Entries
Paulson's socialistic plan to bail out Wall Street is election year fraud
Treasury Secretary Hank Paulson proposed today, September 19, a scheme by which the government would relieve financial institutions of toxic mortgage assets. The stock market zoomed late Thursday and today. The scheme would cost taxpayers up to a trillion dollars. …
More Wall Street Socialism; Insurer AIG Bailed Out by Feds for $85 Billion. Markets Like It. Will Taxpayers?
The Federal Reserve tonight (Sept. 16) agreed to a bailout of $85 billion to rescue American International Group (AIG), the big insurance company. It comes two weeks after the government buyout of Fannie Mae and Freddie Mac. In both cases, …
Reporters Say Braun Leaving U-T. Several Companies Reported To Be Taking Interest in Buying It, but All Have Financial Woes
Union-Tribune staffers say columnist Gerry Braun is leaving the paper. His wife, Ruth McKinnie Braun, was one of the employees who camped out in the lobby to be able to get early forms for the latest buyout. She succeeded and …
Stocks Plunge; Insurance Giant AIG May Be Next Casualty. Era of Excessive Debt Probably Coming to Inglorious End
The Dow Jones Industrial Average plunged more than 500 points today (Sept. 15), following the bankruptcy filing of Wall Street's Lehman Bros. and Merrill Lynch's agreement to be purchased by Bank of America. Today's 4.4 percent drop is the biggest …
Wall Street Collapses of Its Own Hubris, Gambling with Borrowed Funds. Two of Biggest Houses, Merrill Lynch and Lehman, Disappearing
With the Federal Reserve and federal government calling the shots (and putting in money, but not too much), two of Wall Street's historic firms are being wiped away. Bank of America is buying Merrill Lynch for $50 billion or $29 …
Eight-Year Saga of Port's Phantom $21 Million for Ballpark Finally Ends. It's a Tale of Typical San Diego Deceit
Judge William R. Nevitt, Jr. has ruled that former port commissioner Harvey Furgatch is entitled to attorney fees and statutory costs of $683,000 in his long-running lawsuit showing that the $21 million that the port district suddenly came up with …
SEC Charges That LPL Financial Failed To Protect Customers' Privacy
The Securities and Exchange Commission today (Sept. 11) took an enforcement action against LPL Financial for failing to adopt policies to safeguard customers' personal information, hence leaving them vulnerable to identity theft. Financial services firm LPL has its headquarters in …
CCDC Kills 7th and Market Project; Chairman Maas Says Related Group May Be Victim, Attacks Local Developer
Centre City Development Corp.'s board killed the proposed project at 7th and Market this morning (Sept. 10), but was disrespectful to the previous runner-up developer, Robert Green of Encinitas, according to attorney Larry Sidiropoulos, co-owner of the nearby Clermont Hotel, …
Golf Clothes Maker Ashworth May Sell Company; Stock Plunges 21.6 Percent
Carlsbad golf clothing maker Ashworth Inc. announced late yesterday afternoon (Sept. 9) that it is "exploring strategic alternatives, including the sale of the company" -- generally, an announcement that a company is fishing for a buyer. The stock is now …
La Jolla Now Has Nation's Most Expensive Homes, According to New Study
La Jolla's home prices are the most expensive in the nation, according to Coldwell Banker's annual home price comparison index. The study measures home values for select 2,200-square-foot, single-family homes with four bedrooms, 2.5 baths, a family room and two-car …
It's Official: Federal Government Seizes Fannie and Freddie. Will Reform Come Next?
Treasury Secretary Henry Paulson announced this morning (Sept. 7) the long-expected news: the government will take over mortgage behemoths Fannie Mae and Freddie Mac, which together own or guarantee $5 trillion of U.S. home mortgages, half the total. The chief …
Conservative Wall Street Journal Heaps Praise on Liberal Mike Aguirre, Citing His Pension Battle
An editorial in the current Wall Street Journal (Sat./Sun. Sept 6-7) gives a rave editorial boost to San Diego City Attorney Mike Aguirre. "A rare politician looks out for taxpayers," says the Journal in the editorial. Aguirre is "looking out …
If Common Shareholders Are Wiped Out in Fannie/Freddie Bailout, Brandes Could Take Another Hit
The New York Times Reports this morning (Sept. 6) that Fannie Mae and Freddie Mac, the big mortgage giants, may be bailed out by the federal government this weekend before the Asian markets open Sunday evening. "Shareholders would be virtually …
SEC Charges La Jolla Software Firm, Retail Pro, with Accounting Fraud
The Securities and Exchange Commission today (Sept. 4) charged software firm Retail Pro, formerly Island Pacific, with an accounting fraud similar to the kinds that Peregrine pulled. The SEC charged that the company improperly recorded and reported $3.9 million in …
Union-Tribune Employees Camp Out All Night in Lobby To Be First in Line To Get Buyout Forms
About 50 Copley Press employees, anxious to be first in line to get forms for the latest buyout, camped out last night in the U-T lobby in Mission Valley, sleeping on the floor, cots, couches, and futons. Today (Sept. 2) …
Local Newsweek Correspondent Pleads to Chargers: "Don't Bolt!"
In the Aug. 29, Newsweek online edition, Jamie Reno, local correpondent for the national weekly, laments, "It's fourth and long for the Chargers' future in the San Diego area. If Chula Vista doesn't come through, this team will probably punt." …
Amount Moores Group Is Offering to Peregrine Victims is $55 Million; Originally, Plaintiffs Wanted Over a Billion
John Moores and four other former officials of scandal-plagued and bankrupt Peregrine Systems are offering to pay aggrieved investors a collective $55 million, according to papers on file in U.S. District Court. Originally, plaintiffs had sought almost $1.5 billion from …
Union-Tribune's New Buyout Program Suggests the Company May Be Bought Out Soon, and May Be in Cash Flow Squeeze
The Union-Tribune today (Aug. 28) offered still another buyout program to non-union employees with 5 years or more of service. Full-timers will receive an amount equal to two weeks of base pay for every year of continuous service up to …
Union-Tribune Seeking More Buyouts Today; Details To Come Later
The Union-Tribune, which has pared the payroll sharply in the last two years, today (Aug. 28) offered another buyout package to employees. Some are excepted. I understand employees have to make up their minds in a hurry -- something like …
John Moores and Peregrine Cronies Agree to "Very Significant" Settlement in Civil Suit, but Victims' Lawyers Battle
John Moores, former chairman of the fraud-suffused Peregrine Systems, along with four former officers and directors, has agreed to what a judge calls a "very significant" settlement in a major civil case, according to papers on file in U.S. District …