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Voters in bankrupt San Bernardino sweep old guard from power

Wed, Feb 5 2014

By Tim Reid

 

(Reuters) - Residents of bankrupt San Bernardino, California on Tuesday voted to complete a rout of the city's pro-union old guard, electing business-friendly pragmatists who have pledged to try to reduce pension costs and take on vested interests.

 

As San Bernardino enters into a fourth month of mediation with its creditors, the biggest of which is Calpers, California's giant retirement system, voters on Tuesday elected Carey Davis as the crisis-hit city's new mayor.

Davis, a businessman and political novice, ran in part on a campaign to reduce the city's pension obligations. In an interview in November, when he became one of two mayoral candidates, he said the city had to cut spending on police and fire departments, currently more than 70 percent of the budget.

 

"You have to roll the pensions back," Davis said in November. Davis did not return calls on Wednesday.

Davis will play a big role in how the city approaches negotiations with its creditors. He will be part of a small team of elected officials who represent the city as the debtor in the bankruptcy.

 

Along with Detroit, the biggest U.S. city to seek Chapter 9 protection, San Bernardino is likely to set precedent on whether retirees or Wall Street bondholders suffer the most when a city goes broke.

 

Davis defeated a San Bernardino political veteran, Wendy McCammack. She ran for mayor despite having been ousted by voters from her own council seat in a recall election in November.

 

Also on Tuesday, another political novice, Henry Nickel, became a new council member, saying he wanted to take on special interests. Nickel's biggest challenger was Randy Wilson, a police sergeant endorsed by the police union, the only candidate for that seat who did not support pension reform efforts.

 

Tuesday's results follow elections in November, when the balance of power in San Bernardino's seven-member council shifted dramatically away from an old guard reluctant to take on unions and reduce pension obligations.

After Tuesday night, six of seven council members are now on record as saying they want to explore reducing San Bernardino's pensions, along with Davis, the new mayor, and a new city attorney, Gary Saenz.

 

POSSIBLE HARDER LINE ON CALPERS

 

San Bernardino, a city of 212,000 that lies 65 miles east of Los Angeles, filed for bankruptcy in August 2012. Its biggest creditor is the California Public Employees' Retirement System (Calpers), America's largest public pension system with assets of $277 billion.

 

"It sure looks like the voters of San Bernardino wanted some change and that's what they have gotten," said Michael Sweet, a bankruptcy attorney with Fox Rothschild in San Francisco who is not involved in the San Bernardino case.

 

Sweet noted that the city members in charge of the bankruptcy were almost entirely different to those that made up the team when San Bernardino was found eligible for Chapter 9 protection last year. "Whether that means the city could take a significantly different direction in the bankruptcy remains to be seen," Sweet said. "It's conceivable they will take a harder line when it comes to concessions that may be made to Calpers."

 

San Bernardino suspended payment of its employer contributions to Calpers for a year after declaring bankruptcy in August 2012, the first city to make such a move.

 

The city has been in mediation talks with its creditors since November, which are due to end this month. Those talks are subject to a judicial gag order.

 

(Reporting by Tim Reid; Editing by Mary Milliken and David Gregorio)

 

http://www.reuters.com/article/2014/02/05/us-usa-municipalities-sanbernardino-idUSBREA1427020140205

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Voters in bankrupt San Bernardino sweep old guard from power

Wed, Feb 5 2014

By Tim Reid

 

(Reuters) - Residents of bankrupt San Bernardino, California on Tuesday voted to complete a rout of the city's pro-union old guard, electing business-friendly pragmatists who have pledged to try to reduce pension costs and take on vested interests.

 

As San Bernardino enters into a fourth month of mediation with its creditors, the biggest of which is Calpers, California's giant retirement system, voters on Tuesday elected Carey Davis as the crisis-hit city's new mayor.

Davis, a businessman and political novice, ran in part on a campaign to reduce the city's pension obligations. In an interview in November, when he became one of two mayoral candidates, he said the city had to cut spending on police and fire departments, currently more than 70 percent of the budget.

 

"You have to roll the pensions back," Davis said in November. Davis did not return calls on Wednesday.

Davis will play a big role in how the city approaches negotiations with its creditors. He will be part of a small team of elected officials who represent the city as the debtor in the bankruptcy.

