Entries
Royale Energy on Two-Day Roar
Stock of oil and gas producer Royale Energy zoomed 41.8% today (Feb. 24) following positive gas news. The stock jumped $1.47 to $5.04. On Wednesday, the stock also zoomed $1.47. On Tuesday (Feb. 22) it had closed at $2.10. San …
Local Home Prices Drop in December
San Diego County home values declined 0.7% from November to December, according to data released this morning by Standard & Poor's/Case-Shiller. Of the 20 major metro areas, only Washington, D.C. enjoyed an increase over the period, and that was only …
Mozilo Criminal Case Said Dropped
The brilliant Rolling Stone article by Matt Taibbi (see my post of Feb. 17, two posts down) has already proved prescient. Both the Los Angeles Times and New York Times are saying today (Feb. 19) that the criminal probe of …
Trustee Plucked Trust Accounts to Gamble at Casinos
Teresa Laggner, a probate court trustee, pleaded guilty today (Feb. 18) to looting trust accounts and gambling the money at Barona Casino. She was a trustee for many probate court and private trusts in San Diego from 2006 into this …
Gary Aguirre Major Source in Taibbi Blockbuster
Matt Taibbi, who writes for Rolling Stone, has become one of the most outspoken critics of Wall Street -- and also one of the most incisive writers on the topic. His blistering article dated Feb. 16 is titled "Why Isn't …
Patent Agent, Brother Plead Guilty in Sequenom Scam
A former patent agent for biotech Sequenom, Aaron Scalia, and his Baltimore-based brother, Stephen Scalia, pleaded guilty today (Feb. 15) to passing inside information on Sequenom on two occasions. The Reader reported Dec. 8 that Brett Cohen of Baltimore and …
Many Jobs Are More Dangerous Than Police, Firefighting
In defending their large salaries, pensions and early retirements (say, at age 50), government safety workers cite the dangers of their jobs. But U.S. Labor Department data for 2009 show other kinds of jobs are far more dangerous, according to …
Wisconsin Governor Proposes Deep Benefit Slashes
According to the New York Times, Gov. Scott Walker of Wisconsin is proposing deep slashes in public employee benefits, and trying to take away most of public unions' ability to bargain. The state has to close a $137 million deficit. …
Gores in Intense Talks to Buy Detroit Pistons
Tom Gores, whose Beverly Hills-based Platinum Equity owns the Union-Tribune, has received an additional 14 days to reach an agreement to buy the Detroit Pistons of the National Basketball Association, according to the Detroit News. Rumors earlier in the day …
Still Another SD Ponzi Schemer Headed for Slammer
Scott Bottolfson was sentenced to five years in prison today (Feb. 11) after pleading guilty to defrauding 30 investors of more than $6 million. The case was handled by the U.S. attorney's office. Between 2001 and mid-2010, Bottolfson promised investors …
CCDC Cancels Propaganda Tour
Centre City Development Corp. has canceled its recently-announced series of sales spiels around the city. They were to be called "Community Benefit Assessment outreach meetings." It was clear from the outset that they would be similar to the dire warning …
San Diego Hotel Figures Perk Up
According to numbers from Smith Travel Research, San Diego hotel business picked up moderately last year. Average occupancy rose from 62.9% in 2009 to 66.7%. But the average daily room rate dropped to $121.93 from $124.98. Things improved later in …
Employment Data Have Economists Scratching Heads
The U.S. unemployment rate in January unexpectedly fell to 9% in January. Economists had expected it to rise to 9.5% from 9.4% in December. But the U.S. added a mere 36,000 jobs in January; economists had expected 140,000. It appears …
Callaway Golf Shafts Its Shareholders Again
Carlsbad's Callaway Golf has a habit of boasting to its shareholders that it compensates executives based on performance. Not so. In a column April 28, 2010, I pointed out that while Callaway says it ties the money it pays its …
Startling Naming Rights Deal May Boost Downtown LA Stadium
The Los Angeles Times reveals this morning (Jan. 31) that in a press conference today, Farmers Insurance will announce a $700 million, 30-year naming rights deal for the proposed downtown L.A. football stadium being pushed by Anschutz Entertainment Group (AEG). …
State Bar's Investigations of Aguirre End with No Charges
The investigations of former City Attorney Mike Aguirre by the State Bar of California have been closed with the bar concluding that no further action is warranted. In such cases, the bar investigates complaints to see if there is a …
Partnoy Says Politics Made a Mess of Financial Inquiry
Frank Partnoy, law professor at the University of San Diego, says in an op-ed in today's (Jan. 30) New York Times that the Financial Crisis Inquiry Commission report issued Thursday was a "confusing and contradictory mess, part rehash, part mishmash" …
State Looking for Redevelopment Fraud. Suggestion: Grantville
The state controller's office has announced that it is looking for fraud and malfeasance in redevelopment. Dr. Brian T. Peterson, who heads the Grantville Action Group, has a good suggestion: Grantville. In today's (Jan. 29) letter to the controller's office, …
San Diego Lead Indicators Rise Sharply
The lead indicators of the San Diego economy rose stoutly in December to 110.7, up from 110.2 in November. Stock prices, consumer confidence and the national economy moved in a favorable direction, and building permits, initial unemployment claims and help …
Lachina Victims Win Judgments
Investors with Richard Lachina (also spelled La China and LaChina) were awarded $1.041 million plus $1 million in punitive damages today (Jan. 28) by Judge James W. Meyers in Bankruptcy Court. San Diego attorney Robert Scott Dreher described Lachina as …