Liarless in Seattle
Something has gone terribly wrong within the band of professional sports hucksters lobbying for public money. One of them is telling the truth. The Seattle Sonics professional basketball team wants to leave its longtime home -- which is balking at …
2005 Audit Shows Internal Accounting Weaknesses; Despite Some Headway, Many More Improvements Must Be Made, Says Accounting Firm
The city council's audit committee today (January 28) was provided the City audit report of governmental and business-type activities for the year ended June 30, 2005. The auditor, Macias Gini & O'Connell, reported "significant deficiencies" in internal control over financial …
Mingei Raided on Suspicion of Smuggling Pipeline, LA Times Says
According to the Los Angeles Times, federal agents this morning (Jan. 24) raided four Southern California museums in the opening move of a five-year investigation of an alleged smuggling pipeline that may have funneled stolen Southeast Asian and Native American …
Stock of Ballpark Bond Insurer Zooms 72 Percent on Bailout Rumors
Stock of Ambac, the municipal bond insurer that backed the ballpark bonds, soared 72% yesterday after New York insurance regulators asked major banks to pump money into the industry. But the banks themselves need capital. So the rumor then escalated …
Qualcomm 8th Best Company To Work for, Says Fortune Magazine
San Diego's telecom whiz, Qualcomm, comes in 8th in Fortune's new list of the best companies to work for. Says the magazine, "New employees get stock options and 100 percent health insurance coverage. The popular onsite primary health care clinic …
U.S. Market Recovers Most of Loss; Wall Street Expects More Juice from Fed
The Federal Reserve sliced interest rates by 3/4ths of 1% before the opening this morning, but U.S. stocks initially plunged, following two days of mayhem in Asia and Europe. The Dow Jones was down as much as 465 points after …
Federal Reserve Slices Interest Rates Three Quarters of One Percent, but Stock Futures Still Down
As I surmised last night, the Federal Reserve this morning (Tuesday) lowered its target on the federal funds rate by 75 basis points (three-fourths of one percent) before the stock market opening. However, Standard & Poor's 500 futures are stilldown …
Market Bloodbath Overseas; Dow Futures Down 451; Interest Rate Slash Possible Before Tomorrow's Market Opening
Stocks in overseas market plunged today at the greatest rate since 9/11, as investors expressed concern about a U.S. recession and world financial crisis. Major indices in France were down 6.8 percent, Germany 7.2%, UK 5.5%, Toronto 4.7%, Mexico 4.8%, …
People Fleeing California, Says Economist Arthur Laffer, Who Did Just That
"Unfortunately, after a great start to his tenure, Governor Schwarzenegger has turned to the dark side, embracing unions and massive spending and borrowing, to go along with the state's already oppressive tax burden," says supply side economist Arthur Laffer. "Not …
Insurer of Ballpark Bonds Downgraded; Could Bonds Be Affected?
Fitch Ratings today (Jan.18) cut the rating on Ambac Assurance from AAA, the highest rating, to AA, the third highest. The parent Ambac Financial was dropped from AA to A, the sixth highest rating. Ambac insured the ballpark bonds. The …
Charlotte Russe, Defying Industry Trends, Posts Excellent Sales Gain
San Diego's Charlotte Russe Holding, chain retailer of value fashion for younger women, reported today (Jan. 17) that its first quarter sales rose almost 14 percent, and its same-store sales, or sales in stores open at least a year, rose …
Mozilo Cancels USD Keynote Address
A funny thing happened to Angelo Mozilo on his way to San Diego. The chief executive of very ailing mortgage lender Countrywide Financial was supposed to give the keynote address at a University of San Diego real estate symposium Jan. …
Francis Says Lobbyists Control City Hall, Blasts Special Interests
Entrepreneur Steve Francis, in throwing his hat in the mayoral race today (Jan. 15), showed that he understands the cancers eating away at the City. "For too long lobbyists have controlled City Hall and the politicians have turned a deaf …
Union-Tribune Lays Off 27, Says 18 More Will Go
Another shoe finally dropped at the Union-Tribune today (Jan. 15). The company posted a memo saying that it was informing 27 employees from throughout the company that their positions had been eliminated. Also, the company said that 18 artist positions …
