Entries
SEC Busts Somali Promising 5% a Month
The Securities and Exchange Commission has gotten a court order stopping Mahamud Ahmed of Spring Valley from running an investment scheme in which he guaranteed people in the Somalian community 5% a month returns. His victims were in San Diego, …
Local Unemployment Rate Rises to 10.5% in October
The San Diego County unemployment rate for October rose to 10.5% from a revised 10.4% in September, according to the California Employment Development Department. The metro area gained 8,100 jobs from September, but lost 52,000 from a year ago. October's …
Isis Experimental Drug Lowers Cholesterol, but Has Damaging Side Effects
Stock of Carlsbad-based biotech Isis Pharmaceuticals plunged 17.01% today to $11.12 on good/bad news. Isis is developing a drug with Genzyme for reducing cholesterol in an extremely rare genetic disorder in which a gene that should remove cholesterol from the …
Isis Experimental Drug Lowers Cholesterol, but Has Damaging Side Effects
Stock of Carlsbad-based biotech Isis Pharmaceuticals plunged 17.01% today to $11.12 on good/bad news. Isis is developing a drug with Genzyme for reducing cholesterol in an extremely rare genetic disorder in which a gene that should remove cholesterol from the …
He Promised Investors 2% to 6% a Week; He's Headed to Prison
Rancho Santa Fe residents have come up with some wild frauds in the past, but this one deserves special mention. Richard M. Hersch pleaded guilty today (Nov. 16) in federal court to recruiting 150 investors to plunk $25 million in …
"Crisis of Unprecedented Proportions" Coming in Commercial Real Estate
Randall Zisler of Zisler Capital Partners warns of a "crisis of unprecedented proportions" looming in commercial real estate. His report was picked up in California Controller John Chiang's November review of state finances, as well as by news services Dow …
Blackwater OK'd $1 Million Hush Payments to Iraqis: Reports
Blackwater Worldwide, the mercenary firm that failed in its attempt to put a training camp in East County's Potrero, is back in the news tonight (Nov. 10). According to the New York Times, top Blackwater officials "authorized secret payments of …
Former Mail Boxes Etc. Franchisees' Suit against UPS Certified
Superior Court in Los Angeles has announced the certification of a class action suit brought by former Mail Boxes Etc. franchisees against the chain's current owner, United Parcel Service (UPS). Mail Boxes Etc., a national chain competing with the Post …
Final Peregrine Settlement Is $117 Million
Federal court in San Diego has approved $56 million in settlements in the Peregrine Systems fraud. This was approved by the parties Oct. 16, as reported here, pending the court's approval. The funds will primarily come from John Moores, former …
Employment Numbers Worse Than Reported, but Main Street's Pain Is Wall Street's Gain
The U.S. unemployment rate surged to 10.2% in October, up from 9.8% in September, as the nation lost 190,000 jobs. Economists had expected job loss of 150,000 to 175,000. The number of unemployed persons rose by 558,000 to 15.7 million. …
Defense, Fire Reconstruction Propel San Diego Economy
War and natural disasters propped up the San Diego economy last year. According to Kelly Cunningham, economist for the National University System Institute for Policy Research, the county's metropolitan gross domestic product, or total output of goods and services, grew …
Supreme Court Justice Asks: Who Passed Bribe?
The California Supreme Court is hearing today (Nov. 4) the case of whether former San Diego City pension board members should stand trial for conflict of interest. The district attorney's office is pressing the case; the 4th district court of …
SDGE Lobbyist Said to be Innocent, Reinstated
In early September, there were reports that then-Assemblyman Mike Duvall had earlier bragged about his sexual conquests -- unfortunately, captured on an open microphone. A San Diego Gas & Electric lobbyist was identified in the media, and in a complaint …
Here's A New One: U-T Owners Understate Claimed Readership
The Union-Tribune boldly asserts that 1.15 readers look at its printed edition each week. This is based on data provided by Scarborough Research. The claim has raised many eyebrows, because Audit Bureau of Circulations reported recently that weekly circulation in …
Dollar "Carry Trade" Creates Global Asset Bubble That Will Burst
New York University economist Nouriel Roubini, who predicted the current woes, says that borrowing cheap dollars has created a massive, global asset bubble that will burst in ignominy -- although he doesn't know when. It's a column in the Nov. …
Memory -- er, uh -- Lapses at the Union-Tribune
The Union-Tribune should be giving memory classes to its employees. Maybe an honesty class would help, too, but I don't want to pre-judge a case now going on in Superior Court. Background: Steve Kelley, former U-T editorial cartoonist, had once …
Local Lead Indicators Continue Rising
The lead indicators of the San Diego economy rose 1% in September from August, the seventh straight month of gains. The index is still lower than it was in January, however. Building permits, consumer confidence, and the national economy moved …
San Diego Home Prices Rose in August; Values Down 38.7% from Peak
San Diego County home values rose 1.6% between July and August, although this was worse than the 2.5% increase from June to July, according to data released this morning (Oct. 27) by Standard & Poor's/Case-Shiller. Prices dropped 8.9% from August …
U-T Circulation Drops Sharply, but Many Dailies Do Worse
Union-Tribune daily (Mon.-Fri.) circulation dropped to 242,705 from 269,820 for the six months ended September 2009 compared with the same six months of 2008, according to data released this morning (Oct. 26) by the Audit Bureau of Circulations. This was …
Fabiani Quote Suggests Chargers L.A. Move May Be Done Deal
If another NFL team occupies a new stadium under consideration in City of Industry in the Los Angeles market, "It would be financially catastrophic for the Chargers," Mark Fabiani, the team's spokesman, told Gene Cubbison of KNSD-TV yesterday (Oct. 22). …