Sierra
Madre
Thursday, January 8 - January 14, 2009 Volume 14, No. 2
WEEKLY
A Publication of Beacon Media, Inc: Arcadia Weekly, Monrovia Weekly, Pasadena Independent, & Sierra Madre Weekly
FOR A HOORAY FOR BOLLYWOOD HAMBURGER TODAY... Controller Chiang Warns State Agencies to Prepare for Possible IOUs
State Controller John Chiang today sent the following letter to State agencies alerting them that without budget solutions from the Governor and Legislature, his office will have no choice but to pursue payment deferrals or the issuance of registered warrants - also known as IOUs – as early as February 1. To ensure the State can meet its obligations to schools and repay external loans, IOUs may have to be issued in lieu of salaries and per diem payments to 1,700 legislators, state elected officers, judges, and their appointed staff, as well as tax refunds owed to individuals and businesses. The letter notifies agencies of processing requirements for IOUs, including the removal of some payees from the Direct Deposit system. Chiang on 15
Photos by Terry Miller
Veenita Singh , dressed in traditional Indian wedding robes for the duration of the 5 ½ mile Rose Parade Route.
Sierra Madre Rose Float Association Builds Yet Another Winner of a Float By Terry Miller Photos By Terry Miller
The Sierra Madre Rose Float Association along with float designer Charles Meier and a whole host of volunteers are celebrating this week upon winning their fourth award in as many years. On New Year’s Eve,
Most of the time, newspapers tell about what has already happened. But starting this week, Beacon Media is officially in the business of predicting the future in our new horoscopes section. Here goes: You will escape for a romantic getaway with Bernie Madoff to a tropical island where extradition policies are equally as prohibited as are pants.
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CASH IS KING By John Stephens
By Susan Motander
Future Tense
.com
Indymac Sold to Hedge Fund Managers, Equity Investors
New Businesses Come to Monrovia There is a great deal of activity in the business community can be seen around Monrovia. In recent weeks activity has been frenzied around the former Lucky’s market in the Rosedale center at Huntington and Mayflower. Residents have watched for months as a building labeled VegeUSA has been going up at the corner of Myrtle and the 210 Freeway. And Mervyn’s has closed in the Huntington Oaks shopping center leaving a large empty space. The new supermarket coming to the southern part of town is Henry’s Farmers Market. It will replace the long gone Lucky’s market. The company hopes for an opening as early as April, pending completion of major refurbishment. Henry’s has been a long established market in the San Diego and Orange Counties where it has received many awards for its health food and Monrovia on 16
www.beaconmedianews
A Real Gamble
the SMRFA was awarded the Lathrop K. Leishman Award for Most Beautiful NonCommercial Float. The Leishman Award is named after the 1939 President of the TOR,
Bollywood on 11
EverythingÊs gone Greene in Pasadena: Ruth Morse takes a look at one of the areaÊs most treasured architectural landmarks. ThereÊs plenty to see and do as we celebrate the centennial anniversary of the Gamble House.
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Last week the increasingly debt-burdened shoulders of the Federal Deposit Insurance Corporation received a slight reprieve as a team of private equity investors took control of the Pasadena-based thrift, promising to restore it to financial health with cash from their own deep pockets. On July 11th of last year, the FDIC seized control of the bank after loose lending in a runaway real estate market left their balance sheets far less than balanced. What followed was, at the time, the fourth largest bank failure in U.S. history. Only a few months later, however, with the failure of retail banking giant Washington Mutual, did Indymac's failure slip to fifth place among historic failures. The new entity, dubbed Indymac Federal, has been under government control since last July until now, when the new investment team struck a deal to purchase the 33 branch outfit for $13.9 billion. “The current economic climate is challenging for selling assets, but this agreement achieves the goals that were set out by the Chairman and Board when the FDIC was named conservator of IndyMac in July,” said FDIC Deputy Director James Wigand, the lead negotiator for the transaction. “Unfortunately, as expected, IndyMac’s liability structure, combined with aggressive real estate lending in California, had a significant impact on losses.” Prior to the IndyMac failure on July 11, 2008, the bank relied heavily on higher cost, less stable, brokered deposits, as well as secured bor-
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Art of Healthy Living
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