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Lots of smiles and hugs - some folks hadn't seen each other in years.
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Mark Lacter covered business, the economy and more here from 2006 until his death on Nov. 13, 2013.
The entire LA Biz Observed archive — more than 10,000 blog posts by Mark —
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August 2011
Lots of smiles and hugs - some folks hadn't seen each other in years.
Not much doubt that the idea is at least being considered.
Not much of a question, I know.
Legal costs and writedowns have put the price tag at $30 billion and counting.
The state gives out huge number of tax breaks to businesses, often for little fiscal gain.
Modest job gains in August, Icahn ends battle with Lions Gate, AEG turns on the screws, and DWP warns of slower service.
The sea of litigation never seems to end.
At issue is a payment dispute between the wife of county Supervisor Mike Antonovich and an affiliate of the stadium developer.
Ticket holders and vendors have been trying to get the event organizers on the line since the festival was canceled last week.
California tops the list, with $7 billion of the capital, although the L.A./OC area makes up less than $1 billion of that.
Philanthropy has been curiously absent from the Jobs resume.
The L.A. Planning Department has been waiting five months for documents from Anschutz Entertainment Group.
It would be bad under any circumstances, but for the week prior to Labor Day weekend it's a nightmare.
Small gain in L.A. home prices, consumer confidence plummets in August, Vernon survives, and supermarket talks continue.
It's encouraging to see so many California universities at the top of Washington Monthly's rankings. But for how much longer?
An average price if regular in the L.A. area is up about seven cents from last week.
The downtown facility only works if developer AEG finds an NFL team willing to relocate to Los Angeles.
Wall Street's gloom appears to be lifting, at least for now.
Just because the airports have reopened doesn't mean things are back to normal.
The Seattle-based chain is throwing in free shipping for all returned merchandise as well.
Among the concerns: Underage workers, the use of poisonous chemicals, and illegal working hours.
Airlines resume operations back east, B of A sells stake in Chinese bank, state officials question benefits of downtown stadium, and more air service to Hong Kong.
Irene came into New York this morning as a tropical storm.
It's a balancing act for the airlines.
Also, Broadway will be dark on Saturday and Sunday.
There was a time when Kerkorian used Vegas as his personal craps table. Now, he seems to be cashing out.
The reality world is studded with examples of shameless exploitation.
Does anyone find it weird that the festival website has been taken down?
The L.A.-based company is selecting its plus-size models by asking applicants to solicit photos for its website.
More threats from AEG, Roski looks at alternatives to stadium, legislation to bypass Amazon referendum, and bad weekend to fly back east.
Bernanke said that the economy has softened and that the Fed could do more if necessary.
AEG had assured had assured city officials that construction would not cause any loss of major convention business.
I must say this seems kind of thin.
In 1996, Apple's market cap was $3 billion. Today it's $347 billion.
Not a huge number by big corporation standards - 500 - but most of the losses are likely to come from Socal.
It's really an impossible task, even among the most expert analysts and commentators.
Needless to say, there's a lot we don't know about how these folks operate.
Quite a few similarities between the two.
Buffett invests in B of A, Brown to propose corporate tax plan, Payless to close stores, and LAX's busy summer continues.
He calls Jobs an historical figure, one of two or three in the tech revolution.
Well, it's already fallen sharply in after-hours trading - just not as sharply as you might expect.
Tim Cook, who has been in charge of day-today operations during Jobs' medical absences, becomes the new chief executive.
The Dow closes up 143 points, to 11,320.
They're not, of course, which is why the current push to cut costs doesn't make much sense.
Festival promoters couldn't come up with $141,000 to cover fees.
The financial picture is a mess.
There's not much doubt about the state's economic success story, but how much of that is the work of Gov. Rick Perry?
Only 28 percent of those surveyed by Gallup said their companies and/or employers were hiring.
Gold finally starts falling, a not-too-terrible economic outlook, California's mishandling of leases, and raises next year to average 2.8%.
They're about the hottest thing in retailing, not only because of lower prices, but greater convenience.
Oh, the humanity!
Population in 2011 is 45,518, up 15.1 percent from the last time the survey was done in 2008.
Worsening economic data could prompt Ben Bernanke to respond in some way later this week.
The epicenter was only three miles deep, which is why the moderate-sized 5.9 temblor was felt in Washington.
Unless you're in his Assembly district, all correspondence will either be bounced back or not sent through at all.
It's not easy. The stock is down to $6.35 a share.
Even as he paints a conspiratorial picture on the government and financial systems, he's often funny, in a glib and goofy sort of way.
California mortgage delinquencies improving, community colleges being squeezed, Ticketmaster to get competition, and Ron Burkle looking at American Apparel.
That includes the weekend wedding in Montecito, which could generate revenue of around $18 million.
Sorry, but gas hasn't been falling at nearly the level that crude has.
A federal mediator is bringing both sides back to the bargaining table next Monday.
Here's what happens when a lectern and megaphone are placed in the middle of NY.
