Mendocino County has filed a lawsuit in U.S. District Court Northern District of California against Bank of America Corp., Barclays Bank PLC, Citigroup Inc. and more than a dozen other banks over manipulation of Libor, a crucial rate that banks use to loan money to each other. Government entities around the world have been filing suits over the manipulation that cost them billions of dollars during the economic meltdown between 2007 and 2011. Eight California entities, including counties and cities have also sued. According to The Press Democrat, Mendocino County may have lost $800,000 on investments between 2008 and 2010 because of Libor manipulation. An estimated 70% of the county’s investment pool, which ranged between $150 million and $220 million, was in Libor-related investments that paid lower returns than they should have.
Archives for November 2013
Cleanup is still underway in Clearlake and areas on the Northshore.The county and city are providing green waste collection sites and large debris boxes in the hardest hit areas from last week’s windstorm. Northshore Area Supervisor Denise Rushing is asking residents to use the services as intended, and to avoid putting hazardous and household waste in the boxes. She’s also asking for help with cleanup activities. Anyone who would like to volunteer should call the county of Lake’s personnel office. In Clearlake, residents can drop off green waste free of charge at a designated area at the city’s corporation yard.
In light of the damaging windstorm, the Board of Supervisors and the Clearlake City Council met yesterday to discuss emergency declarations. Their City Manager issued the emergency proclamation Saturday. The Councils confirmation authorizes things like emergency actions and providing property owners with documentation for their insurance providers. The winds downed trees and powerlines and tore off roofs. Many homes and cars were damaged by the falling trees. The total cost of the storm’s destruction to the area is still being calculated.
A warrant has been issued for the arrest of Robert Scott Hisel. He missed his sentencing hearing yesterday. Hisel plead no contest to shooting at Lake County Sheriff’s Office Deputy Lyle Thomas with a a pellet gun that looked like an assault rifle, and another one that looked like a handgun. The incident, that occurred back in May in Clearlake Oaks, led to a five-hour standoff with law enforcement and a SWAT team. Authorities found two live grenades on his property too. According to Hisel’s defense attorney, he ran out of gas on the way to court. The judge denied a request to not issue a warrant and set a $500,000 bench warrant for Hisel’s arrest on each charge.
The possibility of a Costco in Ukiah is moving forward. Last week, The Planning Commission voted in favor of asking the City Council to adopt an environmental impact report, a zoning change and a list of reasons why the store’s benefits outweigh its significant and unavoidable negative impacts on traffic, air quality and global climate change. The City Council will consider the recommendations Dec. 4.
An investigation is still underway on a serious crash that happened yesterday morning on Lakeshore Drive in Clearlake. Witnesses say a pickup truck, with a load of rocks in the bed, was traveling erratically at high speeds down Lakeshore Drive. In fact, people were calling Clearlake Police about the driver. Police couldn’t get there before the truck hit another vehicle, flipped multiple times, then landed in the parking lot of Howard’s Grotto restaurant. The wreckage, scattered rocks and emergency vehicles brought traffic to a halt as Lakeshore Drive was closed until afternoon. Rescue personel had to extricate both driveres from their vehicles. Both were flown out for medical attention by air ambulance. Lake County News reports that Joe Cook, the driver of the truck, has rib fractures, dislocated toes and a mild head injury. Edward Gonzales sustained serious head injuries.