Issue link: https://www.epageflip.net/i/9870
Saturday, May 1, 2010 – Daily News – 3A Local Calendar To add an upcoming event in the Local Calendar, submit information well in advance to the Daily News, attention Calendar, P.O. Box 220, Red Bluff, 96080 or e-mail to clerk@redbluffdailynews.com. Include a contact name and telephone number. SATURDAY,MAY 1 Red Bluff 4-H Fur, Feathers & Udders, 8 a.m., Tehama Dis- trict Fairground Bark For Life, 9 a.m., Dog Island Park Cinco de Mayo Celebration, 10 a.m. to 5 p.m., Tehama District Fairground Fiber on the Foot, 10 a.m., Tehama District Fair- ground covery Center Guided Bird Walk, 8 a.m., Sacramento River Dis- Red Bluff Arabian Silver Buckle Show, 7 a.m., Tehama District Fairground Red Bluff Garden Club 49th Annual Flower Show, 10 a.m.to 5 p.m., Tehama District Fairground Seussical the Musical, Champagne Gala, 6 p.m., curtains 7 p.m., Mercy High School, 233 Riverside Way, $20, 527-8313 Shasta-Tehama Home & Garden Show, 10 a.m. to 6 p.m., Tehama District Fairground Corning Diabetes Education Class, 5 p.m., St. Andrew’s Episcopal Church, 815 1st St., 824-4979 Richfield Elementary 8th grade gradution party night fundraiser, at Napa Auto Parts, car wash 10 a.m.to 4 p.m.and yard and bake sale 8 a.m.to 4 p.m. SUNDAY,MAY 2 Red Bluff Calvary Chapel Blood Drive, 10 a.m. to 2 p.m., 12375 Paskenta Road, 242-3005 Red Bluff Arabian Silver Buckle Show, 7 a.m., Tehama District Fairground Red Bluff Garden Club 49th Annual Flower Show, 10 a.m.to 5 p.m., Tehama District Fairground Seussical the Musical,2 p.m., Mercy High School, $5, 233 Riverside Way Shasta-Tehama Home & Garden Show, 10 a.m. to 5 p.m., Tehama District Fairground Southtown Strummers Concert, 2 p.m., State Theatre, free Corning Evangelist services, 7 p.m., Family Bible Church, 609 Marin St., 824-9989 MONDAY,MAY 3 Red Bluff Al-Anon, 6 p.m., Presbyterian Church, Jefferson and Hickory, additional meetings noon and 6 p.m. Wednesdays, 6 p.m.Fridays Citizens Oversight Committee for Bond Mea- sure A 5:30 p.m., Shasta College Tehama Campus, 770 Diamond Ave., Room 7314 Head Injury Recreational Entity, 10 a.m., St. Eliz- abeth Community Hospital, Coyne Center, Rusty, 529- 2059 Key to Life, 6 p.m., Family Resource Center, 220 Sycamore St. Ste. 101, 528-8066 Red Bluff Community Band, 6:45-8:45 p.m., Community and Senior Center, 1500 S. Jackson St., 527-3486 5700 Sons in Retirement, 11:30 a.m., Elks Lodge, 529- Sun Country Quilters Community Service Group, 9 a.m.to 3 p.m., Family Resource Center, 220 Sycamore St. Ste. 101, 528-8066 Corning Narcotics Anonymous, 7 p.m., 815 First St., 385- 1169 or 566-5270. Meetings are every day through Saturday with an additional meeting at noon Mondays Sewing class, 9 a.m., Family Resource Center, West and South streets, 824-7670 Spanish Adult Education, 5 p.m., Family Resource Center, West and South streets, 824-7670 Strategies for Success, Life Skill classes, 1:30 p.m., Family Resource Center, West and South streets, 824-7670 Los Molinos Senior Dance,7 p.m., Los Molinos Sr. Social Club, Senior Center, Josephine St. TUESDAY,MAY 4 Red Bluff City Council, 7 p.m. City Hall, 555 Washington St. PAL Kickboxing, 4 p.m., 1450 Schwab St., 529- 8716 or 200-3950 Playtime Pals Playgroup, 9:30 a.m., Family Resource Center, 220 Sycamore St. Ste. 101, 528- 8066 Red Bluff Rotary, noon, Elks Lodge Tehama County and Red Bluff Landfill Manage- ment Agency, 8 a.m., board meeting, 727 Oak St. Tehama County Board of Supervisors, 10 a.m., board chamber, 727 Oak St. Tehama County Patriots, 6 p.m., Trinity Landmark Missionary Church, 20920 Hampton Rhodes Drive Tehama County Peace Officers Association meeting 5:30 p.m. no-host happy hour, 6:pm, dinner; 6:30 p.m. business meeting, $10 Corning Corning Community meeting, 7 p.m., May- wood Middle School, 1666 Marguerite Ave. Search and Rescue, Red Bluff High Ski Team during the last 18 years? Join us in celebrating Jeanne George’s 38 years of service with the University of California Cooperative Extension, as a 4-H Youth Advisor. SATURDAY, MAY 29TH , 2010 Red Bluff Elk’s Lodge 5:30 PM - 6:00 PM - No Host Cocktails 6:00 PM Bufet Dinner With Special Program To Follow For questions contact the Tehama County UCCE 4-H office, 