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A FINRA hearing panel has fined David Lerner Associates $2.3 million and suspended head trader William Mason for six months with a $200,000 fine for charging excessive markups on muni bond and collateralized mortgage obligation transactions.
April 4 - California
LOS ANGELES — Fitch Ratings analysts said Tuesday that while a decision by the California Public Employees' Retirement System to lower its earnings forecast to 7.5% from 7.75% is positive for local government credit quality in the long term, it means added near-term budgetary pressure for struggling municipalities.
April 4 - California
SAN FRANCISCO — Two conduit bond issuers run by private firms appear to be the only entities out of thousands of government agencies in California that do not have to disclose any employee salaries.
April 4 -
The IRS has launched a compliance practice research team that will seek to identify red-flags indicating questionable muni bond transactions.
April 3 - Washington
The Municipal Securities Rulemaking Board is urging muni bond issuers to voluntarily post information about their bank loan financings on the EMMA system.
April 3 - California
LOS ANGELES — The Los Angeles Department of Water and Power is going to restart the public hearing process on rate increases proposed last year to pay for a five-year, $6.1 billion capital plan the agency says it needs to replace aging infrastructure and meet state and federal environmental mandates.
April 3
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California Controller John Chiang has ordered an investigation into Stockton's finances following the city's admission of accounting mistakes.
April 3 -
SAN FRANCISCO —The projected price tag for California's planned high-speed rail system between San Francisco and Los Angeles has been cut by a third.
April 2 - California
LOS ANGELES — Los Angeles will be borrowing, but there won't be much new money for new projects in the near future.
March 31 -
WASHINGTON — A coalition of state departments of transportation have banded together to urge the House Republican leadership to avoid including any language in a transportation bill that would remove "important optional financing tools" for some public-private partnerships.
March 30
