Far West

WASHINGTON — As President Obama and likely Republican presidential nominee Mitt Romney battle over tax fairness and who has the lowest income tax rate, it turns out they both pay less in taxes than the average American who earns much less.

WASHINGTON — In the absence of clearer federal tax rules on issue price, a handful of bond lawyers have taken it upon themselves to assist issuers in reviewing and understanding the Municipal Securities Rulemaking Board's EMMA pricing data for new muni bonds, sources said.

WASHINGTON — The Securities and Exchange Commission announced Thursday that Matthew C. Solomon will be the new deputy chief litigation counsel in the division of enforcement, effective in June.

SAN FRANCISCO — Standard & Poor's said Wednesday it has downgraded San Jose's general obligation rating to AA-plus from AAA due to the city's weak finances.

WASHINGTON — A recently released Fitch Ratings report projects a sharp increase in the use of "managed" or HOT lanes on highways, but warns that such toll lanes will be more volatile than traditional toll roads because they are located next to non-toll roads.

After years of stops and starts on a $5.3 billion elevated rail system first conceived 45 years ago, the 20-mile Honolulu transit project appears to be rolling along.

The Los Angeles mayor's race slated for 2013 is still anybody's game as two-thirds of Angelenos do not have a preference, according to a poll released by the Center for the Study of Los Angeles at Stanford University.

Moody's Investors Service downgraded to A2 from A1 the rating on the Three Valleys Municipal Water District's 2003 refunding revenue certificates of participation. The downgrade affects $11.38 billion of debt.

The California Public Employees' Retirement System is looking for an experienced chief financial officer who will oversee the financial and risk management operations of the $235 billion pension fund.

California Republican lawmakers have called for a vote by a pension committee on Gov. Jerry Brown's plan to curb retirement benefits.