Entries
Union-Tribune Slashing Wages and Benefits, Warning of More Staff Reductions
Union-Tribune President Gene Bell today (Jan. 16) sent a memo to staffers outlining draconian salary and benefits cuts and warning of even more layoffs to come. For February and March, pay cuts will range from 9.25 percent for lower-rank employees …
LA Times Editor Says Online Ad Revenue Enough to Cover Entire Print and Online Payroll
Columnist Jeff Jarvis of the UK's Guardian publication quotes the editor of the Los Angeles Times saying that online ad revenue is now sufficient to cover entire editorial payroll costs, including both print and online. Jarvis calls it a "moment …
Fabiani Is Principal in New Consulting Firm Featuring Both Republicans and Democrats
Political consultants who have furiously battled each other for years have founded a new consulting firm, LFM campaigns, in Sacramento, according to the San Francisco Chronicle. Mark Fabiani, former special counsel to President Clinton and deputy campaign manager for Gore-Lieberman …
New York's Ponzi Scheme Wins for Size, but San Diego's Wins for Investor Gullibility
New York authorities are working through Bernie Madoff's $50 billion Ponzi scheme. Today (Jan. 12), a San Diego federal judge sentenced two men to extended prison terms for a mere $50 million Ponzi that had various names such as "Learn …
Union-Tribune Now Telling Employees of "Audience Reach," Not Circulation
For years, the Union-Tribune in its house organ, Inside Edition, gave employees an update on circulation. But as circulation declined sharply, the newspaper stopped the practice in its December edition, as reported on this blog. Now, in its January edition, …
Chargers' Fabiani Admits in Article That San Diego Is Bankrupt or Heading in That Direction
A quintessential establishment member, Mark Fabiani, Chargers counsel, admits in the Jan. 12 issue of Sports Business Journal that "Government at all levels [including the city of San Diego] is either bankrupt or going bankrupt." Up to now, it has …
When Chargers Play in Super Bowl, They Will be Supported by Wall Street's Bears, Despite Tarnished Indicator
Even before the Denver game, I said the Chargers could make the Super Bowl. Now I am even more of a believer (I write this before the Pittsburgh game), although I confess I don't know a damned thing about football. …
If Vegas Can Get Federal Stimulus Money for Organized Crime Museum, Will Chargers Demand Funds for Stadium?
Las Vegas is planning a $50 million mob museum featuring the exploits of multifarious gangsters who launched the gambling industry in Sin City, and, many say, still run the place. Mayor Oscar Goodman, a long-time Mafia lawyer who for years …
Chula Vista and Gaylord, Now Separated, Singing the Blues
Chula Vista has declared itself in a fiscal emergency. This means it is bleeding so much it could ask the voters for a sales tax increase. The city is considering a layoff of 130 employees, and closing of faciities such …
Copley Press Sells Posh Condos in Ballpark District to Owner David Copley. The Deal Raises Questions
Reader document sleuth Matt Potter has come up with information that should interest anxiety-ridden Union-Tribune employees. They had cocked their eyebrows in mid-2003 when the parent company, Copley Press, revealed that it had bought two luxury condos in the 11-story …
Warner Springs Ranch Ousts Board, Possibly Opening Way for Pala Band to Buy Back Ancestral Homeland
Members of North County's financially-troubled Warner Springs Ranch have successfully ousted the board by a vote ratio of more than 4 to 3. A new board has been elected. For some time, there has been a feud among the 1,000 …
Jeff Moorad, Former Players' Agent, Says He Has Reached Agreement in Principle to Purchase Padres
Jeff Moorad has resigned as chief executive officer of the Arizona Diamondbacks and says he has an agreement in principle to buy the San Diego Padres, according to the Associated Press. Moorad was a former players' agent; other Major League …
Wall Street Journal Puffs Up Sam Wyly, Ignoring Offshore Tax Shenanigans Uncovered by Congressional Investigators
In a book review Dec. 29, the Wall Street Journal gives a rave review to "1,000 Dollars and an Idea," a book by Texas billionaire Sam Wyly. James Freeman, an assistant editor of the Journal's editorial page, sings the Wyly …
San Diego Home Prices Back to Levels of March '03, Down 36% from '05 Peak
According to Standard & Poor's Case-Shiller data released this morning (Tues. Dec. 30), San Diego home prices in October were back to their levels of March of '03. San Diego existing homes have now dropped 36.4 percent from their peak …
City of Industry to Vote Jan. 20 on $500 Million Infrastructure Bond that Would Serve Planned New Stadium
Industry, California (also known as City of Industry) votes Jan. 20 on a $500 million infrastructure bond to serve the area in which billionaire Ed Roski Jr. has proposed building a $800 million pro football stadium. Roski and his partner …
Delicious Irony: SEC Clears San Diego Councilmembers at the Time the Public Is Learning What a Worthless Agency It Is
The Securities and Exchange Commission has ended its investigation into the involvement of San Diego's elected officials in the fraudulent bond offerings. This comes at the very time that the SEC will be investigating itself (supposedly); it admits that it …
Lead Indicators of San Diego Economy Continue Steady Decline
The lead indicators of the San Diego economy, compiled by University of San Diego economist Alan Gin, continued to drop in November, indicating that the good news is not arriving. The indicator has declined each month this year. The November …
County Unemployment Rate 6.9 Percent in November, Up from 4.9 Percent a Year Ago
San Diego lost 15,300 jobs in November from a year ago, and 2,200 from October, according to data from the state's Economic Development Corp. The unemployment rate was 6.9 percent, the same as the revised rate of October, but well …
Gless, Powanda Sentenced for Roles in Peregrine Systems Fraud
Matthew Gless, former chief financial officer of Peregrine Systems, was sentenced today (Dec. 17) to 63 months in custody for his role in the massive fraud. Former international sales director Douglas S. Powanda was sentenced to 78 months. Gless and …
Ex-Madoff Trader, Now Running Cardiff Firm, Was Asked by Hedge Firms about Those Steady Returns
Steven Winters is the founder and managing partner of Gemini Strategies, a boutique Cardiff investment firm. His bio says that from 1994 through 1996, he was an equity and derivatives portfolio manager for Bernard L. Madoff Investment Securities in New …