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Surprise: Union-Tribune Solicits Employee Suggestions
By Don Bauder - February 6, 2010, 8:34 p.m.
The Union-Tribune has instituted an employee suggestion program that includes cash bonuses. Under the old Copley regime, management was militaristic; ideas came from the top down and the bottom-up approach was a no-no. Further, under the current management, the program has been extended to union members. That would have been ...
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News Mixed in Unemployment Report
By Don Bauder - February 5, 2010, 7:42 a.m.
The U.S. lost 20,000 jobs in January, according government statistics released this morning (Feb. 5). Economists had expected a gain of 25,000 jobs. December's job loss was raised to 150,000 from 85,000 reported earlier, although November was revised upward. In its periodic "benchmark" revision, the government said 8.4 million jobs ...
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Biotechs Take a Beating
By Don Bauder - February 4, 2010, 3:31 p.m.
On a grim day in which the stock market plunged about 3%, local biotechs got hammered even more. Neurocrine Biosciences plummeted 7.28% to $2.17; Vical dropped 5.5% to $2.92; Amylin -5.78% to $17.29; Arena -5.63% to $3.02, Ligand -4.6% to $1.66, and Isis -5.28% to $11.12. Others fell in line ...
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Roski Catching Flak for Political Gifts
By Don Bauder - February 4, 2010, 10:23 a.m.
Money talks, but why must it nauseate? In October, Governor Arnold Schwarzenegger signed a bill clearing away legal and environmental barriers to the $800 million stadium that Los Angeles developer Ed Roski Jr. wants to build in the City of Industry. One of the teams he wants to attract is ...
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Luna, Constantin Generated Controversy in San Jose
By Don Bauder - February 4, 2010, 7:27 a.m.
The San Jose Mercury News on Jan. 31 reviewed the local controversies that led to Eduardo Luna and Chris Constantin winding up with juicy jobs with the City of San Diego. Luna was named San Diego internal auditor in 2007. His boss in San Jose had been caught up in ...
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SEC Cocks an Eyebrow at Bobby Vassallo Again
By Don Bauder - February 3, 2010, 9:19 p.m.
The Securities and Exchange Commission will be examining Alfred Louis "Bobby" Vassallo again. In August of 2005, the commission entered a final judgment against Vassallo, enjoining him from committing further securities fraud. He had been peddling shares of a dubious Mexican telecom venture, and his investors had been wiped out. ...
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League Cites Establishment in Bid for Longer "Strong Mayor" Trial Period
By Don Bauder - February 3, 2010, 7:45 a.m.
The League of Women Voters will use arguments once advanced by quintessential establishment members when it asks the city council's rules committee this morning (Feb. 3) to extend the trial period on the so-called "strong mayor" concept. The corporate welfare crowd, particularly developers, would like the matter rushed on to ...
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Will Leap Leap into Arms of Rejected Suitor?
By Don Bauder - February 2, 2010, 11:45 a.m.
Wall Street is abuzz with rumors that Leap Wireless may go to the altar with MetroPCS Communications, a suitor it rejected a few years ago. The Wall Street Journal reports that Leap has hired Goldman Sachs to help the company assess its alternatives. Both Leap and MetroPCS sell discount wireless ...
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Qualcomm Lowers Forecast; Stock Plunges 9%
By Don Bauder - January 27, 2010, 2:20 p.m.
Stock of San Diego telecom superstar Qualcomm is down 8.98% in after-hours trading this afternoon (Jan. 27). After today's market close, the company lowered its estimates for the year. Earlier, it had expected sales of $10.5 billion to $11.3 billion for the fiscal year that ends in September. Now it ...
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Copley Sold U-T at Bottom, Whether or Not iPad Rescues Newspapers
By Don Bauder - January 27, 2010, 11:23 a.m.
Most daily newspaper stocks are up sharply this morning (Jan. 27), partly because the unveiling of Apple's new iPad has uplifted spirits of those in the daily newspaper business. In fact, Apple's Steve Jobs demonstrated how one can read the New York Times on the tablet-size device. Possibly, say optimists, ...
