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LA Biz Observed archive
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 —
remains online and available.
June 2011
It's the fourth straight day of solid gains.
the AEG people are determined to bulldoze this thing through - despite lots of legitimate concerns about financing.
It's being crafted by bankers, congressional Republicans and former Fed Chairman Alan Greenspan, writes Phil Angelides.
Just a reminder that we have a separate account from the LAO mothership. Here's the link....
Some basics on the new law.
Everybody speaks of a single "California economy," but it's really many economies.
Fallout from "Amazon tax," McCourt's filing has league scrambling, CFOs cleaning up, and Californians pay more for car repairs.
How does someone answer a finding that 4 in 10 Americans believe the economy is in permanent decline?
The media has tended to be overly glum in its coverage of the economy.
It's part of the budget package that the Democratic-led legislature finalized Tuesday night.
Over 23 percent of all the goods and services that have been made since the year 1 AD were produced from 2001 to 2010.
In preparation for the sale, many of MySpace's 500 employees were let go today.
That doughy- crusty-chewy piece of bread-making heaven - has been lost for years in most parts of America
This is actually a pretty good summation of what happened to the social networking site, originally based in the South Bay and now part of News Corp.'s Bev Hills operation. As we posted yesterday, a deal for MySpace is expected this week. Video is from Next Media Animation. Earlier: News Corp. nearing sale of MySpace...
B of A cuts mortgage deal, McCourt seems to have upper hand, lifeguards get pension cut, and state Democrats go at it alone.
Program has generated additional business to the state, but it's still a giveaway aimed at a single industry.
What still seems up in the air is which financial package will be chosen to keep the team operating.
This week's chat looks at a pickup in Socal car sales.
Forget about the current scumbag owner - just concentrate on the value of the Dodger brand.
The league accuses the Dodger owner of siphoning off more than $100 million in club revenue.
Purchase price is in the $20 million to $30 million range - only $550 million less than what Murdoch had purchased the business for.
When she's challenged after making some idiotic statement, she'll try tap dancing her way out of it.
Dodgers face bankruptcy judge, L.A. home prices edge higher, AEG tweaks stadium proposal, and vote expected on California budget.
Baseball commissioner says that today's filing "does nothing but inflict further harm to this historic franchise."
That's a drop of around 40 cents a gallon since peaking out on May 2.
The revised plan would assume an additional $4 billion in 2011-12 revenues.
Guess where the Dodgers owner came up with the $150 million to keep operating? Yep, another loan.
The aerospace giant is cutting its CFO a check for $750,000 to cover relocation costs.
CA videogame law struck down, "Cars 2" has strong opening, LAX traffic up sharply, and football selling tonight.
Looks like a preemptive strike just days before the team was supposedly going to miss payroll.
The L.A. businessman says that the team's ownership woes make it impossible for him to do the stuff he had been hired to do,
An investment fund sold its interest in downtown Ritz-Carlton and JW Marriott hotels at a loss.
Gov. Rick Perry signs a state budget that's filled with all kinds of accounting trickery and deferrals.
A big part of the story is the sharp slowdown in the number of household formations.
Still no word from Alamo Drafthouse, other than that the Austin-based chain remains very interested in both L.A. and NY
The issue is not debt - that's merely a means to an end. The issue is the size of government.
Still-cheaper gas, Brown gets free rent from unnamed donors, Sears to spin off Orchard, and Sydney Pollack's house is up for sale.
Early reviews are not so hot.
Private conversation in the workplace? This is as questionable a concept as a personal email sent out on the company computer.
This is getting to resemble one of those movies where there's no one to root for. From Capitol Alert: --Senate Republicans now say they're willing to place a tax proposal on the fall ballot, provided that voters are also asked to consider provisions for pension cuts and a spending cap. But they refuse to go along with a tax extension from now until then because they say that the state's larger-than-expected revenue gains makes the...
Dow was down more than 200 points in the first hour or so of trading, but managed to trim those losses towards the end of the session.
Guess they're not snickering anymore at the Rachel Maddow show.
