Insurer of Ballpark Bonds Downgraded; Could Bonds Be Affected?
Fitch Ratings today (Jan.18) cut the rating on Ambac Assurance from AAA, the highest rating, to AA, the third highest. The parent Ambac Financial was dropped from AA to A, the sixth highest rating. Ambac insured the ballpark bonds. The …
Charlotte Russe, Defying Industry Trends, Posts Excellent Sales Gain
San Diego's Charlotte Russe Holding, chain retailer of value fashion for younger women, reported today (Jan. 17) that its first quarter sales rose almost 14 percent, and its same-store sales, or sales in stores open at least a year, rose …
Mozilo Cancels USD Keynote Address
A funny thing happened to Angelo Mozilo on his way to San Diego. The chief executive of very ailing mortgage lender Countrywide Financial was supposed to give the keynote address at a University of San Diego real estate symposium Jan. …
Francis Says Lobbyists Control City Hall, Blasts Special Interests
Entrepreneur Steve Francis, in throwing his hat in the mayoral race today (Jan. 15), showed that he understands the cancers eating away at the City. "For too long lobbyists have controlled City Hall and the politicians have turned a deaf …
Union-Tribune Lays Off 27, Says 18 More Will Go
Another shoe finally dropped at the Union-Tribune today (Jan. 15). The company posted a memo saying that it was informing 27 employees from throughout the company that their positions had been eliminated. Also, the company said that 18 artist positions …
"Independent" Analyst Swayed National Expert To Soften Position on Appointed Auditor
Andrea Tevlin is the so-called independent budget analyst working for the council. But she has apparently been compromised. Jay Poole, head of advocacy for the National Association of Local Government Auditors, said flatly in a letter published in December that …
SEC Won't Pursue Usana Further
According to the Wall Street Journal today (Jan. 11), the Securities and Exchange Commission is no longer investigating Utah-based Usana Health Sciences. The agency says there will be no enforcement action. In February of last year, San Diego's Fraud Discovery …
El Cajon Headquarters of Hells Angels Now Shuttered
The infamous El Cajon headquarters of the Hells Angels and the motorcycle club's saloon are now closed and boarded, covered with signs claiming they fail to meet seismic safety requirements. The one-story, cement block structures are on El Cajon Boulevard …
U-T News People Get Pep Talk, but Little News
In early December, the Union-Tribune said it intended to cut 43 jobs in the newsroom. Those who got in line first could take a buyout, and 29 did. That leaves 14 to be laid off and to get a much …
Why the Strong Mayor Idea Won't Work with a Dishonest Mayor
It is amazing how some San Diegans believe Mayor Jerry Sanders when he pretends that he is a straight shooter. Councilmember Donna Frye's "Frye Lights" publication, released today, retells an incident showing how strong mayor and liar mayor are a …
Group Protests Governor's Plan To Cut San Diego Lifeguards
In his 2008-2009 budget, Governor Schwarzenegger proposes to cut lifeguard service in five San Diego County locations, the Silver Strand, Carlsbad, South Carlsbad, San Elijo, and Cardiff state beaches. He also proposes to close 48 state park, historic, and recreation …
Countrywide Stock Zooms 55 Percent on Rumor B of A Will Buy It
Stock of Countrywide Financial, the nation's largest mortgage operation, shot up 55 percent today (Jan.10) to almost $8 a share on the Wall St. Journal's report that Bank of America is negotiating to buy the ailing company. Earlier in the …
Symphony's $120 Million Gift Hasn't Made It Flush
Portfolio.com,, put out by Conde Nast, has published an article noting that the San Diego Symphony's $120 million gift has been a hindrance in some respects. Qualcomm chairman Irwin Jacobs and his wife Joan made the pledge in 2001, four …
Website Slams Mozilo Appearance, Noting Stock Sales Before Crash
A website, disinvitemozilo.com, is criticizing the upcoming appearance of Angelo R. Mozilo, CEO of Countrywide Financial, at the USD real estate conference Jan. 22. Details of the conference are in the post below. Says the website, "Mozilo rakes it in, …
Countrywide's Mozilo To Keynote USD Real Estate Conference
The Burnham-Moores Center for Real Estate at the University of San Diego has snatched a speaker who should jam 'em in at the center's twelfth annual real estate conference Jan. 22 at the San Diego Marriott Hotel and Marina. That …
Religious Scammer Gets 25 Years, Told To Cough Up $43 Million
John Harrell, who once claimed to control a trillion dollar trust, today (Jan. 8), was sentenced to 25 years in prison for his masterminding of a religious scam. He was told to forfeit $2.4 million and pay $40.6 million in …
City Employees To Hold Anti-Aguirre Rally at Democratic Meeting
City of San Diego employees, retirees, and their families plan to rally against City Attorney Mike Aguirre at the County Democratic Central Committee meeting Tuesday evening, Jan. 8, at the State of California Building on Front Street. The employees will …
U-T Axes 14 in Pressroom Without Buyouts
Last Friday (Jan. 4), the Union-Tribune laid off 14 employees in the pressroom. That's out of a total of about 100, according to George Huber, secretary-treasurer of the union local, an affiliate of the Teamsters. Employees had wanted to get …
Wall Street Journal Blasts San Diego in Municipal Bond Editorial
In an editorial Dec. 31, the Wall Street Journal excoriated "shady accounting in the public sector," and cited San Diego as an example. The editorial asked multi-billionaire Warren Buffett to tell governments to insist on honest accounting, now that Buffett's …
29 Newspeople, Some of Paper's Best, Take U-T Buyout
According to a reliable source, 29 people in the Union-Tribune newsroom took the voluntary buyout abruptly offered by the company Dec. 3. The U-T wanted 43 out; if that's still the plan, 14 people will get the involuntary boot, probably …