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Riordan op-eds again, Schwarzenegger lifestyle reined in, the DWP writes a big check, the City Attorney notifies pot clinics and Julia Louis-Dreyfus gets a misspelled star. Plus more after the jump.
- Los Angeles is "facing a terminal fiscal crisis: Between now and 2014 the city will likely declare bankruptcy" due to runaway pension costs, ex-mayor Richard Riordan and Alex Rubalcava, president of Rubalcava Capital Management, argue in an Op-Ed piece billed as advice to Mayor Villaraigosa. WSJ
- A Sacramento Superior Court judge ruled Tuesday that California can take $2.05 billion from redevelopment agencies to help the state budget deficit, at the expense of local efforts. Bee, AP
- Gov. Arnold Schwarzenegger's practice of relying on large charitable contributions from special interests to fund private jet charters and luxury hotel suites on his trips is being banned by regulators. LAT
- The City Council is considering a plan to pass on all the costs for sidewalk repair and liability to homeowners. DN
- After all that political heel-dragging and snit-throwing, the Department of Water and Power board voted Tuesday to transfer $73.5 million to the city's budget. LAT, DN
- Councilman Tom LaBonge issued a press release confirming that his Silver Lake home was burglarized on Friday. He lost about $3,000 worth of jewelery and other items: "There has been a surge in crime in the Los Feliz/Silver Lake/Franklin Hills area. I encourage all residents to enhance their neighborhood watch programs." Eastsider LA
- Notices were sent Tuesday to about 400 medical marijuana clinics in Los Angeles, advising them to close by June 7 or face criminal or civil action. DN, LAT
- First Deputy Mayor Austin Beutner "has emerged in just a few short months as the most powerful figure in City Hall," says Ron Kaye.
- The LAPD investigated a bomb threat at the mayor's office and found nothing. LAT
- Celeste Fremon is hearing that an announcement about the next LAPD inspector general is coming soon and that the leading contender is Nicole Bershon, who was the Assistant Inspector General under Andre Birotte. Witness LA
- The Picasso painting "Nu au Plateau de Sculpteur (Nude, Green Leaves and Bust)," from the the collection of L.A. philanthropist Frances Lasker Brody, sold in New York last night for a record $106.5 million. LA Biz Observed
- The Hollywood Walk of Fame gave a star Tuesday to actress Julia Louis-Dreyfus, and spelled her name wrong. (I did too, but less so!) CNN
- Off-duty LAPD officer Jacqueline Montalvo, 37, was legally drunk when she was killed in a crash Feb. 25 in Diamond Bar, the coroner's office said. SGV Tribune, LAT
- Richard Guzman of the Downtown News and Times columnist Tim Rutten talked about the future of Olvera Street with Warren Olney on "Which Way, L.A.? last night on KCRW. WWLA
- What's the future of journalism? Patt Morrison airs a discussion among Arianna Huffington, New York Times executive editor Bill Keller and NPR president Vivian Schiller. 2 p.m. on KPCC