victorville

June 10, 2011 9:16 AM
Brooke Edwards
Staff Writer

VICTORVILLE • Laying off 10 more workers, closing Westwinds golf course for a second time and dramatically reducing funds for citywide improvements are all proposals included in Victorville’s draft budget that should take effect July 1.

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By Dan Walters The Sacramento Bee
Published: Friday, Jun. 10, 2011 – 12:00 am | Page 3A

Darrell Steinberg, the president pro tem of the state Senate, says that today’s debate on a state budget package “is no game.”

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Friday, June 10, 2011

Reapportionment – the decennial re-drawing of boundaries for legislative and congressional districts – is about as exciting to most people as watching the C-Span feed from the House Committee on Agriculture.

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LATimes: Three big banks fail in foreclosure relief program

By Alejandro Lazo
June 9, 2011, 10:11 a.m.

Three of the nation’s biggest banks have failed to live up to new performance guidelines under the Obama administration’s main foreclosure relief program and will be cut off from receiving financial incentives until they improve.

Bank of America, J.P. Morgan Chase and Wells Fargo were found to be in need of “substantial improvement” under the administration’s Home Affordable Modification Plan, the administration said Thursday.

The new assessments are intended to compel the nation’s biggest mortgage servicers to improve their practices in the program, officials said. The foreclosure program has long been criticized as ineffective and falling short of its goals in helping troubled borrowers. The program is voluntary and provides financial incentives for banks to modify loans.

“While we continue to get tens of thousands of new homeowners into mortgage modifications each month, we need servicers to step up their performance to meet the needs of those still struggling,” said Tim Massad, acting assistant secretary for financial stability in the Treasury Department. “These assessments set a new benchmark by providing an unprecedented level of disclosure around servicer performance and will serve to keep the pressure on servicers to more effectively assist struggling families.”

To read entire story, click here.