Far West

The Financial Industry Regulatory Authority fined D.A. Davidson & Co. $375,000 for failing to protect confidential customer information that hackers stole from its computer systems in late 2007, but credited the firm for its response to customers after it learned of the breach and for cooperating with criminal law enforcement agencies.

The Los Angeles Department of Water and Power, the nation's largest municipal utility, said its finances remain strong, even amid a stalemate between local elected officials that has held up a planned electricity rate increase.

SAN FRANCISCO — California's receipts exceeded forecasts for a fourth consecutive month in March, adding to the evidence that the state has turned a fiscal and economic corner, according to Controller John Chiang's monthly cash report.

Los Angeles, the nation's second-biggest city, may lose its double-A-level ratings over a 10th of a cent. That's the per-kilowatt-hour difference between the most recent electricity rate hike proposals from the City Council and Mayor Antonio Villaraigosa's appointees at the Los Angeles Department of Water and Power.

Maryland lawmakers continued negotiations on fiscal 2011 budget bills Thursday as local bond-financed projects, which some members consider earmarks, became a point of contention.

Oregon Gov. Ted Kulongoski used his final state of the state address last Friday to warn that he sees a fiscal "storm" coming unless lawmakers take action to tame the state's boom-and-bust budget cycles.

Standard & Poor's cut its rating on the City of Industry's sales tax revenue bonds to A-minus from A-plus Wednesday ahead of a $44.8 million bond sale.

California's three biggest pension funds face a shortfall of $500 billion, according to a study published by the Stanford Institute for Economic Policy Research.

Los Angeles city administrative officer Miguel Santana, who was leading efforts to close the city's $212 million budget deficit, took a leave of absence last week after being arrested for alleged drunk driving.

WASHINGTON — The National Association of Bond Lawyers is urging federal regulators to put a notice on EMMA alerting investors that rating information in offering and continuing disclosure documents may not be accurate as credit rating agencies recalibrate the ratings for tens of thousands of municipal bonds.