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February 29, 2012
Thank goodness they had the sense to water down much of the original proposal, which had been championed by City Councilman Richard Alarcon and would have forced the city to stop doing business with banks that had poor lending records in L.A. Budget Chief Miguel Santana warned that such restrictions would have broken ongoing contracts and cost the city $58 million. Under the revised plan, which was approved on a 13-0 vote, the council has...
The cuts amount to nearly a tenth of the workforce.
Wow, that was fast.
The number of times that the word "uncertainty" was mentioned in the Fed's beige book.
How much longer will newspapers feel obliged to publish accounts of events that took place almost 24 hours ago?
To some extent, sure. But that's only the first question.
The NBA-owned Hornets would seem like an obvious possibility, but there's pressure to keep the team in New Orleans.
He's more sedate and less cantankerous.
Growth revised upward, interest rates to stay very low, Stockton tries to avoid bankruptcy, and new service from Washington Reagan to LAX.
February 28, 2012
You mean anything involving the city of L.A.? No.
Subaru won the top score of all automakers, while Toyota models represented half of the magazine's top picks by vehicle category.
Looks like the blue chip index will finish at 13,005, up 23 points.
Despite the recent price declines, L.A. remains an expensive place to own real estate.
Just sell off 20 million shares of stock valued at a more than a quarter of a billion dollars.
Former MGM CEO Harry Sloan will co-host the event.
Home prices keep falling, consumer confidence keeps rising, California to reap $2.5 billion from Facebook taxpayers, and Stockton on verge of bankruptcy.
February 27, 2012
Show drew 39 million viewers. This year's Super Bowl drew 113 million.
An average gallon of regular in the L.A. area rose 23 cents last week.
Groups led by Magic Johnson and hedge fund billionaire Steven Cohen are still in the mix.
The long-running saga between the Maloofs and the city of Sacramento appears to be ending, with co-owner Gavin Maloof announcing that his family was prepared to put up at least $75 million on a new sports arena. You might recall the negotiations last year about the Kings moving to Anaheim. From the Sacramento Bee: George Maloof said the $75 million in additional payments, to be made over the course of the deal, will come partially...
Why nostalgia is not a business model.
The unemployment rate is still sky-high and the housing market is still lousy.
More business for "The Artist," no federal help for Medi-Cal, cruise passengers robbed in Mexico, and Mexicana could start flying again.
February 24, 2012
It's a grocery-type operation called Neighborhood Markets.
Today's close is at 12,982, down about two points.
Crime in the area has shot up ever since the city prohibited the confiscation of a homeless person's property.
Shhh: Don't spread it around, but It's really not that big a deal.
Blame the easy charm of little-known Jean Dujardin.
An unusual development in the clubby casino world.
Consumer sentiment improves, sour results at Penney, redistricting plan under fire, and postal center to close.
February 23, 2012
This rapid increase can't last, but it's painful to watch.
Caruso cited owner Frank McCourt's refusal to include the Dodger Stadium parking lots in the sale, the LAT reports.
There's very little a president can do to magically make prices go down.
Partial service has been restored.
Well, not exactly new (it's all been told before), but NPR's Susan Stamberg has some fun with the Aidikoff Screening Room in Bev Hills, where Academy members have been watching the nominated films - and one of the many venues around town where directors can gauge reaction to their rough cuts and critics can preview an upcoming release. At a recent screening for members of the Motion Picture Academy, Aidikoff grins as visitors grab handfuls...
No letup on gas prices, California settles with tech giants, health insurance going up, and LAX concession deal approved.
February 22, 2012
They're seeking an injunction to stop a merger vote.
They're refer to the theater as being part of the "Hollywood and Highland Center."
Well, what did you expect? An apology?
You really see it in California, where Jerry Perencho and Jeffrey Katzenberg top the list of high-flying contributors to President Obama, Mitt Romney, and the others. Just look at how Obama was able to get 80 people to pay $36,000 a plate for dinner last week. That's around $3 million without even blinking. Available at kpcc.org and podcast (Business Update with Mark Lacter). Transcript is after jump...
My pet peeve: How the waitstaff will forget about a party once the entree is served.
Several monster funds have expressed an interest in joining the groups bidding for the team.
The president's proposal is more about politics than reality, which of course, is part of the problem.
Obama proposes corporate tax cut, local pensions in trouble, new deal for car wash workers, and community colleges face shortfall.
February 21, 2012
The commercial real estate company will sell off nearly all its assets.
An average gallon of regular is up more than 20 cents a gallon in just the past week.
The Supreme Court denies a petition to overturn a lower court decision.
