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January 31, 2009
As with so many things involving Wall Street, the subject is a lot more nuanced than many folks might think.
January 30, 2009
Layoffs are obviously a rare occurrence at NPR, which is why there was such surprise at the show's cancellation - and resulting layoffs.
The plan to take toxic assets out of regular banks and put them into a government-operated "bad bank" might not happen.
Economy contracts less than expected, gas prices leveling off, no new drilling off Santa Barbara, and Queen Mary taken over.
January 29, 2009
NYT Co. had a terrible December - and a terrible 2008, for that matter - and entertainment advertising was especially weak.
Disney plans to cut 200 people from the network and freeze 200 vacant positions. That amounts to a 5 percent reduction.
Within the past week or so the mention of bank nationalization no longer provokes a look of disbelief. It’s in the air.
Sure, it doesn't look great right now, but the Socal economy still has lots going for it. Really.
State would benefit from stimulus, SAG president sings the blues, JetBlue to start LAX service, and big bonuses on Wall Street.
January 28, 2009
Not that we're anywhere close to a turnaround, but at some point it will happen. The question is what then?
No specifics on where the layoffs are coming from; the company still has a large Southern California workforce.
The problem with blaming Sam Zell for practically everything that's wrong with the newspaper industry is that, well, it's not true.
Obama nearing plan to buy bad assets, layoffs at Avery Dennison, movie incentives pay off in NY, and Dreamworks gets more financing.
January 27, 2009
Economic despair is fast becoming the catch-all explanation for murder-suicide. But there's often a lot more to the story.
Hooray - California does not have the highest unemployment rate in the nation. That dubious honor goes to Michigan.
NY AG Andrew Cuomo wants to know more about the bonuses that Merrill Lynch handed out on the eve of its merger with B of A.
L.A. County had a modest 5.9 percent increase in fourth-quarter mortgage default notices compared with a year earlier, but ...
And no, FDR did not turn the economy around, certainly not to the extent that many of us had been taught.
L.A. home prices keep falling, local bank ordered to stop lending, SAG could be ready to deal, and Cal Worthington sings the blues.
January 26, 2009
The average gallon of regular in the L.A. area is $2.07, up three-and-half cents from last week.
One day after the glittery awards ceremony a majority of the guild's board members moved to oust executive director Doug Allen.
As in, why business reporters didn't recognize that a financial meltdown was fast approaching? Actually, there were lots of reasons.
Don't let those new restaurants popping up fool you - downtown's recent growth surge has hit a wall.
Around 61,000 layoffs so far today, Thain will pay office costs, Expo stores to close, and Obama gets tough on emissions.
January 25, 2009
Everything else has gotten to be such a mess that showbiz is considered relatively safe - or at least safer.
Much of the decline is due to folks eating fewer meals at home. Also, contractors are tossing away less drywall and lumber.
January 23, 2009
Well, for now anyway. Cortines warns warns that the nation's second-largest school district still faces difficult cuts.
The Eastside nonprofit has been an politically influential organization focused on job training and minority business development.
It’s a pretty bleak report, though not especially surprising. I mean, we’re in a terrible recession and this seems to be the worst of it.
NBC profit off 6%, gas prices keep jacking up, Obama plan could help California big time, and fine dining in trouble.
January 22, 2009
The L.A.-based broadcast giant agrees to pay Televisa $25 million in disputed royalties, and Televisa agrees to keep providing telenovelas.
A group led by investment banker Tom Ricketts is buying the team for around $900 million.
She appears to have been aware of efforts by a politically influential bank to get dispensation in the $700 billion bailout bill.
He's the same guy who wanted a $10 million bonus even though the bank was on the verge of collapse before being acquired by B of A.
Big cuts at Microsoft, shenanigans at Merrill, monster sign company goes to court, and Oscar nominations are out (whoopee!!).
January 21, 2009
The actor's overseas travel was restricted to London and Bangkok, so what on earth was he doing in Dubai?