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Enron Revisited: City Pension Fund in No Better Shape
By Don Bauder - January 26, 2010, 10:26 p.m.
It was almost exactly six years ago that the City of San Diego was forced to admit that it had been cooking the books since 1996, and that unless it raised taxes or cut worker benefits, it would have to slash services. It has raised fees, modestly trimmed worker benefits, ...
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Seven Straight Home Price Gains for San Diego
By Don Bauder - January 26, 2010, 8:03 a.m.
San Diego County home values were up for the seventh straight month in the November 2009 Case-Shiller/Standard &Poor's data, released this morning (Jan. 26). Local home values rose 0.4% from October to November, the same as the September/October rise. Prices are now up 0.4% for the year, one of only ...
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Obama Wants to Freeze Spending; Wall Street Horrified
By Don Bauder - January 25, 2010, 11:00 p.m.
Media are reporting that President Obama will call for a three-year freeze in spending on many domestic initiatives. After that period, he will want such spending to rise no faster than inflation. Predictably, Wall Street is aghast, because much of the liquidity that has been supporting stocks, bonds and commodities ...
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December Unemployment 10.1%
By Don Bauder - January 22, 2010, 10:21 a.m.
San Diego County unemployment was 10.1% in December, down from a revised 10.6% in November. However, the county lost 1,600 jobs in the month, and 43,000 from a year earlier, when the rate was 7.5%. During the December period, the California rate was 12.1% and the nation's 9.7%
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Wisely Listening to Volcker, Obama Proposes Restrictions on Banks
By Don Bauder - January 21, 2010, 9:35 a.m.
Finally showing some backbone and taking advice from former Federal Reserve Chairman Paul Volcker, President Obama today (Jan. 21) proposed restriction on large banks' abusive practices. Obama's proposal would prohibit commercial banks from owning or investing in hedge funds or private equity funds. Most significantly, the proposal would put restrictions ...
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Pension Costs Reach 69% of City Payroll, Says DeMaio
By Don Bauder - January 19, 2010, 2:19 p.m.
Councilmember Carl DeMaio says that the City's annual pension payments have zoomed to more than $231 million or an astounding 42% of City payroll. "When factoring in the cost of all city retirement benefits, taxpayers are servicing a cost of more than $370 million annually, or a staggering 69% of ...
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Parent of Denver Post Files Bankruptcy
By Don Bauder - January 16, 2010, 11:47 a.m.
Another newspaper chain is headed for Chapter 11 bankruptcy. Affiliated Media, holding company for MediaNews Group, plans to file for a prepackaged Chapter 11 bankruptcy. The company is controlled by William Dean Singleton. Despite the company's ailing finances, there were rumors that Singleton might be in the running for the ...
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Is That La China Seeking a Lover Online?
By Don Bauder - January 16, 2010, 8:45 a.m.
Richard La China, the San Diegan who was called "a serial Ponzi schemer and career impostor" in a civil lawsuit, then went into Chapter 7 bankruptcy, may well be a young man seeking a mate on Match.com. The Reader did the initial story on his financial antics in March of ...
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Americana from Copley Library Will Be Auctioned in New York
By Don Bauder - January 16, 2010, 7:55 a.m.
The New York Times today (Jan. 16) relates how items from La Jolla's now-for-sale James S. Copley Library, 1134 Kline Street, will be on display at Sotheby's in New York City until next Saturday. Beginning April 2011, there will be a series of eight auctions to sell the artifacts. Included ...
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U-T Cites Improvement, May Hire 25 Part-Timers
By Don Bauder - January 15, 2010, 3:07 p.m.
The new Union-Tribune management on Thursday told staff members that circulation and advertising are rising. (Some other metro dailies are reporting modest improvement in those measures, but analysts are not convinced the mild upturn will last. In any case, the big newspaper stocks have definitely bounced off the bottom in ...
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