Keep an eye out on next Friday's reports from the major automakers.
Those are some of the tidbits gleaned from the Labor Department's latest American Time Use Survey.
Oil and stocks tumble, mishmash on state budget, Best Buy to downsize its stores, and shenanigans involving Dodger charity.
Even crazies can seem reasonable until they open their mouths, and fortunately, Bachmann has done a lot of yapping.
Leave it to the city to botch an idea that can save lives and generate revenues.
The Carpinteria-based burger chain has a new ad agency.
Three million of those are in the U.S., according to a new report.
The economy is indeed a little worse than expected, but the central bank says the slowdown is transitory.
This week's chat with Steve Julian looks at the private world of corporate jets and how Socal's real estate market points up the division between the rich and everyone else. Available at kpcc.org and podcast (Business Update with Mark Lacter). Transcript is after jump....
Federal Reserve to assess economy, Brown prepares new budget plan, cities cut back on Rose Parade floats, and Trump gets pay raise.
Yeah, this thing is going to be messy.
How a rupture along the southern end of the San Andreas Fault would impact Socal.
The beloved film critic's unfortunate tweet right after the death of "Jackass" cast member Ryan Dunn has the Washington Post's Alexandra Petri lamenting on the inability these days to just put a lid on it.
Investors have obviously seen a pocket of opportunity these last couple of days.
Before anyone signs off on the downtown NFL stadium complex, here's a little reminder of what city promises can cost long-term.
Next step will be up to the Legislature, which still has a little over a week before the new fiscal year begins.
Global economic growth in a multi-speed world will the subject of the next Drucker Business Forum.
Here's another example of reality trumping rhetoric.
Geithner says debt crisis will be avoided, McCourt battle with baseball could drag out, and Feinstein has only a slight edge in poll.
The now-independent public TV station will relocate its operations to a 14-story office tower not far from ABC and NBC Universal.
So does that mean we'll finally see relief in 2018?
That could set in motion a whole bunch of things, starting with the Dodgers not being able to meet payroll at the end of the month.
More fallout from the falling price of oil - and good news for motorists, which might translate into good news for the economy.
Here's trying to dredge up some sort of legacy and position himself for a job in the Obama White House.
Wal-Mart wins discrimination lawsuit, charitable giving recovers, another milestone for cable, and arrests made in alleged film scam.
Bobby Kotick, chief executive of the Santa Monica-based videogame company, appears briefly in the upcoming movie "Moneyball," based on the Michael Lewis book about Oakland A's general manager Billy Beane (played by Brad Pitt.)
Very little about the McCourts is predictable, so let's not jump the gun just yet.
Up to now the jerks in the state budget crisis have been mostly Republicans. Now I'm not sure.
Six of the 10 most expensive markets are in California.
Not a total disaster, but certainly not good.
LAT is citing sources. No details, but the McCourts and their lawyers are scheduled in Superior Court at this hour to discuss the agreement.
State budget in limbo, no renovations for Coliseum, Riordan still warning about city finances, and L.A. investment firm makes bid for warehouse retail chain.
California lost 29,200 jobs in May, the largest number of any state and another reminder of how sluggish the recovery has been.
Notice that unhealthy food is a lot cheaper - and more substantial - than healthy food?
This time, the end-game is not passing the budget - it's setting in motion a ballot vote this fall.
Doti expects payroll employment in the state to grow by 1.6 percent this year, and 2.1 percent next year.
The governor says that "it's not a balanced solution. It continues big deficits for years to come and adds billions of dollars in new debt."
The run is especially popular among celebrities and corporate types because the facilities are so close to West L.A. and Manhattan.
California foreclosures decline, redevelopment agencies lose funding, baseball expanding Dodgers inquiry, and Warner Bros. on cable in China.
What we really need is a collective slap. How bout it?
This is the problem with trying to mix deadlines and matrimony.
The California Senate voted 23-15 on the central piece of the package, and the Assembly is expected to follow suit later today.
With less than an hour of trading to go, the Dow is down around 190 points.