530-527-3101 or Deanna Rogers at UCCE Glenn County, 530-865-1100. Responses appreciated by May 15th. $25.00 per person includes contribution for a gift. Mail with your check payable to UC Regents at Tehama County UCCE, 1754 Walnut Street, Red Bluff, CA 96080 530-528-8120 10 Gilmore Rd. Red Bluff Corner of Antelope & Gilmore Have you participated in Tehama County 4-H, Ishi Archery, Limited time offer expires May. 31, 2010. Other conditions and restric- tions may apply. See store for full details. Offer valid only at NorCal AT&T Authorized Retailer stores. Rebate debit card offer. Price before mail-in rebate is $149.99. Must purchase BlackBerry Unlimited Plan and sign new 2 year service agreement ot qualify for discounted pricing and rebate. Retail price Blackberry Pearl 8110 is $399.99. It is absolutely disgust- ing. If Goldman Sachs is guilty of the charges brought by the Securities and Exchange Commis- sion, these greedy pigs deserve every fine and loss of stock value that the government and the markets mete out to them. But America does not deserve this fate, nor do the innocent employees of the company who will be brought down as this once iconic and always egotisti- cal firm is pilloried. Although Goldman says it will vigorously defend the suit, the battle will bare pub- licly the ways in which Wall Street -- and Goldman, which has become a proxy for Wall Street -- helped destroy the American dream of home ownership. Of course, that destruc- tion started with greedy homebuyers, and greedy mortgage brokers, and greedy ratings agencies. But now the laser of blame is focused directly on the process that ultimately financed that mortgaged house of cards -- and on the firm at the center of the cir- cle of greed. First, here's a simple explanation of what Gold- man is accused of doing: It allegedly put together packages of subprime mort- gages, to be sold to global investors. These packages were called Collateralized Debt Obligations (CDOs). Big international banks pur- chased pieces of these high- yielding fund shares, with- out looking into the risk of the underlying securities. Of course, American mort- gages had always been viewed as secure debt oblig- ations. Who picked the mort- gages that would go into this pool or fund? It was supposed to be Goldman. And Goldman was sup- posed to be acting in the Police reports The following informa- tion is compiled from Red Bluff Police Department, Tehama County Sheriff’s Department, Corning Police Department and California Highway Patrol. Arrests A 17-year-old, reported- ly armed with brass knuck- les, was arrested after threatening a minor Thurs- day afternoon at the Red Bluff Union High School. He was booked on suspi- cion of possessing a deadly weapon and exhibiting it in a threatening manner. Fight A fight at Friendly Acres Mobile Home Park report- edly involved a knife and a rock Thursday night, but on police arrival, no arrests were made and no medical care was summoned. in protective custody Thurs- day afternoon at St. Eliza- Drugs An newborn was placed SEC makes Goldman poster child of greed interest. interest of its clients -- the banks and institutions that would buy shares in the fund. Instead, it is alleged that one "star" Goldman trad- er, 31-year-old Fabrice Tourre, was work- ing closely with a hedge fund called Paulson & Co. to pick the securities. And instead of picking the best mortgage securities to put into the fund, Paulson allegedly helped Goldman pick the worst, most risky mortgage securities to put into the fund. Why would they do that? Well, Paulson & Co. had made a multibillion-dollar bet (using over-the-counter derivatives traded between banks) that the mortgages, and thus the fund, would fail. As the mortgages with- in the fund securities defaulted, the value of the shares would collapse. But those who bet on the "short side" like Paulson would make billions. And that is exactly what happened. Within a year of the creation of this fund in 2007, 99 percent of the mortgage securities within it had failed, costing the institutional fund investors $1 billion. But the hedge fund made at least that much, or more, by betting against the fund investors. It's as if the dealer in a card game had