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Saturday, November 15, 2008

San Jose to Request $14 Billion from TARP

by Calculated Risk on 11/15/2008 10:53:00 AM

From the Mercury News: San Jose mayor seeks slice of bailout pie

San Jose Mayor Chuck Reed said Friday he's working with leaders of other large California cities to make sure they're not left behind.

The stimulus package Congress passed last month wasn't designed to dole out money to governments, so it's far from clear whether San Jose will get a piece. But with $1.6 billion in unfunded retiree health care obligations, plus $500 million worth of local and regional road work to be done and the $750 million price tag to bring BART to the South Bay, Reed noted the city has a full slate of needs.
Reed created a minor furor Friday when he told an Associated Press reporter he would seek 2 percent of the bailout, or $14 billion, for San Jose — an eye-popping figure, given that the city's entire annual budget is $3.3 billion.
The Bank of San Jose!