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Saturday, May 31, 2014 – 10:00 a.m.

Here’s some news flowing across the transom this week, in case you missed it!

Sterling Trust sells Los Angeles Clippers

The Sterling Family Trust and Shelly Sterling has agreed to sell the Los Angeles Clippers to Former Microsoft Executive Steve Ballmer for $2 billion.

Adding to the continuing saga, Donald Sterling has sued the National Basketball Association (NBA) for $1 billion, even though the trust has indemnified the NBA.

You gotta love it!

VA Secretary hits the bricks

U.S. Department of Veterans Affairs Secretary, General Edward Shinseki has resigned following the publication of an inspector general report on just how bad veteran care at VA Hospitals really is, not-to-mention the cover-up of patient backlogs, which garnered executives hefty monetray bonuses.

Jay Carney calls it quits

The spokesperson for Preident Barack Obama has called it quits.

White House Press Secretary Jay Carney is leaving his job. People always wondered just how much lying and spinning this man could put up with.

The VA scandal could have been the likely final straw.

Deputy Press Secretary Josh Earnest will replace Carney. No, the last name isn’t a joke either!

U.S. Gross Domestic Product contracts in 1st Quarter

The U.S. Gross Domestic Product (GDP), the measure of all goods and services produced, contracted 1.0% in the first quarter of 2014.

The number was revised downward from an initial estimate of a positive 0.1%.

Another bad reading would likley mean the economy is falling into a recession.

Consumer spending falls

The U.S. Commerce Department said on Friday consumer spending dipped 0.1 percent, the first decline since April 2013. The drop followed an upwardly revised 1.0 percent jump in March that was the largest gain since August 2009.

Desert Hot Springs counting on tax vote

The city of Desert Hot Springs, California, is on a financial hot seat.

The city is relying on voters giving the green light to a tax measure on the June 3 ballot. Should the measure fail, the small city could likely face bankruptcy proceedings.

We know, it kind of sounds like Grand Terrace, California, which essentially mislead residents, who rightfully rejected higher taxes.