Entries
Wall Street's Goldman Sachs, Which Got $10 Billion Government Handout, Paid Only 1% in Taxes
Here's one that should start a revolution. In October, Wall Street's Goldman Sachs, supposedly the best-managed investment firm (calling itself a bank) on the Street, got $10 billion and debt guarantees from the U.S. government, according to Bloomberg.com. But this …
San Diegan Who Spearheaded Tax Avoidance Schemes for Dentists and Doctors Indicted on Tax Charges
A federal grand jury today (Dec. 16) indicted former dentist L. Donald Guess on two counts of filing false income tax returns. Guess ran a tax avoidance operation for medical professionals named xelan Inc. Four years ago it had more …
Federal Reserve Essentially Admits It Is Fighting Depression, Not Simply Recession. It Lowers Interest Rate Target to Lowest Level Ever
The Federal Reserve today (Dec. 16), essentially admitted it is fighting a depression, not a recession. The central bank dropped the federal funds rate, the interest that banks charge each other, to a range of zero to 1/4th of 1 …
New Website Preserves Documents from Aguirre, Gwinn Administrations
There is a new website, www.sdcityattorney.com, that preserves documents created by former City Attorney Mike Aguirre. Importantly, this includes his 35 interim reports, which are perhaps the best record of San Diego corruption extant. The website also includes closed session …
Copley Employees Likely to Get 5% to 15% Lower Lump Sum Benefits; If Company's Pension Plan Badly Underfunded, May Not Get Lump Sums at All
Yesterday afternoon, I posted an entry indicating that severely-ailing Copley Press will no longer be putting money into its defined benefit pension plan, although older employees will still have access to their money. New employees will not have such a …
Copley Press Tells Employees It Will Put No More Money into Defined Benefit Pension Plan
Union-Tribune employees say they were told Friday via the Copley Press's electronic in-house communications system that the company will no longer put money into the defined benefit pension program. New employees will not get into the defined benefit program, although …
Melvyn Weiss, Once Co-Managing Partner of Notorious New York/San Diego Law Firm, Allegedly a Victim of Ponzi Schemer Madoff
According to the Wall Street Journal of Saturday/Sunday (Dec. 13-14) one of the persons who lost money in the alleged $50 billion Ponzi scheme of Bernard Madoff is New York's Melvyn Weiss, former co-head of the now-defunct New York/San Diego …
Gardner Gets 8 Years for Peregrine Scam; His Lawyer Says Criminal Activity Going on Before Gardner Got There
Stephen Gardner, former chief executive of Peregrine Systems, was sentenced today (Dec. 11) to eight years and one month for his role in the fraud. Gardner's lawyer, Reid Figel, said that Peregrine was engaged in criminal activity before Gardner arrived …
Moody's Says Singleton's MediaNews Almost as Sick as Tribune, Headed for Default
Moody's Investors Service said today that William Dean Singleton's Denver-based MediaNews Group will soon be in default on its credit agreement, and its debt load is nearly as bad as the one that pushed Tribune Co. into bankruptcy. Despite well-known …
Goldsmith Continues Cheap Shots on City Website. He Criticizes Predecessor for Politicizing Office, Then Politicizes It Even More
Newly-elected City Attorney Jan Goldsmith is stepping up his political potshots even after being elected by a landslide, and even after being criticized for the practice by media who would normally be friendly. Goldsmith is doing so on the City …
Hedge Fund in Which SDCERA Has Money Puts up Barriers to Redemptions
The Composite International Fund of Wall Street's D.E. Shaw has set up so-called "gates" to slow down redemptions as a result of money being withdrawn. The San Diego County Employees Retirement Association has 20 percent of its money in hedge …
Union-Tribune's December House Organ Doesn't Report Circulation Figures
For many years, the Union-Tribune has revealed its circulation figures to employees in a monthly internal publication called "Inside Edition." But the December edition does not have those numbers. Since circulation has been inexorably declining for years, and the Union-Tribune …
Tribune Co. Files for Bankruptcy, Saddled with $13 Billion in Debt and Decline in Ad Revenues
Chicago's Tribune Co., owner of the Chicago Tribune and Los Angeles Times, filed for Chapter 11 (reorganization) bankruptcy in Wilmington, Delaware today (Dec. 8). The company has $7.6 billion in assets and $13 billion in debt. The Chicago Cubs baseball …
More Copley Competition:McClatchy's Miami Herald Reportedly on the Block
The New York Times has reported on its website that Sacramento-based McClatchy is looking to sell its flagship Miami Herald. This would complicate the Union-Tribune's attempt to sell itself. Copley Press announced in July that it wants to unload the …
Aguirre Preparing Paper on Derivatives Market; His New Firm Will Specialize in Derivatives Legislation
Mike Aguirre, who leaves the city attorney's position Monday (Dec. 7), is preparing a white paper on the multi-trillion derivatives market. The paper may come out later this week. In essence, it sketches how financial institutions' gambling with derivatives has …
Aguirre Sums Up Criminal Activity That Led to Pension Deficit
British author W. Somerset Maugham penned "The Summing Up" late in his career. Ditto for Mike Aguirre, who will shortly leave the city attorney's office after having lost re-election in a landslide financed by the establishment along with organized labor. …
November's Shocking 533,000 Jobs Loss Was Actually Far Worse
U.S. nonfarm payrolls plunged 533,000 in November -- far worse than economists expected. They used words such as "almost indescribably terrible" and "dreadful" to describe the numbers, because they were much worse below the surface. Job losses in September and …
Several Big U.S. Cities Could Be without Daily Newspapers by 2010, Says Rating Agency
Fitch Ratings, which provides ratings on various investments, said this week that several cities could be without daily print newspapers by 2010. Fitch rates the bonds of both McClatchy and Tribune as junk. Fitch expects newspaper defaults and closures in …
At Confirmation Hearings, Will Bill Richardson Be Asked about His Role as Peregrine Board Member?
As expected, President-elect Barack Obama named New Mexico Gov. Bill Richardson as secretary of commerce today (Dec. 4). Richardson may get a grilling at upcoming confirmation hearings. He was a key player in the Clinton administration, and came under fire …
Rancho Santa Fe Is 12th of 34 Small U.S. Towns with Highest Home Values
Business Week Magazine, along with Zillow.com, has picked the 34 towns in the U.S. with the highest home values -- called "the most expensive small towns in the U.S." The towns have populations of fewer than 10,000 people, and there …