purposely handed all the players the low cards, while dealing himself all the aces and pic- ture cards from the bottom of the deck. Those sitting at the table, betting on the game, were bound to get fleeced. Many have asked why only Goldman was charged, and not the Paulson hedge fund that helped stack the debt. (By the way, the fund founder is John Paulson, who is not related to former Treasury Secretary Hank Paulson.) Of course, moral- ly the Paulson hedge fund is beth Community hospital when hospital staff found evidence of drugs in her system. Theft •A pair of iPods, one gold and one black, and a pair of headphones were reported stolen early Thurs- day morning on Jackson Street from an unlocked car. The loss is estimated to be $120. •A Rockford CD player and car stereo and a pair of 12-inch speakers were reported stolen Thursday afternoon on Johnson Street. The loss is $350. •A stereo was reported stolen Thursday afternoon on Washington Street from an unlocked vehicle. The loss is $100. Vandalism The Lake California Remember with a Special Gift from Gayle’s at 649 Main Street Downtown Red Bluff Free Gift Wrapping Gift Certificates indicted, and it is likely they will face huge lawsuits from those who invested and lost money. But the SEC charges are made under securities laws -- the laws that require a broker to fully disclose all potential con- flicts of interest. Just a few weeks ago, I wrote a column about the effort in Washington to get stockbrokers to abide by the higher standards of investment advisers -- the "fiduciary rule" that requires reg- istered advisers to put their clients' interest ahead of their own and to fully disclose any conflicts of interest. That proposal was side- Scamsters will always attract more smart minds than regulatory agencies, simply because they can make more money on the dark side of the street. Terry Savage The Savage Truth on Money tracked to a "study group" - - because everyone in Washington knows that you can't make money, or pass laws, if you have to fully disclose all conflicts of interest. But now you see why the big firms in the bro- kerage and insurance com- munity opposed this legisla- tion. In Goldman's case, this blatant conflict of interest and the lack of disclosure that they were the card- sharks at the table, dealing from the bottom of the deck, will likely result in a win for the SEC when the case ultimately comes to court. In the meantime, they have given fuel to the fire that demands increasing regulation over Wall Street activities. Never mind that government regulators had the laws, and the power, yet still completely failed to uncover scams ranging from Bernie Madoff to the current Goldman conflict of guard gate was reportedly damaged Thursday night. At one point, a pair of visi- tors tried to raise it by hand. Runaway trailer No one was injured when a trailer came unhitched from the pick- up pulling it at 3:20 p.m. Thursday on northbound Interstate 5, north of Hooker Creek Road. Jack Nielsen, 79, of Three Rivers was driving north about 55 mph in the slow lane when he felt the trail- er slowed his vehicle and was moving to the shoul- der, when the hitch assembly on the trailer failed, disconnecting from the pickup. The trailer veered into the fast lane and rolled over, coming to rest and receiving moder- ate damage. fishtail. Neilsen But the real loss is to the future of Ameri- ca, which needs the free enterprise system to provide growth and opportunity, as well as pay down our existing debts. Every over-regulated economy in his- tory has failed -- from the Soviet Union to Cuba -- to provide for its citizens, despite the good inten- tions of government plan- ners. The name Goldman will live on in infamy. Hubris -- the sin of pride -- has brought them down, and an important piece of America is now at risk. There's an ultimate irony: Gold, the precious metal, cannot be tarnished. But Goldman has forever tarnished its name -- and the free enterprise system. And that's The Savage Truth. DOWNTOWN RED BLUFF Sidewalk Sale!!! For bargains you won’t believe. Friday, May 7th Saturday. May 8th ~Tremendous Mark Downs~ 530-528-8120 10 Gilmore Rd. Red Bluff Corner of Antelope & Gilmore Retirement Celebration