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Economist: Government needs to rein in spending

By   /  Friday, October 9th, 2009  /  Latest news  /  Comments Off on Economist: Government needs to rein in spending

Budget deficits by the U.S. government pose the greatest risk to the stock market, the dollar and the economy, a prominent economist said Oct. 9. Speaking at California State University, Channel Islands, Sung Won Sohn, the Martin V. Smith professor of economics at the school and a former chief economist for Wells Fargo, said the Read More →

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PCBC shares soar on speculation of capital infusion

By   /  Wednesday, October 7th, 2009  /  Latest news  /  Comments Off on PCBC shares soar on speculation of capital infusion

Shares of Pacific Capital Bancorp, parent of Santa Barbara Bank & Trust, soared nearly 25 percent on Oct. 7, as 3 million shares, twice the normal volume, changed hands. Pacific Capital closed at $1.82 on NASDAQ, climbing 35 cents amid ongoing speculation the bank might be close to raising new capital or announcing a merger. Read More →

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High-tech manufacturing facility to break ground

By   /  Wednesday, October 7th, 2009  /  Latest news  /  Comments Off on High-tech manufacturing facility to break ground

One of the largest industrial spaces planned for the Goleta area in recent years will soon break ground. Alliant Techsystems Space Systems plans to move the first dirt for a new 25,000-square-foot facility on Pine Avenue on Oct. 12, the company said in a release. Better known in the Tri-Counties as ATK Space Systems, the Read More →

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PCBC stockholders approve new shares

By   /  Tuesday, September 29th, 2009  /  Latest news  /  Comments Off on PCBC stockholders approve new shares

Pacific Capital Bancorp shareholders passed two proposals on Sept. 29 that could make it easier for the capital-strapped banking firm to accommodate a new infusion of cash from investors and bolster its sagging stock price. Meeting at Fess Parker’s DoubleTree Resort in Santa Barbara, shareholders quickly voted to give Pacific Capital’s board the power to Read More →

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Financier not at fault in daughter

By   /  Monday, September 28th, 2009  /  Latest news  /  Comments Off on Financier not at fault in daughter

[Editor’s note: An update is attached below.] The late financier Michael Klein wasn’t negligent in the crash that killed him, his daughter and a pilot when their plane slammed into the side of a volcano in Panama on Dec. 23, 2007, a jury found. The Santa Barbara Superior Court jury instead found that the pilot Read More →

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Local economist: Real estate will unfreeze slowly

By   /  Monday, September 14th, 2009  /  Latest news  /  Comments Off on Local economist: Real estate will unfreeze slowly

Luxury home prices are likely to remain frozen at current levels for a long time, a lingering effect of the panic that disrupted financial markets a year ago, a top economist said in Santa Barbara. Speaking on the anniversary of the collapse of Lehman Brothers, California State University Channel Islands economist Sung Won Sohn said Read More →

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Employee arrested on suspicion of stealing almost $1M

By   /  Friday, September 11th, 2009  /  Latest news  /  Comments Off on Employee arrested on suspicion of stealing almost $1M

A Ventura County woman has been arrested on charges of stealing more than $950,000 from Conejo Valley Women’s Group. Elizabeth Ann Jones, a 43-year-old Newbury Park resident, was arrested on Sept. 10 on suspicion of grand theft, forgery, computer fraud and aggravated white collar crime enhancement following an investigation by the Ventura County Sherrif’s Department. Read More →

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