I, for one, am still hoping that Petra Ecclestone winds up with the estate, if only for sheer entertainment value.
Employers still call them layoffs, but in many cases they're really firings - those jobs will never be recalled.
UCLA economists see slow growth, lawmakers close on state budget deal, support slipping for Jerry Brown, and buyout talks for Register break down.
The 57,000-square-foot, Holmby Hills estate had been listed for $150 million - and it sat on the market for more than two years. TMZ had reported that the buyer, 22-year-old British heiress Petra Ecclestone, initially offered $75 million. If the report is true, there's bound to be chatter about how this reflects L.A.'s sour real estate market, though these mega-sales tend to be anomalous events. What is worth noting is how many of the big...
It's another indication that the California economy continues to get better (though at a relatively slow pace).
The market opened strong and pretty much stayed that way, with the Dow up 123 points at the close.
Kind of cute, though Harold Ross must be spinning in his grave.
This week's chat looks at the not-so-obvious reasons why the jobs recovery has been so sluggish.
It's looking that way, according to Harvard professor Alan Dershowitz.
The bond package totals $150 million, with maturities going out 10 years.
More hiring expected, California Democrats consider sleight-of-hand budget, McCourt faces another payroll deadline, and videogame sales hit four-year low.
The 57,000-square foot Holmby Hills mansion will be the home of Petra Ecclestone, whose father is British billionaire Bernie Ecclestone.
One-day passes at Disneyland go from $76 to $80. A three-day pass for Disneyland and California Adventure goes from $206 to $224.
Container traffic rose 2.3 percent compared with a year earlier, with imports up 4 percent and exports down 6.1 percent.
An average gallon of regular in the L.A. area is $3.971, according to the government survey, which is only about three cents lower than last week - and the lowest weekly decline since early May
The reorganization plan announced by Memphis-based Perkins & Marie Callender's Inc. includes the closing of 58 restaurants.
Last night's series-ending game was the highest-rated Game 6 in 11 years.
CNBC reports that the valuation could top $100 million, citing sources.
He spoke to Dartmouth University graduates over the weekend.
The lackluster jobs recovery is killing local real estate.
Economists turn bearish on jobs, Gov. Brown reports no budget progress, Facebook growth spurt might be over, and air fares are crazy high this summer.
Robert Morse and Frank Loesser close out the week. From the movie version of "How to Succeed in Business Without Really Trying."
Democrats haven't been able to snag the few GOP votes needed extend taxes until a special election.
The Dow fell 172 points, which brings the index below 12,000 for the first time since March and marks the sixth straight week of market declines. From WSJ: "At the moment there doesn't seem to be any place to hide," said Ted Weisberg, president of Seaport Securities. "Best-case scenario, [traders] don't know what to do. Worst case, they're simply throwing in the towel because they're frustrated. Nothing seems to work." Of course it's worth pointing...
Hate to admit it, but a lot of what he says makes sense.
There's still a lot to sort through, but the California rejiggering could boost the House Democratic delegation by four seats. The question is whether it will have the same members. From the LAT: The new maps promise to cause political migraines for a number of incumbents, including one of Los Angeles' most enduring Democratic politicians, Howard L. Berman. Berman could face a challenge from a well-known Latino if he runs in a more Latino east...
L.A. is using its resources to review a proposed NFL venue that no one much cares about.
Companies are spending money on equipment, not workers.
Industry study suggest possible safety issues from the use of cell phones, iPads and other electronic devices.
Gas prices keep falling, state lawmakers face redistricting, more shenanigans in Vernon, and report says Live Nation may go private.
It's really the subtext for most anything that goes on these days in Washington.
Previews begin on July 21 and the official premiere is Sept. 25, but Hollywood businesses are already planning what could become a lucrative - and long-running - attraction. Well, at least that's the idea. Cirque du Soleil's "Iris," which is being directed by Philippe Decouflé, looks at the history of movies through dance and acrobatics. The important point is that "Iris" will be at the Kodak Theatre on an ongoing basis, with plans for...
