La Jolla Now Has Nation's Most Expensive Homes, According to New Study
La Jolla's home prices are the most expensive in the nation, according to Coldwell Banker's annual home price comparison index. The study measures home values for select 2,200-square-foot, single-family homes with four bedrooms, 2.5 baths, a family room and two-car …
It's Official: Federal Government Seizes Fannie and Freddie. Will Reform Come Next?
Treasury Secretary Henry Paulson announced this morning (Sept. 7) the long-expected news: the government will take over mortgage behemoths Fannie Mae and Freddie Mac, which together own or guarantee $5 trillion of U.S. home mortgages, half the total. The chief …
Conservative Wall Street Journal Heaps Praise on Liberal Mike Aguirre, Citing His Pension Battle
An editorial in the current Wall Street Journal (Sat./Sun. Sept 6-7) gives a rave editorial boost to San Diego City Attorney Mike Aguirre. "A rare politician looks out for taxpayers," says the Journal in the editorial. Aguirre is "looking out …
If Common Shareholders Are Wiped Out in Fannie/Freddie Bailout, Brandes Could Take Another Hit
The New York Times Reports this morning (Sept. 6) that Fannie Mae and Freddie Mac, the big mortgage giants, may be bailed out by the federal government this weekend before the Asian markets open Sunday evening. "Shareholders would be virtually …
SEC Charges La Jolla Software Firm, Retail Pro, with Accounting Fraud
The Securities and Exchange Commission today (Sept. 4) charged software firm Retail Pro, formerly Island Pacific, with an accounting fraud similar to the kinds that Peregrine pulled. The SEC charged that the company improperly recorded and reported $3.9 million in …
Union-Tribune Employees Camp Out All Night in Lobby To Be First in Line To Get Buyout Forms
About 50 Copley Press employees, anxious to be first in line to get forms for the latest buyout, camped out last night in the U-T lobby in Mission Valley, sleeping on the floor, cots, couches, and futons. Today (Sept. 2) …
Local Newsweek Correspondent Pleads to Chargers: "Don't Bolt!"
In the Aug. 29, Newsweek online edition, Jamie Reno, local correpondent for the national weekly, laments, "It's fourth and long for the Chargers' future in the San Diego area. If Chula Vista doesn't come through, this team will probably punt." …
Amount Moores Group Is Offering to Peregrine Victims is $55 Million; Originally, Plaintiffs Wanted Over a Billion
John Moores and four other former officials of scandal-plagued and bankrupt Peregrine Systems are offering to pay aggrieved investors a collective $55 million, according to papers on file in U.S. District Court. Originally, plaintiffs had sought almost $1.5 billion from …
Union-Tribune's New Buyout Program Suggests the Company May Be Bought Out Soon, and May Be in Cash Flow Squeeze
The Union-Tribune today (Aug. 28) offered still another buyout program to non-union employees with 5 years or more of service. Full-timers will receive an amount equal to two weeks of base pay for every year of continuous service up to …
Union-Tribune Seeking More Buyouts Today; Details To Come Later
The Union-Tribune, which has pared the payroll sharply in the last two years, today (Aug. 28) offered another buyout package to employees. Some are excepted. I understand employees have to make up their minds in a hurry -- something like …
John Moores and Peregrine Cronies Agree to "Very Significant" Settlement in Civil Suit, but Victims' Lawyers Battle
John Moores, former chairman of the fraud-suffused Peregrine Systems, along with four former officers and directors, has agreed to what a judge calls a "very significant" settlement in a major civil case, according to papers on file in U.S. District …
Amylin Pharmaceuticals Stock Plunging Again on More Bad News on Diabetes Drug
Stock of biotech Amylin Pharmaceuticals is down 23.49 percent today (Aug. 27) to $20.84, the lowest level in three years, as more bad news on its diabetes drug Byetta has been revealed. Those suffering from pancreatitis have died using the …
Asian Households Had Highest Median Incomes in County in 2007, Census Data Show
An analysis by the Center on Policy Initiatives of 2007 U.S. Census Bureau data shows that households of people of Asian extraction had the highest median income in the county: $75,686. In second place were whites at $70,486. Lagging were …
San Diego Single Family Home Prices Have Now Plunged 30 Percent from Their 2005 Peak
San Diego existing single family home prices in June dropped 24.2 percent from a year earlier, according to the Standard & Poor's/Case-Shiller Home Price Indices, revealed this morning (Aug. 26). San Diego was 5th worst among the 20 largest metro …
Canadian Newspaper Company Looking at Union-Tribune; Would Take Advantage of Strong "Loonie"
Black Press Ltd., which produces newspapers in Alberta and British Columbia, Canada, sent its bean counters and press experts to look at the Union-Tribune Friday (Aug. 22). An executive with broad experience in buying and selling media properties led the …
State Lands Commission Approves Lease of State Property for Poseidon's Carlsbad Desalination Plant
The State Lands Commission today (Aug. 22) voted to approve a lease of state property for the Carlsbad desalination plant proposed by Poseidon Resources Corp. Earlier this month, the California Coastal Commission approved the project. Poseidon believes that the favorable …
McCains Have Eight to Eleven Homes -- Two in Coronado, One in La Jolla, Says Blog
Presumptive presidential candidate John McCain doesn't know how many homes he and his wife own, but Talking Points Memo, a popular blog, says it has it figured: eight to eleven. That includes only homes that they live in; it does …
UCSD Tied for 35th in U.S. News's Annual Ranking of Universities
The University of California/San Diego is tied for 35th in this year's newly released ranking of universities by the magazine U.S. News. The others at 35th are Georgia Tech, Lehigh, University of Rochester, and the University of Wisconsin-Madison. The magazine …
Mike Aguirre's Brother Will Be Unpaid Intern
Gary Aguirre, brother of City Attorney Mike Aguirre, will be an "unpaid intern," says his brother Mike. In an earlier post, I reported that Gary, an experienced lawyer who made a bundle practicing in San Diego, had joined the city …
Billionaire Richard Mellon Scaife Not Interested in Buying U-T
Richard Mellon Scaife, the Pittsburgh billionaire who owns newspapers and is a major donor to conservative causes, is not interested in buying the Union-Tribune, I have learned from a source close to him. The rumor that Scaife was interested has …