- Merill Lynch reports $9.8 BILLION Loss in mortgages - Merril Lynch & Co. became the second Wall Street mega-business to report nearly $10-Billion in loses. This could cause major trouble for Merrill and other investment banks. Many are blaming this on the recent fall in sub-prime mortgage securities during their fourth-quarter performance. “…the company also took a $3.1-billion writedown to cover the potential inability of a large bond-insurance company.” Bond insurers fear that they may not be be able to pay everyone off which could cause future severe sub-prime losses on Wall Street.
- Winds knock down powerlines and cause two car fires -The winds knocked over a tree in Sunland last night at 11:30pm onto power lines which fell onto a parked car and caused it to burst into flames. The Ford Thunderbird was completely engulfed before the fire department got there. Luckily there were no injuries but thousands have been without power because of it. Near North Bristol Street, a 50 foot eucalyptus tree crashed down on a new PT cruiser. Again no one was hurt. Winds reached up to 74-miles per hour last nigh, similar to those of a hurricane. Hopefully winds should die down before 3 pm today, but may hang around until Saturday.
- LA dog fighting ring busted - Jerome Woods, 55, was arrested by police after the LA City Animal Cruelty Task Force entered on a warrant and found injured pit bulls, bloody towels, medicine, and a bloody fighting pit on his property in Hyde Park. The case will be brought to the LA District Attorney’s Office and reviewed for felony charges, if convicted Woods could be sent for jail for cruelty against animals.
- OJ flies home, day after being told off by judge - Just yesterday OJ was accused of having “arrogance or ignorance - or both” by a judge in Nevada for trying to break his parole and today he is on a flight home to Miami. Tom Scotto helped arranged his $250,000 bail, will be there to pick him up at Miami International Airport. For more on this story check out cityzine’s evening news round up.
- New homes not being built, 24.8% drop in construction - Worst in 27 years -As everyone in LA knows, real estate is plummeting, and as a result the construction of new homes has dropped down to the largest slump in 27 years, and keeps dropping. Workers being laid off and filing applications for unemployment have gone from 21,000 to 301,000 this month. KB announced last week that their loses were over $770 million. Many economists believe that this will be the case until 2009 when companies may start to rebound.
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