Archive for the ‘ Investments ’ Category

SacBee: CalPERS seeks safer path but can’t eliminate investment risk

CalPERS

By Dale Kasler
dkasler@sacbee.com
Published: Saturday, Aug. 23, 2014 – 12:00 am

CalPERS, still feeling the effects of the 2008 financial markets crash, is working to dial back the risk in its investment portfolio.

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SacBee: California pensions, consumers get $800 million from Bank of America case

Bank of America

By Dale Kasler
dkasler@sacbee.com
Published: Thursday, Aug. 21, 2014 – 8:29 am
Last Modified: Friday, Aug. 22, 2014 – 7:55 am

California homeowners and pension funds will receive $800 million from Bank of America Corp., the state’s share of a record-breaking settlement over toxic mortgages issued and packaged as investment securities during the housing bubble.

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Dan Morain

By Dan Morain
dmorain@sacbee.com
Published: Sunday, Aug. 17, 2014 – 12:00 am

In a Capitol where contentious lobbying battles are de rigueur, the $14 billion hedge fund that goes by the name Pershing Square Capital Management has picked a most unusual fight.

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LATimes: Warren Buffett’s Berkshire Hathaway stock tops $200,000 a share

Warren Buffett

Warren Buffett’s Berkshire Hathaway is trading above $200,000 for the first time.

By Andrew Khouri
August 14, 2014

Shares of billionaire Warren Buffett’s Berkshire Hathaway traded above $200,000 for the first time — nearly eight years after topping the $100,000 mark.

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Bank of America

FILE – In this Jan. 14, 2014, file photo, a Bank of America sign is photographed in Philadelphia. A person familiar with the matter says Bank of America has agreed to pay between $16 billion and $17 billion to settle an investigation into its sale of mortgage-backed securities before the financial crisis. (AP Photo/Matt Rourke, File)

By Kevin Smith, San Gabriel Valley Tribune

Posted: 08/06/14, 7:20 PM PDT | Updated: 1 min ago

Bank of America has tentatively agreed to pay up to $17 billion to settle an investigation into its sale of toxic mortgage-backed securities leading up to the nation’s financial crisis, an insider said Wednesday.

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calpers

By Dale Kasler
dkasler@sacbee.com
Published: Wednesday, Aug. 6, 2014 – 11:24 pm

California officials are threatening to sue investment bank Morgan Stanley over a series of toxic real estate investments that allegedly cost CalPERS nearly $200 million.

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The Sun: SEC files complaint against Redlands broker for theft of accounts

U.S. SEC

By Sandra Emerson, Redlands Daily Facts
Posted: 08/04/14, 11:44 PM PDT |

REDLANDS >> A Redlands broker has been charged by the U.S. Securities and Exchange Commission with stealing $4.4 million from two trust brokerage accounts at his firm and diverting it to friends to spend on luxuries.

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calpers

By Dale Kasler
dkasler@sacbee.com
Published: Thursday, Jul. 24, 2014 – 8:32 pm

It’s been one of the darkest chapters in CalPERS history, a bribery scandal that prompted a guilty plea from its former chief executive earlier this month.

It’s also been rather profitable.

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InlandPolitics: This and That!

Edit

Monday, July 21, 2014 – 09:30 a.m.

Here’s some news flowing across the transom Monday morning. In case you missed it!

Jerry Brown for President?

We’ll start off with this morning’s humor.

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LATimes: With Citigroup paying up, will feds’ attention now turn to BofA?

bank-of-america

By E. Scott Reckard and Jim Puzzanghera
July 14, 2014

With Citigroup Inc. agreeing to pay $7 billion for issuing toxic mortgage securities, the Justice Department now turns to settling its case against what analysts call the biggest mortgage miscreant of all: Bank of America Corp.

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Apple Hosts Its Worldwide Developers Conference

Apple CEO Tim Cook walks off stage after the keynote at the company’s Worldwide Developer Conference, when it unveiled a new programming language called Swift. (Justin Sullivan/Getty)

By Cade Metz
07.14.14 | 6:30 am

Chris Lattner spent a year and a half creating a new programming language—a new way of designing, building, and running computer software—and he didn’t mention it to anyone, not even his closest friends and colleagues.

