Face value of derivatives floating around the world is $1.14 quadrillion

Response to # 8. Don, I arrived in San Diego in 1999 utterly disgusted with New York style greed. Reading your column from then on, first at the UT then at The Reader opened my eyes to the flip-side of this so-called paradise. Got to give it your columns and insights though: I was on the verge of buying a house here but after reading your columns about the price manipulation, the mortgage scams and the long-term projections of where housing was going to go, I decided to sit on my hands and let this RE mania pass. Never have I followed better advice. Thanks for warning readers years ahead of the whole show unraveling.
— September 19, 2008 10:35 a.m.

More Wall Street Socialism; Insurer AIG Bailed Out by Feds for $85 Billion. Markets Like It. Will Taxpayers?

The amount of money that this government is flipping at inept companies (I won't even go off on the corruption angle) are staggering. The yokels on Wall Street are dancing in the streets, believing they've been saved. Not that it will matter: most of these companies are already printing thousands of pink slips to hand as bye bye gifts to their employees. Not be be outdone and willing to prove it can take corporate welfare to new (astronomical) heights, the next step is now to "take over" bad debt from financial institutions. No one has even had the guts to state how much money would be involved here, but it essentially comes down to using taxpayers money (and that from the next two or three generations) to erase the idiocies of incompetent CEOs while making sure they (and their ilk) will be getting millions of dollars in "bonuses" (you wrecked a venerable firm, tossed thousands into the streets, and made the company file for BK: good job, here's your mega-bonus. Stay in touch). This is essentially indenturing the taxpayers for decades to come to the corporate (and corrupt) elite. Anyone with half a brain knows this can't end well. The following (prophetic) statement comes to mind: "we laughed and drank our way to the precipice" (Henriette-Lucy de La Tour du Pin, 1789).
— September 19, 2008 7:46 a.m.

Face value of derivatives floating around the world is $1.14 quadrillion

Sounds to me like this entire housing financing gig the banking and mortgage industries came up with was essentially one big Ponzi scheme.
— September 17, 2008 2:27 p.m.

Eight-Year Saga of Port's Phantom $21 Million for Ballpark Finally Ends. It's a Tale of Typical San Diego Deceit

Don, thanks for delving this one up too. I shake my head again, it doesn't let up with the corruption in San Diego and it won't anytime soon either. If I printed out every scam run in San Diego (not to mention the ones that the powers that be are cooking up every day), I could wallpaper every room in the house, and I fear I may run out of wallspace.
— September 13, 2008 8:38 a.m.

CCDC Kills 7th and Market Project; Chairman Maas Says Related Group May Be Victim, Attacks Local Developer

Don, brothels sure have unusual business practices for their "specialized" services, but I think they still operate on the principle that "the quality of the goods and services are proportionate to the cost". (Not that I'd know, my opinion's just based on rumor). San Diego on the other hand would put tons of lipstick and "schminck" on a carcass and peddle it off as a high-end hooker to the gullible.
— September 13, 2008 8:33 a.m.

CCDC Kills 7th and Market Project; Chairman Maas Says Related Group May Be Victim, Attacks Local Developer

The comments from Pfingst and McNeely can be found on signonsandiego.com. The URL is http://www.signonsandiego.com/news/metro/20080912… For once it's not information on the non-recyclable junk referred to as editorial page by the UT. Voice of San Diego also has former DA Pfingst already defending Graham for probably not willing to show up for the misdemeanor charges: charges are only misdemeanors, her mother is sick etc, etc... Gives one a good idea of how the DA will be looking at the case.
— September 12, 2008 2:19 p.m.

CCDC Kills 7th and Market Project; Chairman Maas Says Related Group May Be Victim, Attacks Local Developer

I noticed that Aguirre had Graham tracked down all the way to Tennessee, to serve her the criminal charge papers. However, true to form, the UT reports it more as a counterproductive move that will end up damaging the CCDC's credibility and cost SD taxpayers money: CCDC Board Member McNeely is even quoted as implying that the action of Aguirre is harming the credibility of the CCDC. Never mind the CCDC's Board's incompetence. As I pointed out before, once some of these people have their fingers in the pot, there is nothing they won't do to spin the truth and lie any which way they can, so they can keep feeding at the trough. The DA Pfingst even calls the action of Aguirre "grandstanding". Obviously it doesn't matter that serious ethical issues, even not downright fraudulent behavior, have been the hallmark of Graham's career. San Diego through and through.
— September 12, 2008 12:53 p.m.

