2009_03_26_Sierra Madre Weekly

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WEEKLY

WHAT’S IN A NAME? INDYMAC IS NOW ONEWEST BANK

Ten things from the City Council meeting that stood out for me:

•By Terry Miller• and •John Stephens•

in the air from area fires, Marathon organizers were going to run this second try no matter what happened. The day started off with a sea of cyclists splashing their way through the course in Pasadena, some at speeds above and beyond the call of duty. There was one unique cyclist who literally was above all others as his bicycle was a custom frame welded upon another bike frame …how he ever mounted the cycle for the race is

Some banking customers who lost a great deal of money during the failure of IndyMac Bank last year have a new name to lambaste as late Thursday the sale of the thrift was finalized under the new name OneWest Bank. The Federal Deposit Insurance Corp. said late Thursday it had completed the sale of IndyMac Federal Bank, one of the largest casualties of the housing disaster and rash of bank closures last year. Local officials including Adam Schiff have called for an investigation into the Office of Thrift Supervision for failed oversight of the bank. Despite or perhaps in addition to the culpability of Washington regulators, many in the banking and financial services industry have long seen IndyMac’s heavy investment in an inf lated and unpredictable Southern California real estate market as unwise and unwieldy. The new brand OneWest was formed by an investor group and is to be managed by Terry Laughlin, former Chairman and CEO of Merrill Lynch Bank and Trust is a division of Merrill Lynch, Inc., a brokerage bought by Bank of America at the first of the year after BofA had received some $45 billion in TARP bailout dollars. In a story reminiscent of that currently involving black hole insurance monster AIG, though with considerably less media bombast, a judge Wednesday ordered the release of materials related to bonuses paid by bailed-out BofA to Merrill executives just before the January takeover. BofA had been sparring with New York Attorney General Andrew Cuomo as they sought to keep the documents private. The OneWest group agreed last December to purchase the failed California lender for $13.9 billion after the FDIC had to take over the bank and issue partial refunds of depositors’

Marathon on 5

Indy on 9

1) I lost a $20 bet. I said Joe Mosca would vote against smoking restrictions. Turns out he was among the most eager to pass them. 2) A six foot, 4-inch guy weighing about 230 pounds and wearing military fat ig ues a nd A r my boot s revealed that his feelings have been hurt by people making coughing sounds at him when he smokes

Smoking on 12

SIERRA MADRE SURPLUS

Now it Turns Out That Might Not Have Been The Case Despite years of dire warnings about the parlous state of our fiscal affairs, it turns out that the truth is actually something quite different. Through 2007 Sierra Madre’s finances are $1,036,000 to the good. In other words, we had a nice little surplus that year. How is it that I know about this unexpected news? From the City of Sierra Madre Agenda Report: “Management has concurred that information presented in the basic financial statement is a true reflection of the City records as of June 30, 2007. The fund balances represent the records at the close of this period. In looking at page 7 of the report, the General Fund has an increase in fund balance of $1,036,795 (less $200,000 for interest allocation). The total General Fund reserves as of

Surplus on 12

News, Arts, Opinions and Community Events Since 1996

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THURSDAY, MARCH 26 - APRIL 1, 2009 VOLUME 14, NO. 13

SMOKING ORDINANCE PASSES UNANIMOUSLY

Sierra Madre Voted For The UUT Tax Hike Because We Were Supposedly Going Broke

THURSDAY EDITION

Beatles Pillow Fight @Harry Benson 1964 . This photo by Harry Benson was shot in a hotel room in Paris circa 1964

Renowned Scottish Photojournalist Harry Benson Visits Pasadena Benson Came to America with the Beatles in 1964 ĆBy Terry MillerĆ I wanted to meet Harry Benson for many years. My

father used to speak of Harry when they were both covering some of the most appalling news stories of the day in the mid to late 1960’s. Harry Ben-

son is a photojournalist and my late father was a writer, a Foreign Correspondent for the Daily Telegraph of London. I was familiar with Har-

ry’s photography from many years ago when I first started in the newspaper business as a young photographer. And

Benson on 3

PASADENA’S INAUGURAL MARATHON ORGANIZERS HAVE SEEN FIRE AND RAIN 9000 Plus entered the First Ever Pasadena Marathon

-Photo By Terry Miller

Despite a rather maddening male Marathon announcer who said it might

be a good time for a wet-tshirt contest, Sunday morning’s Inaugural Marathon

in Pasadena went off like clockwork in the face of the heavy downpour. Just in case you were outside in it, and hadn’t noticed the wet stuff coming down like cats and dogs, that same grating announcer also advised us that “…They’re Running in the Rain, They are running in the Rain…….” He repeated this FOX-like news flash on the minute every minute as the main event began. On the heels of a race that was doomed last year due to the excessive smoke


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