 

Along with Detroit, the biggest U.S. city to seek Chapter 9 protection, San Bernardino is likely to set precedent on whether retirees or Wall Street bondholders suffer the most when a city goes broke.

 

Davis defeated a San Bernardino political veteran, Wendy McCammack. She ran for mayor despite having been ousted by voters from her own council seat in a recall election in November.

 

Also on Tuesday, another political novice, Henry Nickel, became a new council member, saying he wanted to take on special interests. Nickel's biggest challenger was Randy Wilson, a police sergeant endorsed by the police union, the only candidate for that seat who did not support pension reform efforts.

 

Tuesday's results follow elections in November, when the balance of power in San Bernardino's seven-member council shifted dramatically away from an old guard reluctant to take on unions and reduce pension obligations.

After Tuesday night, six of seven council members are now on record as saying they want to explore reducing San Bernardino's pensions, along with Davis, the new mayor, and a new city attorney, Gary Saenz.

 

POSSIBLE HARDER LINE ON CALPERS

 

San Bernardino, a city of 212,000 that lies 65 miles east of Los Angeles, filed for bankruptcy in August 2012. Its biggest creditor is the California Public Employees' Retirement System (Calpers), America's largest public pension system with assets of $277 billion.

 

"It sure looks like the voters of San Bernardino wanted some change and that's what they have gotten," said Michael Sweet, a bankruptcy attorney with Fox Rothschild in San Francisco who is not involved in the San Bernardino case.

 

Sweet noted that the city members in charge of the bankruptcy were almost entirely different to those that made up the team when San Bernardino was found eligible for Chapter 9 protection last year. "Whether that means the city could take a significantly different direction in the bankruptcy remains to be seen," Sweet said. "It's conceivable they will take a harder line when it comes to concessions that may be made to Calpers."

 

San Bernardino suspended payment of its employer contributions to Calpers for a year after declaring bankruptcy in August 2012, the first city to make such a move.

 

The city has been in mediation talks with its creditors since November, which are due to end this month. Those talks are subject to a judicial gag order.

 

(Reporting by Tim Reid; Editing by Mary Milliken and David Gregorio)

 

http://www.reuters.com/article/2014/02/05/us-usa-municipalities-sanbernardino-idUSBREA1427020140205

Liberals are history. :)

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so a union work should profit off the tax payers?

Why not? Does Haliburton profit off taxpayers? Did wallstreet profit off tax payers? Did banks profit off tax payers?

 

How about these people, did they profit off tax payers So your bitch isn't with profit, it is with killing organized unions.

 

Bush bail outs

The U.S. Savings and Loan:

ATSSA: $15 Billion September 23, 2001 http://www.fed-soc.org/publications/detail/rethinking-the-airline-bailout

Passenger carriers: $4.5 Billion August 2001 http://www.fed-soc.org/publications/detail/rethinking-the-airline-bailout

Cargo carriers: $500 Million August 2001 http://www.fed-soc.org/publications/detail/rethinking-the-airline-bailout

Steel Companys: $402. Million 2002 http://www.factcheck.org/2012/02/the-bailout-santorum-denies/

Pension Benefit Guaranty Corp: $44 Million 2002 http://mediamatters.org/blog/201205170020

GM: $17.4 Billion (12/20/08) http://online.wsj.com/article/SB122969367595121563.html

Economic Stimulus Act of 2008 $168 billion http://factreal.files.wordpress.com/2009/04/bailoutsummarylist4-13-2009.pdf

March 2008: Bush stimulus $29 billion for Bear Stearns/JP Morgan Chase deal http://factreal.files.wordpress.com/2009/04/bailoutsummarylist4-13-2009.pdf

May 2008: Bush stimulus $178 billion in tax rebate checks http://factreal.files.wordpress.com/2009/04/bailoutsummarylist4-13-2009.pdf

July 2008: Bush stimulus $300 billion for distressed homeowners http://factreal.files.wordpress.com/2009/04/bailoutsummarylist4-13-2009.pdf

July 2008: Bush stimulus $200 billion for Fannie Mae and Freddie Mac http://factreal.files.wordpress.com/2009/04/bailoutsummarylist4-13-2009.pdf

September 2008: Bush stimulus $50 billion to guarantee money market funds http://factreal.files.wordpress.com/2009/04/bailoutsummarylist4-13-2009.pdf

September 2008: Bush stimulus $25 billion to Big 3 automakers

September-November 2008: Bush stimulus $150 billion to AIG (OR $180 Billion below?)

