Entries
El Monte Averts Bankruptcy. Can Oakland Do the Same?
The City of El Monte early this month averted bankruptcy as the four city employee unions, including police, agreed to benefit cuts. In September, Oakland, whose officials have also quietly discussed bankruptcy, will lay off 140 of its 800 police …
American Express Put Her $1 Million into Madoff; She Sues
Tijuana resident Maria Akriby Valladolid entrusted $1 million of her money with the San Diego office of American Express Bank Ltd. She had been originally approached to do so by a former friend who was a new employee of the …
La Madrid, Others, Charged Criminally for $30 Million Fraud Case
Matthew (Beau) La Madrid, Lance La Madrid, and Eric Montiel have been charged by the U.S. attorney's office for mail, wire, and bank fraud in their alleged role in a $30 million scam. Matthew La Madrid was also charged with …
Union-Tribune Not Laying Off Another 192
My earlier post was wrong. I reported this morning that an Employment Development Department WARN report indicated the Union-Tribune was laying off 192 workers July 6. However, that 192 listed for July 6 actually reflects 192 who were laid off …
Union-Tribune May Lay Off Another 192...But There is Confusion
On July 6, the Union-Tribune was scheduled to lay off another 192 employees, according to the Employment Development Department's WARN notices. That was four days ago; the layoffs have not taken place, but rumors have swept the Mission Valley building …
Ask Parsky about His Offshore Adventures
Rancho Santa Fe moneybags Gerald Parsky is chairperson of a supposedly bipartisan blue-ribbon commission on California taxation. Hardly surprisingly, so-called conservatives on the commission are pushing initiatives that would reduce taxes of the rich and increase them for the middle …
Biotech's Share Offering Stumbles
Arena Pharmaceuticals, a San Diego biotech, today (July 8) offered 12.5 million shares priced at $4.17 each. The stock had closed at $4.67 Tuesday, so the offering price was at an almost 11% discount from the previous day. But this …
SPAWAR Employees and Contractors Charged with Fraud, Bribery
The U.S. Attorney's office today (July 7) unsealed a 25-count indictment charging six individuals with defense contracting fraud related to the Space and Naval Warfare Systems Command (SPAWAR). Two of its employees, Gary Alexander and his wife, Kelly Alexander, accepted …
U-T Seeking to Rent Part of Headquarters Space
The Union-Tribune has sent a memo to its staff, saying that it is looking into renting out space in its building. Some potential renters have already looked at the fourth and fifth floor, say the new owners, Platinum Equity. (The …
Job Losses Soar; Some Economists Expect Weak Growth for Years
U.S. employers slashed 467,000 jobs in June, far more than the 363,000 economists had expected, the Labor Department reported this morning (July 2). The unemployment rate edged up to 9.5%. Economists had expected 9.6%. Including laid-off workers who have given …
Local Home Prices Dropping at Slower Rate
San Diego County home values declined 0.1% between March and April, compared with a 1.5% decline between February and March. For the last year, San Diego home values are down 20%, according to the Standard & Poor's/Case-Shiller home indexes, released …
Watchdog Institute Puzzles Union-Tribune Staffers
On Friday, June 26, U-T editor Karin Winner sent an enigmatic message to the staff. Her very close friend Lorie Hearn, who heads the investigative team (and was formerly the number two person on the staff), is leaving to form …
San Diego Lead Indicators Rise for Second Month
The lead indicators of the San Diego economy, compiled by Alan Gin of the University of San Diego, rose for the second straight month in May. The index went up from April's 100.9 to 101.2. Figures for building permits, stock …
SEC Charges Chula Vista Resident with Running $14.7 Million Ponzi-like Scheme
The Securities and Exchange Commission charged in federal court today (June 24) that Moises Pacheco of Chula Vista has fleeced more than 200 investors in a Ponzi-like scheme. Pacheco raised $14.7 million through five hedge funds over a three and …
San Diego's Hotel Business among Nation's Worst
San Diego hotel/tourism statistics are looking horrible, particularly when compared with performance in other cities. According to Smith Travel Research, local hoteliers' revenue per available room in the week of June 7 to 13 was down a stunning 42.3%, the …
Whistleblower Shipione Heads to Harvard
Diann Shipione, the former member of the City pension board who exposed the frailty of San Diego finances and the dishonesty of pension information provided by the government, has been admitted to the Harvard Kennedy School Masters Program in Public …
San Diego Unemployment Rises to 9.4% as Job Losses Grow
The unemployment rate in San Diego County jumped to 9.4% in May, up from a revised 9.2% in April and well above the 5.4% of a year ago, according to the California Employment Development Department. The May rate was below …
CNBC Features Tom Gores, Mike Aguirre -- Separately
A CNBC news report tonight (June 18) at 5 p.m. put the spotlight on Tom Gores, the Beverly Hills financial swinger whose firm now owns the Union-Tribune, and Mike Aguirre, the former city attorney who was endlessly smeared by the …
Whitacre Wrong Choice for GM, Says Graef Crystal
Former San Diegan Graef Crystal, one of the ranking experts on executive compensation, says on his website (GraefCrystal.com) that Ed Whitacre is a bad choice to be non-executive chairman of General Motors. The government recently appointed him. Whitacre became the …
U-T "Deeply Mediocre," Says Columnist Discussing Globe
Is the Boston Globe worth $250 million, or should its owner, the New York Times, pay someone up to $40 million to take the newspaper off its hands? That's how wide the spread is in a David Carr column in …