Stocks drift lower: Could be another sluggish session, as investors keep an eye on Greece. Dow is down about 30 points.
California says no to bank deal: At least for now. More than 40 states have signed onto a proposed settlement with mortgage servicers, but state Attorney General Kamala Harris is looking for better terms. NY is also holding out. From the LAT:
The long-sought deal would provide relief for homeowners and settle a host of investigations into the foreclosure paperwork practices of the five largest mortgage servicers. The size of California's mortgage market -- about 14% of existing home loans nationwide, according to industry data company CoreLogic Inc. -- makes Harris a major player in the down-to-the wire talks with Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and Ally Financial Inc.
Gas prices inch higher: An average gallon of regular in the L.A. area is $3.849, according to a government survey, up a couple of pennies from last week. Gas is unusually expensive for this time of year.
Another Dodger bidder: He's Jared Kushner, son-in-law of Donald Trump and publisher of the New York Observer. The Kushner bid is one of at least nine to advance to the second round. From the LAT:
The bid would be funded primarily by the Kushner family, whose net worth is not publicly available. In 2006, the Kushner Cos. bought a Manhattan office complex for $1.8 billion -- at the time, the highest price paid for an office building in the United States, according to the New York Times.
Protesting FAA bill: The Senate finally passed legislation aimed at moving the nation's aviation system into a new era of GPS-dominated air traffic control. But the bill included a controversial provision that would make it difficult for transportation workers to unionize. From the Daily Breeze:
Just hours before the Senate voted, about 200 flight attendants and their supporters held a so-called "Occu-Fly" demonstration at Los Angeles International Airport to urge lawmakers to reject the reauthorization bill. The group opposed the compromise struck up by House Republicans and Senate Democrats that calls for a 50 percent support rate among transportation workers to hold union elections, a significant hike from the current 35 percent threshold.
Brown's tax measure has company: Proponents of two other plans are still seeking to get on the November ballot, despite concern that multiple initiatives might be confusing to voters and result in defeats for everyone. From the Mercury News:
The campaign to raise taxes on millionaires, headed by the California Federation of Teachers, kicked off its signature-gathering campaign with rush-hour banner displays on highway overpasses throughout California. And wealthy civil rights attorney Molly Munger gave a full-throated defense of her separate tax-hike initiative at the California PTA's state conference, promising she'd reach into her own deep pockets to ensure a win on behalf of schools. "We're going to get this on the ballot and we're going to win, too," Munger told reporters after addressing the PTA group.
Cutbacks at Fisker Automotive: Work has been stopped at a former GM plant in Delaware, where the Anaheim-based company plans to build a plug-in hybrid. Fisker says it delayed work because of "ongoing discussions" with the Department of Energy regarding funding. (LAT)