Results tagged “bailout”

Who wants to help bail out California, world's eighth-largest economy, by lending it money? Not bailed out banks. So like a kid asking his parents to co-sign his first apartment lease, Gov. Arnold Schwarzenegger is asking the federal government to back the state on loans:

Following up last week's conversation about Los Angeles' far flung suburb with KCET SoCal Connected correspondent John Ridley, here is the spot that aired. At one point, Robin Leach (you know him as the voice behind Lifestyles of the Rich and Famous) blamed President Barack Obama's mention of Vegas in the context of bailout money for the cancellation of 55 conferences. They have some extra videos, too, including the normally packed airplane from Burbank to Vegas:

"I would suggest the first thing that would make me feel a little bit better toward them if they'd follow the Japanese example and come before the American people and take that deep bow and say, I'm sorry, and then either do one of two things: resign or go commit suicide." That was Sen. Charles Grassley yesterday on AIG's $165 million in bonuses after receiving federal bailout. Locally, protests have been taking place outside AIG's office in downtown. Another one is scheduled for 4 p.m. this afternoon, reports blogdowntown.

It's hard times for everyone these days, and that doesn't exclude those whose paychecks rely on people, well, getting hard. Thanks to the "limp" economy, porn pioneer Larry Flynt and his modern-era incarnate Joe Francis (of "Girls Gone Wild" fame), have teamed up to take on Congress in the hopes the Fed can act as a sort of Viagra.

Over $300 billion in bailout money from the government and the next place you see Citigroup's money is towards a major sponsorship of a football game. Good advertising move or waste? The money to secure their sponsorship was spent long ago, but they should still be publicly humiliated, right? We hear that in every time out a new stat about Citi's epic fail will be announced and it will be scrolled across the scoreboard as the band plays the theme from Titanic. Or something like that.

Los Angeles' beleaguered Museum of Contemporary Art has been resuscitated by the generous purse-strings of a well-known benefactor. According to the LA Times, MOCA's board "has voted to accept a $30-million bailout offer from billionaire philanthropist Eli Broad, a founder and life trustee of the museum and the city's largest arts patron." This means that MOCA will not opt for a merger with LACMA and will instead to continue to operate independently. Broad has said that despite his philanthropic connection to LACMA, he feels there will be no damage to his relationship with them in light of his move to rescue MOCA.

As the "Big Three" American automakers and the federal government get closer to determining what kind of bailout--if any--the struggling businesses can receive, things don't seem to be all that much better for overseas rival Toyota.

Plans to vote on a $25 billion bailout for the "big three" automakers were scrapped by congress yesterday after discussions focused, not on how the industry will fix the problem with taxpayer money, but on how they each used corporate jets to travel to Washington DC.

"Hollywood Casts Wall Street as Villain to Tap Anger at Crisis," writes Bloomberg in a headline about film and TV studios "rushing to tap America's fixation with the financial crisis and anger at the Wall Street executives blamed for it." For example, some current working titles include "The Wolf of Wall Street," "Confessions of a Wall Street Shoeshine Boy" and a familiar one, this time in sequel-mode, "Wall Street." "Our development is tied to what is relevant in today's world,'' Teri Weinberg, an NBC Entertainment VP said. "We hope to exemplify the foolishness of the human condition in the world of finance.'' And as usual, episodes of Law & Order will also be "ripped from the headlines."

Valley Congressman Brad Sherman (D-Sherman Oaks) stood his ground on Friday during the second House bailout vote that passed. He, along with the majority, voted no on Monday and he once again voted no on Friday, although that time in the minority. During a session of congress on the night before Friday's vote, he said proponents of the bailout were apparently saying martial law be put in place if the vote didn't go through. "That's what I call fear mongering," Sherman said.

The House voted Monday and didn't pass the bailout, but today was another day. Most Los Angeles area representatives didn't change their vote from Monday, but four democrats went from a no vote to a yes vote, ultimately helping the bailout plan pass today and sending the bill over to President Bush to sign it into law. Those who had a change of heart were Adam Schiff from Pasadena/SGV, Hilda Solis of El Monte/East LA, Diane Watson of Los Angeles, and Joe Baca of San Bernardino all switched from No to Yes today. And the rest of the list, thanks to ABC7, who has complete info on the reps:

The House rejected the bailout plan earlier today sending stocks down and worrying people across the nation. Mayor Antonio Villaraigosa, who is not happy with the idea of bailing out the "failed lenders and investors," is not satisfied with congress doing nothing. He tells Congress to get back to work in a statement released this afternoon. While it's obvious Congress still has a lot of work to do, Villaraigosa's statement emphasizes how all of this affects local services.

The results are in and the House voted 205 to 228 to reject the Bailout plan which in turn sent stocks plunging.

On your commute home tonight, don't be surprised if you see corners full of people protesting President Bush's proposed bailout of Wall Street (did anyone catch Bush's broadcast last night?). Instead, members of True Majority want to save Main Street. Protests are planned for 3rd Street Promenade in Santa Monica, at Highland and Melrose across from Mozza and a few other locations from around town.