San Jose Nixes "State of Fiscal Emergency" but Will Study Reduction of Retirement Benefits
The city council of San Jose this afternoon (May 24) voted 8-3 against the mayor's proposal to declare a state of fiscal emergency, but voted to study various suggestions for reducing retirement benefits, according to the San Jose Mercury News. …
In Assessing Chargers Options, Do Cost Comparisons
The propaganda machine behind a taxpayer-financed new Chargers stadium is picking up steam, and looking more ridiculous. This morning (May 21) the Union-Tribune leads with a story about a study claiming that the City's annual operating loss at Qualcomm Stadium …
Society Writer Burl Stiff Dead at 83
An era has passed. Burl Stiff, longtime society writer for the Union-Tribune, died this morning (May 20) at White Sands of La Jolla Retirement Community, where he had been in frail health for some time. He would have been 84 …
April Local Unemployment Drops Below 10%
The San Diego unemployment rate in April dropped to 9.8% from 10.2% in March and 10.3% a year earlier, according to the California Employment Development Department. The county gained 2,400 nonfarm jobs between March and April, and 13,400 over the …
Here's a Small Victory for H-1B Opponents
The Department of Justice this week reached a settlement with a New Jersey computer programming services company that advertised that it had a preference for H-1B information technologists. The H-1B program brings in thousands of foreigners each year, mainly for …
The Terminator's Lawyer Tried to Intimidate the Reader, Too
Former Gov. Arnold Schwarzenegger, the machine gunner/actor, has been caught with his pants down. He has admitted being the father of a child born to a long-time staffer more than ten years ago. Schwarzenegger's wife has left him. His long-time …
Two Belgians Indicted for Smuggling Aircraft Parts to Iran
A federal grand jury sitting in San Diego has handed up a superseding indictment charging Willy A.E. De Greef and Frederic Roland Nicolas Depelchin, both Belgians, of smuggling aircraft parts to Iran. According to the U.S. attorney's office, the pair …
Bill to Cut Benefits of Felonious Public Employees Fails in Committee. Did Union Bucks Play a Role?
Earlier this month, the California State Senate Committee on Public Employment and Retirement failed to approve a proposal to cut off pension benefits to any public employee convicted of a felony arising out of his or her professional duties. Two …
Defense Contractor Pleads Guilty to Bribery
Jesse Denome, owner of JD Machine Tech, a San Diego defense contractor, pleaded guilty today (May 16) to bribery and filing a false tax return. According to court documents, in 2004 and 2005 Denome provided an unnamed government official at …
Ponzi Schemer Gets One of Longest S.D. White-Collar Sentences
Thanh-Viet (Jeremy) Cao, a career criminal who was found guilty of running a massive Ponzi scheme last December, was sentenced today (May 16) to 360 months in federal prison -- one of the longest white-collar crime sentences in the Southern …
SEC Halts Allegedly Fraudulent Encinitas Trading Scheme
The Securities and Exchange Commission today (May 16) filed an emergency enforcement action to halt an allegedly fraudulent trading scheme conducted by John Clement of Encinitas. Clement, who did day trading from his home, falsely promised returns of 1% to …
Romo Charged with Fraud Again
A federal grand jury in Sacramento on Friday (May 13) returned a 12-point indictment charging Folsom developer David Romo with mail and wire fraud and money laundering, according to the Sacramento Business Journal. The indictment states that Romo defrauded investors …
Consumer Inflation Up 0.4% in April. Worker Earnings Fall
Consumer prices surged 0.4% in April, as higher gasoline prices accounted for more than half the increase, according to government figures released today (May 13). Consumer prices have now risen 3.2% over the past year. As recently as November, the …
Now Government Will Back Fewer SD Mortgages. Could Hurt Housing Significantly
A story in today's (May 11) New York Times tells how expensive housing markets such as San Diego will lose backing of the federal government in changes expected to take effect September 30. For the last three years, federal agencies …
In San Diego, Rent, Don't Buy, Say Stats
The New York Times has a piece today (May 10) stating that San Diego home prices are still "bubbly." Thus, renting a home is a better option than buying, according to the Times. This is based on the rent ratio, …
Small-Business Confidence Drops to Seven-Month Low
The optimism index of the National Federation of Independent Business (NFIB) fell to 91.9 in April, the lowest reading in seven months. The NFIB represents small businesses. Hiring plans among small business owners declined in the month. Small companies want …
Grim Housing News. San Diego No Exception. Double Dip?
Home values around the nation suffered their biggest drop since recessionary 2008 in this year's first quarter, according to Zillow in a report released today (May 9). First quarter 2011 home values nationally fell 3% from the fourth quarter and …
H-1B Visas Drop Sharply
Today's Wall Street Journal (May 7-8) notes that the controversial H-1B visa program has attracted about 50% fewer applicants this year and 80% fewer than during the same period of 2009. In the year through the end of April 2011, …
U.S. Jobs Rise Sharply but Unemployment Rate Up
Employment statistics announced by the federal government today (May 6) are a mixed bag, but they are initially pleasing Wall Street, as stock prices soar in early trading. However, it is not clear that the numbers will please Main Street. …
Vallejo to Emerge from Bankruptcy -- Bruised
According to a story in the May 4 Wall Street Journal, the city of Vallejo, which entered bankruptcy in 2008, should emerge by July. The city of 120,000 is 30 miles northeast of San Francisco. In the years leading up …