Another Fortune 500 company bites the Southern California dust - not a big surprise after Blackstone acquired the hotel chain in 2006.
The Irvine-based homebuilder confirms a workforce reduction but offers no details on the status of several local projects.
Too many people - reporters, pundits, bloggers, et al – haven’t the first clue about many of the numbers they're writing about.
How to deal with bank troubles, paying for the inaguration, lower traffic at LAX, and stadium-related financing approved.
January 20, 2009
Celebrity chef Anthony Bourdain, who does guest appearances on "Top Chef," is a bit of a jerk, but he's not afraid to speak his mind.
The studios are hardly in real trouble, but at times like these it becomes hard to justify Hollywood's outrageous spending.
Inauguration Days are typically tough on Wall Street, but this is ridiculous. Today could be one of the worst Inaugural sessions ever.
Not that many people are paying attention this morning, but the Dow is down more than 100 points in early trading.
January 19, 2009
The L.A. area is projected to lose 164,000 jobs by the end of the year, the second-highest job loss in the nation after New York.
Nothing against our new president, but a little proportionality is in order. I mean, aren’t we in the worst economic mess since the 1930s?
Homes sales continue to skyrocket, many of them foreclosed properties in the Inland areas. Home prices continue to fall.
The plan is to restructure debt, hold onto the LAT, Chicago Tribune and other big assets, and maintain the employee-ownership structure.
Jobless money drying up, bad times for gardeners, venture capital sinks in fourth quarter, and SAG's Allen still fighting.
January 16, 2009
Paulson gave up on buying toxic assets in favor of investing directly in banks - and we've seen what a success that's been.
That's the word from Copley CEO Gene Bell, who says that interested buyers in the Union-Tribune aren't exactly storming into his office.
That's how Jeff Katzenberg describes Activision CEO Bobby Kotick, who at one time thought videogames were a big waste of time.
The one-time consumer-electronics giant is about to be liquidated, but don't expect any information on the chain's Web site.
Big losses for B of A and Citi, Circuit City likely to be liquidated, L.A. gas prices shoot up, and "Watchmen" dispute settled.
January 15, 2009
The same guy who was thrown out as chairman and CEO last May has bought a bigger stake in the company - and he might buy more.
Every government official under the sun is eyeing all that moolah, including LAWA executive director Gina Marie Lindsey.
Apparently, the Post wants an outright service agreement while Tribune Co. would prefer some sort of partnership.
Gov. Arnold Schwarzenegger says the $42 billion deficit is a "rock upon our chest and we cannot breathe until we get it off."
L.A. foreclosures jump 113% in 2008, Chase taking over WaMu branches, L.A. office rents to be slashed, and DreamWorks pays Paramount.
January 14, 2009
It's sinking fast in after-hours trading after the announcement by CEO Steve Jobs that he will be taking a medical leave of absence.
The Apple CEO says his health issues are more complex than thought. He'll be on leave until June. "As CEO,...
Financial problems will result in the closing of the facility by year's end. About 100 patients will be relocated to area nursing homes.
All the discouraging news misses a bigger point: Who in their right mind would want to buy stocks or bonds these days?
As bad as that 2.7 percent drop in December retail sales may look, the more detailed numbers are really discouraging.
Unlikely as it might sound, McDonald's is introducing large communal tables to several of its U.S. locations, including one in Echo Park.
Retail numbers worse than expected, port traffic way down in December, Gottschalks files Chapter 11, and SAG strike doubtful.
January 13, 2009
After a marathon 30-hour session, the national board of the Screen Actors Guild has adjourned with no action taken.
Among Bartz’s many tasks will be to figure out what to do with the company’s Santa Monica offices – and its Hollywood ambitions.
TV did much better, increasing 14.4 percent in the fourth quarter and 8.4 percent in 2008. The reality segment did especially well.
At last check, the guild's national board was still meeting - and presumably still debating whether to fire executive director Doug Allen.
The merger of the two brokerage units is expected to be announced sometime after today's closing bell.
SAG negotiator being pushed out, Madoff may be plea-bargaining, gas prices take big jump, and more CEOs getting the ax.
January 12, 2009
The Intrade online prediction market puts the chances at 55 percent, which is up from around 20 percent right after the election.
Not that big a surprise - the new Congress is mulling over lots of restrictions on how the government money can be used.
Citigroup overhaul nears, Madoff ruling due, "Slumdog" becomes Oscar favorite, and L.A. has a new slogan.
January 9, 2009
Yes, the numbers are terrible, but they were supposed to have been terrible - and they will continue to be terrible for some time.
The promotion runs between now and June 3, which is typically a slow time in the theme park business - likely to be even slower this year.
He was a regular at a Palm Beach shop called Trillion, where you could spend $7,500 on a sports jacket.
Still-higher gas prices, Krugman says Obama plan not enough, Katzenberg losses reportedly total $20 million, and better KB results (sort of).
Employers cut 524,000 jobs in December, bringing the 2008 total to 2.6 million. That's the largest yearly slide since 1945.
January 8, 2009
"This is extremely painful and humiliating for me,” he tells CNBC. "It has done extraordinary damage to my philanthropy."
The $13.9 billion price tag suggests a huge discount on the failed Pasadena thrift's loans and securities.
The owner of the 7th & Fig shopping center figures that losing Macy's will be an opportunity to reposition the complex.
Investigators found 100 signed checks worth $173 million that apparently were ready to be sent to family members and friends
Those selling protection to Tribune investors will have to fork over $98.50 for every $100 of face value. Yowser!
Bratz sales approved, L.A. rents are falling, Grey re-ups at Paramount, and Northrop combines units.
Even sales at Wal-Mart, which had been holding up reasonably well because of its low prices, rose only 1.7 percent in December.
The 7th and Fig location, otherwise known as Ernst & Young Plaza, will be one of 11 underperforming stores to be shuttered.
January 7, 2009
An executive buys a house in Corona in 2006 and its value promptly falls by 50 percent. But his company is bailing him out.
Banks, automakers - hell, why not pornographers? Joe "Girls Gone Wild" Francis and Larry "Hustler" Flynt are asking Congress for $5 billion.
Somehow the guy still manages to come off as being even more obnoxious than last we remember. He insists that he'll live forever.
The paper will resume a standalone business section four days a week - and it'll be renamed "Business" from the current "Marketplace."
Stocks off on Intel news, why banks still aren't lending, Blue Shield reissues medical coverage, and Hollywood swag takes a holiday.
January 6, 2009
The case centers on alleged efforts by General Growth to prevent Cheesecake Factory from moving into the American at Brand center.
Entertainment lawyer Larry Stein is looking for ways to sever his connection with the NY attorney accused of bilking investors.
An $18 billion package of tax increases and cuts being proposed by Democratic leaders appears headed for the dustbin.
The subject is earthquakes - specifically a 7.8-magnitude shaker - and how it would further devastate the housing market.
Any prominent executive who takes his own life is getting lots of attention. Today, there are two such stories.
A lending bank tried auctioning the Marina property for $44 million, but there were no takers. So the unfinished place is gathering dust.
Oil and gas are back up, Madoff trustee finds $830 million, new name for IndyMac, and home video business takes hit.
January 5, 2009
Lions Gate is now getting the cable channel of TV listings, along with TV Guide Online, for $255 million.
Citigroup offered to modify the loan terms for an OC subprimer named Daniel Sadek. But Sadek failed to make the new payments.
An office manager in the firm's London office is so ticked off that she's decided to yap about Bernie's spending habits.
Her candidacy would not be a big surprise - it's been the talk of Republican insiders for weeks.
This time it's the breast implant business. One NY plastic surgeon saw his practice take an 18 percent dip in October.
Jobs explains weight loss, box office was solid in 2008, feds investigated Madoff many times, and no more public access channels.
January 2, 2009
The FDIC will be selling the failed Pasadena bank to an investment group for $13.9 billion. No details on what's in store.
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