"CalPERS is still only about 70 percent funded after a record decade-long bull market. State and local government CalPERS costs are at an all-time high and growing, amid warnings some cities may face bankruptcy."
More Californians are taking loans with 3-digit interest rates. Will state restrict them?
Sacramento Bee's HANNAH WILEY: " As California borrowers move away from small payday loans, new data from a state agency show they’ve shifted to larger and more expensive credit with triple-digit interest."
"Larger loans increased by 9 percent last year to a total 1.6 million loans, with a third falling between $2,500 and $4,999, according to an August report from the state Department of Business Oversight."
"The state does not regulate interest rates on those loans, and 55 percent of the borrowing in that range carried triple-digit rates in 2018."
Homeless deaths in Sacramento County reach new high
Sacramento Bee's THERESA CLIFT: "Joe Smith sat in his office Friday, his thoughts focused on the same topic it is on many Friday mornings – mourning the loss of a homeless man he had befriended, trying to find the right words to deliver at his memorial."
"Fifteen minutes before the service was about to begin at Loaves and Fishes’ Friendship Park, he checked the Sacramento County Coroner’s website to find familiar but tragic news: yet another homeless man had died. He was only 23."
"It’s startling,” Smith said. “Just startling."
READ MORE related to Homelessness: Scathing new audit finds deep operational failures at LA's top homeless outreach agency -- LA Times's DOUG SMITH
CalPERS gets candid about 'critical' decade ahead
ED MENDEL in Capitol Weekly: "Once CalPERS could shrug off low funding and rising employer costs as just another downturn, staying the course in the long-term strategy of getting most of its money from market investments that go up and down."
"This time is different."
"CalPERS is still only about 70 percent funded after a record decade-long bull market. State and local government CalPERS costs are at an all-time high and growing, amid warnings some cities may face bankruptcy."
PG&E bankruptcy case keeps getting more complex
The Chronicle's J.D. MORRIS: "PG&E Corp.’s bankruptcy is growing increasingly complicated as it grapples with the case’s most pivotal question: How much money does the company owe victims of wildfires its equipment started?"
"Aspects of the case are now advancing in three San Francisco courts while attorneys for PG&E and fire victims appear to be billions of dollars apart. All sides face pressure from a new state law to get the huge bankruptcy resolved by the end of June."
"The company and subsidiary Pacific Gas and Electric Co. remain in U.S. Bankruptcy Court. But, per the direction of U.S. Bankruptcy Judge Dennis Montali, a U.S. District Court judge will hold proceedings to determine the total amount of PG&E’s obligation to victims from numerous wildfires. PG&E faces many personal injury or wrongful death claims, and federal law requires a District Court to decide how much those victims are ultimately paid."
As California considers a fur ban, many in LA cling to their minks
LA Times's SONJA SHARP: "Decades before gold was discovered at Sutter’s Mill, fortune-seekers flocked to California for its furs. Now the state is poised to become the first in the country to ban them — a legislative drama in which sunny Los Angeles, land of beach curls and flip-flops, is the unlikely star."
"The assemblywoman who wrote the fur products prohibition and the state senator who could kill the measure represent overlapping districts in Glendale and Burbank. The animal rights organization that helped craft the ban is headquartered in Sherman Oaks, the fur industry’s national lobby across the San Fernando Valley in Porter Ranch. Los Angeles recently became the largest American city to outlaw the sale, manufacture or trade of most fur products, but that hasn’t stopped Angelenos from flocking to buy them."
"I just stocked up for Burning Man,” said Sean Hammond, a vendor at the hip Melrose Trading Post, who was selling racks of vintage furs on Sunday despite the 85-degree August heat. “During the winter they really sell, too."
(OP-ED) Bill restricting drug patent pacts could hurt consumers
WILLIAM REMAK in Capitol Weekly: "Headlines continue to scream about the price of prescription medications skyrocketing. But here is some good news about drug costs: the price of generic medicines is falling. Fast."
"In California, generic prices decreased on average 15 percent per year over the last several years. California residents spent $24 billion less on generics than on brand prescriptions in 2018. In 2018 alone, generic drugs saved Californians over $26 billion."
"But a measure in the California Legislature, while well-meaning, would likely end this decline and drive up prescription drug costs. Furthermore, it would delay getting some of these live-saving drugs to those who need them most. As a cancer and two-time liver transplant survivor, I can attest personally to the importance of these cost savings to patients."
Betancourt to face Dahle in November runoff for the 1st District Assembly seat
Sacramento Bee's ALEXANDRA YOON-HENDRICKS: "A Democratic candidate will face off against a Republican for the November runoff to win California Assembly District 1, the state’s northeastern corner generally considered a conservative stronghold."
"Elizabeth Betancourt and Megan Dahle garnered the most votes in preliminary returns for Tuesday’s special election primary race and will compete for the seat in a race on Nov. 5."
"As of 11:27 p.m., with 100 percent of precincts partially reporting, Betancourt led all candidates with 39.1 percent of the vote, followed by Dahle, who had 36.2 percent of the vote."
Pelosi, Speier talk gun control at SF town hall
The Chronicle's LAUREN HERNANDEZ: "A month after three people were shot and killed at the Gilroy Garlic Festival and just weeks after 31 others were killed in separate mass shootings in Texas and Ohio, Speaker Nancy Pelosi and Rep. Jackie Speier called for comprehensive gun violence legislation at a town hall in San Francisco Tuesday evening."
"Pelosi and Speier, seated in front of four prominently placed American flags in the packed auditorium of Lincoln High School, repeated calls for “common sense” gun legislation. The two Democrats joined Shannon Watts, the founder of Moms Demand Action, and Dr. Nadine Burke Harris, the surgeon general of California, in a discussion with local residents."
