Tag Archives: california
Stockton bankruptcy can move forward, judge rules: The $900 million Stockton owes to the California Public Employees Retirement System to cover pensions is its biggest debt -– as is the case with many cities in California. Stockton slashed its police … Continue reading
Illinois’ credit rating downgraded; state drops to worst in the nation.
Reuters – Stockton, Calif. to take up bankruptcy budget plan: Stockton, California was poised on Tuesday to take a major step toward becoming the largest U.S. city ever to file for bankruptcy after talks with its creditors on Monday at … Continue reading
LA Times – Environmental objections in path of bullet train: The California bullet train is promoted as an important environmental investment for the future, but over the next decade the heavy construction project would potentially harm air quality, aquatic life … Continue reading
Mish – Wells Fargo Seizes Stockton California City Hall, Parking Garages; City Prepares Bankruptcy Contingency Plans; Bondholder Mediation Underway: The Stockton City Council announced Wednesday that they will look at bankruptcy contingency plans after Wells Fargo seized the new city … Continue reading
NY Times – Shortfall in California’s Budget Swells to $16 Billion: The state budget shortfall in California has increased dramatically in the last six months, forcing state officials to assemble a series of new spending cuts that are likely to … Continue reading
Now we know how California’s high speed train got approval. They lied about everything in the study justifying its construction. City Journal – Solyndra Times Seven: The bullet train’s “reasonableness of financial estimates” is questionable, beginning with the project’s revenue … Continue reading
Mish – Stockton California, Population 292,000, Takes Steps Toward Bankruptcy, City Manager Says: Stockton, California, may take the first steps toward becoming the most populous U.S. city to file for bankruptcy next week because of burdensome employee costs, excessive debt … Continue reading
How Much Could California’s Government Pensions Cost Taxpayers?: This week both of California’s largest government employee pension funds, CalPERS and CalSTRS, released their portfolio earnings numbers for the most recent twelve months. In a statement released on January 24th, “CalSTRS … Continue reading
CalPERS Earned 1.1% on Investments in 2011, Plan Assumptions are 7.75%: The nation’s largest public pension fund, the California Public Employees’ Retirement System, posted a 1.1% return on its investment portfolio in 2011, Chief Investment Officer Joseph Dear told his … Continue reading
Moody’s now rates Illinois as having the worst credit rating in the country.
Advisory group recommends withholding billions for high-speed rail: Over $2.6 billion in state bond money dedicated for the California’s high-speed rail plan should be withheld until the project establishes a more financially viable business model, an advisory council recommended on … Continue reading
Washington Post – California’s high-speed rail system is going nowhere fast: THINGS JUST WENT from bad to worse for high-speed passenger rail in California. After the Golden State’s voters approved a $9 billion bullet-train bond issue in 2008, officials said … Continue reading
Michael Lewis in Vanity Fair – California and Bust: At that point, if not before, [San Jose] would be nothing more than a vehicle to pay the retirement costs of its former workers. The only clear solution was if former … Continue reading
It’s way over budget. Try to act surprised. The California High-Speed Rail Authority’s new cost estimates released Tuesday show the initial stretch of construction between Merced and Bakersfield will cost $10 billion to $13.9 billion depending on how it’s built. … Continue reading