Goldman Sachs

You may be following the U.S. Senate hearings examining Goldman Sachs, one of the largest Wall Street institutions, and their involvement in the subprime mortgage market around the time the financial crisis started in 2007. The U.S. Securities and Exchange Commission has filed a civil fraud lawsuit against the company, claiming they created a subprime mortgage investment scheme that was intended to fail. Even the U.S. Justice Department is looking into the matter. Goldman Sachs allegedly sold shaky investments it put together with subprime mortgages mixed in, but disguised them to look solid with AAA ratings while behind the scenes “shorting” the investments, making them money on both sides of the deal as the investments failed.

It’s that time of year again. The time when those who are more fortunate start thinking about ways in which they can give back to the community. Of course, I’m speaking of property tax time. That biannual festival when the lucky home owners of America pay a small percentage of our hard-earned money back to the government so that things like schools, roads and social services can function for the good of everyone. For the record, I’m one of those liberals who neither resented nor felt the extra tax was unfair.

Public Storage Inc. pursues merger Glendale-based Public Storage Inc. filed additional paperwork this week with the Securities and Exchange Commission in connection with its proposal to acquire Shurgard Storage Centers Inc. The materials, designed to show the value of the merger to Shurgard shareholders, are available on Public Storage's website at www.publicstorage.com under Corporate Information and at the SEC's website at http://www.sec.gov. Public Storage announced a proposal to merge with Shurgard in August, but Shurgard rejected the offer, in which Shurgard stock would be exchanged for 0.8 shares of Public Storage stocks.

Josh Kleinbaum The Glendale Redevelopment Agency hit the interest-rate jackpot. Thanks to low interest rates and a competitive market, the agency will save $405,000 a year during the next 17 years -- $5.5 million total -- after refinancing its 1993 Tax Allocation bonds. "It's almost double the estimated savings from last month," Director of Development Services Jeanne Armstrong said. The bonds, used primarily to purchase and refurbish the Alex Theatre and to build the Hilton Glendale, were originally purchased in 1990 and refinanced in 1993 at a 5.67% interest rate.

Handing high school students $35,000 with which to play the stock market might not seem like the best way to boost a school endowment, but in 1997, that is what trustees at Flintridge Preparatory School did. The gamble has paid off. Over the years, students in Assistant Headmaster Peter Vaughan's investments class have turned the $35,000 grubstake into a $188,000 portfolio that helps support school arts and athletic programs. When Vaughn launched the class, he half expected his students to gamble away the principal - $35,000 cobbled together by school trustees - on penny stocks.

Hospital gets three-year re-accreditation After a four-day, on-site review, Verdugo Hills Hospital was re-accredited by the Joint Commission on Accreditation of Healthcare Organizations, the national organization that surveys hospitals for quality, safety and clinical excellence. The survey team reviewed Verdugo Hills Hospital's medical practices, labs, patient care practices, records and staffing patterns, along with life and building safety and security.

Smokers should quit for them, us Regarding “Smoking ban goes back to council,” Tuesday: I have a neighbor who smokes. He cares for his family, he smokes outside. Every morning I wake to cigarette smoke in our bedroom. The air carries it into our house. Every evening it wafts into our living room. I close the windows, close the doors. We live in the suburbs in nice houses that are spaced apart. Yet I’m a prisoner while he smokes. My mom and dad both died of cigarette-induced lung cancer and heart diseases.

Call it a match made in Glendale. Ice Energy has moved into a new 25,000-square-foot facility in Glendale, a city whose utility has become one of the Colorado-based company's largest clients for systems that store energy for air conditioners overnight, when electricity is in less demand and cheaper. The facility, located in Glendale's industrial San Fernando Road corridor, is also centrally located to the firm's other top clients. “Glendale is kind of like the center of the map for us here in California,” said Mike Hopkins, executive vice president of Ice Energy.

Consumer confidence appears to have grown during the holiday season, with increased foot traffic and sales at the city’s major shopping destinations in 2009, retailers and experts said. Foot traffic at the Americana at Brand was up 20% in November and December from the same period a year ago, said Jennifer Gordon, vice president of marketing for Caruso Affiliated, which owns the mall. The Glendale Galleria also saw stronger traffic, which translated into improved sales at several major retailers, although specifics were not available Thursday, said Janet LaFevre, spokeswoman for the Glendale Galleria.

Survey: Home goods are selling well An early analysis of holiday shopping trends showed some changes from the 2008 season toward more home-related goods, according to the International Council of Shopping Center and Goldman Sachs. According to the survey of 1,000 adults nationwide: The three areas that showed the most drastic shift in consumer interest over the last year were music, CDs and DVDs; housewares; and consumer electronics, especially electronic book readers.

You may be following the U.S. Senate hearings examining Goldman Sachs, one of the largest Wall Street institutions, and their involvement in the subprime mortgage market around the time the financial crisis started in 2007. The U.S. Securities and Exchange Commission has filed a civil fraud lawsuit against the company, claiming they created a subprime mortgage investment scheme that was intended to fail. Even the U.S. Justice Department is looking into the matter. Goldman Sachs allegedly sold shaky investments it put together with subprime mortgages mixed in, but disguised them to look solid with AAA ratings while behind the scenes “shorting” the investments, making them money on both sides of the deal as the investments failed.

It’s that time of year again. The time when those who are more fortunate start thinking about ways in which they can give back to the community. Of course, I’m speaking of property tax time. That biannual festival when the lucky home owners of America pay a small percentage of our hard-earned money back to the government so that things like schools, roads and social services can function for the good of everyone. For the record, I’m one of those liberals who neither resented nor felt the extra tax was unfair.