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CALIFORNIA | LOCAL
November 16, 1995
One question: If the federal government can shut down for a day and default on a $4.9-trillion debt, can I take an afternoon nap and default on my $30,000 student loans? MICHAEL BEATRICE Venice
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SPORTS
April 25, 2014 | By Marty O'Brien
RICHMOND -- Kyle Larson's meteoric rise in the Sprint Cup Series continued Friday with an assist from Mother Nature. When qualifying for the Toyota Owners 400 was canceled because of rain, Larson earned the first pole of his Cup career because he had posted the fastest lap in the first practice on the three-quarters of a mile oval at Richmond International Raceway: 126.880 mph. He will start on the front row with Brad Keselowski, whose fastest lap...
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BUSINESS
October 11, 2013 | By Michael Hiltzik
That's the question raised by James Grant in a Washington Post op-ed , and his answer -- as anyone who knows Grant might expect -- is yes. His real point is that it happens all the time, in a way, and will inevitably happen in the future. "On the authority of the chairman of the Federal Reserve Board," he writes, "the government means to keep right on shirking, dodging or trimming, if not legally defaulting. " It's an important issue, because of how many Republican congressmen seem to think a default on the U.S. debt wouldn't be a big deal.
BUSINESS
April 22, 2014 | By Ricardo Lopez
A new report released Tuesday by the Consumer Financial Protection Bureau is warning borrowers of a catch that is pushing private student loans into default even if the loan is in good standing.    The federal consumer agency said that borrowers complain of being blindsided when their student loans automatically default when co-signers -- usually parents or grandparents -- die or fall into bankruptcy. When this happens, lenders demand that the full amount be paid immediately.
NEWS
July 12, 2011 | By Lisa Mascaro and James Oliphant
Sen. Mitch McConnell, the Republican minority leader who hinted over the weekend that he had a “contingency” plan for raising the federal debt limit, rolled it out Tuesday moments before all sides convened for another round of talks at the White House. McConnell unveiled a complicated legislative strategy that would allow Congress to vote against raising the debt limit, let President Obama veto the measure, and then hold a vote to override the veto, which requires a two-thirds majority to pass.
BUSINESS
August 11, 2009 | Roger Vincent
Maguire Properties Inc., one of the region's largest commercial landlords, posted widening losses Monday and said it was about to default on seven prime office buildings in Los Angeles and Orange counties. The real estate investment trust lost $375.7 million, or $7.95 a share, during the second quarter, more than twice the $105.9 million lost during the same period in 2008. It is defaulting on loans worth more than $1 billion. Maguire Properties hopes that by giving back the keys to properties for which it overpaid at the peak of the last boom, it can reduce debt enough to keep the company solvent, Chief Executive Nelson Rising said in an interview Monday.
BUSINESS
July 22, 2010 | By Alejandro Lazo, Los Angeles Times
The number of Californians entering foreclosure slid dramatically in the second quarter to a three-year low as the fallout from the worst of the housing crisis continued to abate. Default notices, the first stage of the foreclosure process initiated by banks on troubled homeowners, plummeted 43.8% in the second quarter over the same period last year to 70,051, and 13.6% from the first three months of the year, research firm MDA DataQuick of San Diego said Wednesday. Banks are pushing alternatives such as loan modification programs and short sales — in which a property is sold for less than the value of the mortgage — helping to reduce the number of people entering foreclosure.
WORLD
April 15, 2011 | By Henry Chu, Los Angeles Times
The unthinkable has become the inevitable three times in Europe's debt crisis: First Greece, then Ireland and now Portugal have all appealed to their neighbors to bail them out after insisting they would never do so. Now a growing number of economists are urging European finance officials to take a rare and drastic step: Let one or more of the countries go into default. Euphemistically it's called restructuring their debt, a move that would involve easing the terms of the loans and possibly writing off a portion altogether.
BUSINESS
July 4, 2011 | Bloomberg
Europe's effort to pull Greece back from the brink may result in a default rating by Standard & Poor's, exposing a critical flaw in the drive to press creditors to assume a share of the bailout cost. Standard & Poor's said today a rollover plan serving as the basis for talks between investors and governments would qualify as a distressed exchange and prompt a "selective default" grade. That may leave the bondholders unwilling to complete the exchange and the European Central Bank unable to accept Greek government debt as collateral, impairing the lifeline it has provided the country's banks.
NEWS
July 13, 2011 | By James Oliphant, Washington Bureau
As negotiators reconvened at the White House on Wednesday for another round of debt talks, House Republicans appeared to dig in even deeper in their resistance to any sort of deal to raise the federal debt ceiling even as one party leader foretold disaster for the GOP if its members failed to act. Mitch McConnell, the Senate minority leader who has proposed a fallback plan that would likely ensure the $14.3-trillion debt limit would be raised, said...
OPINION
April 9, 2014 | Meghan Daum
In a final passing of the torch to a new generation of late-night talk show hosts, David Letterman announced last week that he would retire in 2015. As intelligent and unique a force as he's always been, the timing seems right. Since beginning his late-night career more than 30 years ago, Letterman has evolved from exuberant, smart-alecky nerd to crotchety, occasionally befuddled elder statesman. Watching him now, it's hard to believe he was once considered the epitome of edginess, a darling of the college crowd and hero to sarcastic eggheads everywhere.