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CCTimes (AP): Former CalPERS CEO pleads guilty to bribery, fraud

calpers

By Paul Elias, Associated Press
Posted: 07/11/2014 12:10:10 PM PDT
Updated: 07/11/2014 03:46:48 PM PDT

SAN FRANCISCO — The former head of the nation’s largest pension fund admitted Friday that he took bribes, including hundreds of thousands of dollars stuffed in paper bags and a shoe box, and helped an associate collect millions in a fraudulent investment scheme.

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SacBee: Moody’s raises California’s bond credit rating

Moody's Ratings

Capitol Alert
The latest on California politics and government
June 25, 2014

Moody’s Investors Service, one of the nation’s largest credit rating organizations, upgraded its rating of California’s $86 billion in general obligation debt Wednesday, citing the state’s “rapidly improving financial position.”

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InlandPolitics: This and That!

Edit

Wednesday, June 25, 2014 – 09:45 a.m.

Here’s some news flowing across the transom Wednesday, in case you missed it.

First-Quarter GDP goes in the tank

First-Quarter Gross Domestic Product (GDP), the output of all goods and services produced, contracted more than first reported.

Read the rest of this entry »

Private Equity

By Mark Glover
mglover@sacbee.com
Published: Tuesday, Jun. 24, 2014 – 11:48 am

California led all states in the number of companies with private equity investments in 2013, but it was far behind Texas in total dollars invested, according to the Washington, D.C.-based Private Equity Growth Capital Council.

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InlandPolitics: Is there a new investor bubble?

question-mark

Tuesday, June 17, 2014 – 11:00 a.m.
Last Modified: Wednesday, June 18, 2014 – 12:30 a.m.

One has to wonder what’s coming down the road for the economy. There’s no debate that the Federal Reserve was responsible for the Internet and real estate bubbles, of the past.

The big question here is how big is the new Federal Reserve-driven stock and real estate bubble?

Read the rest of this entry »

Calpensions: Stockton bankruptcy judge may issue two rulings

Gavel-Legal

By Ed Mendel
Monday, June 9, 2014

Stockton filed a revised debt-cutting plan last week that could lead to a deal with a holdout creditor, Franklin bonds, possibly enabling the city to emerge from bankruptcy without cutting pensions.

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VVDailyPress: SEC amends fraud complaint

Victorville

Attorneys must answer or ask to dismiss by June 5
May 27, 2014 5:46 PM
SHEA JOHNSON, STAFF WRITER

VICTORVILLE • The Securities and Exchange Commission recently amended its complaint alleging fraud in a 2008 municipal bond offering against the city, Assistant City Manager Keith Metzler and others. The SEC had to do so to comply with a federal judge’s order to show proof of earlier dismissed claims that the city and Metzler were also benefactors of ill-gotten gains.

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calpers

By Dale Kasler
dkasler@sacbee.com
Published: Tuesday, May. 27, 2014 – 11:02 am

CalPERS has defeated a bid by Wall Street’s leading credit ratings agencies to toss out the pension fund’s lawsuit over a $1 billion investment loss.

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InlandPolitics: Is the economy as strong as people think?

Economy

Sunday, April 20, 2014 – 10:00 a.m.

Much effort is being put into making Americans believe the economy is building strength.

The assertion is prominent within government circles.

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LATimes: Venture capital funding soars to levels last seen in dot-com bubble

Venture Capital

Investors pour $9.5 billion into U.S. start-ups during the first quarter of 2014, the biggest amount since the second three months of 2001, when the so-called dot-com boom was gasping.

By Chris O’Brien
April 18, 2014, 7:01 p.m.

SAN FRANCISCO — With venture capital funding reaching levels not seen since the days of the dot-com bubble, analysts say the question of whether the tech boom in Silicon Valley is on the verge of sputtering is getting harder to dismiss.

