Posts Tagged: issued
OPINION: Back in 2012, then Treasurer Bill Lockyer called for an early warning system that would give state officials time to proactively address local government fiscal emergencies before they wound up in bankruptcy court. We are now five years closer to the next recession and its attendant set of local government financial crises, but the state has made little progress toward implementing Lockyer’s proposed system.
In 2008, outraged by a string of snooping incidents involving celebrities’ medical records, California legislators passed a groundbreaking law that compelled hospitals to quickly report patient privacy breaches and gave the state power to levy fines for such violations. But a ProPublica analysis of state data shows enforcement has been inconsistent.
Consumers are increasingly using credit and debit cards to transact purchases, from lattes to electronics. Unfortunately with that evolution comes financial fraud. As a victim of credit card fraud I can speak firsthand about the ensuing difficulties, even with financial institutions willing to help. Currently, the United States is the only major economic power in the world that still uses outdated magnetic stripe cards coupled with a faulty signature verification process.
Calpensions: A federal judge ruled last week that Stockton’s CalPERS pensions can be cut in bankruptcy. But Stockton does not want to cut pensions, and the lone holdout creditor says it can be paid without cutting pensions. U.S. Bankruptcy Judge Christopher Klein may have clarified the legal issue of whether CalPERS pensions, widely regarded as untouchable, can be cut if any of the 1,581 local governments in the giant system take the drastic step of bankruptcy.
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