San Diego Mayor Dick Murphy has resigned amid a "widening federal investigation into the handling of the city's deficit-riddled pension fund," the AP reports. The SEC, federal prosecutors and the FBI are investigating the cityís pension fund, which has $1.4 billion deficit, and are looking into the possibility of "securities fraud and other corruption."
"The announcement comes just months after a bruising re-election battle in which Murphy pulled out a 2,108-vote victory over a maverick city councilwoman who waged a surprisingly strong write-in campaign."