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WSJ: OpEd: Mark Cuban and Thomas Melsheimer: How the Feds Rig Their Prosecutions

Mark Cuban

In the Mark Cuban case, the SEC refused to turn over exculpatory evidence to the defense for three years.

Opinion

By Mark Cuban and Thomas Melsheimer
April 3, 2014 6:36 p.m. ET

On March 21, 2014, Securities and Exchange Commission Chairwoman Mary Jo White was once again quoted praising her agency as “a strong and focused cop on the beat” that promotes fairness and accountability in the markets. The SEC often opens its trials by telling juries that every investor has to play by the same set of rules. But the agency won’t play by a rule that’s fundamental to due process. It’s called the Brady rule, and it keeps the government honest when it takes people or companies to court.

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LATimes: Investment firms curbing their home buying in California

Home-Sales-R

Among the 20 firms buying the most California real estate since January 2012, purchases are down more than 70% compared with last year in each of the last four months.

By Tim Logan
March 29, 2014, 5:00 a.m.

This time last year, investment firms raced to buy dozens of single-family homes in neighborhoods from Fontana to South Los Angeles to lease them out, transforming the mom-and-pop rental business into a Wall Street juggernaut.

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InlandPolitics: Stater Bros. sales, earnings increase in 4th quarter

stater Bros

Sunday, March 9, 2014 – 10:00 a.m.

Stater Bros. Holdings, an economic barometer for the Inland Empire and Southern California, posted solid numbers in the last quarter of 2013.

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The Sun: Comcast, Time Warner Cable deal raises concerns

Comcast

FILE – This Feb. 11, 2011 file photo shows the Comcast logo on one of the company’s vehicles, in Pittsburgh. Comcast has agreed to buy Time Warner Cable for $45.2 billion in stock, or $158.82 per share, in a deal that would combine the top two cable TV companies in the nation, according to a person familiar with the matter who spoke on condition of anonymity because it had not been announced formally. An announcement is set for Thursday morning, Feb. 13, 2014, the person said. (AP Photo/Gene J. Puskar, File)

By Gregory J. Wilcox, Los Angeles Daily News
Posted: 02/13/14, 9:19 PM PST | Updated: 10 hrs ago

The $45.2 billion merger of Comcast Corp. and Time Warner Cable, the nation’s two biggest cable providers, will likely draw an intense review from federal regulators, while TWC customers could see new technology and improved service, officials said Thursday..

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LATimes: ETF that models billionaires’ investments to launch in spring

Carl Icahn

The IBillionaire index tracks investments of many billionaires, including Carl Icahn. (Mark Lennihan / Associated Press / February 4, 2014)

By Stuart Pfeifer
February 4, 2014, 9:22 a.m.

IBillionaire Inc., a company that models investments of the world’s wealthiest people, plans to offer an exchange traded fund this spring that will allow the public to “invest like a billionaire,” its top executive said Tuesday.

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LATimes: Pressure builds for Apple to overhaul or expand product portfolio

Apple Inc.

With Apple saying its revenue could drop this fiscal year, analysts increasingly believe the tech giant must shake up its product lineup to boost growth.

By Chris O’Brien
January 28, 2014, 6:27 p.m.

Apple iTV? The iWatch? Bigger iPhones and iPads?

Rumormongering about such mythical products is a regular spectator sport for many Apple watchers.

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OCRegister: Pension board for public employees takes $450 million risk

OCERS

Orange County Public Employees Retirement System officials are hoping that a loan to little-known companies with poor credit ratings will supercharge the pension fund’s earnings.

BY MIKE REICHER / STAFF WRITER
Published: Jan. 23, 2014 Updated: Jan. 24, 2014 7:57 a.m.

In the past year, the Orange County Public Employees Retirement System board has agreed to loan $450 million to companies in the U.S., Europe and the Asia-Pacific region, mostly little-known companies with poor credit ratings that need cash.

