Monday, May 29, 2006

AFTER THE STORM -- San Diego tries to turn things around:
In the past 18 months, San Diegans have witnessed City Council members on trial for taking bribes from a strip club operator, other officials facing charges of enriching themselves by manipulating the city's pension funds and Wall Street refusing to underwrite any borrowing by the city because it cannot provide credible financial statements.

The city has had two nasty mayoral elections since 2004, and the city attorney is essentially at war with the City Council and the pension fund board. And perhaps most frightening to many residents, the once-inexorable rise in real estate values has leveled off, and prices may be starting to drop.