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Scam Diego Entries for March, 2010

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SD Home Values Rise, Reports S&P

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San Diego County home values rose by almost 0.9% in January compared to December, according to Case-Shiller/Standard & Poor's data released this morning (March 30). Collectively in 20 major metro areas, home prices rose 0.3% during the period on a ...

Dubious Accounting Hides Greater Pension Woes

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An article on page 2 of today's (March 29) Wall Street Journal points out that government pension woes, already considered horrible, may actually be worse. The accounting rules for state and local government pensions "make retirement benefit obligations seem lower ...

Despite Alleged Conflicts, Bersin Gets Border Post on Interim Basis

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San Diegan Alan Bersin is one of 15 appointees that President Obama today (March 27) said would be named to their posts, bypassing Senate confirmation votes. Bersin was earlier named by Obama to be commissioner of the Customs and Border ...

SD Gains Jobs in February; Unemployment Rate Drops

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San Diego County gained 900 jobs in February compared with January, the first month-over-month gain since November of last year, according to the state's Employment Development Department. The February unemployment rate was 10.6%, down from a revised 11.1% in January. ...

Local Lead Indicators Inch Up

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The lead indicators of the San Diego economy, published by economist Alan Gin of the University of San Diego, edged up to 107.8 in February from 107.7 in January. They had hit 109.9 in November of 2009. Building permits, initial ...

Qualcomm Makes Bold Forecast, Stock Zooms

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Stock of telecom superstar Qualcomm soared 4.98% today (March 25) as the company forecast better times ahead. Earlier this month, the company had made a positive forecast at its annual meeting. For the quarter ending March 28, Qualcomm will earn ...

Is City Council Cerebrally Bankrupt?

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Sometimes you have to wonder about San Diego's city council and its mainstream media. On Tuesday (March 23) Councilmember Marti Emerald complained that a newsletter, Bottom Line/Personal, which covers both finance and romance, had quoted an analyst telling people to ...

Poll: Americans Distrust Wall Street, but Not Sure about Government

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The latest Bloomberg National Poll, released today (March 24) indicates Americans overwhelmingly dislike the financial industry, but aren't sure the government could be trusted to sort out the mess. The poll showed that 57% have a very or mostly unfavorable ...

"Loan Modification" Telemarketer Indicted

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The U.S. attorney's office today (March 23) unsealed the indictment of Glenn Steven Rosofsky, charged with running a loan modification scam from San Marcos. Such scams multiplied as people fell behind in their mortgages in the Great Recession. Rosofsky, who ...

SDCERA Loses Amaranth Decision, Will Appeal

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U.S. District Court for the Southern District of New York has dismissed a securities fraud lawsuit filed in 2007 by the San Diego County Employees Retirement Association (SDCERA) against Amaranth Advisors, a hedge fund that collapsed. SDCERA invested $175 million ...

Sempra Gives the Boot to 90 Employees

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Sempra Energy announced Monday (March 15) that 90 jobs are being eliminated in a corporate-wide reorganization. The lost jobs include some at Sempra Energy, the U.S. parent, and at the parent's member utilities (such as San Diego Gas & Electric). ...

Woman's Business Magazine Sputters, Vows Recovery

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"San Diego Business Woman Magazine," which bills itself as a "very high end lifestyle magazine focusing on the needs and desires of women here in San Diego," is well behind schedule, but promises it will catch up and pay the ...

Sequenom on Roller Coaster Again

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Stock of San Diego biotech Sequenom is back on a roller coaster. Today (March 16) it is down 21.52% to $6.09 on disappointment with its fourth quarter losses. The company lost $18.4 million or 36 cents a share compared with ...

Little Italy Scamsters Offering up to 96% Headed to Prison

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Richard Habib and Luis Madrid were sentenced today (March 15) for their role in a scam that promised investors annual returns of 14% to 96%. They headed Corporate Funding Financial of America, which said it could develop profitable commercial and ...

Amylin Stock Leaps on FDA Notice

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Stock of biotech Amylin soared 16% to $23.50 today (March 15) as the Food and Drug Administration sent the company a letter that Wall Street considered positive. Amylin is developing a drug for diabetes named Bydureon. The FDA's letter did ...

Fundamentalist Group Wants to Reform Court System

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Religious right activists have organized to take control of the court system "across San Diego County and eventually America," according to "digbysblog.blogspot.com." The group, called "Better Courts Now," has been written up on other blogs such as "Right Wing Watch," ...

Padres Have Zero Chance to Make Playoffs?

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On the back page of the Personal Journal section of Thursday's (March 11) Wall Street Journal is a great big "0%" headline in red. Underneath is the copy: "The percentage that the San Diego Padres, Washington Nationals, Cleveland Indians or ...

Illumina Sequences Actress Close's DNA

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Score a publicity coup for San Diego biotech Illumina. Today (March 11) it revealed that it has sequenced the DNA of actress Glenn Close, who becomes the first publicly named female to have her DNA sequenced to full coverage. Close ...

San Diego Unemployment Rate Leaps to 11%

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The unemployment rate for San Diego County in January jumped to 11% from a revised 10.3% in December, according to delayed data from the California Employment Development Department. This compares with 13.2% in California and 10.6% nationally for the comparable ...

PSA Test for Prostate Cancer "Disaster," Says Scientist

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In today's (March 10) New York Times, Prof. Richard J. Ablin of the University of Arizona College of Medicine declares that that so-called P.S.A. screening for prostate cancer "has led to a hugely expensive public health disaster." Ablin says he ...

Questions Abound in City's Planned Refunding of Stadium Bonds

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The city council is being asked Tuesday to approve the refunding of $185 million of lease revenue bonds, including the 1996 Qualcomm Stadium bonds. (The facility was then named Jack Murphy Stadium.) The outstanding principal on those bonds is $54.7 ...

San Diego 9th Most Popular Retirement Location

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TopRetirements.com is out with a list of the 100 most popular retirement towns for 2010. San Diego is listed ninth. It's based on the number of online visits. John Brady, editor of the second edition of "100 Best Retirement Towns" ...

Work for a Government and Rake in Bucks

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State and local employees receive 34% higher wages on average than workers in the private sector, and the government workers' fringe benefits are 70% higher than those in private industry. This is one of the stunning revelations in a new ...

Qualcomm Stock Soars on Higher Forecasts

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Stock of telecom superstar Qualcomm is up 6.86% to $38 this afternoon (March 2) as the company at its annual meeting announced that both quarterly sales and earnings would be higher than earlier expected, according to Reuters. The stock is ...

Sequenom Stock Zooming Again

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Shares of biotech Sequenom are up 23.12% to $8.52 this morning. The stock has almost doubled in the last month; it closed at $4.32 Feb. 2. Today (March 2) analyst Pamela Bassett of Cantor Fitzgerald raised her rating of the ...

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