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List of Madoff Investors Now Public. Some San Diegans Tell Their Tales of Woe
The LA Times article below indicates that investors in a similar swindle faced lawsuits seeking the return of their fictitious profits. Many of the investors who believe Madoff completely wiped them out will eventually recover a large portion of their losses, primarily from investors like the couple above, who pulled their money out before the collapse. Investors who unknowingly profited from Madoff's swindle are going to be stunned when they become aware that they are liable for the losses even though they did nothing wrong. http://www.skeptictank.org/slatkin/rslat067.htm— February 5, 2009 11:32 p.m.
List of Madoff Investors Now Public. Some San Diegans Tell Their Tales of Woe
The Madoff scandal is not your typical embezzelement scheme where the cozener uses investor money to live the high life. It appears that very little of the money went into Madoff's pocket. In this case, Madoff used new investor money to pay off old investors like the couple cited above who pulled their money out three years ago. The returns this couple received on their money was not from investments, but rather, money stolen from new investors. The couple should have to return all the monies they received from Madoff in excess of their original investment in the fund. All investors who received cash distributions from the fund in excess of their cash investments should be forced to disgorge their "profits." The proceeds should used to make the new investors who lost everything whole.— February 5, 2009 11:05 p.m.
U-T Axe Was to Fall Friday. It Didn't. Newspaper May Need Employees to Slam Together Long-Delayed Pagination System
Maybe the reporters should start filing workers compensation claims en masse based on writer's block from job stress. I am sure most U-T reporters are close to a mental breakdown from the stress U-T management is inflicting on them. The U-T should have cut the head count in one fell swoop rather than stringing the cuts out month after month, terrorizing and demoralizing the workforce along the way. If the reporters could find a psychologist who would sign off on a stress diagnosis, I doubt the state could deny the claims.— February 3, 2009 10:43 p.m.
U-T Axe Was to Fall Friday. It Didn't. Newspaper May Need Employees to Slam Together Long-Delayed Pagination System
All the sweeping jobs at shopping centers are held by illegals. The only option for the fired copy editor is to enlist in the Marine Corps. As a Marine the editor won't have to worry about being pestered by life insurance salesmen.— February 3, 2009 10:21 p.m.
Two Congressmen Say Citigroup Shouldn't Pay NY Mets $400 Million for Naming Rights When Sucking $350 Billion from Federal Government
I'd be willing to pay the City of San Diego $10,000 in order to have the waste treatment plant named after me.— February 1, 2009 10:36 p.m.
Brandes Investment Partners Still Underperforming Sharply, Losing Clients
I think the major criticism against Brandes is that he moved heavily into financial stocks when most other fund managers were unloading them. He took huge positions last year in the big losers Bauder cites. Gurufocus.com details his 2008 stock picks many of which appear to have been foolhardy at the time he made them. It's not a matter of judging Brandes with hindsight. Many of his crazy stock picks ocurred after 6/30/2008 when it was clear financials and the stock market was falling apart. This was not value investing but little more than speculation. Bauder was questioning the wisdom of Brandes' stocks picks last year shortly after he made them. http://www.gurufocus.com/StockBuy.php?action=buy&…— January 22, 2009 11:40 p.m.
Brandes Investment Partners Still Underperforming Sharply, Losing Clients
I stand by my opinion in Post #2 that Brandes' $2.6 billion net worth was based primarily on his ownership of the management contracts with the funds, and his ability to sell those management contracts. The value of the management contracts in turn are based on the gross value of the assets in the funds, and the managment fees Brandes receives from the funds. With less assets in 2009 to manage Brandes is worth considerably less that he was in 2007. He may well have lost $1 .5 billion or more in net worth, in addition to any losses from his personal portfolio if he has one. The management contracts in today's troubled market may be virtually worthless.— January 21, 2009 10:30 p.m.
San Diego City Employees pension fund ailing
Gates did not conceive of the idea that made him a multi-billionaire. Gates paid a software developer $60,000 for the rights to a software program he renamed MS-DOS. Gates in turn relicensed the MS-DOS program to IBM. It was IBM's stupidity that created Gates' great wealth. He is an accidental multi-billionaire. I have heard from many sources that Gates left Harvard due to a drug addiction, not to invent the computer industry. He was arrested repeatedly while in New Mexico for erratic behavior. http://www.mugshots.org/misc/bill-gates.html— January 21, 2009 8:45 p.m.
Brandes Investment Partners Still Underperforming Sharply, Losing Clients
The San Diego Business Journal's 2007 list of San Diego's Wealthiest ranked Brandes #1 with a $2.6 billion net worth. Most of the $2.6 billion figure likely represents the value of Brandes'contractual right to manage the funds in exchange for management fees. These contractual rights likely have value because they can be sold. Any decline in assets under management, or related management fee income, would likely severely impair the value of the management contracts. Brandes has likely lost the bulk of his net worth. I agree that Brandes does not deserve to go down in flames. He has never had a malignant influence on City politics nor has he attempted to use taxpayer money to enrich himself. Until recently, he was virtually unknown in San Diego. He's just made some bad investment decisions from which he and his investors will likely never recover. http://www.entrepreneur.com/tradejournals/article…— January 20, 2009 9:50 p.m.
San Diego City Employees pension fund ailing
Gates dropped out of Harvard due to an addiction to heroin. He left Harvard and went to New Mexico to dry out at a skid row motel.— January 20, 2009 7:07 p.m.