Financial Reform Bill Passes Senate Committee
A bill that would force increased regulation on Wall Street passed a Senate
committee Wednesday with one Republican vote.(Creative Commons)
Even though no one really knows what derivatives are, a Senate bill
that would shed some light on their $450-billion world got the OK 13-8
from the Senate Agricultural Committee today. Only one Republican, Sen.
Chuck Grassley of Iowa, voted for the bill. Democrats say the
legislation will be rolled into a larger overhaul and voted on by
The Coast Guard is "still optimistic" that 12 workers aboard an oil rig
that exploded late last night near Louisiana may still be alive. Of the
126 aboard, 17 have already evacuated and 98 more are expected ashore
The CEO of a major LA-based construction company was found guilty today on four
felony charges and faces up to 80 years in prison. Bruce Karatz, credited
with turning KB Home into one of the country's most successful home
building companies, allegedly made more than $6 million in "secret pay"
over 20 years. The panel acquitted Karatz, 64, of 16 other charges.
Mayor Antonio Villaraigosa floated options for closing the $485-million
Los Angels budget gap in a somber State of the City address last night.
The proposal would slice 750 city jobs, add 26 furlough days and cut
libraries to five days a week, but may increase the LAPD's ranks,
already an almost-record high of 9,963.
And speaking of cash flow, it's all about the Benjamins: the $100 bill is
getting a face lift to stay ahead of counterfeiting technology. The
Federal Reserve said the new bill launches Feb. 10, 2011. See it here.