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Category: Money
Monday, November 16, 2009
 Jane Norton, the former Colorado lieutenant governor who is now running for the U.S. Senate, has cast herself as a Washington outsider. But as the left-leaning Huffington Post recently noted, she has nonetheless been cozy with D.C. insiders—particularly those who are helping her fill her campaign coffers.
In fact, since officially entering the race in early September, Norton has raised $510,000. That’s more money in that amount of time than fellow Republican Weld County District Attorney Ken Buck, as well as both Democrats in the race: sitting U.S. Senator Michael Bennet and former state House Speaker Andrew Romanoff, reports The Denver Post.
Between September 10 and 30, when the race became competitive, Bennet raised $364,000 to Romanoff’s $181,000 among individual donors giving $200 or more. Joelle Martinez, a spokeswoman for Romanoff, explains that Romanoff didn’t start raising money in earnest until the last 10 days of the month. Buck pulled in $159,000 for the period.
Posted at 12:30 pm by Michael de Yoanna
Money, Panorama, People, Politics :: Permalink :: Comments
Friday, November 6, 2009
Focus on the Family’s patriarch James Dobson may have reached the end of an era as he prepares to leave the Colorado Springs-based evangelical media empire’s radio show. But the organization still flexes conservative muscle when it comes to the issue of gay marriage.
The latest battleground was Maine, where voters reversed a state law earlier this week that allowed same-sex couples to marry, a national trend against gay marriage that includes California, Hawaii, and myriad other states (via The Wall Street Journal).
Focus on the Family Action, the organization’s political arm, poured in $115,266 to help the coalition support the repeal, according to election records analyzed by the Colorado Springs Gazette. Jenny Tyree, Focus’ marriage analyst, credits Focus founder James Dobson with the win, saying his views on traditional marriage still resonate with Americans.
Posted at 12:00 pm by Michael de Yoanna
Money, Panorama, Religion, Rights :: Permalink :: Comments
Tuesday, November 3, 2009
 Michael Bennet, who was appointed by Governor Bill Ritter as U.S. senator earlier this year, had a phenomenally successful night rubbing elbows with all the right people a few months back.
In his case, the right people included powerful Democrats, like White House Chief of Staff Rahm Emanuel, at Chicago’s Ritz-Carlton.
Bennet’s take for that evening last June was probably in the range of $200,000, according to The Denver Post, noting the bulk will be spent in Colorado by the Democratic Senatorial Campaign Committee on political ads and such. The fundraiser provides a glimpse into Democrats’ aspirations to maintain their majority in Washington.
 Of course, the money poured in before former state House Speaker Andrew Romanoff announced his intention to challenge Bennet (pictured top), the former Denver Public Schools chief. But other factors will determine which Democrat will be chosen as the party’s official candidate in 2010.
For instance, while Bennet and Romanoff have differing track records on immigration, Latino voters could hold Romanoff accountable for a 2006 state legislative session that produced several laws aimed at undocumented residents. (more…)
Posted at 2:15 pm by Michael de Yoanna
Immigration, Money, Panorama, People, Politics :: Permalink :: Comments
Tuesday, November 3, 2009
 Things are looking worse for the University of Colorado football program, especially after Saturday’s 36-17 loss to Missouri. Most of the blame has been laid at the feet of head coach Dan Hawkins, who definitely knows how to talk a good game. Westword declares, “the Hawkins experiment has failed.”
The Denver Post reports CU athletic director Mike Bohn (pictured) isn’t too concerned that many fans think he should be out looking for a new job—along with Hawkins. Apparently, he’s too busy raising money and trying to attract new fans. That’ll be hard, considering the football team is 2-6 and looks as inept as ever.
The combined records of the 2008 and 2009 football teams, along with last season’s men’s and women’s basketball teams, is 27-53, including 7-37 in conference play.
In the academic year ending June 2008, the Post notes, Colorado’s athletic department generated $52.63 million in revenues, putting the school at seventh in the Big 12. While it might seem like a lot of money, it’s a far cry from the minimum $74.7 million the six schools ahead of CU pulled in. (The University of Texas led the way with $120.29 million.)
So next time you think CU’s poor athletic performance means little more than crabby CU fans, think about the money.
Photo courtesy of CUBuffs.com.
Posted at 12:15 pm by AJ Vicens
Education, Money, Panorama, Sports & Fitness :: Permalink :: Comments
Tuesday, October 27, 2009
Silent Stan—or, as we know him, Stan Kroenke—is creeping closer to taking sole control of European soccer juggernaut Arsenal. ESPN reports, “it seems a matter of not if but when” that Kroenke will reach the 29.9 percent ownership threshold to trigger the automatic bid for the rest of the team, as he already owns 28.86 percent. That “when” could take a little longer than initially thought.
Although Kroenke could cross the threshold “within weeks,” there are also reports that he may not try to take over Arsenal within the next year, because he’d have to come up with 400 million British pounds (that’s more than $655 million). That’s a lot of money, even for a guy worth an estimated $3.5 billion.
Meanwhile, Kroenke’s other investments are starting to heat up. His major league soccer team, the Colorado Rapids, just wrapped up its season out of the playoffs, but the Denver Nuggets begin their run back to glory tomorrow, and his Colorado Avalanche is sitting in first place in the Northwest Division as one of the surprise teams in the NHL.
