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Stocks fall sharply: Analysts are citing new concerns on the European debt front, but perhaps the real explanation is a long-awaited sell-off. Dow is down 160 points.
LinkedIn sliding back: Shares of the professional networking site are trading at $85 this morning, far from the high of $120+ last week. There's been lots of discussion on whether the initial offering price of $45 was too low. (DealBook)
Oil falls, dollar gains: Crude is now trading below $98 a barrel. That should bring down gasoline prices some more. (AP)
New mortgage fraud team: A state task force will look at corporate fraud, mortgage scams, and fraudulent lending practices. From the LAT:
[California Attorney General Kamala] Harris said her initiative was distinct from the multistate investigation because it would go after all aspects of the mortgage-lending business. Harris, formerly San Francisco's district attorney, made a campaign promise last year when running for attorney general that she would crack down on mortgage fraud.
Big foreign opening for "Pirates": The latest installment in the Disney franchise scored $256.3 million overseas, way stronger than the weekend domestic numbers - and another reminder of how important the foreign box office has become. (The Wrap)
Goodbye reality shows?: Not quite, but the networks are scheduling a bunch more dramas and comedies - 42 new scripted shows, up from 36 last year and 31 in 2009. From the NY Post:
The media companies benefiting the most from the increase in scripted shows are Time Warner and its Warner Bros. TV unit and CBS and its television production studio. At Warner Bros. TV, not only were nine of the 22 pilots in production picked up, but eight of the 21 shows currently on network TV are heading toward syndication, according to the report.
Who will replace L.A.'s economic czar?: Mayor Antonio Villaraigosa has been interviewing candidates to replace Austin Beutner, who stepped down to explore a run for mayor. No word on whether the new pick will have the same broad authority on economic issues, says Rick Orlov at the Daily News.
Toyota's blind spots: The Japanese automaker has problems differentiating quality from safety, in part because of a culture that can foster complacency, according to an independent review. From the LAT:
The panel pointed to a 2007 federal investigation of sudden-acceleration complaints about the Lexus ES 350, noting that it was the National Highway Traffic Safety Administration, rather than Toyota, that took the time to identify the nature of consumer complaints. Toyota, by contrast, "noted its success in saving over $100 million by negotiating a limited recall of all-weather floor mats," an example of what the independent panel called the automaker's view of regulation as an "adversarial process" that considers blocked regulations to be "wins."
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.