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LATimes: Pimco’s El-Erian resigns

PIMCO

Global investment management firm Pimco announced Tuesday that its chief executive, Mohamed A. El-Erian, will be leaving the firm in mid-March.

Bloomberg News
January 21, 2014, 1:37 p.m.

Mohamed El-Erian resigned as head of bond-fund manager Pacific Investment Management Co. and will be replaced by Douglas Hodge.

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SacBee: CalSTRS reports 19.1 percent investment gain

calstrs

By Dale Kasler
dkasler@sacbee.com
Published: Thursday, Jan. 16, 2014 – 6:42 pm

CalSTRS said Thursday it earned a hefty 19.1 percent return on its investments in 2013 but repeated its plea for funding assistance from the Legislature.

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LATmes: Bond-rating agencies see California finances on upswing

WALL STREET BONUS

Two Wall Street ratings agencies have praised California Gov. Jerry Brown’s latest budget proposal. Above, the Wall Street bull. (Robert Caplin / Bloomberg News / August 16, 2006)

By Chris Megerian
January 14, 2014, 12:39 p.m.

SACRAMENTO — Two Wall Street bond-rating agencies gave Gov. Jerry Brown’s budget proposal a clean bill of health on Tuesday, saying it would further California’s fiscal recovery.

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SacBee: California once again the nation’s top municipal bond issuer

Municipal Bonds

Capitol Alert
The latest on California politics and government
December 27, 2013

A multi-billion-dollar surge of bond issues by state and local governments is making California, once again, the nation’s top issuer of municipal debt, the Bloomberg financial news service calculates.

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Reuters: Zuckerberg to sell Facebook shares worth about $2.3 billion

Facebook

Thu Dec 19, 2013 12:07pm GMT

(Reuters) – Facebook Inc founder and CEO Mark Zuckerberg will sell 41.4 million shares worth about $2.3 billion to pay a tax bill, as part of an offering by the social network of 70 million Class A common shares.

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VVDailyPress: Judge refuses to dismiss claims against VV in SEC case

Victorville

November 19, 2013 11:03 AM
Shea Johnson, Staff Writer

Arguments made to dismiss SEC case in U.S. District Court

LOS ANGELES • The Securities and Exchange Commission’s case will move forward against Victorville city officials accused of defrauding investors in a 2008 municipal bond offering, although a judge said there isn’t any proof right now that they made improper money from it.

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LATimes: Low inflation means no hurry to taper stimulus, top Fed official says

US-BANK-BANKING-REGULATION-FILES

The Federal Reserve building in Washington, D.C. (Karen Bleier / AFP/Getty Images)

By Jim Puzzanghera
November 4, 2013, 7:06 a.m.

WASHINGTON — A top Federal Reserve policymaker said Monday that low inflation meant there was no hurry to reduce a key central bank stimulus program, which has made “substantial progress” in lowering unemployment.

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LATimes: Feds seem to like California for Wall Street fraud cases

James Dimon

James Dimon, chairman and chief executive of JPMorgan Chase, arrives at the Justice Department in Washington last month. A civil fraud case against JPMorgan Chase has been filed in Sacramento. (Manuel Balce Ceneta / Associated Press / September 26, 2013)

By Andrew Tangel
October 25, 2013, 8:27 a.m.

NEW YORK — Should federal prosecutors favor California as backdrop for cases against Wall Street firms?

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LATimes: Bank of America is found liable for Countrywide mortgage fraud

bank-of-america

A civil jury finds Bank of America liable for mortgage fraud at Countrywide Financial, which the bank bought in 2008. The verdict could embolden other investigations.

By Andrew Tangel
October 23, 2013, 5:56 p.m.

NEW YORK — Bank of America has been found liable for fraud in the sale of faulty loans by its Countrywide mortgage unit, a major victory for the federal government as it continues to pursue cases stemming from the financial crisis.