You can't just erase a $300-million-plus budget deficit and think there won't be consequences.
Bobby Kotick would be investing in the social networking site as an individual.
Which means there's probably no way of knowing whether the city is collecting all the meter money. Nice.
It's either that or risk defaulting on its bankruptcy loans.
Jobless claims still high, hackers breach Citi data, Brown could be closer to budget deal, and L.A. trying to keep E3 show.
One of classic TV's funnymen, Stern wrote for "The Honeymooners," "Get Smart," and "The Phil Silvers Show," among many other shows.
The major sticking point is health care, and union officials say they're nowhere close to an agreement.
Five former employees allege that Alberto del Hoyo engaged in "racist, sexist and illegal conduct."
Hold the depression - things aren't that bad.
There are obvious explanations (tighter credit, high unemployment) as well as the less obvious ones.
Pollsters can ask people anything, but that doesn't mean they should or that the results mean jack.
Gretchen Morgenson, who has written extensively on the mortgage meltdown, will be in coversation with James Flanigan.
State budget talks bog down, fewer homeowners are underwater, record number of TV pilots being made, and airline passengers are more satisfied.
This week's chat with Susanne Whatley looked at Hollywood's growing reliance on foreign markets.
Actually, the protesters were aiming their sights not at Mattel, but at the Chinese company that supplies Mattel's packaging.
The Fed chairman says that the economy has been slowing down, though he also sees gradual improvement in the job market.
The state's gross domestic product rose 1.8 percent, helped along mostly by the technology and manufacturing sectors.
The health insurer is giving back $167 million, which covers a 30 percent credit on one monthly bill this year.
Mildly surprising, given that ESPN was apparently making noises about making a competitive bid.
But not for $28 million, the number that Gabor and her husband initially had in mind.
Gretchen Morgenson, who has written extensively on the mortgage meltdown, will be in conversation with former LAT columnist James Flanigan.
Wall Street waits for Bernanke, second mortgages causing trouble, new support for Brown's budget plan, and more restaurants coming to LAX.
Fair-minded people would say yes - the other two passengers in the row can lean either toward the window or the aisle. Simple, right?
Based on the average price in the L.A. area of $4.016 a gallon, we're paying about $4 less for a 15-gallon fill up than we were a month ago.
About 250 jobs will be cut, the LAT is reporting.
It's the first time a major college championship has been vacated in major college sports since polling began.
The Apple CEO headlined the company's worldwide developers conference in SF this morning.
Once more we are being reminded of how financially ill-equipped many of us are.
The closing is part of a sizable cutback at the Press-Enterprise.
MySpace deal nears, videogame trade show opens, and good news for Boeing workers in Long Beach.
The Santa Monica-based electric car company finally expects to start selling in the second half of the year.
Here's another example of how the movie landscape is changing.
Nearly one in three of the people unemployed have been out of work for at least a year.
Weak jobs report, L.A. gas prices keep falling, Dodgers not the only team with debt troubles, and deadline set on downtown football deal.
Of course it comes at the expense of $121 million worth of cuts at the police department.
It's an experiment borne out of necessity: The long-struggling Skid Row mission is now charging $7 for an overnight stay.
Namely, a suspension of their salaries and per diem payments, effective June 15.
The social buying site aims to raise $750 million.
They are, in fact, higher than other carriers on the same routes at the same times.
Former LAT Editor Dean Baquet becomes managing editor, which was Abramson's old job.
Californians are spending more, poll shows split on dealing with state deficit, Dodger inquiry nearing an end, and L.A. controller wants parking records.
She's supposedly asking $49 million for the 9,000-square-foot main house. Only money, right?
Under the deal being considered, 200 of the 405 remaining stores would be purchased.
More not-so-wonderful news: Annual sales rate was 11.8 million vehicles, down about 10 percent from April, but up a touch from May 2010.
Still two hours of trading left, but it's not looking good.
Amazing.
Weak numbers on jobs and manufacturing, wine business on the rebound, airlines cleaning up on fees, and designer found dead.
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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