CCDC Kills 7th and Market Project; Chairman Maas Says Related Group May Be Victim, Attacks Local Developer

The culture of corruption seems to be genetically embedded in San Diego's government: thank goodness there are some people, like Frye, who will keep integrity and honesty as guiding standard of their behavior. Unfortunately, one can count the number people like her and Aguirre on the fingers of one hand and have a few to spare. One just shakes ones head when one sees the same self-serving corrupt officials and their ilk do everything they can to protect their share of the fleshpots (i.e. the public money that is entrusted to them). On the other hand, it shouldn't surprise anyone: I've seen this behavior many times at all corporate levels. People will persist to the very last moment in nefarious behavior, they won't change. Some get fired, move on and start the same rigmarole somewhere else. The ex-CCDC head, la Graham, is a shining example: she pulled all kinds of self-enriching stunts in Florida before it was time to run and take the show to a new location. The CCDC board "knew nothing of this" (yeah, right!), eagerly hired her and the money show started all over. Interestingly enough, the conflicts or interest (to put it mildly) that dogged Graham in Florida were already being reported in (non-UT) newspapers in San Diego, but the CCDC couldn't be bothered. Eventually Maas knew he couldn't cover up Graham's conflict of interest any longer, so it was time to ditch her. Was anything going to change? Of course not. Will Maas open the CCDC books all the way? Doubtful. Will there be more "studies" or "inquiries" into the SEDC's corruption? Likely. Will we hear anytime soon of concrete examples of who stole what? Keep dreaming. What are the chances that Dumanis will proactively investigate corrupt politicians that are blatantly in the pockets of developers? Less than winning the lottery. It worked before, they'll do it again. Hopefully one day the San Diego public will wake up, but I doubt that it will be anytime soon. Maybe that day will come when San Diegans realize that they've been led by the nose for a (way too) long time and have been fleeced to the bone. One can only hope.
— September 12, 2008 8:06 a.m.

CCDC Kills 7th and Market Project; Chairman Maas Says Related Group May Be Victim, Attacks Local Developer

Adding to my previous comment: Seems pretty fishy to me that the mayor had to "ask" Bonnie Dumanis to investigate. We did not exactly see her office jump on the findings and suspicions either.
— September 11, 2008 7:35 a.m.

CCDC Kills 7th and Market Project; Chairman Maas Says Related Group May Be Victim, Attacks Local Developer

I totally agree with reply #10: The SEDC and CCDC are on a par with Freddie Mac and Fannie Mae, not only from the looks of it and the ingrained resistance to economically sound practices, but also from the behaviors from top management in those organizations. The "corporate officers" of these GSEs (and the G can be the federal, county or city government) obviously feel themselves untouchable and will go to any length to reap their oversized paychecks. Freddie/Fannie resisted to the last moment, even when the housing market started imploding, accounting practices that would have brought the worth of their portfolios to real market value. The impending government take-over did nothing to alter their stubborn refusal to change anything, apart from some cosmetic touch-ups. The top however is walking with millions of dollars in remuneration, pension benefits and whatnot: the same mentality prevails at SEDC and CCDC. There again the corporate top feels itself to be above the law: it fits of course with the "behind closed door dealing" mentality prevalent in San Diego. It'll take more than a few DA investigations to stop or at best decrease such behavior. The good thing is that investigation into SEDC's bonus program showed obfuscation and denials that rose to the level of fraud. The mayor now requested the DA to look into the findings: I guess that once things are on paper, then there's not much else to do than proceed with getting the legal machinery involved. This being San Diego however, we'll see how "forgiving" the findings, and if it even ever comes to that, the judges will be. I bet on "very understanding" and thus lenient.
— September 11, 2008 7:32 a.m.