Entries
Mother Abby Sees New Bull Market. Time to Sell?
Abby Joseph Cohen, the perma-bull who is chairman of the Goldman Sachs investment policy committee, declared today that there is a new bull market. But keep in mind that she is ALWAYS bullish and very often staggeringly, pathetically wrong. For …
Blackwater Head Wants to Rid World of Muslims: Testimony
Erik Prince, head of mercenary firm Blackwater, "views himself as a Christian crusader tasked with eliminating Muslims and the Islamic faith from the globe," two former employees said in a sworn statement to a Virginia court filed Monday, according to …
GateHouse Sues Copley for Breach of Contract
GateHouse Media, the severely ailing upstate New York newspaper chain, has sued Copley Press for failure to pay termination benefits for certain employees. Copley sold its Illinois and Ohio papers to GateHouse in early 2007 for more than $380 million. …
AIG Policyholders at Risk, Say NY Times, Local Suit
The New York Times today (July 31) finally stated what intelligent observers already know: policyholders in the multifarious subsidiaries of American International Group (AIG) are at risk because of the long-running incestuousness. The company is artificially supported by subsidiaries owning …
San Diegans Charged in Alleged Ponzi Scheme
The Securities and Exchange Commission today (July 28) charged two San Diego area men, along with a Mexican citizen and four entities, with running a Ponzi-like scheme. Edward Lantz Ferguson of Strong's Capital of Chula Vista told investors they could …
Military Spending Still Bolsters Local Economy
The military poured $14.7 billion in direct spending into San Diego County in 2007, according to the National University System Institute for Policy Research. That amounted to 14.3% of local economic activity. Some $13.7 billion came from the Department of …
Platinum Equity Loses Bid for Delphi
Platinum Equity, the Beverly Hills buyout firm that owns the Union-Tribune, lost its bid to buy Delphi Corp., the auto parts maker, according to various news organizations. Earlier, Platinum had made a deal that would have been heavily subsidized by …
SD Home Values Improve Slightly, Still Down 42% from Peak
San Diego home values in May rose 0.4% from April, according to Standard & Poor's/Case-Shiller home price indices released this morning (July 28). Over the last year, home values are down 18.5%. That is an improvement over previous months, when …
Local Lead Indicators Rise....BUT
The lead indicators of the San Diego economy, compiled by economist Alan Gin of the University of San Diego, rose in June for the fourth straight month, according to data released this morning (July 28). The index was 101.6 in …
Platinum Has No Dreams of Editorial Expansion for U-T, Says Black
In an interview today (July 27) in the Globe and Mail, the national Canadian paper, David Black, investor and adviser in Platinum Equity's purchase of the Union-Tribune, looks to a no-frills editorial future for the U-T. "Mr. Black and Platinum …
Encanto, Otay "Hot" Markets -- Well, Sort of
The Wall Street Journal today ran a list of U.S. zip codes in which home sellers are receiving offers that are beating their asking prices. Generally, they are areas where there have been a lot of foreclosures, and houses are …
Qualcomm Disappoints Wall Street in Third Quarter
San Diego wireless tech whiz Qualcomm came in with blah results in its fiscal third quarter, announced today (July 22). Sales were $2.75 billion compared with $2.76 billion a year earlier. Earnings per share, excluding one-time items, were 54 cents, …
Surprise! Newspaper Stocks Leap on Cost Cutting
Newspaper stocks have soared this week, as companies report better earnings, largely from cost-cutting. Today, Media General, owner of Tampa Tribune, 24 dailies and 250 other publications, reported that it earned $20.3 million in the second quarter, compared with a …
Platinum Deal for Delphi Delayed Again
The auction for assets of bankrupt auto parts maker Delphi was delayed again by the New York bankruptcy court -- from yesterday (July 21) to Friday. Beverly Hills-based Platinum Equity, the buyout firm that now owns the Union-Tribune, is bidding …
New U-T Owners Borrowing against Real Estate
Platinum Equity, the new owners of the Union-Tribune, appear to be borrowing against the properties that they got for below-market prices as an inducement to take the paper this spring. On July 14, PNC Bank, as "agent for itself and …
Broke State Reaches Budget Deal
California legislators tonight (July 20) reached a deal to close the $26 billion budget gap. According to the New York Times, the deal contains $15.6 billion in spending cuts, about $2.1 billion in borrowing, $3.9 billion in new revenues and …
Former Qualcomm Executive Charged with Insider Trading
The Securities and Exchange Commission today (July 20) charged Andres Leyva, former director of strategic marketing analysis for San Diego's Qualcomm, with insider trading. The federal agency charges that on July 23 of last year, Qualcomm and Nokia were set …
SDCERS Will Look into Looser Accounting
The board of the San Diego City Employees' Retirement System (SDCERS) agreed today (July 17) to look into looser accounting techniques that if implemented could lower the City's annual required contribution, called ARC. Even before today's meeting, Councilmembers Donna Frye …
San Diego Unemployment Goes above 10% in June
The unemployment rate in San Diego went into double digits in June, rising to 10.1%, according to the state's Employment Development Department. The figure was up from a revised 9.6% in May. The 10.1% compares with 11.6% for the state …
Coronado Great for "Rich and Single," Says Money Magazine
In its current edition, Money Magazine lists 25 towns and cities that are the best for those "seeking a sugar daddy (or sugar mama)." Says the magazine, "Follow the money to these towns and cities, where affluent young professionals are …