Entries
No Plea Deal for Madoff; Could Spend Remaining Days in Prison
There will be no plea agreement for notorious New York Ponzi schemer Bernard Madoff, a prosecutor said in Manhattan court this afternoon. Because of certain procedures last week, skeptics worried that Madoff, who has confessed to running a $50 billion …
Sempra's Federal, State Relationships in the Spotlight
David Hayes, President Obama's nominee to be deputy interior secretary, hasn't lobbied the department in more than two years, as required, but filings reveal he has continued to represent companies with business before the department, according to Politico.com. Hayes was …
Most Newspaper Chains' Stocks Down At Least 90% in Last Year
Here's how much the market has knocked down newspaper stocks in the last 52 weeks. I picked 10 representative newspaper stocks; half of them are significantly diversified into other media. The list includes the cream from a quality standpoint: Washington …
Hedge Fund Disasters Lead to Resignation of Chief Investment Officer of County Retirement Fund
David Deutsch, chief investment officer of the San Diego County Employees Retirement Association, resigned today (March 5), as a result of bad hedge fund experiences and performance. Formerly, the county had 20 percent of the portfolio in hedge funds. That …
County Unemployment Surges to 8.6% in January; Jobs Down 28,300 in Month
The San Diego County unemployment rate jumped to 8.6% in January from a revised 7.5% in December and 5.1% a year earlier. The state's rate is 10.6% and the nation's 8.5%. The county lost 28,300 jobs, or 2.2%, in the …
EDC PR Machine Takes Credit for NY Times Fluff Piece
Here is the first paragraph of a release this morning (March 4) from the Economic Development Corp. (EDC). "San Diego Regional EDC's media relations program is gaining momentum, with a feature article in the Wednesday, March 4, 2009 issue of …
If 3 Major Dailies Are Worth $22 Million, What Is U-T Worth?
There is a Dallas company named AH Belo Corp. that owns 3 major daily papers: the Dallas Morning News, Press-Enterprise of Riverside, and Providence Journal. The company has little debt: in fact, it has almost as much cash as debt. …
USD 29th in Undergrad Business Education, Says Business Week
The University of San Diego's undergraduate business school has risen sharply to 29th in the U.S., according to the annual ranking of Business Week Magazine. Last year, USD's B school was ranked 47th. USD gets a grade of A-plus for …
KUSI's McKinnon Still Interested in Union-Tribune Purchase, but Industry Turmoil Slows Any Deal
Michael McKinnon, whose McKinnon Broadcasting owns 82.5 percent of KUSI-TV, is still interested in putting together a group of buyers for the U-T, I have learned from a reliable source. Last summer, not long after the paper went on the …
California Unemployment at 10.1%, Highest in Quarter Century
The California unemployment rate jumped to 10.1 percent in January, according to the state's Employment Development Department. That's up from a revised 8.7 percent in December, and it's the first double-digit unemployment rate in a quarter century. The number of …
SD Traffic Congestion Down 46.9% Last Year, Second Biggest U.S. Drop
San Diego traffic congestion plunged 46.9 percent last year, according to Kirkland, Washington-based Inrix, which tracks congestion in metro areas. The county fell from 14th most congested metro area to 15th. However, this is a mixed blessing. San Diego was …
Rocky Mountain News, Unable to Find Buyer, to Close Tomorrow
The Rocky Mountain News, the daily tabloid which put itself up for sale in early December, could not find a buyer, and will close tomorrow (Feb. 27), owner E.W. Scripps announced today (Feb. 26). This leaves Denver with one paper, …
CIA Official Challenging Competence of Foggo's Mistress Got Fired -- and Other Misadventures
The federal government's sentencing memorandum in the case of San Diegan Kyle "Dusty" Foggo, filed yesterday by the San Diego U.S. Attorney's office in court in Alexandria, Virginia, is full of details of his transgressions. Foggo has pleaded guilty to …
San Francisco Chronicle Will be Sold or Closed Unless Payroll Slashed Sharply
Hearst Corp. announced today (Feb. 24) that its San Francisco Chronicle, the city's major newspaper (by far) will be sold or shuttered within weeks if the company can't achieve major personnel economies -- both union and non-union. The company says …
San Diego Home Prices Still Plunging, but There Are Some Signs of Moderating Declines
San Diego County existing home prices plummeted 24.8 percent last year, according to Standard & Poor's/Case-Shiller indexes revealed today (Feb. 24). Of the 20 largest metro areas, only five did worse than San Diego: Los Angeles, Miami, Las Vegas, Phoenix …
SDCERS Lowers DROP Interest Rate to 3.54 Percent, Says DeMaio
The board of the San Diego City Employees' Retirement System this morning (Feb. 20) lowered the interest rate on the Deferred Retirement Option Plan (DROP) to 3.54 percent, according to Councilmember Carl DeMaio. I was not able to get confirmation …
North Dakota Relocation? Amylin, Biogen Idec Shivering at Prospect
Billionaire corporate activist/raider Carl Icahn has suggested that San Diego biotech Amylin Pharmaceuticals and Massachusetts biotech Biogen Idec, which was formed in a merger with San Diego's former Idec, and still has operations here, should relocate to frigid North Dakota. …
Kodak Down 5%. Brandes Takes Another Hit
San Diego's beleaguered money manager, Brandes Investment Partners, is taking more hits this morning (Feb. 20). Eastman Kodak stock is trading at $3.39, down 5.04 percent on the day. As of Sept. 30, Brandes owned 9.61 percent of the stock, …
Maybe Victims of This Scam Should Be Locked Up, Too
Sometimes I think that the victims of certain scams should be locked up with the perpetrators. It might be the only way to protect naive folks from self-destruction. I am talking about Ponzi schemes in which victims are promised 100 …
If Boston Globe Worth $20 Million, Is U-T Worth $15 Million?
Rumors that the U-T is considering a bid for only $15 million were so startling to me that I was reluctant to post that suggested price in the blog entry below. However, it has been pointed out to me that …