A standard one-step forward, two-steps backward reaction whenever the market nears a milestone. Also standard is the harumphing among Wall Street commentators about how these milestones mean next to nothing because the Dow is not representative of the overall stock market. From Slate's Daniel Gross: For one thing, there's no way 30 stocks can adequately mirror a dynamic economy. Compounding that problem, the editors of the Wall Street Journal explicitly exclude transportation and utility stocks...
Not much doubt about a pickup in tourism.
Less than 40 percent of Americans over age 25 who lack a high-school diploma are employed.
Should the oil giant be paying more in taxes?
Europe agrees on Greek bailout, retailers turn in mixed results during holidays, Magic to launch channel, and Whitman gives to Romney super-PAC.
February 20, 2012
"The Artist" is the overwhelming pick for Best Picture.
The higher the hemline, the better the economy looks.
Well, frankly there's no comparison.
Bill O'Reilly manages a couple of sentences.
Gas prices top $4 a gallon, agreement near on Greek debt deal, and California gets big Chinese order.
February 17, 2012
Either good or bad news, depending on how you view Wall Street.
The Congressional investigation has been nothing short of disastrous.
Not all that different from working at any restaurant. - damn hard.
It's the annual benchmarking process.
Republicans gave up on their demands that the tax cuts be paid for.
L.A. inflation picks up, airlines raising fares, Apple making over Mac, and Hollywood off to a good start in 2012.
February 16, 2012
Mortgage delinquencies are down nationwide and in L.A.
So far no, but the numbers are edging higher - an average gallon of regular in the L.A. area shot up by more than 12 cents over the last week, to $3.947, according to the Auto Club. That's almost 50 cents a gallon higher than a year earlier, and we're not even in March and April, when prices typically move higher. As has been pointed out before, gas prices are among the most direct economic...
Look at the how the S&P 500 mimics initial claims for unemployment insurance.
Lots of luck.
There's a lot about the 787 that's impressive, but it's still an airplane.
More signs of job growth, foreclosure flaws in SF, DreamWorks plans Shanghai unit, and mixed-use project in Santa Monica.
February 15, 2012
Here's where the competing spreadsheets take over.
The company has been given permission to cancel its sponsorship agreement.
She hasn't been shelling out much to the presidential candidate.
Lenders have figured out how to delineate between people who can afford to stay in their homes and those beyond help.
Inbound traffic normally slows down this time of year.
The predictable response to the death of a famous entertainer.
One interesting development was a pickup in short sales.
Modest growth forecast, streaming local TV, Lexus tops in dependability, and airline flights hit 10-year low.
February 14, 2012
People don't much care about a balanced budget.
Check out this 1956 clip.
Kind of an odd time for the upgrade.
Sex is back on the menus at Carl's Jr.
The world keeps pretending that the debt crisis has been averted.
At meetings, of course.
Republican surprise on payroll tax cut, more downgrades for Europe, nonprofit money vanishes, and the cost of Valentine's Day.
February 13, 2012
Ouch - the queen of talk just can't win these days.
Republicans have already called it dead on arrival.
Rosalind Tyson has been running the agency's Socal headquarters since 2007.
Yeah L.A. got killed, but its homes are still valued higher than most cities.
Let's not get too excited, kids.
Not surprising, given Whitney Houston's death.
Obama proposes tax change for rich, Apple suppliers to be inspected, skepticism about Greek deal, and Olympic ad sales looking good.
February 10, 2012
Mark your calendars - Nov. 2, 2012.
The Republican candidates keep insisting it was the work of that socialist Obama.
One more reminder of how unpredictable these tax receipts can be.
I'm not sure L.A. will be the first place to see a pullback.
Maybe that explains why strikes almost never last an entire season.
Tells you a little something about the effects of globalization.
Greek debt deal held up, good news for L.A.'s budget, Kodak challenged by theater owner, and cruise ships can't release sewage.
February 9, 2012
Well, you really can't, not now anyway.
Of course it's followed too closely.
He's also editor of VDare, which publishes the works of anti-Semitic and racist writers.
More people are not dropping out of the labor force. On the contrary...
Given the number of hands that were involved, it's a miracle any deal was done.
Small facility has been doing a boffo business, especially for workers' compensation patients.
Last I checked, Westwood isn't all that close to the water.
Mortgage settlement reached, Greeks reach debt deal, Kodak to stop making cameras, and Californians more upbeat about economy.
February 8, 2012
The deal with five major banks would be worth as much as $25 billion.
Just another example of City Hall's muck and mire.
This is not some Buck Rogers fantasy.
Just in case you have any plans to visit.
