Friday morning headlines

Stocks edge lower: The so-so jobs report might be putting a damper on trading. The Dow is down about 20 points.

Bernanke hopeful: Fed chairman expects the recovery to be "moderately stronger" in 2011. But he says the job market has improved only modestly and "considerable time will likely be required before the unemployment rate has returned to a more normal level." (NYT)

Feds investigate bribery allegations: They're looking into whether an engineering firm, AAE Inc., paid officials in Maywood (possibly other cities as well) to get work. The investigation has been going on for several years. From the LAT:

A second former Maywood official, David Mango, told The Times that while working as part of an FBI undercover operation in 2008, he twice received envelopes containing thousands of dollars in cash from an AAE executive. The executive provided him the money in hopes he could ease the way for the firm to get new contracts and receive quick payment for existing ones, Mango said. Mango, who was Maywood's building and planning director until being fired in late August, said that he had worked undercover for the FBI for about four months that year, wearing a recording device and attending a local golf outing with AAE officials and government officials from other cities.

SEC looking into Calpers: The inquiry centers on whether the giant pension fund adequately disclosed how risky its investments were. The state is now on the hook for billions of dollars that were lost during the financial crisis. (NYT)

Chowchilla defaults on bond: The San Joaquin Valley town failed to make its January payment involving the renovation of City Hall. It has arranged to draw down on bond reserves and make the payment. (LAT)

Another bump in gas prices: An average gallon of regular in the L.A. area is $3.332, up 2.4 cents from last week - and the highest level in more than two years, says the Auto Club. Oil prices, however, remain below $90 a barrel after a recent selloff.

New owner of SM Pier amusement park: An Orlando real estate investment trust has purchased the lease and physical assets of Pacific Park for $34 million. Previous owner will continue to manage the facility. (LABJ)

Fox lands Pac 12 title game: Yes, that is 12 - Utah and Colorado have been added to the conference. Fox is positioning itself to acquire a full package of Pacific-12 rights. (NYT)