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US states face legal action over pensions - (www.ft.com) US states are increasingly being blocked from changing public employees’ retirement benefits as the fight over shoring up chronically underfunded public pension systems moves from state legislatures to the courts. While some states have successfully altered terms for future employees, plans to force all current public workers to contribute more to state pensions have been ruled unconstitutional in Florida, Arizona and New Hampshire in recent weeks, a significant victory for public sector employee unions. Other states are expected to face similar legal battles as they plan to close large holes in their public pension funds by redrawing benefits. US state and local pensions could face a shortfall of as much as $4.4tn, up from $3.1tn in 2009, according to some estimates. Changes enacted in Rhode Island, the state that has made the most aggressive push to revamp its ailing pension system, are expected to face a legal challenge soon. Bobby Jindal, governor of Louisiana, wants to replace the state’s existing system – which allows workers to retire as young as 55 – with a retirement age of 67 for many public sector workers but the state’s legislative auditor has warned that could be ruled unconstitutional.
Timeshare Prices Plummet to $1 - (finance.yahoo.com) Unable to sell his parents’ ocean-front timeshare for the past year, David Suder became so fed up he offered to give it away. They paid $8,000 for the Orange County, Calif. unit a decade ago, but since there are no willing buyers, and his 81-year-old mother, now a widow, can no longer afford the monthly maintenance fees, Suder says he doesn’t have a choice. The San Diego-based real estate investor is offering the unit for free in the hopes that someone will take it before his mother dies. “I don’t want to inherit it,” he says. “I want it to go away.” While real estate – and even vacation real estate – is starting to show signs of recovery, timeshares remain in freefall. During the first quarter, the number of for-sale-by-owner postings doubled compared to the same period a year ago on RedWeek.com, a popular resale site. Another site,SellMyTimeshareNow.com, says owner sales are up 20% during that period.
The Internet Is About To Burst The Most Hated Bubble In America - (www.businessinsider.com) It looks like one of the most nefarious bubbles in the country could soon collapse. Writing on his Carpe Diem blog, Professor Mark Perry posts pretty convincing evidence that skyrocketing textbook costs are about to come to an end. Poor college students (or their parents) can thank the Internet. He uses the example of Rittenberg and Tregarthen's Principles of Economics, a textbook used at 2,000 colleges, as an example. Currently a hardback version costs $200. But "the online version [is] totally free, the other options are $35 for a printed black and white version, $90 for full color version, a print-it-yourself version for $25, and the e-book version for $25. Students can also purchase individual chapters at a reduced cost." Here's a look at book textbooks versus home prices and CPI. Appalling.
Handouts Die Hard for Greek Politicians Facing Voters - (www.cnbc.com) With the country perched on the edge of a financial abyss and international creditors anxiously awaiting more belt-tightening measures, Greek lawmakers have been working extra hard lately. But not always in the ways one might expect. Some members of Parliament have lobbied for fishing licenses for the owners of pleasure boats in the Aegean islands. Others have asked for government jobs for award-winning athletes or members of dismantled state agencies. One sought to exempt theaters and cinemas from a controversial property tax. Another to reduce fines for the owners of illegally built homes in parts of northern Greece. The list goes on. In all, more than 90 such budget-busting proposals have been floated as lawmakers scramble to push through last-minute amendments to bills otherwise intended to meet the demands of creditors who want Greece to liberalize its job market, cut red tape, and shrink state payrolls.
Wells Fargo failing to maintain foreclosed homes in minority neighborhoods, complaint says - (www.mercurynews.com) A group of U.S. nonprofit housing advocates has filed a discrimination complaint against Wells Fargo, accusing the nation's largest mortgage lender of failing to maintain and market foreclosed properties in black and Hispanic neighborhoods. The National Fair Housing Alliance on Tuesday filed the complaint against San Francisco-based Wells Fargo and Co. and Wells Fargo Bank with the U.S. Department of Housing and Urban Development. Wells Fargo declined to comment, saying officials at the bank have yet to see the complaint. The bank services one out of every six home loans in the United States, The federal Fair Housing Act requires banks, investors, servicers and other parties to maintain and market homes without regard to race or ethnicity.
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