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Stocks keep falling: A weaker-than-expected jobs report isn't helping. Dow is down almost 200 points at last check.
Jobless recovery?: When looking at today's lukewarm employment numbers (only 41,000 private sector jobs were added to the rolls), consider this from NYT columnist David Leonhardt:
Even if private-sector job growth picks up again next month, the economy is a very long way from being healthy. It would need to add about 15 million jobs over the next four years -- more than 300,000 a month -- to return the unemployment rate to roughly its December 2007, pre-recession level of 5 percent. That would be faster job growth than in any four-year period of the 1990s boom. It's not likely.
Big jump in L.A. bankruptcies: April filings rose 71 percent from a year earlier. That covers both individuals and businesses. (OC Register)
Hopeful news on oil spill: Some oil was flowing up a pipe from a cap that was placed on the well, but it's unclear how much could be captured. (AP)
Signing off on L.A. budget: It calls a reduction in service at city libraries, elimination of many child care programs at city parks and recreation centers, and furloughs of 16 to 26 days for city workers. (Daily News)
On the mayor's freebie: His ticket to last night's game was provided by the NBA. Villaraigosa was scheduled to meet with basketball Commissioner David Stern to discuss next year's All Star game, which will be played in L.A. (LAT)
Gas down to $3 a gallon: That's the average price for regular in the L.A. area, according to the Auto Club. Meanwhile, oil prices are down a bit this morning on new concerns about the U.S. economy.
CAA considers alliance: The powerhouse talent agency is talking to private equity firms, including Kohlberg Kravis Roberts, about some sort of partnership involving an expansion of its sports operation. (NYT)
Betting on Madoff money: Victims of the mega-scam can sell their claims to investors who think there is money to be made down the road. From the WSJ:
Just as Wall Street traders place wagers on almost any company or event, some investors are approaching victims of Mr. Madoff's Ponzi scheme, offering to buy them out at a discount for their claims to what is eventually recovered by Irving Picard, a court appointed trustee who is gathering assets for Madoff victims. The offers by one firm, ASM Capital, based in Woodbury, N.Y., have been increasing in value in recent months, amid growing confidence that the pot Mr. Picard amasses for victims will be larger than some expected.
Paige Rense leaves on sour note:Whoever succeeds the long-time editor in chief of L.A.-based Architectural Digest faces a big rehab job. Ad pages plummeted almost 50 percent last year and have fallen 2 percent through the first six months of 2010. (NY Post)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.