A bank customer receives cash from his savings account. (Photo: Syda Productions, via Shutterstock)OPINION: The California Legislature has just passed AB 539, which will significantly reduce the ability of millions of Californians to access credit when needed. Legislators will tout the bill passing as a success, when in reality, it benefits a small group of lenders at the expense of everyday Californians with less-than-perfect credit.
A man runs his bicycle-repair shop business with his laptop computer. (Photo: Mintimages, via Shutterstock).OPINION: Politicians often praise small business owners for their role in our economy and in our society– and rightly so. After all, small businesses employ nearly half of all Californians, provide vital goods and services, and help create vibrant communities. Right now, our representatives in Sacramento have an opportunity to demonstrate that belief by supporting legislation that will help small business owners across the state.
The apparent suicide last week of Alfred Villalobos, who faced a bribery trial next month, is a sad end for a former CalPERS board member paid more than $50 million by firms seeking money from the big pension fund. Most of his fees came from private equity firms during the years leading up to the financial crisis in 2008. Some call the period private equity’s “golden years,” when leveraged buyouts of corporations yielded huge profits.