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VVDailyPress: Daily Press owner buys Riverside newspaper

Press-Enterprise

October 10, 2013 7:14 AM
By MARY ANN MILBOURN, ORANGE COUNTY REGISTER

Freedom Communications Inc. on Thursday announced an agreement to purchase The Press-Enterprise in Riverside, a daily newspaper owned by Dallas-based A.H. Belo Corp., for $27.25 million. The deal is expected to close by mid-month.

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question-mark

Investors are getting nervous about the government shutdown and threat of debt default

By Walter Hamilton
October 9, 2013, 10:58 a.m.

Nearly three-quarters of investors in a new survey say their confidence in the economy has been shaken by the government shutdown and threat of default.

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VVDailyPress: Judge moves hearing date for lawsuit defendants

Victorville

September 24, 2013 10:57 AM
Jim E. Winburn, Staff Writer

VICTORVILLE • A case in which the U.S. Securities and Exchange Commission has accused the city of Victorville with investment fraud has been pushed back by a federal judge.

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Reuters: Pensions, rising costs to pressure California school budgets — Fitch

Fitch-Rating

SAN FRANCISCO, Sept 23 | Mon Sep 23, 2013 3:27pm EDT

(Reuters) – Bigger payments to California’s pension fund for teachers and other rising costs will challenge school district finances despite an increase in education spending by the state, a report released by Fitch Ratings said on Monday.

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LATimes: Big U.S. banks keeping door open to another financial crisis

Investments

Big banks have watered down rules aimed at keeping them from fobbing bad loans off on investors and ensured loopholes in transparency rules. ‘Fundamentally not that much has changed,’ an analyst says.

By Michael Hiltzik
September 13, 2013, 11:23 p.m.

There are two ways to think about how far we’ve come in protecting against a repeat of the financial meltdown five years ago that plunged the world into recession.

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SacBee: CalPERS goes back into housing market

calpers

By Dale Kasler
dkasler@sacbee.com
Published: Friday, Sep. 13, 2013 – 7:50 pm

With the residential real estate market turning around, CalPERS is dipping its toe back in the housing market.

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Bloomberg/Businessweek: California Road Near Biggest Default Since Detroit: Muni Credit

Bloomberg-Businessweek

By James Nash
September 11, 2013

California’s largest toll-road agency, whose revenue has trailed projections for six years, is nearing the biggest default in the $3.7 trillion municipal market since Detroit’s record bankruptcy.

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LATimes: Ron Burkle’s Yucaipa buying Fresh & Easy stores from Tesco

By Stuart Pfeifer
September 10, 2013, 7:03 p.m.

Ron Burkle, who became a billionaire reviving faltering supermarket chains, will try to turn the money-losing Fresh & Easy stores into a profitable venture.

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VVDailyPress: Defendants rebuff feds in dismissal of SEC lawsuit

Victorville

September 01, 2013 10:42 PM
JIM E. WINBURN

VICTORVILLE • The city, airport authority, and a city official on Friday filed separate replies in support of their motions to dismiss federal claims for relief over alleged investor fraud.

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LATimes: Bank of America facing trial on alleged Countrywide mortgage fraud

bank-of-america

Bloomberg News
August 27, 2013, 4:41 p.m.

Bank of America Corp. must face a trial next month in a lawsuit alleging that its Countrywide unit defrauded Fannie Mae and Freddie Mac by selling them billions of dollars in bad mortgages, a federal judge ruled.

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Calpensions: CalPERS pushed to invest through minority firms

calpers

By Ed Mendel
Monday, August 26, 2013

CalPERS is not investing enough money through minority-owned firms, two trade associations and several money managers say, and some want a legislative audit of “unfair” decisions, particularly for lucrative private equity funds.

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InlandPolitics: This and That!

Edit

Sunday, August 25, 2013 – 10:30 a.m.

Here’s some news flowing across the transom last week, in case you missed it!

San Bernardino County to take sweeping charter reform to voters.

The San Bernardino County Board of Supervisors thinks the county charter needs a major overhaul.

