Post a Comment On: Bakersfield Observed

[Image]
* ... SHAKEUP AT SAN JOAQUIN: Big news over at San Joaquin Bank where longtime chairman Bruce Maclin is out in questionable circumstances. It's being positioned as a retirement but Maclin is out, replaced as chairman by board member Rogers Brandon, co-owner of American General Media and a member of the board since 2000. This is a significant development that no doubt will be viewed favorably by potential investors, who are being asked to pony up significant money to keep the bank afloat and to get federal regulators off the bank's back. Maclin's role was seen by many as redundant since bank President Bart Hill is the real public face of the bank and has been in charge of the daily operations. His departure will not only save the bank significant money (his salary, canceled retirement package etc)  but also put a fresh face and new urgency behind the bank's quest to recapitalize. Brandon, Hill,  and newly appointed chief operating officer Steve Annis have been busy raising capital to satisfy federal and state demands that the bank raise at least $27 million by mid October.. Maclin's departure and his decision to surrender  his lucrative retirement package - the packages for Hill and Annis were surrendered earlier - together adds $6.5 million in additional capital. For the full story according to the bank's press released, read it here. Stay tuned for more.

 * ... MORE BAD NEWS ON THE JOB FRONT: Frightening to read in the Sunday New York Times that the jobless picture is actually worse than previously thought. Turns out new figures from the Bureau of Labor Statistics reveal that during the 12 months that ended last March, our economy lost 5.6 million jobs. That's  fully 824,000 more than the 4.8 million they previously reported. (read the full story here) And get this: they said it's not cleaer if the economy has even hit bottom yet in terms of employment, even though technically the recession may be over. Here's a sobering excerpt:

 "The government’s data since 1939 shows only one time when there was a larger percentage decline in civilian jobs. That fall, of 10.1 percent, came at the end of World War II when defense contractors laid off workers no longer needed for the war effort — a total of 4.3 million lost jobs. In no downturn since World War II did that many jobs vanish, until the current recession."

 * ... ANOTHER HONOR FOR WENDY:  Was nice to see another honor for Wendy Wayne, the community activist and all around good egg who has been battling non-Hodgins lymphoma. She was honored as "Humanitarian of the Year" by The Plank Foundation. Wendy received the award on Monday following the foundation's annual golf tournament at Bakersfield Country Club.