Thursday, May 21, 2009

U.S. to Steer GM Toward Bankruptcy - washingtonpost.com

no agreement between the company and the investors who hold $27 billion worth of GM bonds.

But the speed of the government-led transformation has triggered complaints that the rights of investors and dealers are being trampled. Meanwhile, fears that a bankruptcy could lead to cascading business failures are spreading throughout GM's vast chain of suppliers.

"GM now stands for Government Motors," said Rep. Lamar Smith (R-Tex.). "While the UAW is cashing in, it's the dealers, creditors and American taxpayers who are being forced to cash out."

U.S. to Steer GM Toward Bankruptcy - washingtonpost.com

Armed deputy to remain at Boone courthouse entrance - Rockford, IL - Rockford Register Star

 

Armed deputy to remain at Boone courthouse entrance - Rockford, IL - Rockford Register Star

KeithHennessey.com » Understanding the President’s CAFE announcement

A Bushes' take on the new CAFE standards—a different set of economic criteria

Obama raises standard until total societal costs equal total societal benefits, so net societal benefits equals zero.  This is the highest you can go before the model says that the rule is making society (in the aggregate) worse off, taking into account all costs and benefits.

.CAFE comparison

Click on the following for the rest of the story:  KeithHennessey.com » Understanding the President’s CAFE announcement

Daily Herald | Crystal Lake firm dumping sewage, chemicals into ground, county claims

The county also is seeking fines of up to $750 for each day the pollution occurred, though Thomas Carroll, civil division chief for the state's attorney, said that is a secondary concern.

The health department has been out there 15 times since the beginning of the year, and on at least five of those times domestic and non-domestic waste had been discharged into the soil and wetlands," she said.

Daily Herald | Crystal Lake firm dumping sewage, chemicals into ground, county claims

Northwest Herald | County wants to halt chemical plant over spills

A March 4 inspection found sewage spilling onto the ground and into a dry well on the property, as well as soils stains that apparently came from the railroad tracks but went to wetlands on the property.

The lawsuit also alleges that Chemtool never acquired the proper occupancy certificate after renovating the Crystal Lake facility in 1998.

County officials want a judge to ban Chemtool from operating its rural Crystal Lake plant until it fixes sewage and unknown chemical spills.

Northwest Herald | County wants to halt chemical plant over spills

Understaffing of police, firefighters addressed In City of DeKalb

The city’s overall budget asks for a wage freeze by all employees in order to be balanced, a savings of about $480,000. Union groups for fire, police and AFSCME members, along with management staff, have been approached to freeze salaries, and discussions of possible alternatives will happen by July 1.

If wages are frozen, Harrison expects to see no further cuts by attrition or retirement; if there is no wage freeze, more cuts to personnel could be made in the next budget cycle.

Click on the following for the rest of the story:  Understaffing of police, firefighters addressed | Daily Chronicle

China Becomes More Choosy in Buying U.S. Debt - NYTimes.com

China is getting out of US Agencies and going shorter term with US Treasury’s.  China’s portion of new U.S. debt,  is getting small although still very large. 

Click on the following to read the whole story:  China Becomes More Choosy in Buying U.S. Debt - NYTimes.com

Members disagree on how to fill Boone County Board vacancy

RRSTAR.COM

Posted May 20, 2009 @ 11:29 PM

Last update May 21, 2009 @ 12:21 AM

 

bobwalberg

BELVIDERE —

Boone County Board members already are thick into a debate about selecting a new board member, and they don’t even have the candidates yet.
The board was split over the process for filling the vacancy left by Brad Rightnowar, who resigned May 10 to become president of the village of Poplar Grove.
They eventually voted 6-5 today on a method that board member Pat Mattison said will provide more openness to the public.
But board Chairman Bob Walberg said it felt like a lack of trust from the board in his ability to choose a successor to Rightnowar.
“They didn’t want to give me a chance,” Walberg said. “Whenever I make the nomination, I will share it with the board, and it is only with their consent.”
The chairman has the authority to appoint with the board’s consent. The chairman’s method for making that appointment can vary from person to person. Walberg’s process for naming committee and board members differs from his predecessor, Cathy Ward.
Ward, who was chairman for two years ending in December, asked for all potential appointees to go through an interview process at a committee meeting before being approved by the whole board. Walberg makes his nomination based on information he gathers during his own review of applicants and presents that nomination for the full board to vote on.
Mattison amended a motion that declared Rightnowar’s vacancy to authorize the county clerk to request letters of interest, biography sheets and letters of recommendation from candidates by 5 p.m. June 8. The letters are to be sent to the Boone County Board chairman’s office, 601 N. Main St., Belvidere, IL 61008. Rightnowar’s replacement must be a Republican from County Board District 2, according to law.
Mattison also requested all information on each applicant, not only Walberg’s nomination, be sent to County Board members for their review and that any applicants considered be interviewed by the board.
The six that voted in favor of Mattison’s motion were the same six that originally supported Ward during a 4 1/2 hour-long meeting in December where board members went through 25 rounds of stalemate voting before Walberg was named chairman.
Board members had been split in a 6-6 vote between Ward and Marshall Newhouse in December before Walberg was selected by a 7-5 vote on the 25th try.
“This is not anything against the chairman. It would empower the chair to get as much information as he could,” Mattison said of his motion. “I think it’s getting the public involved.”

Finance update
Board members also updated the county’s financial situation. The newest figures given today predict the board would end up about $10,000 in the black by year’s end if they can hold spending to about $13.5 million.
That figure does not include the $97,000 in backpay from new sheriff’s deputies that was budgeted for 2008 but held in reserves to be paid once arbitration on the labor agreement was settled. That contract was settled in April.
But it also does not include the county’s recent action of asking vendors to renegotiate contracts for a lower price, Finance Chairman Karl Johnson said.
The board at one time faced a $839,000 loss in revenues, but through voluntary spending cuts, reductions, frozen hires, voluntary unpaid days and identifying additional revenue sources Johnson believes the board has given itself a chance to end the year with a balanced budget. But he also knows another drop in tax revenues could hurt that chance.
“It’s impossible to forecast what we’re going to end up with at the end of the year at this point,” Johnson said. “This gets us a good solid base to move from here to the rest of the year and then begin working on an extremely difficult 2010 budget.”

Staff writer Kevin Haas can be reached at 815-544-3452 or khaas@rrstar.com.