CALIFORNIA | LOCAL
December 22, 2013 | By Jeff Gottlieb
Less than a year after state auditors warned that Bell faced possible insolvency, the city has seen a significant infusion of cash from settlements with firms it blamed for not preventing the corruption scandal that engulfed the town. City officials said the $5.5 million in settlements, along with the sale of $15.5 million worth of city property, has left Bell on the strongest financial footing since the 2010 scandal, when the city defaulted on bonds it had issued and civic leaders first discussed the possibility of bankruptcy.
OPINION
October 20, 2013 | By David Gamage and David Louk
It is difficult to explain the recent government shutdown to citizens of other nations. In most of the world's democracies, this kind of disruption can't happen. Rules are in place to keep the government running even if a new budget isn't passed on time. The U.S. needs to reform its budgetary processes to prevent the kind of crisis we saw recently. Currently, budgeting differs from almost every other area of federal policy. When Congress and the president cannot agree on other kinds of legislation, existing law remains in effect.
NATIONAL
October 16, 2013 | Michael A. Memoli, Lisa Mascaro and Brian Bennett
A frantic day of legislative maneuvering ended in futility for Speaker John A. Boehner on Tuesday, as the most conservative members of the House refused to back his proposed compromise to end the standoff over the federal budget. The failure leaves a bipartisan Senate plan negotiated by Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) as the sole way out of a stalemate that risks a U.S. default on its bills and huge economic disruptions. A bill that passed the Senate would receive Democratic support in the House, guaranteeing a majority if Boehner were willing to bring it to the floor even without the backing of most Republicans.
WORLD
October 16, 2013 | By Barbara Demick
BEIJING -- As the clock ticked down for the U.S. to go into default, economists in Beijing were paraphrasing the old adage: If you owe the bank a few thousand dollars, you've got a problem; if you owe a billion, it's the bank that's in trouble. So it is the case for the Chinese holding an estimated $1.3 trillion in U.S. Treasury securities, watching with bewilderment from afar as Democrats and Republicans play a risky game of chicken. "In many ways we are worse off than the United States.
BUSINESS
October 16, 2013 | By Andrew Tangel
NEW YORK -- Stocks rallied and bond yields eased as Washington edged closer to defusing its latest fiscal crisis and averting a default on U.S. debt. Major U.S. stock indexes gained 1% as Congress appeared poised to pass a Senate-led compromise that would raise the United States' borrowing authority and reopen the federal government.  The Dow Jones industrial average surged 205.82 points, or 1.4%, to close at 15,373.83. The broader Standard & Poor's 500 index gained 23.48 points, or 1.4%, to 1,721.54.
BUSINESS
December 9, 2009 | By Cecilia Kang
Uh, about that status update on Facebook last night, you may want to make sure that information isn't available to more than just your friends. The popular networking site introduced privacy settings on Wednesday that are supposed to give its 350 million users more control over what information they share and who they share it with. But public interest groups are concerned that Facebook's default settings for how far that information can travel are too broad. They also worry that the new program could expose a user's personal profile information to anyone on the Web. "Granular controls are great and we support them, but this very well could drive less privacy on Facebook," said Ari Schwartz, vice president of the Center for Democracy and Technology.
BUSINESS
January 17, 2008 | From Times Wire Services
Nevada's foreclosure crisis claimed a high-profile victim as investment bank Deutsche Bank took the first step toward foreclosing on the $3-billion Cosmopolitan Resort & Casino project. Developer and owner Ian Bruce Eichner said his company, 3700 Associates, was working with Deutsche Bank and Merrill Lynch & Co. to find new investors. The $760-million construction loan from Deutsche Bank went into default Wednesday, the company said. A Deutsche Bank spokesman did not return a call seeking comment.
BUSINESS
October 16, 2013 | By Jim Puzzanghera
WASHINGTON - If the debt limit isn't raised by Thursday's deadline, the cash flow problems of the world's wealthiest nation could be boiled down to a simple mathematics equation: 10 is greater than 7. The Treasury Department spends an average of $10 billion a day. It takes in about $7 billion in revenue a day. You don't need to know calculus to figure out that's not sustainable for long. That's only part of the trouble facing the federal government if it smashes up against its $16.7-trillion borrowing authority before Congress and the White House can work out a deal.
BUSINESS
October 15, 2013 | By Jessica Guynn and Andrew Tangel
SAN FRANCISCO - Twitter Inc. is moving full speed ahead with its initial public offering even as the world braces for the possibility of a U.S. debt default that would roil financial markets and hurt the stock's debut. The micro-blogging service said Tuesday that it would list its shares on the New York Stock Exchange, handing a major victory to the Big Board over its rival, the Nasdaq Stock Market. Also, Twitter could kick off its road show to market the IPO to investors in the last week of October, according to a person with knowledge of the matter who spoke on the condition of anonymity because he is not authorized to discuss it publicly.
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