Not only does it have the nation's lowest unemployment rate, but it's the second-happiest state,
The In-N-Out people insist that it is and they've filed suit.
Supermarket talks continue, UC students paying more than state, 99 Cents Only Stores might get better offer, and Romney to build new home in La Jolla.
Here's a lovely collection of the best moments from 1921 to 2010.
July's unemployment rate was 3.3 percent, lowest in the country and light years ahead of California's 12 percent.
H-P fell 20 percent on the company's possible exit from the PC business.
Narrow aisles, merchandise stacked high, and managers on the prowl for bargains are among the must-haves.
Reminds me a little of the last scene in "Citizen Kane."
Unemployment jumped to 12.4 percent from 12 percent in June, and 30,600 payroll jobs were lost.
Jon Stewart takes on the class warfare rants from the Fox crowd.
B of A layoffs, gas prices keep dropping, grocery workers prepare to strike, and state accuses lawyers of fraud.
The state rose to 12 percent in July from 11.8 percent the month before.
The Dow opened lower and has been clawing back in the first hour of trading.
As long as they haven't committed any crimes and aren't deemed a threat to public safety.
More employers are discovering that nap times can help increase productivity.
The fear factor has been the real killer on Wall Street.
You could call them Internet godfathers - Henry Samueli and Henry Nicholas.
Dow is down about 460 points and back under 11,000.
There are only two things that elected officials really, truly care about: raising money and holding onto their district lines.
Inflation dips in L.A., Caruso gets Vegas gig, supermarkets taking applications, and AEG wants to skip lawsuit stage in stadium plan.
Could be a bad one - Dow is down 320 points in the first few minutes of trading. Bank of America if off almost 8 percent. *7:45: Dow down 488....
This is clearly more than what the government lawyers had bargained for.
How on earth someone gets reelected with a number that low on the economy is a mystery to me.
Perhaps it's in response to the well-publicized state cutbacks in the UC system
How long has he been running? Five days?
The ratings agency downgraded the city's investment pool. But so what?
Sure sounds that way, based on a Planning Commission report.
L.A. hotels filling up, Brown to name jobs czar, union battle at Kaiser, and SpaceX rocket to dock with Space Station.
Calls AEG's plan to break ground on a stadium in downtown L.A. by next June "really far-fetched."
They're supposedly all about the spectacle.
Right idea coming from the wrong guy.
Frankly, no one seems all that thrilled about a walkout, not with 12 percent unemployment.
What happens to these people when they get sick and can't care for themselves?
It's not only what he says about Fed Chairman Ben Bernanke, it's the clueless way in which he says it.
Fitch affirms AAA rating, more care with credit cards, settlement over port emissions, and convertible sales slip.
The current system for financing the Planning Department is already compromised, so what's another $500,000?
They fell 8.2 percent last year and are now 24 percent below 2007 levels.
The world minimizes most anything that can't be summed up in a few words or readily monetized.
An average gallon of regular is 8 cents lower than just last week.
So much for panic in the streets.
The beginning of what is destined to be the incredible shrinking stadium deal.
But the sales figures aren't all that bad, considering that consumer sentiment has been a notch short of suicidal.
Google to buy Motorola cellphone business, Disney shuts down "Lone Ranger," California scrutinizing nonprofits, and Council reviews solar program.
Could be an early indicator of sluggish retail ordering for the holiday shopping season.
After all the crazy moves, the Dow managed to lose just 1,5 percent.
Really? Well, maybe we're confusing cheap with good.
That would be Patrick Schwarzenegger, Arnold's son.
How about this guy replacing Tim Geithner at Treasury?...
Several reasonable reforms have been suggested, but the unions are not thrilled.
Consumers kept spending in July, L.A. gas prices tumble, USC might block pro football at Coliseum, and council considers privatizing zoo.
Too bad that other financial misdeeds can't be tied up so neatly.
This might have been the most unenthusiastic 421-point gain in the history of Wall Street.
The same thing that happens with most economic boycotts: not much.
The Texas governor and soon-to-be presidential candidate has been quite successful in the state.
Anyone looking to escape this week's maddening stock market might check out a wacky $50 million lawsuit.
Good news on jobs, drop in California foreclosures, City Council saves redevelopment money, and Unami Burgers in expansion mode.
Wall Street shows very little interest in the phone-hacking uproar.
Michael Lewis explains how the European debt crisis can be traced to Germany's anal obsession.
The market bloodbath, interrupted briefly on Tuesday, resumed throughout the session.
Albertsons, Ralphs and Vons say the new plan would increase their contributions to the health care fund.
Sean Harrigan, who was president of a city pension board, wants to be reimbursed for his legal bills in connection with an SEC investigation.
Brian Moynihan is not afraid to acknowledge that buying Countrywide Financial was a dumb idea.
There's nothing like recapitalizing a loan to put a whole new perspective on things.
Billionaire investor Wilbur Ross neatly sums up what's really happening.
