A conversation with Los Angeles Mayor Villaraigosa about his review of city operations, borrowing and management of pension funds in the midst of the crisis on Wall Street. Also, California's US Senators blister Metrolink management for not installing safety equipment.
FROM THIS EPISODE
The Los Angeles City Council today asked Congress not to approve the Bush Administration's Wall Street bailout. Saying that "the unprecedented upheaval on Wall Street demands unprecedented vigilance at City Hall," Mayor Antonio Villaraigosa ordered all departments – including the port, the airport, the Department of Water and Power and city pension funds -- to review their portfolios and their prospects for borrowing money. The Mayor declared that LA residents "should not have to pay for the sins of corrupt Wall Street power brokers." We talk with the Mayor and others about the possible repercussions of what's happening in New York and Washington, DC.
"We regulate in this country by counting tombstones…If you don't have enough people dead, not much gets done." That grim assessment came today before the US Senate Commerce Committee in the aftermath of 25 deaths in the Metrolink train crash that happened ten days ago. Steve Hymon writes the Bottleneck Blog for the LA Times.
Steve Hymon, Puckalolos