"The “VIP” guest on the panel, Pelosi said, was 17-year-old AJ Santiago, a student at Phillip and Sala Burton Academic High School in San Francisco. AJ’s best friend, Day’von Hann, 15, was shot and killed near his Mission District home in July."
Steyer, Williamson on verge of being bounced from next debate
The Chronicle's TAL KOPAN: "The final day to qualify for the next Democratic presidential debate is Wednesday — and half the candidates in the field are unlikely to make the cut."
"Among those who haven’t yet qualified but still have hope are San Francisco billionaire Tom Steyer, the former hedge fund manager who is now an environmental and pro-impeachment activist. Other prominent names have virtually no chance for this round, including New York Sen. Kirsten Gillibrand and author Marianne Williamson."
"The first two debates had 20 candidates, but the Democratic National Committee raised the requirements to qualify for the next round, scheduled for Sept. 12 and 13 if a second night is needed. To be on stage in Houston, candidates must have registered at least 2% in four party-recognized state or national polls since June 28 and have received donations from 130,000 people."
Can states restrict how electors cast presidential votes? SCOTUS may have to decide
LA Times's DAVID G SAVAGE: "Heading into what looks to be a hard-fought presidential election, the Supreme Court will likely be asked to resolve a lingering but fundamental question about the creaky, little-understood electoral college system adopted in 1787."
"At issue is whether states can require their appointed electors to cast ballots for the candidate favored by most of the state’s voters on election day, or if electors may instead choose whomever they wish when convening a few weeks later. Rebellions by state electors have been a rarity in history, but a recent court ruling gave electors greater freedom to vote their conscience, and that could tip the outcome in a close election."
"Article II of the Constitution created the electoral college to elect the president, rather than relying on a direct vote of the people. It says that states “shall appoint, in such manner as the Legislature thereof may direct, a number of electors” that reflects the population of the state. Those electors in turn would vote for the president and vice president."
Buttigieg joins Uber, Lyft drivers in SF gig-work protest
The Chronicle's MALLORY MOENCH: "Democratic presidential candidate Pete Buttigieg joined dozens of Uber drivers who circled the company’s Market Street headquarters Tuesday, horns honking and flags flying, to advocate for a bill that could classify them as employees with protections and benefits."
"Tuesday was day two of the drivers’ caravan protest from Los Angeles to Sacramento to lobby for the passage of AB5, a bill that would codify the California Supreme Court Dynamex decision that makes it easier for workers to be classified as employees rather than independent contractors."
"Buttigieg said all full-time and part-time workers deserve representation and protections for a successful future economy."
Expert panel endorses plan to stabilize SF's leaning Millennium Tower
The Chronicle's J.K. DINEEN: "Independent experts charged with reviewing the proposed $100 million fix to San Francisco’s famously sinking and tilting Millennium Tower endorsed the plan Tuesday, saying that they “see no reason to withhold approval of the building permit for the structural upgrade of the foundation."
"The four-person panel, hired by the city and headed up by Stanford engineering professor Gregory Deierlein, submitted its review of the “perimeter pile upgrade” plan to San Francisco officials."
"The project calls for 52 piles to be drilled 250 feet down into bedrock to shore up the building, now leaning 17 inches to the north and west. The 2-foot-thick circular steel piles would be filled with steel reinforced concrete. Twenty-two would be sunk along Mission Street and 30 on Fremont Street."
Suspect in custody after social media threats lock down Sacramento-area high schools
Sacramento Bee's MOLLY SULLIVAN/SAM STANTON/SAWSAN MORRAR: "A suspect is in custody after social media threats led to Jesuit High School and Rio Americano High School in Arden Arcade being locked down Tuesday. The campuses were later cleared by deputies, Sacramento sheriff’s officials said."
"Deputies and concerned parents swarmed the area just after 1 p.m. and within an hour officials said they were preparing to clear both campuses of students and staff."
"No one was hurt, and deputies were telling parents that students would be released from the campuses."
Engineer charged with stealing Google's self-driving car secrets
The Chronicle's EVAN SERNOFFSKY/CAROLYN SAID: "Federal prosecutors on Tuesday charged a former star engineer at Google’s self-driving car spin-off with 33 counts of theft and attempted theft of trade secrets after he allegedly downloaded thousands of files from the technology giant before joining Uber to lead its robot-car team."
"The grand jury indictment against Anthony Levandowski marks the latest turn in a sensational saga between Uber and Waymo, the self-driving unit of Google’s parent company, Alphabet. The allegations of corporate espionage have riveted Silicon Valley and spurred more than $372 million in settlements between the multibillion-dollar companies, while exposing the cutthroat rivalries in the race to put robot cars on the road."
"Prosecutors accused Levandowski, 39, of downloading more than 14,000 files from Google before abruptly leaving the company in January 2016. The U.S. attorney’s office said Levandowski decided to leave no later than September 2015 and used the intervening time to purloin thousands of files, including critical engineering information, schematics and drawings."
Harvard freshman says he was denied US entry over friends' social media posts
LA Times's JAWEED KALEEM/NABIH BULOS: "Ismail Ajjawi made headlines in Lebanon as a 14-year-old growing up in a ramshackle camp for Palestinian refugees — for being one of the top scorers on the country’s primary school exams. This year he aced the secondary school exam, helping earn him a full scholarship to Harvard University."
"He secured a student visa and, with dreams of becoming a surgeon, had already decided on a major — chemical and physical biology."
"There’s room for discoveries in this field,” the 17-year-old said in an interview with Al-Araby TV that aired Friday as he was arriving in the United States."