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Scam Diego Entries for January, 2010

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Qualcomm Lowers Forecast; Stock Plunges 9%

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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 ...

Copley Sold U-T at Bottom, Whether or Not iPad Rescues Newspapers

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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 ...

Enron Revisited: City Pension Fund in No Better Shape

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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 ...

Seven Straight Home Price Gains for San Diego

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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 ...

Obama Wants to Freeze Spending; Wall Street Horrified

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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 ...

December Unemployment 10.1%

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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 ...

Wisely Listening to Volcker, Obama Proposes Restrictions on Banks

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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 ...

Pension Costs Reach 69% of City Payroll, Says DeMaio

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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 ...

Parent of Denver Post Files Bankruptcy

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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 ...

Is That La China Seeking a Lover Online?

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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 ...

Americana from Copley Library Will Be Auctioned in New York

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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 ...

U-T Cites Improvement, May Hire 25 Part-Timers

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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 ...

League of Women Voters Protests Treatment by Council Committee

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The city council's rules committee, meekly compliant to the mayor and his establishment puppeteers, on Wednesday (Jan. 13) ignored a proposal by the League of Women Voters to extend the trial period for strong mayor concept, rather than ask the ...

Ex-Lerach Law Firm Criticized for Role in Inquiry Commission

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The Wall Street Journal of today (Jan. 13) states that some business interests are criticizing the role of San Diego law firm Coughlin Stoia Geller Rudman & Robbins in the Financial Crisis Inquiry Commission. Byron Georgiou, who is "of counsel" ...

USD's Partnoy Asks Panel Why FBI Mortgage Warning Ignored

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University of San Diego law Professor Frank Partnoy testified before the Financial Crisis Inquiry Commission yesterday (Jan. 12) as it kicked off its probe into causes of the financial meltdown that led to the Great Recession. Along with former New ...

Hedgecock Dropped by Los Angeles Station

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Last September, radio station KFWB/980 AM in Los Angeles flipped from a news to a news-talk format. Former San Diego Mayor Roger Hedgecock's talk show was slotted in and hyped for the 3 p.m. to 6 p.m important drive time. ...

Wal-Mart's Sam's Club to Close Vista Store

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Sam's Club, the membership/warehouse operation of Wal-Mart, is closing its Vista store, the parent company announced on its website today (Jan. 11). Nine other Sam's Club locations will be shut down in the U.S., including La Quinta and Irvine and ...

San Diegans Leading Push for AIG Full Disclosure

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It looks now like American International Group (AIG), the big insurance concern that is 80% owned by the federal government, will dwarf Enron and the Madoff Ponzi scheme in corruption, particularly since the Treasury and Federal Reserve appear to be ...

U-T Owner Takes Loss on Industrial Building

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Private equity group Platinum Equity, which bought the Union-Tribune in the spring of 2009, has taken a loss on a property it took over in the deal. Basically, Copley Press paid Platinum to take the U-T by selling it $100 ...

SD's Drinking Water 9th Worst of Major Cities

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San Diego's drinking water is 9th worst among the 100 largest cities, according to the Environmental Working Group. In compiling the list, the group used water quality testing data from state health and environmental departments that compute records for water ...

Two Borrego Clubs Close Amid Bond Default

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The Borrego Ranch Resort & Spa and the clubhouse at the adjoining Montesoro Golf & Social Club in Borrego Springs have closed down as of today (Jan. 8), confirmed spokesperson Sasha Itzikman. As reported on these blogs earlier, the two ...

U.S. Job Figures Actually Worse. Here's Why.

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The Labor Department surprised economists by reporting this morning (Jan. 8) that the nation lost 85,000 jobs in December. Some economists had been predicting a rise in jobs, although November was revised upward to a gain of 4,000 -- the ...

San Diego Lead Indicators Flat in November

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The lead indicators of the San Diego economy were 103.7 in November, unchanged from October and barely up from the 103.5 of September. The indicators are compiled by economist Alan Gin of the University of San Diego. After hitting 105.7 ...

Census Bureau Interviewing for Spring Jobs in East County

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The U.S. Census Bureau will be interviewing for spring 2010 positions Jan. 7, 12, 21, and 26 at the East County Career Center, a division of San Diego Workforce Partnership, 924 E. Main Street, El Cajon, 92021. The interviews begin ...

Roski Wants to Buy Bills or Jags Outright, or Parts of Other Teams Such as Chargers

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Los Angeles billionaire Ed Roski Jr., who says he will build a 75,000 seat, $800 million stadium in City of Industry, wants to buy the Buffalo Bills or Jacksonville Jaguars, one of his executives said yesterday (Jan. 5). Both of ...

Google's New Smartphone Uses Qualcomm Processor

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Stock of Qualcomm shot up 2.39% to $48.06 today (Jan. 5) as Google introduced its new smartphone, called Nexus One. The new phone, which will compete with Apple's iPhone, as well as entries from Palm, Nokia, and Research in Motion, ...

Ranch Near Gilroy, La Jolla Owned, Files Bankruptcy

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Sargent Ranch LLC, a large plot of land near Gilroy, filed for Chapter 11 reorganization bankruptcy this week in San Diego Bankruptcy court. It is 85 percent owned by Wayne and Marci Pierce of La Jolla. Sargent has long had ...

Blackwater One of 15 Most Hated U.S. Companies

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Blackwater Worldwide, the mercenary firm now named Xe Services LLC, has been named one of the 15 most hated companies in America by 24/7 Wall Street, the online column on MarketWatch. Blackwater was unsuccessful in its bid to place a ...

SD Ex-Con Can't Get Lawyer for His Alleged Colorado Scam

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In 1985, Philip Rand Lochmiller of Vista was sentenced to three years in prison for selling unregistered securities in a real estate scam. He and family members (who also went to the pokey) had promised returns of up to 24% ...

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