Archive for July 12th, 2012

InlandPolitics: Standard & Poors takes action against San Bernardino

Thursday, July 12, 2012 – 01:05 p.m.

Standard and Poors Ratings Services cut its rating on city of San Bernardino debt to “junk” status on Wednesday.

S&P lowered its rating on San Bernardino, Calif.’s series 1997A lease revenue refunding bonds to ‘CC’ from ‘BBB+’. In addition, Standard & Poor’s placed the rating on CreditWatch with negative implications.

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InlandPolitics: LIBOR scandal a new blow to public confidence

Thursday, July 12, 2012 – 12:05 p.m.

The latest growing scandal involving major money center banks, and their complete lack of respect for rules, involves allegations that Barclays, Citigroup, UBS, JPMorgan Chase and others, manipulated the London Interbank Offered Rate (LIBOR) from 2005 to 2008.

LIBOR is the rate banks charge each other for short-term loans.

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Thursday, July 12, 2012 – 10:00 a.m

It’s only been two days, since they voted to take the city into chapter 9 bankruptcy, and some members of the San Bernardino City Council are already jockeying to replace Mayor Patrick Morris.

You can see it in the comments made at the council dais, and in newspapers.

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BY IMRAN GHORI, JEFF HORSEMAN AND DUG BEGLEY
STAFF WRITERS
ighori@pe.com

Published: 11 July 2012 07:02 PM

San Bernardino has faced financial difficulties for years but it wasn’t until a couple of weeks ago that city officials realized how bad the problem was, Mayor Pat Morris said.

A new interim city manager and finance director took over in April and they began reviewing the city’s past budgets and projected future revenues and expenditures.

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LA DailyNews: San Bernardino ponders impact of bankruptcy

San Bernardino Mayor Pat Morris ponders a question regarding the city s looming bankruptcy outside City Hall on Wednesday. The City Council voted Tuesday night to authorize a bankruptcy filing. Morris called the crisis a stain on our city. (Rick Sforza Staff Photographer)

 

Ryan Hagen, Staff Writer
Posted: 07/11/2012 09:12:47 PM PDT
Updated: 07/12/2012 02:54:15 AM PDT

SAN BERNARDINO — A day after deciding to file for bankruptcy, the city officials said Wednesday they’re still trying to form an answer to the question on the lips of many employees and residents: What does this mean for me?

But they all agreed the news wasn’t good.

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L.A. NOW
Southern California — this just in
July 11, 2012 | 7:20 pm

San Bernardino City Atty. James Penman declined Wednesday to elaborate on the allegations he made that documents might have been falsified to hide the city’s financial picture, but said he had turned the information over to outside agencies. The city attorney raised the accusation publicly at a council meeting Tuesday night when the City Council voted to file for bankruptcy.

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DEVELOPING STORY

Staff Reports
Posted: 07/12/2012 08:06:12 AM PDT

SAN BERNARDINO — San Bernardino Police Chief Robert Handy told city police and fire personnel on Thursday morning that he didn’t think the city’s current police force was adequately staffed – and that he didn’t expect to change anytime soon.

San Bernardino police and fire chiefs held a press conference to address concerns about the impact of the city’s bankruptcy filing on city services.

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By Josh Richman
jrichman@bayareanewsgroup.com
Posted: 07/11/2012 03:55:56 PM PDT
Updated: 07/12/2012 07:27:17 AM PDT

San Bernardino late Tuesday became the third California city in two weeks to declare bankruptcy, sending tremors through city halls across the state and immediately raising the frightening question: Are more bankruptcies to come?

California cities and others throughout the country are asking themselves the same question as they struggle amid a still-ailing economy and bad decisions made in the boom years.

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The PE: FIELD POLL: Most Californians fed up with Congress

BY BEN GOAD
WASHINGTON BUREAU
bgoad@pe.com

Published: 12 July 2012 07:20 AM

Three out of four Californian’s agree: Congress is doing a bad job, a new survey shows.

Just 17 percent of the state’s voters approve of the work it’s doing in Washington, while 74 percent disapprove and 9 percent have no opinion, according to a Field Poll conducted for The Press-Enterprise and other California media subscribers.

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BY DAVID DANELSKI
STAFF WRITER
ddanelski@pe.com

Published: 11 July 2012 05:47 PM

City councils and the governing boards of counties, school districts, water districts and other local agencies are no longer required by state law to post agendas and disclose decisions made in closed sessions.

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Andrew Edwards, Staff Writer
Created: 07/11/2012 04:43:18 PM PDT

ONTARIO – Whatever the results of an audit of alleged procedural violations at Ontario Convention Center, the investigation is not likely to convince the city to sever its relationship with the company managing the venue, city officials said.

Ontario contracts with SMG World to manage the convention center, and the City Council approved a 5-year extension to the firm’s contract on May 1.

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Throughout the state, local governments are slashing services to avoid bankruptcy. For some, it’s too late.

 

By Phil Willon, Catherine Saillant and Abby Sewell, Los Angeles Times
July 12, 2012

Facing the same financial stressors that pushed San Bernardino toward bankruptcy, cities across California are slashing day-to-day services and taking other drastic actions to skirt a similar fiscal collapse.

For some, it may not be enough.

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Capitol Alert
The latest on California politics and government
July 11, 2012

Gov. Jerry Brown on Wednesday signed into law legislation aimed at increasing protections for California homeowners facing the possibility of foreclosure.

The legislation seeks to curb “dual tracking” by prohibiting lenders from starting the foreclosure process while a loan modification is being negotiated, expands notice requirements as part of the foreclosure process and requires large institutions to give borrowers a single point of contact for dealing with their loan issues. It also gives borrowers opportunities to go to court if they are wrongly foreclosed upon and the bank does not correct its mistakes.

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PolitiCal
On politics in the Golden State
July 11, 2012 | 4:00 pm

Phil Liberatore, the third-place finisher in a 13-candidate congressional race, has asked for a recount of ballots cast in the June 5 primary, San Bernardino County elections officials confirmed Wednesday.

Liberatore, a Republican accountant and anti-IRS tax crusader, finished 240 votes behind Assemblyman Paul Cook (R-Yucca Valley) in the preliminary race for the 8th Congressional District. The top vote-getter was anti-illegal immigration activist Gregg Imus, also a Republican.

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