Entries
Some Legislators Pushing Bill to Curb State Municipal Bankruptcies
According to the Wall Street Journal today (May 28), some California legislators are pushing a bill that would make it difficult for a municipality to file for Chapter 9 bankruptcy. Under the proposal, any political jurisdiction that wanted to file …
Corporate Heads Warn: Sober Up
The stock market has finished three martinis and is now working on its fourth. Governments have poured so much liquidity into global economies (more than $13 trillion in the U.S. alone), and used every trick in the book to lower …
After Long Drought, San Diego Lead Indicators Turn Up
The leading indicators of the San Diego economy turned up in April to 100.9 from 100.7 in March. The index had only risen during one month from April of 2006, when it was at 143.8. Building permits, stock prices, consumer …
Investigated Hedge Fund to Close; San Diegan Provided Information
The Wall Street Journal reports today (May 27) that Arthur Samberg's Pequot Capital Management is liquidating its core hedge fund amid an investigation into possible insider trading. Much of the information for that investigation -- and another insider trading probe …
Amylin Loses Two Board Seats, but Won't Reincorporate in North Dakota
Biotech Amylin Pharmaceuticals lost two board seats today (May 27) in shareholder voting. Eastbourne Capital Management and corporate raider Carl Icahn, that have been waging a proxy fight against management, each won a seat. But the company won 10 seats …
Local Home Prices Continue Dropping
San Diego metropolitan area single-family home prices continued dropping in March -- down 1.5% from February and down 22% over the last year, according to Standard & Poor's/Case-Shiller data, announced today (May 26). The drop for the 20 major metro …
Realistic Funded Level of City Pension Plan Now 56.8%
Earlier this month, the City's chief operating officer, Jay Goldstone, sent a memo to the mayor and council members outlining the purported status of the San Diego City Employees' Retirement System (SDCERS). The note said that the actuarial liability as …
San Diego's Unemployment Rate Drops, but Job Losses Continue
San Diego County's unemployment rate was 9.1% in April, down from a revised 9.5% in March, according to the Employment Development Department. However, the county lost 800 jobs between March and April, and 45,300 from a year earlier. San Diego's …
Local Law Firm Sues AIG for Fraud in Los Angeles Court
Aguirre, Morris & Severson, the San Diego law firm made up of former top officials of the city attorney's office, today (May 21) sued American International Group (AIG), the huge, deeply troubled financial conglomerate, for unlawful, fraudulent and unfair practices …
Vical Stock Surges on Alleged Swine Flu Advance. Be Wary
Biotech Vical stock is soaring more than 29% to $2.84 this morning (May 21) as the company announced that it has developed a prototype vaccine against the swine flu virus, has begun testing on animals and could move to human …
Laid-Off U-T Workers Told to Leave Friday, Will Be Paid until July 6
Union-Tribune employees who were laid off in the recent round were told today (May 20) that they should leave Friday but will still be paid through July 6. They are cleaning out their desks now. This does not apply to …
Property Tax Reassessment Firm Still at It, but under Investigation
Property Tax Reassessment, a Los Angeles firm, continues to send its pitches to San Diego residents. The letter, which looks like a government form, says your property may have been overassessed by such and such an amount. It says it …
Consumer Spending to Fall as Households Shed Debt, Says San Francisco Federal Reserve
In a just-released study, researchers at the San Francisco Federal Reserve say that the nation may be in for a "substantial and prolonged slowdown in consumer spending" as households get rid of excessive debt. (Consumer spending is 70% of the …
Derivatives Regulation Proposal Leaves Huge Loophole, Says Partnoy
The Obama administration's proposal for regulating derivatives is a good step, but "reopens a dangerous loophole," says Frank Partnoy, University of San Diego law professor, in an op-ed in this morning's (May 15) New York Times. Partnoy was the first …
Boston Globe Writers Ask if Platinum Might Want Their Paper
Two Boston Globe writers asked in a recent story if Beverly Hills's Platinum Equity, now that it has purchased the Union-Tribune for a song, might be interested in snapping up their ailing Globe. The Globe is owned by the New …
Padres Charging Less, Winning Less, Attracting Fewer
Following a dismal 2008 season, the Padres cut the average ticket price this year by 27% to $20.01, according to Team Marketing Research. The total cost for a family of four to attend a game, including purchases of beer, soft …
Bad Review for New Union-Tribune Publisher
This blog post by Ron Kaye, an ex-editor of the L.A. Daily News, has been making the rounds, but we wanted to pass it along for those who haven't yet read it. Bottom line, according to Kaye, new U-T publisher …
Newspaper Chains McClatchy, Lee May Be Worth Nothing
The prestigious stock-rating firm of Morningstar says that two big newspaper chains, McClatchy and Lee Enterprises, may be worth zero. "McClatchy stock could be worth nothing," says Morningstar, adding that Lee Enterprises "shares could lose their entire value." Fair value …
Apropos This Week's Cover, An Interesting Piece in the NYT re Waning Influence of Christians in the Middle East
This morning's New York Times has an interesting story about the waning influence of Christians in the Middle East, noting that many have immigrated, similar to the experience Tom Joubran describes in this week's cover story. "Christians used to be …
SD Home Prices Down 30% in Last Year, but That's Better than Bay Area, LA, Other Markets Did
San Diego home prices dropped 30% in the last year, according to data from the Center for American Progress. The county was 16th on the plunge list, but some major Western markets did worse: San Francisco, 4th worst, -43%; Silicon …