Free Republic

The city of Houston's main pension program has a billion-dollar funding shortfall because benefits have been boosted so high that many employees will earn more in retirement than they received while working, according to a report obtained by the Chronicle. A few will retire as millionaires. To properly reduce the shortfall, taxpayers would have to put nearly $100 million extra into the fund next year, according to an analysis prepared for the pension's board. Further, the city cannot reduce the benefits for any employee who already has worked five years, thanks to a Texas constitutional amendment passed by voters last...

Holmes rules out mayor bid, pins hopes on Sanchez Ex-Port chairman to spearhead former councilman's campaign Copyright 2003 Houston Chronicle Political Writer Former Port of Houston Authority Chairman Ned Holmes ended speculation about a mayoral run of his own Thursday when he announced that he'll be campaign chairman for Orlando Sanchez. Sanchez, a former City Council member and 2001 mayoral candidate who now works for an investment firm and an accounting firm, is expected to kick off his second mayoral run later this spring. Holmes is a local investor who has played an important role in raising money for the...

Federal authorities have dismantled a Houston Ecstasy-trafficking ring that used two popular downtown nightclubs to launder profits and was supplied by an international network considered among the largest in the world, officials said Tuesday. Authorities have charged 24 people in Houston and 10 members of the international organization -- most in Israel, the base of the operation, and in the Netherlands, where the Ecstasy was produced. Among those charged in Houston are two brothers, Sarabjeet "Rick" Singh and Amrik "Spiro" Singh, who authorities said oversaw a local network that distributed massive amounts of Ecstasy and opened the Spy Club and...

Of course it was a disappointment that Houston's bid for the 2012 Olympics came to an end yesterday. To have gotten this far, and making the "Final Four" with three other such great cities, was itself a fine accomplishment. I salute our 2012 Committee for the thousands of hours of work they put into the effort. No question about it: This effort put Houston in the national spotlight -- and at a good time considering some negative events that made national news. From the very beginning of our Olympic bid, I thought Houston was the appropriate city to host the...