No joke. The former Sports Illustrated cover girl leads a retail branding operation that includes more than 15,000 products. And no, there aren't any swimsuits - Ireland doesn't even sell many clothes anymore. Instead, she's focused on decidedly un-sexy home furnishings, from end tables to ceiling fans to replacement windows. From Forbes L.A. bureau chief Dorothy Pomerantz: If there's any consistency to this grab bag that is Kathy Ireland Worldwide, it's the target audience: Middle...
An opt-clause with the owners of the Kodak is stirring all sorts of speculation.
Nice comeback to a so-called pro-family group.
California teachers challenge Facebook, Ontario offers to buy airport, L.A. Council votes to spruce up Occupy park, and Oprah magazine takes hit.
February 7, 2012
The Clippers guard has a torn left Achilles' tendon.
The technology might even be used in the navigation of driver-less cars.
His small apartment on the Disneyland property hasn't been touched.
Enjoy it while you can - he's not that happy.
Not to state the obvious, but that's where the money is.
Her stop in L.A. on October 10 is part of a world tour that will cover 20 cities.
Don't take aim at figures that support to the guy you want to see lose in November.
Many of them are located in the red or near-red states.
California balks at bank deal, Trump's son-in-law bids for Dodgers, Brown's tax measure has company, and new era for air traffic control.
February 6, 2012
The $100 million a year giveaway program isn't providing that much of a return to taxpayers,
An interesting fish-out-of-water maneuver for both companies.
The big game was the most-watched television program in U.S. history.
Basically, the richer you are the more likely you are to marry, according to the Brookings Institute's Hamilton Project. Actually, overall marriage rates have fallen over the last 50 years, but the decline is steeper among low-income Americans. From Economix: Forty years ago, about nine of 10 American men between the ages of 30 and 50 were married, and the most highly paid men were just slightly more likely to wed than those paid least....
Three bidders are at the top of the heap.
Why can't LAX put out a bid without some kind of controversy?
Latinos scoring jobs, California reenters mortgage talks, Super Bowl ratings dip a bit, and Southwest to carry sports.
February 3, 2012
Just two of the not-so-subtle ads to be shown during the Super Bowl.
Federal regulators concluded that Lee had participated in risky banking practices.
The Dow gained 154 points, to 12,859, its highest close since May 2008. The tech-heavy Nasdaq finished at its highest level since December 2000. What's striking about the last few weeks of trading is the lack of volatility - we're not seeing those huge swings of 200 or 300 points in a single session. Who knows why there's so much calm, but the effect can't help but be assuring, even among those who are not...
February is a long way from November.
The president's popularity and the S&P 500 are practically in lockstep.
The tax code is outrageous, whatever income bracket you're in.
Barbara Desoer, who has overseen much of the bank's home loan operations (which includes a huge Socal presence), will be retiring this month. In a memo, she said it was her decision. "I have given it my all," she said. From the WSJ: Ms. Desoer had her role at the bank reduced twice last year amid a reshuffling of the retail banking and mortgage leadership team. In September, the Charlotte, N.C., bank removed Ms. Desoer...
That's what Commissioner Roger Goodell said on NBC last night.
It doesn't just reflect more people who have given up looking for work.
Explaining the strong jobs report, watch out for gas prices, new convention hall design released, and Macy's goes after Martha.
The addition of 243,000 payroll jobs last month confirms that the recovery is taking hold.
February 2, 2012
The country will add 5.6 million health care and social assistance jobs.
Not much, at least on the basis of one entrepreneur.
Let's get it on.
Jobless claims fall, California's Facebook payday, supes oppose Universal's housing plan, and Honda loses small claims suit.
February 1, 2012
Facebook's COO made $31 million last year, but that's chicken feed compared with what else she might pick up as a result of the company's IPO. She holds 1.9 million shares of Facebook common stock, plus 39.3 million options and restricted stock units. Once everything gets fully vested, Sandberg can cash out for about $2 billion - and that doesn't even include what she made as a senior executive at Google. Ken Auletta, who profiled...
The site was so new that a WSJ headline had Facebook in quotes.
The social networking giant wants to raise $5 billion.
AEG is pushing hard to have the Oscar ceremony at the Nokia Theater.
Another not-so-wonderful anecdote about the late Apple CEO.
That would be super political action committees, those devilish organizations that are supposedly separate from the individual campaigns (but probably aren't). Last year, Californians gave $12 million to the super-PACS, which is more than any state except Texas. Jeff Katzenberg and former Univision CEO Jerry Perenchio each gave $2 million (Katzenberg to a super PAC supporting President Obama and Perenchio to Karl Rove's American Crossroads). From California Watch: Since they were enabled under a Supreme...
Plan, in its current form, will cost too much and take too long.
Disappointing payroll report, big month for Chrysler, doubts about Facebook offering, and First Lady bash raises $1 million.
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