Officials questioncounty investment fund
School and city officials werescrambling the week of Sept. 27, 2008 to fig-ure out the ripple effectof the national finan-cial fallout andwhether losses in a county invest-ment fund would decrease localcredit ratings.There were more questions thananswers at the County InvestmentFund Oversight Committee meetingthat week. The County InvestmentFund is a pool of money fromschool districts, special districtsand cities, managed by the countytreasurer. The fund lost approximate-ly $150 million, or approximately 5percent of the $2.6 billion portfo-lio’s principal due in part to itsholdings in Lehman BrothersSecurities.
WaMu becomesbiggest bank to fail
As the debate over a $700 billionbank bailout raged on inWashington, one of the nation’slargest banks — Washington MutualInc. — collapsed under the weight of its enormous bad bets on the mort-gage market the week of Sept. 27,2008.The Federal Deposit InsuranceCorp. seized WaMu on Thursday of that week, and then sold the thrift’sbanking assets to JPMorgan Chase& Co. for $1.9 billion.Seattle-based WaMu,which was founded in1889, was the largestbank to fail by far in thecountry’s history. Its $307billion in assets eclipse those of Continental Illinois National Bank,which failed in 1984 with $40 bil-lion in assets; adjusted for 2008 dol-lars, its assets totaled $67.7 bil-lion. IndyMac, seized in July, had$32 billion in assets.
State budgetslows local transit
The state budget was dealing localtransit agencies a major blow theweek of Sept. 27, 2008, cuttingfunding by nearly two-thirds morethan what was expected earlier in theyear.Gov. Arnold Schwarzeneggersigned the most overdue budget inthe state’s history. Proposition 42,which takes gas taxes to make trans-portation improvements, wasuntouched by massive cuts, but fund-ing to local transit agencies such asBay Area Rapid Transit, Caltrain andSamTrans was diverted at record lowlevels.Caltrain, which runs Peninsula railservice from Gilroy to SanFrancisco, could have received$11.8 million from the state thatyear. It received $3.7 million.SamTrans, which runs bus and para-transit service in SanMateo County, could havereceived $13.7 million butthe state only allocated$4.3 million.
Superintendent recommendsdenying charter school plan
The San Mateo Union High SchoolDistrict superintendent came outagainst a proposal to open a tech-nology-based school serving 800students in sixth through eighthgrades the week of Sept. 27, 2008.Insufficient information about edu-cational programs, finances and alocation for the charter school —known as Magnolia — toppedSuperintendent David Miller’s con-cerns in a recommendation to denythe charter.Among the educational concernslisted were the lack of a guidanceprogram; little innovative, creativeor powerful instructional strategies;no physical education standards; andunclear graduation requirements,according to the resolution. Thebudget was a major concern listed bythe district.
From the archives highlights stories origi-nally printed five years ago this week. Itappears in the Friday edition of the DailyJournal.
FOR THE RECORD2
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Actress GwynethPaltrow is 41.
This Day in HistoryThought for the Day
President George H.W. Bushannounced in a nationally broadcastaddress that he was eliminating allU.S. battleﬁeld nuclear weapons andcalled on the Soviet Union to matchthe gesture.
“Life is like a coin.You can spend it any way you wish,but you only spend it once.”
— Lillian Dickson,American missionary (1901-1983)
Actor WilfordBrimley is 79.Singer AvrilLavigne is 29.
Sunny. Highs in the mid 60s tolower 70s. North winds 5 to 15 mph.
Clear. Lows in the mid50s. Northwest winds 5 to 15 mph.
: Sunny. Highs in the mid 60sto lower 70s. Light winds.Saturday night...Clear. Lows in the mid50s. West winds around 5 mph in theevening...Becoming light.
: Sunny. Highs in the mid 60s.
Partly cloudy in the evening then becom-ing mostly cloudy. Aslight chance of showers. Lows in themid 50s.
:Mostly cloudy. Aslight chance of showers.Highs in the mid 60s.
Monday night and Tuesday:
Local Weather Forecast
Pope Paul III issued a papal bull establishing theSociety of Jesus, or Jesuits, as a religious order.
John Adams was named by Congress to negotiatethe Revolutionary War’s peace terms with Britain.
the ﬁrst great disaster involving an AtlanticOcean passenger vessel occurred when the steamship SSArctic sank off Newfoundland; of the more than 400 peopleon board, only 86 survived.
the United States said it was recognizing theNationalist Chinese government.
, Warsaw, Poland, surrendered after weeks of resist-ance to invading forces from Nazi Germany and the SovietUnion during World War II.
, on “Liberty Fleet Day,” the United Stateslaunched 14 rapidly built military cargo vessels, includingthe ﬁrst Liberty ship, the SS Patrick Henry, which was per-sonally launched by President Franklin D. Roosevelt inBaltimore.
Glenn Miller and his orchestra performed togeth-er for the last time, at the Central Theater in Passaic, N.J.,prior to Miller’s entry into the Army.
“Tonight!” hosted by Steve Allen made its net-work debut on NBC-TV.
, the government publicly released the report of theWarren Commission, which found that Lee Harvey Oswaldhad acted alone in assassinating President John F. Kennedy.
, three days after placing ﬁrst in the men’s 100-meter dash at the Seoul (sohl) Summer Olympics, Canadiansprinter Ben Johnson left for home in disgrace, stripped of his gold medal by ofﬁcials who said Johnson had used ana-bolic steroids.
(Answers tomorrow)USURPAGENTABRUPTODDITYYesterday’sJumbles:Answer:The number of billboards along the highwaywas — ADDING UPNow arrange the circled lettersto form the surprise answer, assuggested by the above cartoon.
THAT SCRAMBLED WORD GAME
by David L. Hoyt and Jeff Knurek
Unscramble these four Jumbles,one letter to each square,to form four ordinary words.
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J u m b l e p u z z l e m a g a z i n e s a v a i l a b l e a t p e n n y d e l l p u z z l e s . c o m / j u m b l e m a g s
The Daily Derby race winners are Gold Rush,No.1,in ﬁrst place;Lucky Star,No.2,in second place;and Big Ben,No.4,in third place.The race timewas clocked at 1:46.32.
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