"Independent" Analyst Swayed National Expert To Soften Position on Appointed Auditor
Andrea Tevlin is the so-called independent budget analyst working for the council. But she has apparently been compromised. Jay Poole, head of advocacy for the National Association of Local Government Auditors, said flatly in a letter published in December that …
SEC Won't Pursue Usana Further
According to the Wall Street Journal today (Jan. 11), the Securities and Exchange Commission is no longer investigating Utah-based Usana Health Sciences. The agency says there will be no enforcement action. In February of last year, San Diego's Fraud Discovery …
El Cajon Headquarters of Hells Angels Now Shuttered
The infamous El Cajon headquarters of the Hells Angels and the motorcycle club's saloon are now closed and boarded, covered with signs claiming they fail to meet seismic safety requirements. The one-story, cement block structures are on El Cajon Boulevard …
U-T News People Get Pep Talk, but Little News
In early December, the Union-Tribune said it intended to cut 43 jobs in the newsroom. Those who got in line first could take a buyout, and 29 did. That leaves 14 to be laid off and to get a much …
Why the Strong Mayor Idea Won't Work with a Dishonest Mayor
It is amazing how some San Diegans believe Mayor Jerry Sanders when he pretends that he is a straight shooter. Councilmember Donna Frye's "Frye Lights" publication, released today, retells an incident showing how strong mayor and liar mayor are a …
Group Protests Governor's Plan To Cut San Diego Lifeguards
In his 2008-2009 budget, Governor Schwarzenegger proposes to cut lifeguard service in five San Diego County locations, the Silver Strand, Carlsbad, South Carlsbad, San Elijo, and Cardiff state beaches. He also proposes to close 48 state park, historic, and recreation …
Countrywide Stock Zooms 55 Percent on Rumor B of A Will Buy It
Stock of Countrywide Financial, the nation's largest mortgage operation, shot up 55 percent today (Jan.10) to almost $8 a share on the Wall St. Journal's report that Bank of America is negotiating to buy the ailing company. Earlier in the …
Symphony's $120 Million Gift Hasn't Made It Flush
Portfolio.com,, put out by Conde Nast, has published an article noting that the San Diego Symphony's $120 million gift has been a hindrance in some respects. Qualcomm chairman Irwin Jacobs and his wife Joan made the pledge in 2001, four …
Website Slams Mozilo Appearance, Noting Stock Sales Before Crash
A website, disinvitemozilo.com, is criticizing the upcoming appearance of Angelo R. Mozilo, CEO of Countrywide Financial, at the USD real estate conference Jan. 22. Details of the conference are in the post below. Says the website, "Mozilo rakes it in, …
Countrywide's Mozilo To Keynote USD Real Estate Conference
The Burnham-Moores Center for Real Estate at the University of San Diego has snatched a speaker who should jam 'em in at the center's twelfth annual real estate conference Jan. 22 at the San Diego Marriott Hotel and Marina. That …
Religious Scammer Gets 25 Years, Told To Cough Up $43 Million
John Harrell, who once claimed to control a trillion dollar trust, today (Jan. 8), was sentenced to 25 years in prison for his masterminding of a religious scam. He was told to forfeit $2.4 million and pay $40.6 million in …
City Employees To Hold Anti-Aguirre Rally at Democratic Meeting
City of San Diego employees, retirees, and their families plan to rally against City Attorney Mike Aguirre at the County Democratic Central Committee meeting Tuesday evening, Jan. 8, at the State of California Building on Front Street. The employees will …
U-T Axes 14 in Pressroom Without Buyouts
Last Friday (Jan. 4), the Union-Tribune laid off 14 employees in the pressroom. That's out of a total of about 100, according to George Huber, secretary-treasurer of the union local, an affiliate of the Teamsters. Employees had wanted to get …
Wall Street Journal Blasts San Diego in Municipal Bond Editorial
In an editorial Dec. 31, the Wall Street Journal excoriated "shady accounting in the public sector," and cited San Diego as an example. The editorial asked multi-billionaire Warren Buffett to tell governments to insist on honest accounting, now that Buffett's …