The Southern California city of San Bernardino has seen its workers’ pension costs more than double since 2006, adding to the fiscal stress that led it to the brink of bankruptcy.
Next week, the city of 209,000 will learn annual returns of the California Public Employees’ Retirement System, which may say it failed to meet its investment target. When the nation’s biggest public pension underperforms, the most-populous state and its municipalities [...]
The Daily Bell
March 19, 2012
Schwarzenegger: Time for a New Breed of Action Heroes … The former California Governor Arnold Schwarzenegger announces today that he will serve as Honorary Chair for the Sustainia Award alongside EU Commissioner Connie Hedeggard, IPPC Chairman Dr. Rajenda K. Pachauri and former Prime Minister of Norway Gro Harlem Brundtland. The Award is part of a new initiative to develop the world’s first realistic model of a sustainable world [...]
A bill that would have protected medical marijuana patients in California from employment discrimination – SB 129 – hasfailed to come to a vote in the CA legislature.
The bill, introduced by CA State Senator Mark Leno (D-SF), would have kept medical marijuana patients from being fired solely for their medical cannabis use. He pulled the bill when he knew he didn’t have numbers to pass it.
Then Assemblymember Leno first introduced this bill [...]
Jean Keller earned $269,810 last year working as a nurse at a men’s prison on California’s central coast by tripling her regular pay with overtime hours.
Keller got more overtime in 2010 than any other state employee. In all, California’s public workers collected $1.7 billion of extra pay last year, more than half of it in overtime, state payroll data show. The rest was for unused vacation and union-negotiated benefits such as [...]
This article hit the daily digest a few weeks ago but was it not really discussed. I have been a fan of Michael Lewis (The Big Short, Blind Side, Money Ball,…) since reading Liar’s Poker in the mid 90′s. Although I was not working in the markets in the 80′s, Liar’s Poker still resonated with my experience working in the Financial Markets during the 90′s.
It has long [...]
1) Spanish Bonds at Risk as Contagion Gathers Force: Euro Credit
“Nov. 12 (Bloomberg) — Spain’s efforts to cut the euro region’s third-biggest deficit may not avert record borrowing costs, as investors speculating on a bailout for Ireland or Portugal trash the bonds of Europe’s peripheral countries.
The extra yield investors demand to hold Spanish 10-year bonds over German bunds jumped as much as 34 basis points [...]
Calif (Reuters) – The board of Calpers, the biggest U.S. public pension fund, voted on Wednesday to ask California’s government for an additional $600 million in funding to bolster its finances.
The vote by the board of the $202 billion California Public Employees’ Retirement System comes as Governor Arnold Schwarzenegger and lawmakers face the arduous task of balancing the state government’s books, which requires closing a budget gap of more than [...]