Friday, February 8, 2008

City of Los Angeles Faces $600-$700 Million Budget Deficit Despite New Prop S Tax

Hey Los Angeles Mayor Antonio Villaraigosa, Zuma Dogg's Batcomputer just crunched the City of Los Angeles' budget and it came up short $600-$700 million -- even with the new Prop S money.

Hope the City's bond rating doesn't drop over this. (Especially with the bond insurance crisis!)

Hey Laura Chick, perhaps an audit? Or, get Karen Sisson (Cheif Administrative Office) on the phone, Antonio. (She must know this already, if ZD's Batcomputer knows.)

I hope LACER wasn't over-extended in risky investments tied to construction companies who are now stuck with a bunch of vacant housing units that are sinking in value as I type this. (Plus, whatever other investments I hope they didn't have, that I hope didn't take a huge hit in January.)

I hope the State doesn't have to end up bailing out these pension funds, since the bond insurers are having problems of their own; and the people planning on this retirement money will be outraged that all of this has been going on if this has happened. The party is over for all these risky financial deals, like subprimes and whatnot.

No comments: