Stocks move higher: Again. Dow is up about 20 points, helped along by strong results from McDonald's.
Blue Ribbon stadium panel has ties to AEG: This is the group named by Villaraigosa that's supposed to objectively determine whether the proposed facility is in the best financial interests of taxpayers. Right. From AP:
Mayor Antonio Villaraigosa' s panel includes a former governor who received generous donations from entities connected to the owner of Anschutz Entertainment Group; entertainment executives that have partnered with the firm or its affiliates; and business owners who have served alongside company president and CEO Tim Leiweke on local civic boards and commissions.
Enterprise zones don't work: New report confirms the findings of an earlier report: That the state-financed program to stimulate investment in struggling areas does not create jobs. Gov. Jerry Brown is looking to dump them. From the LAT:
"Our review of the most up-to-date data on the Enterprise Zone Program finds its cost has soared, but our communities haven't seen the jobs and economic growth they were promised," said Jean Ross, executive director of the California Budget Project. The analysis shows that the cost of enterprise-zone tax credits grew to $465.5 million in 2008, the latest year for which data are available, from $675,000 in 1986. The average cost per zone increased to $11.1 million in 2008, from $48,000 in 1986.
Gas prices edge higher: This is the 10th straight week of increases. Average price of regular in the L.A. area is up more than 2 cents from last week, to $3.414, according to the government's survey.
LACMA, Getty acquire Mapplethorpe's works: The first-ever joint acquisition by the two museums includes well over $30 million in Mapplethorpe photos and sculptures. From the LA Weekly:
LACMA curator Britt Salvesen explains that the material's incredible value is partly derived from Mapplethorpe's forward-thinking choice to print only 25 editions of each Portfolio -- and 25 was pretty much his maximum, for any piece. "It's a market-based decision, and he was very ahead of the curve on that, as a photographer -- because up until the mid '70s, there wasnt really a fine-art market for photography" says Salvesen. "He made a decision early on to create rarity in his work." That's why, even though the Robert Mapplethorpe Foundation donated an undisclosed portion of the new L.A. collection free of charge, LACMA and the Getty still shelled out a large chunk of the $30 million (they won't say how much).
Big payday for Arianna: Huffington's share of the AOL's purchase is about $100 million, virtually all of it in cash. (Washington Post)
Miserable cities in California: Stockton, Merced, Modesto and Sacramento, Vallejo, Fresno, Salinas, and Bakersfield make it onto the Forbes list of America's Most Miserable Cities. L.A. was not included.
Live Nation buys rest of management firm: The Bev Hills-based concert promoter had already owned most of Irving Azoff's Front Line Management Group. Azoff becomes chairman of Live Nation. (Bloomberg)