AIG 2008: $180 Billion http://www.bollyn.com/the-fleecing-of-america-9-11-and-the-crisis-on-wall-street/

October 2008: Bush stimulus $700 billion to banks (TARP)

FDIC bank takeovers 2008: $17.6 billion http://factreal.files.wordpress.com/2009/04/bailoutsummarylist4-13-2009.pdf

Bear Sterns 2008: $30 Billion http://archive.redstate.com/stories/economy/inside_the_federal_reserves_30_billion_bear_stearns_bailout/

10/14/08: Treasury announces that it will purchase up to $250 billion

in financial firms’ preferred stock under TARP via CPP. Nine major

financial institutions agree to participate in CPP. Treasury issues

executive compensation guidelines for three TARP program areas: CPP,

Troubled Asset Auction Program, and Systemically Significant Failing

Institutions (SSFI). http://www.gao.gov/assets/290/285470.html

10/20/08: Treasury, the Federal Reserve, the Office of the Comptroller

of the Currency, the Office of Thrift Supervision, and the Federal

Deposit Insurance Corporation (FDIC) issue application guidelines and

other documents for all banks wishing to participate in CPP. http://www.gao.gov/assets/290/285470.html

10/28/08: Treasury disburses capital injections to 8 of the 9 banks

slated to participate in the first round of the CPP, resulting in the

purchase of $115 billion in preferred stock and warrants from 8

national financial institutions. http://www.gao.gov/assets/290/285470.html

11/10/08: Treasury announces that it will purchase $40 billion in

senior preferred stock from the American International Group (AIG)

under SSFI. http://www.gao.gov/assets/290/285470.html

11/14/08: Treasury purchases about $33.6 billion in preferred stock and

warrants from 21 financial institutions under CPP. http://www.gao.gov/assets/290/285470.html

11/21/08: Treasury purchases about $2.9 billion in preferred stock and

warrants from 23 financial institutions under CPP. http://www.gao.gov/assets/290/285470.html

11/23/08: Treasury, FDIC, and the Federal Reserve enter into an

agreement with Citigroup to provide a package of guarantees, liquidity

access, and capital, including equity investment of $20 billion in

Citigroup. http://www.gao.gov/assets/290/285470.html

11/25/08: Treasury announces allocation of $20 billion to back Term

Asset-backed Securities Loan Facility (TALF), a $200 billion lending

facility for the consumer asset-backed securities market established by

the Federal Reserve Bank of New York. Treasury purchases $40 billion in

preferred stock and warrants from AIG under SSFI, as announced on

November 10, 2008. http://www.gao.gov/assets/290/285470.html

12/5/08: Treasury purchases about $3.8 billion in preferred stock and

warrants from 35 financial institutions under CPP. http://www.gao.gov/assets/290/285470.html

12/12/08: Treasury purchases about $2.5 billion in preferred stock and

warrants from 28 financial institutions under CPP. http://www.gao.gov/assets/290/285470.html

12/19/08: Treasury purchases about $2.8 billion in preferred stock and

warrants from 49 financial institutions under CPP. Treasury announces

plan for stabilizing the automotive industry under the Automotive

Industry Financing Program (AIFP). http://www.gao.gov/assets/290/285470.html

12/29/08: Treasury announces purchase of $5 billion in senior preferred

equity from GMAC LLC and agrees to loan $1 billion to support its

reorganization as a bank holding company. http://www.gao.gov/assets/290/285470.html

12/31/08: Treasury purchases about $15 billion in preferred stock and

warrants from seven financial institutions under CPP. Treasury

purchases $20 billion in preferred stock and warrants from Citigroup

that it announced on November 23, 2008, under the newly created

Targeted Investment Program (TIP). Treasury loans $4 billion to GM and

commits to loan $5.4 billion on January 16, 2009. Treasury provides

Congress with report on AGP, a program to guarantee troubled assets

mandated under Section 102 of the act. http://www.gao.gov/assets/290/285470.html

Other sources:

http://projects.propublica.org/bailout/list

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