SANDAG files suit against 20 financial institutions for rigging market
They allegedly manipulated the benchmark LIBOR rate
The Regents of the University of California and the San Diego Association of Governments (SANDAG) filed suits in separate federal courts today (June 25), according to Reuters. The Regents filed in San Francisco and SANDAG filed in U.S. district court …
CPUC group wants to protect consumers on San Onofre charges
Division of Ratepayer Advocates says Edison and SDG&E should remove nuclear facility charges from customers' rates
The Division of Ratepayer Advocates (DRA), a wing of the California Public Utilities Commission (CPUC), representing consumer interests, today (June 25) filed a motion urging the CPUC to direct Southern California Edison (SCE) and San Diego Gas & Electric (SDG&E) …
SD home prices kept soaring in April
S&P/Case-Shiller numbers show hot markets
Standard&Poor's/Case-Shiller home price data released this morning (June 25) show prices continuing to soar in April. San Diego prices rose 3.7% from March to April, topping the 20-city composite's sturdy 2.55% gain. Year-over-year, San Diego values are up 14.7%, topping …
That SD-based spring pro football league was launched by embezzler
Cuadra stole money from employer, spent most of it to start league
Jaime Cuadra pleaded guilty today (June 24) to wire fraud and filing a false income tax return in connection with his embezzlement of more than $1 million from Oceanic Enterprises and its parent, Umami Sustainable Seafood. He was chief financial …
Issa raked in $59.4 million last year
House disclosure form shows he dabbled in junk bond funds
North County Congressman Darrell Issa took in $59.4 million last year, according to a disclosure form he filed with the House, according to the publication Politico. Issa pared down his debt in 2012 as bank borrowings dropped from $100 million …
Wall Street a trap for outsiders, says Madoff
He should know; he pulled history's largest Ponzi scheme
MarketWatch has interviewed Bernard Madoff, the architect of history's biggest Ponzi scheme, in prison. (He is serving 150 years.) "The individual investor is the last person that has any information," said Madoff in the interview. The Securities and Exchange Commission …
Padres: You get less bang for the buck
Study compares resale ticket prices, winning percentage, competition quality
According to MarketWatch, a Texas company, TicketCity, has done a study of how much bang baseball fans get for their buck. The Padres rank 28th among 30 Major League Baseball teams. First, TicketCity considers the price of tickets bought from …
SD hotel business up, but lagging other coast markets
Occupancy still below comparable rate for 2007
According to Smith Travel Research, occupancy in San Diego hotels inched up to 68.7% this year through May, compared with 68.2% the same period a year ago. San Francisco, Orange County and Los Angeles all registered better increases. Jerry Morrison …
County unemployment rate drops to 6.7% in May
County gains 6000 jobs for month, 20,300 from year ago
The San Diego County unemployment rate was 6.7% in May, down from a revised 7% in April, and below a year-ago's 8.8%, according to the California Employment Development Department. The county gained 6000 jobs between April and May. Leisure and …
Sacramento resident pleads guilty to smuggling endangered fish here
He brought in Totoaba swim bladders from Mexico
Jason Xie, Sacramento resident, pleaded guilty yesterday (June 19) to bringing endangered Totoaba fish swim bladders into the United States. The fish are endemic only to the Gulf of California. The swim bladders are highly prized in Asian markets for …
Home values in West, including SD, continue soaring
But this won't last, warns Zillow.com economist
Home values in the U.S. continued surging in May, but the West ran away with the prizes -- for the sellers, that is, according to Zillow.com. Sacramento prices rose 1.7% in May from April, topping the 30 major markets. San …
Is "Enron by the Sea" tag apt again?
Wall Street Journal tells of officials looking gift horse in the teeth
Today (June 19) the Wall Street Journal asks if San Diego once again merits the apt appellation "Enron by the Sea." (The New York Times originally came up with the oft-repeated description a decade ago.) The Journal tells how in …
Members of sports gambling ring indicted
"Macho Sports" ran from Peru, taking Internet and telephone bets
Eighteen members of a gambling ring located in Southern California and Peru were charged with operating "Macho Sports," an illegal Internet and telephone gambling business, in an indictment unsealed today (June 19). They are charged with taking millions of dollars …
U-T must pay former carriers $3.18 million, will appeal
Suit similar to successful one against Orange County Register
U-T San Diego must pay 1.285 former newspaper carriers $3.18 million, according to an intended statement of decision by Superior Court Judge John S. Meyer, as reported by the Union-Tribune. The newspaper's chief executive, John Lynch, said there will be …
Why pro sports subsidies are c**p
But Oakland A's owner denies he sabotaged the plumbing
On Sunday, the Oakland A's sewage system backed up. Neil deMause of fieldofschemes.com said one thing was certain: there would be renewed calls for a new, subsidized stadium. True. Major League Baseball quickly jumped in and declared, "As we have …
Manchester hotel to break ground in Austin in November
Papa Doug's son releases consultant study claiming there is need for it
The $350 million Fairmont Hotel in downtown Austin will start going up in November, according to the Austin American-Statesman. Developer Douglas W. Manchester, son of San Diego hotelier/publisher Douglas F. (Papa Doug) Manchester, told the newspaper that a new consultant …
SD 10th in science, tech, engineer, math jobs
23% of local jobs require such skills
There is a category of jobs with the acronym STEM (science, technology, engineering, and math). According to a new study by the Brookings Institution, 23% of local jobs require such skills. This is 10th in the nation. To no one's …
Marriott wants fat subsidy to keep Tony Robbins seminar in Palm Desert
Town asked to chip in $20,000 to keep motivational seminar
CORPORATE WELFARE REPORT: The J.W. Marriott Desert Springs resort is asking Palm Desert to cough up $20,000 to help keep a Tony Robbins motivational seminar from moving to Florida this year, according to the Desert Sun. Robbins's five-day "Date With …
Fitch gives SD lease revenue bonds A+ rating
Says tax base recovering but pension problems linger
Fitch Ratings has assigned A+ ratings to $40 million of San Diego capital improvement projects and Old Town Light Rail Extension lease revenue refunding bonds, and also $6 million of Balboa Park/Mission Bay Park Refunding bonds. The City has "a …
Auto repair centers disciplined
One charged $867.40 for unneeded work
The Bureau of Automotive Repairs has disciplined three firms in the county. Arian Inc., dba Cox Automotive Service, 5782 Miramar Road, was fined for performing unnecessary repairs. The customer was charged $867.40 for work that did not have to be …