Saturday, June 22, 2013 – 01:00 p.m.
Here’s some news of interest flowing across the transom this past week.
High volatility affecting investment markets
A roller coaster stock and bond market has investors a little jittery these days. The main reason is a fear the Federal Reserve will stop printing money soon. Over the past few years, the Fed has used its printing press to keep long-term interest rates low, and thus prop-up stock and real estate values. Now the time to test whether or not the economy will move along on its own is approaching.
The scenario doesn’t look good, at this point.
Mortgage rates have jump roughly one full percentage point over the past ten days.
Well, is it 175,000, 275,000 or 350,000?
You have to love the investment world.
Since the beginning of the Great Recession we’ve all be told that a healthy job market is when weekly first-time jobless claims fall to 175,000. Then it was 275,000. Then early this week a story appeared in Yahoo Finance suggesting that a good job market is 350,000 first-time claims or less.
One has to wonder who makes this stuff up!
Hagman eying Ovitt seat on San Bernardino County Board of Supervisors
Republicans, especially in San Bernardino County never learn. The concept of “eat your own” may be in full swing.
Scuttlebutt has it that State Assemblyman Curt Hagman is eying San Bernardino County Fourth District Supervisor Gary Ovitt’s seat. Whatever happened to allowing an incumbent to make a decision on whether or not to run first? If Hagman is trying to pressure Ovitt out, he’s not making any friends.
If Ovitt doesn’t run, Hagman would make a fine supervisor.
Nearly $1 million in likely embezzled funds cashed at local casino
An interesting tidbit from the exhibits in the Financial Industry Regulatory Authority (FINRA) civil complaint against Redlands-based investment advisor John Thornes. It seems, Former San Bernardino County Sheriff’s Deputy Christopher Burnell, the recipient of most of the $4.2 million in client money that Thornes is alleged to have misappropriated, cashed just slightly under a $1 million in checks at San Manuel Indian Bingo and Casino.
A source close to the situation says, at one point, the casino stopped cashing checks for Burnell, then later re-started the practice.
Whatever happened to red flags?
Trial date set in Defazio perjury case
Superior Court records indicate an October 4, 2013 trial date has been set in the perjury case involving High Desert Developer and Real Estate Broker John DeFazio. Defazio’s charge stem from his testimony before a county grand jury back in 2009.
Sources say Defazio, who has steadfastly maintained his innocence, has refused to accept several plea bargain offers from the San Bernardino County District Attorney.
The trial will be the first time for Former Assessor Bill Postmus, a key prosecution witness in the highly-publicized Colonies case, to testify in open court.