Read the rest of this entry »

LATimes: On San Onofre, Edison is trying to pull a fast one

Don’t be fooled by Edison’s PR push. It is shareholders, not ratepayers, who should pay for the utility’s massive screw-up at its San Onofre nuclear plant.

By Michael Hiltzik
August 20, 2013, 6:23 p.m.

If you love political campaigns, you should be grateful to Southern California Edison. That’s because it has already started its campaign to get you to pay for its egregious blunder in wrecking its San Onofre nuclear plant.

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InlandPolitics: The Bank of San Manuel?

San Manuel Gaming Chip

Tuesday, August 20, 2013 – 10:30 a.m.
Last Modified: Wednesday, August 21, 2013 – 08:45 a.m.

News of a local investor fraud scheme, centering around former San Bernardino County Sheriff’s Deputy Christopher Burnell, is finally making the rounds in the local media.

Read the rest of this entry »

Cassie MacDuff

Cassie MacDuff

August 19, 2013

There’s a saying: If it sounds too good to be true, it probably is.

But investors eager to earn the 15 percent to 50 percent returns they say were promised by a former San Bernardino County sheriff’s deputy couldn’t resist.

To read column by Cassie MacDuff in The Press Enterprise, click here.

InlandPolitics: Is real estate recovery a bubble?

Home-Sales-R

Sunday, August 18, 2013 – 05:00 p.m.

Is the real estate recovery a liquidity-driven bubble?

It could be, especially in the residential single-family segment.

Read the rest of this entry »

InlandPolitics: Stater Bros. reports solid second quarter earnings

stater Bros

Friday, August 16, 2013 – 09:30 a.m.

Locally-owned and operated Stater Brothers Holdings Inc., reported solid second quarter earnings this week.

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bank-of-america

Bank of America finds itself defending loans that then-CEO Ken Lewis called ‘toxic waste.’

Mark Calvey
Senior Reporter- San Francisco Business Times
Aug 7, 2013, 2:13pm PDT Updated: Aug 7, 2013, 2:35pm PDT

The Justice Department’s civil suit against Bank of America alleging fraud in the sale of mortgage-backed securities in 2008 will find the bank defending mortgages that even former CEO Ken Lewis once told analysts were “toxic waste.”

Read the rest of this entry »

jpmorganchase2

By E. Scott Reckard
August 7, 2013, 6:05 p.m.

JPMorgan Chase & Co. disclosed that it may become the latest giant bank to face a Justice Department lawsuit over bonds backed by housing-boom loans, and said a parallel criminal investigation is continuing.

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LA County Seal

The county treasurer will end business with banks that donate to school bond campaigns, saying it influences hiring of underwriters. Other counties may follow.

By Dan Weikel
August 6, 2013, 9:29 p.m.

In an action that could influence government finance officials statewide, the Los Angeles County treasurer announced Tuesday that his office will no longer do business with securities brokers that make political contributions to school bond campaigns.

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VVDailyPress: SEC files to deny lawsuit dismissal

Victorville

August 06, 2013 6:50 PM
Jim E. Winburn, Staff Writer

VICTORVILLE • The Security and Exchange Commission recently filed a motion to oppose a defense request to dismiss certain claims in the U.S. District Court lawsuit over alleged investment fraud by city officials.

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LATimes: U.S. sues BofA over mortgage-backed securities

bank-of-america

The Justice Department and SEC accuse Bank of America of lying to investors about $850 million in mortgage bonds.

By E. Scott Reckard
August 6, 2013, 7:47 p.m.

In twin securities-fraud lawsuits against Bank of America Corp., the federal government is accusing the nation’s second-largest lender of lying to investors about supposedly prime loans that more closely resembled subprime “liar loans.”

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SacBee: Ratings agency cites California’s spending restraint, upgrades credit

California Seal

Capitol Alert
The latest on California politics and government
August 5, 2013

Fitch Ratings upgraded California’s general obligation bond rating from A-minus to A on Monday, citing restrained spending in recent budget cycles and a reduction in budgetary debt.