Quelle horreur in France, stock drop hits state budget hard, slowly improving jobs picture in Socal, and layoffs at THQ.
So much for yesterday's rally - another stomach-churning session is under way....
All the usual suspects have been bandied about for months, but only two or three would seem to really be in the running.
Good luck trying to figure out why.
Vote is 12-0. But several steps remain before construction can begin.
An idea that makes next to no sense.
Unless those numbers turn around, the state will be forced to implement another round of cuts.
So far they've been limited, at least as far as downgrades on local government issues.
Federal Reserve policymakers downgraded its view of the U.S. economy.
Upgrading the convention center won't necessarily make L.A. a top-tier convention city.
Funny stuff. Did you know that the Isle of Man has a triple-A rating?
Waiting for Fed announcement, City Council to vote on stadium deal, lower gas prices, and Tribune Co. is working on its own tablet.
The city has been effectively taken over by a small group of special interests.
He's worried about what Friday's S&P downgrade means for the overall health of the U.S. economy.
An even uglier day than last Thursday.
Dow down over 600 points....
Same old blah-blah. This guy really doesn't get it.
Yep, that's the same AIG that came close to bankruptcy in 2008 before being bailed out by the government. The insurance giant is expected to seek $10 billion, claiming that Bank of America - and its Merrill Lynch and Countrywide Financial units - misrepresented the quality of the mortgages that were packaged up as securities and sold to investors. From the NYT: The private actions stand in stark contrast to the few credit crisis cases...
Not surprisingly, they're all things financial.
Stocks keep falling, Brown speaks up for Schwarzenegger, poor immigrants in L.A. on the decline, and big drop in Dodger attendance.
One of those fasten-your-seat-belts days - the Dow opened down more than 200 points, and now it's running in the 160-180 range. *7:32: Losses are accelerating - Down down 336 *8:11: Dow is down 260. *9:05: Down 304 *9:55: Down 308 *10:45: Down 407...
At last check, the major indexes were down 1 percent to 2 percent.
The early going is almost certain to be volatile, but after that who knows?
The ratings agency is cutting the nation's top AAA rating by one notch to AA-plus, a stunning development.
Set in a not-so-swanky spa outside of L.A., "Pampered to Death" is the latest installment in the long-running series.
Government officials are waiting for word, perhaps as early as this afternoon.
...And just think, no hassles with airport security.
Whew - glad this week is over.
Toymaker is not known for giving up these sorts of cases, but perhaps on this one it's time.
B of A has lost billions of dollars as a result of Countrywide's mismanagement - and there's no end in sight.
Post-recession job gains continue to trail other downturns by quite a pace.
Very volatile trading - most of it down.
Mattel ordered to pay $310 million, South Korean trade deal could help economy, Southwest to cut back on flights, and celebrity magazines take hit.
This is shaping up to be another wacky session.
Kosher poultry tends to be expensive, but the chances of a salmonella outbreak are not high.
Well, because it just did.
Of the 100 most-delayed flights in the country last year, guess how many originate at Los Angeles International Airport?
The question of whether Jamie McCourt owns half the team isn't likely to be ruled on until next year.
Only 8,274 tax returns were filed by those with incomes of more than $10 million.
If it wasn't a bloodbath, it was awfully close.
No details so far, but pressure had been building ever since Congress left town.
With about 20 minutes to go, the Dow is down about 430 points....
No amount of analysis is likely to upend the bond package with AEG.
Stocks getting hit badly, downtown stadium plan wins key vote, McCourts back in divorce court, and grousing at AMC.
The Dow is down 250 points after 90 minutes of trading.
The idea is to shoehorn the new stores into urban areas that would not accommodate larger formats.
The Dow managed to break its eight-session losing streak.
A pretty astute round-up, courtesy of NY magazine.
In a nutshell, her company is in the toilet and her employees are crying in the bathrooms.
The airlines should be thanking Congress for failing to agree on a funding package for the FAA.
Stocks keep falling, Congress went after wrong problems, ground turkey mystery, and why Amazon is fighting sales taxes.
Good news is that two of Southern California's most successful industries probably won't be impacted all that much.
The last 30 minutes were very ugly.
Hooray! Oh, and the Dow is down 128 points. If this keeps up, it will be eight straight down days....
The bigger the output gap, the lower the growth.
Americans cut spending, debt deal means trouble for California, Fox is ticked off at McCourt, and Ryan Kavanaugh to sell stake in his movie company.
That pretty much wraps it up.
That's a big recovery from earlier in the session.
Republicans are good for at least 180 votes.
Well, as soon as he can get the cash.
Stocks did open sharply higher this morning, as expected, but after that it was a straight shoot down.
The lineup includes 15 entrees under 590 calories and 12 appetizers under 490.
Stocks are shaky in early trading, A's owner urges Dodgers sale, plastic bag ban in Long Beach, and questioning downtown stadium plan.
Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.The multi-talented Mark Lacter
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