Entries
National Economic Outlook Weakens on Bad Employment Numbers
Private sector employers added only 71,000 jobs in July, according to Labor Department numbers released this morning (Aug. 6). That's three straight months of anemic private job growth, portending a weakening economy. Overall, the economy lost 131,000 jobs in July, …
Dodd-Frank Protects SEC from Releasing Information
The Securities and Exchange Commission was born in the 1930s to protect the public from Wall Street predators. Now it protects Wall Street predators from the public. Examples abound: Bernard Madoff, Pequot, Bear Stearns, etc. Now, San Diegan Gary Aguirre, …
Council Votes to Put Tax Increase on Ballot
The city council today (Aug. 4) voted 6-2 to put the proposed sales tax hike on the ballot Nov. 2. Its implementation would be tied to the enactment of financial reforms, such as ending taxpayer funding of a portion of …
Philadelphia Finds DROP a Big Drain
Philadelphia has had a Deferred Retirement Option Program (DROP) similar to San Diego's for 11 years. Under DROP plans, a city employees picks a retirement date a few years ahead; the city puts his or her pension payment into an …
Bridgepoint Didn't Comply with U.S. Rules, Filing Reveals
Stock of Bridgepoint Education plunged 7.49% to $17.53 today (Aug. 3) despite a big jump in second quarter profits to 58 cents a share, up from 2 cents in the same quarter a year ago. Revenues rose 57%. (The stock, …
This Crisis Is New? The City Confessed Six Years Ago
On Friday, city council agreed to put a sales tax increase in front of the voters if several modest financial reforms are effectuated first. Mayor Jerry Sanders went along. It was big news: after all, Sanders had opposed tax increases …
In San Diego, Sherrod Says She'll Sue Breitbart
At a National Association of Black Journalists convention in San Diego today (July 29), ousted Agriculture Department official Shirley Sherrod said she would sue Andrew Breitbart, the right-wing blogger who publicized a completely misleading video about her last week. Breitbart …
Did Somebody Change the Charter?
San Diego City Charter Section 80 states that the City can't appropriate money for a contract, agreement or other obligation unless the Auditor and Comptroller certify that the required money is "IN THE TREASURY." But the City is going ahead …
Gin's Lead Indicators Still Rising Moderately
The lead indicators of the San Diego economy, compiled by Alan Gin of the University of San Diego, rose to 109.7 in June from 109.5 in May. The indicators have risen each month since March of 2009 when the level …
Qualcomm's Jacobs One of Biggest Earners of Decade
Irwin Mark Jacobs, a founder of San Diego's Qualcomm, raked in $436.8 million total compensation in the 1999-2008 period, making him the 16th biggest executive earner of the last decade, according to a study by the Wall Street Journal. The …
San Diego Soars in May Case-Shiller Data
San Diego's home values jumped 12.4% from May of last year to this May, according to Case-Shiller data released this morning (July 27) by Standard & Poor's. The only market which did better on a year-over-year basis was San Francisco, …
Journal Puts Floatopia on Page One
The sober-sided Wall Street Journal, which regularly follows offshore banks, is now following offshore booze. In this weekend's Journal (Sat./Sun. July 24), a front page story with color photo features San Diego's Floatopia. After the city permanently banned drinking on …
Lest We Forget: Pension Woes Worse Than Ever
With all the City's other problems, the pension woes have seemingly dropped down the "Do" list. But Mike Aguirre, former city attorney, will go to the City of San Diego budget committee today and point out some numbers. The present …
San Diego News Network Pulls the Plug
San Diego News Network (SDNN) informed its workers today (July 20) that it is going out of business. If there is an official closing date, it is unknown now. It's not clear if the Riverside County edition is going dark, …
Suit Challenges Lid on City Workers' Healthcare Costs
Last month, attorney Michael Conger filed a suit challenging the city council's 2009 placing of a cap on retiree health care benefits. The suit says that in 1982, the City decided to withdraw from Social Security. To induce employees to …
Federal Government Ordered to Pay $3 Million to De La Fuente
The Court of Federal Claims has ordered the federal government to pay the family of Roque De La Fuente II $3 million in back rent. The Border Patrol installed seismic sensors for a decade through 2009 on 897 acres of …
Stocks of For-Profit Colleges Zoom on Rumors
Stocks of for-profit colleges, which have been hit hard of late, are soaring today on rumors that the Department of Education won't be as restrictive on student aid eligibility as earlier expected. Analyst Trace Urdan of Signal Hill predicted that …
Nextwave's Reverse Split Not Working
In the stock market, a reverse split reduces the number of outstanding shares and is supposed to increase the price-per-share proportionately. If a stock sells for a dime, say, and undergoes a 1 for 10 reverse split, the price should …
Cunningham Says Local Economic Recovery Losing Momentum
Kelly Cunningham, economist for the National University System Institute for Policy Research, says in his July "Economic Ledger" that the San Diego economy may go through "another painful adjustment and retrenchment," although he doesn't necessarily see a double-dip, or return …
June Unemployment Back up to 10.5%
The unemployment rate for San Diego County jumped to 10.5% in June, up from a revised 10.1% in May, according to the Employment Development Department. The county lost 1,200 jobs during the month. Federal government employment was down 3,000, greatly …