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LATimes: Edison International aims to power through troubles

STOCK SPOTLIGHT

Southern California Edison parent Edison International is overhauling its operations in the wake of the bankruptcy of a subsidiary and the closure of the San Onofre nuclear power plant.

By Catherine Green
August 4, 2013, 7:20 p.m.

Edison International, the parent company of Southern California Edison, has had its hands full with the bankruptcy of a subsidiary and the shutdown of the San Onofre Nuclear Generating Station. Now, it is overhauling its operations.

Read the rest of this entry »

CNBC: Pandemic of pension woes is plaguing the nation

CNBC Logo

Economy

Published: Monday, 5 Aug 2013 | 6:00 AM ET
By: John W. Schoen | Economics Reporter

Detroit, you’re not alone.

Across the nation, cities and states are watching Detroit’s largest-ever municipal bankruptcy filing with great trepidation. Years of underfunded retirement promises to public sector workers, which helped lay Detroit low, could plunge them into a similar and terrifying financial hole.

Read the rest of this entry »

InlandPolitics: This and That!

Edit

Sunday, August 4, 2013 – 12:00 p.m.

Here’s some news of interest flowing across the transom this week. In case you missed it!

Cummings reportedly running for San Bernardino Mayor

Cliff Cummings, owner of Toyota of San Bernardino, is reportedly running for Mayor of bankrupt San Bernardino.

Read the rest of this entry »

WashPost: Regulators say JPMorgan gamed energy markets

jpmorganchase2

By Steven Mufson
Published: July 29, 2013

The Federal Energy Regulatory Commission unveiled charges against JPMorgan Chase on Monday, accusing the bank of charging California and Midwest electricity grids more than 80 times prevailing power prices through “manipulative bidding strategies.”

Read the rest of this entry »

InlandPolitics: Redlands investment advisor barred from industry

FINRA-Logo

Thursday, July 25, 2013 – 04:00 p.m.

Redlands-based investment advisory firm Thornes and Associates, and its principle John Thornes, have been barred from the financial services industry.

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InlandPolitics: This and That!

Edit

Thursday, July 25, 2013 – 09:00 a.m.

Here’s some news flowing across the transom this Thursday morning.

Number of lawsuits against disbarred rise

The number of civil lawsuits against disbarred Rancho Cucamonga lawyer James Reiss is now at 17.

Read the rest of this entry »

SBCO Seal

Tuesday, July 23, 2013 – 06:00 p.m.

San Bernardino County’s investment pool has received the highest credit rating for safety and stability.

Read the rest of this entry »

By Ed Mendel | 07/22/13 5:00 AM PST

Bond insurers who walked away from mediation last year before Stockton filed for bankruptcy are at the table this summer. A deal could avoid a precedent-setting legal showdown on whether public pensions can be cut in bankruptcy.

Read the rest of this entry »

InlandPolitics: Redlands advisor leaves securities industry amid fraud allegations

Investments

Monday, July 22, 2013 – 10:00 a.m.

A long-time Redlands-based investment advisor, who is at the center of allegations he misappropriated $4.2 million of client funds is leaving the securities business.

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Bloomberg: Calpers Earns 12.5% as Stocks Buoy Pension Fund’s Returns

calpers

By Michael B. Marois – Jul 15, 2013 10:56 AM PT

The California Public Employees’ Retirement System, the largest U.S. pension, had a 12.5 percent gain on investments for the fiscal year ended June 30 as global stock indexes rose to records.

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WashPost: Changing tax exemption for municipal bonds faces stiff opposition

Municipal Bonds

By Michael A. Fletcher
Published: July 9, 2013

Federal policymakers looking for ways to raise revenue while reforming policies that they see as subsidizing the affluent are eyeing proposals to limit the tax exemption for interest paid by municipal bonds.

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InlandPolitics: San Bernardino businessman latest victim in alleged fraud

spider web

Saturday, July 6, 2013 – 12:00 p.m.

A prominent San Bernardino businessman is the latest victim apparently duped by a Former San Bernardino County Sheriff’s Deputy and a Redlands-based investment advisor.

