Examining local finances

With the national economy in crisis, city and county leaders Tuesday urged department heads to tighten their budget belts to make sure the slide on Wall Street doesn't hit too hard locally. Daily News.

Los Angeles Mayor Antonio Villaraigosa called for key city agencies to immediately launch a review of the city's financial health - and any risk it faces - by analyzing investments that could affect the city's daily operations and its pension system.

"We will not allow the unsound and unconscionable practices of Wall Street to stop the progress we've made on improving public safety and the delivery of services," Villaraigosa wrote in a memo sent to all department heads. "The unprecedented upheaval on Wall Street demands unprecedented vigilance at City Hall."