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January 17, 2014 | By Jason Song
More than 100 colleges and universities, including several in California, promised Thursday to try to attract more low-income students by strengthening relationships with high schools and community colleges, increasing access to advisors and offering more remedial programs. The pledges came after President Obama made increased college accessibility one of his top goals. On Thursday, the president invited to the White House participants who have made commitments to further that effort.
January 16, 2014 | By Mike Boehm and Deborah Vankin
In naming Philippe Vergne, a seasoned career museum professional, as its new director, L.A.'s Museum of Contemporary Art has opted for fundamentals instead of glitz. Vergne, 47, arrives with credentials that include more than 20 years running museums or curating under museum auspices. Since 2008, he's been director of the Dia Art Foundation, overseeing a museum on the banks of the Hudson River in Beacon, N.Y., with occasional exhibitions in New York City. The Dia's collection also includes some of the world's most prominent examples of land art - Walter De Maria's “The Lightning Field” in the New Mexico high desert and Robert Smithson's “Spiral Jetty,” jutting from the shore of Utah's Great Salt Lake.
January 16, 2014 | By Marc Lifsher
Low-income Californians will be soon eligible for what has become to many an essential part of daily life: a cellphone . Participants in the state's LifeLine program for low-income consumers will soon have access to reduced-cost smartphone service with voice, data and text capabilities, state regulators decided Thursday. After two years of deliberations, the five members of the California Public Utilities Commission voted unanimously to include wireless phones among the kinds of handsets available through the LifeLine program.
January 15, 2014 | By Andrew Tangel
NEW YORK - Bank of America Corp.'s fourth-quarter profit surged as the financial giant continued to work through its hangover from the housing meltdown. The Charlotte, N.C., bank Wednesday reported net income of $3.4 billion, or 29 cents a share, up sharply from $732 million, or 3 cents, a year earlier, when its bottom line suffered from a more than $10-billion settlement with mortgage giant Fannie Mae. BofA's earnings beat Wall Street estimates of 26 cents a share, according to analysts polled by Thomson Reuters.
January 13, 2014 | By Jeff Gottlieb
Former Bell City Administrator Robert Rizzo is expected in court Monday and is expected to plead guilty to filing false tax returns. From 2005 through 2010, the year he was ousted from his job after his salary was revealed, Rizzo claimed more than $770,000 in phantom losses on his tax returns, further inflating his take-home pay. He is already facing 10 to 12 years in prison for his role in a corruption scandal, but agreed to plead guilty to...
January 7, 2014 | By Chris Megerian
SACRAMENTO -- Gov. Jerry Brown received more good news Tuesday as he prepared to release his new budget proposal, due at the end of the week. The last six months generated $2 billion more income tax revenue than expected, according to a new report from the nonpartisan Legislative Analyst's Office. That's 8% more money than administration officials were counting on. The state's coffers received much of that boost in December, with income taxes at $1.4 billion above projections for the month.
January 2, 2014 | By Stuart Pfeifer
H. Ty Warner, the billionaire creator of the popular Beanie Babies toys, is urging a federal judge to sentence him to probation for tax evasion. The 69-year-old tycoon pleaded guilty to a single count of felony tax evasion in October, acknowledging that he failed to report millions of dollars of interest income from a secret Swiss bank account from 1999 to 2007. Warner was on a list of 285 names that Swiss banking giant UBS gave to the Justice Department in 2009 in an attempt to mitigate its own criminal liability in a massive U.S. crackdown on offshore tax evasion.
December 29, 2013 | By Eryn Brown
It's one of the next big hurdles for the Obamacare rollout: What will happen when hundreds of thousands of low-income Californians shift from county health plans to the state's huge Medi-Cal system on Jan. 1? Judging from a similar surge in 2011, patients and physicians could see plenty of problems. Starting on New Year's Day - Wednesday - as many as a million formerly uninsured or underinsured people will begin moving onto Medi-Cal rolls and reporting to clinics and hospitals that have agreed to provide treatment at set rates.
December 27, 2013 | By Larry Gordon
The Webb Schools, a private high school in Claremont, is a magnet for college recruiters from around the country and the world. This fall, 113 Ivy League and other schools sent representatives to the campus - more than the 106 students in the senior class. At Jefferson High School, a low-income public school with 280 seniors in South Los Angeles, eight recruiters from local universities showed up. Recruiters' visits often are an important first contact for students to discover campuses far beyond their hometowns and for the colleges to discover talented applicants.
December 19, 2013 | Jim Puzzanghera and Don Lee
WASHINGTON - Now that the Federal Reserve has started to ease a key economic stimulus, the reins of managing monetary policy to finish the job soon will be turned over to Janet L. Yellen, the central bank's vice chair. She won't find it easy. Yellen, expected to be confirmed by the Senate on Saturday as the Fed's first female chief, will be leading a very different and potentially more fractious policymaking team at the central bank. A more divisive group could be particularly nettlesome as she tries to execute the complicated exit from the Fed's unprecedented actions to stimulate the economy after the Great Recession.
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