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SacBee: Dan Walters: Hypocrisy prevails on big California debt

Dan Walters

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Thursday, Jul. 4, 2013 – 12:00 am | Page 3A
Last Modified: Thursday, Jul. 4, 2013 – 8:46 am

A half-decade ago, while too many Californians were taking out too many home mortgages with teaser interest rates and artificially low payments, hundreds of California school districts were being similarly shortsighted.

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SacBee: Muni bond industry betting on better California credit rating

Capitol Alert
The latest on California politics and government
July 2, 2013

The multi-trillion-dollar municipal bond industry appears to be betting that California’s balanced state budget and improving economy will pay off in an improved credit rating.

Read the rest of this entry »

Reuters: When the Ben and Beijing party comes to an end

Money

By Jonathan Spicer
Mon Jun 24, 2013 12:11am EDT

(Reuters) – Through the dark days of the financial crisis, and the grey days of the halting recovery that have followed, investors have always been able to count on backing from two sources – Ben Bernanke and Beijing.

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WashPost: Risky derivatives trading comes roaring back

By Danielle Douglas,
Published: June 21 E-mail the writer

The exotic financial products that nearly crippled the economy in 2008 are roaring back at the nation’s biggest banks, according to data released Friday that reform advocates worry come just as regulations to rein in risky trading are being weakened in Washington.

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InlandPolitics: This and That!

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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.

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federal reserve

Thursday, June 20, 2013 – 12:30 p.m.

The U.S. Federal Reserve Open Market Committee is definitely in a corner.

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VVDailyBulletin: VV airport bond defaults

Victorville

City official blames devalued property
June 11, 2013 7:25 PM
Jim E. Winburn, Staff Writer

VICTORVILLE • The Southern California Logistics Airport Authority defaulted on a nearly $1.2 million interest payment for a capital improvement bond, according to a recent notice from the authority.

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InlandPolitics: Federal Reserve caught in its own web

federal reserve

Sunday, June 9, 2013 – 07:30 a.m.

What will the Federal Reserve do about its bond buying program to keep long-term interest rates down?

It’s been the big question on the minds of Wall Street and economists of late.

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LATimes: Who should pay for San Onofre fiasco? The answer is obvious

Money

Shareholders collect dividends while ratepayers pay tens of millions of dollars a year for a defunct nuclear plant. It’s time for the PUC to step up.

By Michael Hiltzik
June 7, 2013, 3:29 p.m.

There may be lots of questions yet to be answered about Southern California Edison’s permanent shutdown of its San Onofre nuclear plant, but here are a couple about which there’s no doubt.

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InlandPolitics: Local fraud case has interesting twists

money

Wednesday, June 5, 2013 – 11:00 a.m.

Last week’s news of disciplinary charges filed against a Redlands-based investment advisor over the misappropriation of some $4.2 million of client funds seems to have some interesting twists and turns.

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The Sun: Redlands broker steals $4.2 million, says regulatory agency

Legal

He sues two men to reclaim money
By Greg Cappis, Staff Writer
Posted: 05/30/2013 05:35:52 PM PDT

REDLANDS — Millions of dollars were zapped from two accounts managed by a downtown brokerage firm — Thornes and Associates Inc. Investment Securities, 412 E. State St., according to a regulatory agency.

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FINRA-Logo

May 29, 2013; 06:24 PM

The federal agency that regulates investment counselors and brokerage houses has filed a complaint alleging that a Redlands businessman handed over clients’ assets to two friends, including money he was investing for an elderly woman with Alzheimer’s disease.

To read story by Jack Katzanek in The Press Enterprise, click here.

SacBee: CalSTRS flexes its muscles as a shareholder

calstrs

By Dale Kasler
dkasler@sacbee.com
Published: Sunday, May. 26, 2013 – 12:00 am | Page 1D

CalSTRS has been making waves on Wall Street lately, taking a more aggressive stance with corporations while grabbing a bit of the spotlight from its big brother CalPERS.

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