Kroenke also owns 40 percent of the St. Louis Rams, although even he probably couldn’t buy them a win at the rate they’re going. Maybe he’ll ditch his stake in the Rams to finance the final push for Arsenal.
Posted at 12:00 pm by AJ Vicens
Business, Money, Panorama, People, Sports & Fitness :: Permalink :: Comments
Friday, October 23, 2009
You know who you are: the one who tends to round up when calculating the customary 20 percent tip after you finish your meal. Maybe you’re doing it to impress your date. Maybe you used to be a waiter or waitress and can empathize. Maybe you’re just nice. Or maybe you’re bad at math.
Whatever the reason, you’re not alone, according to a new survey by Zagat that finds the recession hasn’t made Denverites any less generous when it comes to tipping. Denver ties for third place among 31 U.S. markets, reports the Denver Business Journal.
But don’t pat yourselves on the back too hard. The average tip in Denver is 19.5 percent—less than the 20 percent most etiquette experts recommend.
But, on average, nobody is hitting that standard. St. Louis and Philadelphia are tied for first in the survey and tip an average of 19.6 percent on their food bills. The worst tippers aren’t too far behind. They’re in Hawaii and Seattle, tipping an average of 18.4 percent.
The poll results were issued with Zagat’s new edition of “America’s Top Restaurants,” which rates Mizuna, Frasca, Fruition, Sushi Den, and Sushi Sasa as the top restaurants in Denver/Boulder.
Posted at 3:15 pm by Michael de Yoanna
Business, Money, Panorama :: Permalink :: Comments
Friday, October 23, 2009
The hot new Tesla Roadster, a pioneering sports car that runs on electricity and was built in Colorado, got a thumbs up during a test run by band Cobra Starship in New York City, writes Rolling Stone.
And for the lucky few—fewer than a dozen—Coloradans who will actually zip away with a Tesla this year, there’s good news: You can get a whopping $42,083 tax credit if you buy one, according to Boulder’s Daily Camera.
To put that into perspective, it’s the value of about two brand-new Ford Mustangs—two, my friends (that’s one for you and one for me). The amount of the tax credit is based on a percentage of the difference between the alternative-fuel vehicle and a comparable, gas-burning vehicle—-in this case, the $47,000 British-made Lotus Elise.
Mark Couch, a spokesman for the Colorado Department of Revenue, says the tax credit was created in 2000 to provide incentives for people to buy hybrids, and there weren’t any luxury hybrids back then. Next year, a $6,000 cap goes on the tax credit, as a result of legislation.
So if you were thinking about getting someone special (like me) that Tesla for the holidays, now’s the time.
Posted at 2:15 pm by Michael de Yoanna
Business, Environment, Money, Panorama :: Permalink :: Comments
Thursday, October 22, 2009
 Disgraced former Illinois Governor Rod Blagojevich’s long-time pal and campaign manager, Alonzo Monk, agreed Tuesday to testify in exchange for a reduced sentence stemming from the case in which his boss is accused of trying to sell the U.S. Senate seat vacated by Barack Obama (via Politics Daily).
Perhaps Blagojevich should have hired a cat to run his campaign instead. That’s what Rob Smoke, a candidate for city council in Boulder, has done (via the Daily Camera).
When the Camera inquired as to why Smoke spent $14.37 of the $236 he’s raised on “dinner for campaign staff” from the pet store, Smoke claimed the purchase was for Sita, his cat/campaign manager (pictured).
Smoke says he’s trying to make a point: “It’s just a general protest against the way expenditures are handled.” (more…)
Posted at 3:39 pm by Michael de Yoanna
Money, Panorama, Pets, Politics :: Permalink :: Comments
Wednesday, October 21, 2009
 As Siemens and the government’s National Renewable Energy Laboratory announced the biggest undertaking in industry research for wind power, Bill Ritter was quick to claim some credit.
“Investments, like the one we’re celebrating today, will help us build that new and different future, it helps us improve energy efficiency to expand the use of renewables, and decrease our reliance on foreign oil,” the Democratic governor said earlier this week (via 9News).
While the state has seen a renewable-energy boom under Ritter, it has also witnessed a major decline in overall venture-capital investments, according to the latest MoneyTree Report cited by the Denver Business Journal, which notes that the $50.3 million invested in Colorado companies in the third quarter of 2009 is less than one-fourth as much as in the prior quarter.
That’s also less than the total venture capital spent in Colorado in the third quarter of 2008.
The report’s authors caution that if it hadn’t been for a $146 million investment by Clovis Oncology Incorporated in Boulder during the second quarter of this year, investments would seem pitiful. Paradoxically for Ritter, the report also indicates the surge of funding other states have seen in the “clean technology” sector has surpassed Colorado’s.
Posted at 2:15 pm by Michael de Yoanna
Business, Money, Natural Resources, Panorama, Science and Technology :: Permalink :: Comments
Thursday, October 8, 2009
 Former Colorado House speaker Andrew Romanoff has raised more than $200,000 in the first 21 days of his campaign—the same number of days the Democrat challenging incumbent Michael Bennet for U.S. Senate was eligible to collect third-quarter donations.
That’s the kind of start Romanoff needs if he is going to pose a serious threat to Bennet, who in the first three months of 2009 set a record for Senate fundraising in a non-election-year cycle, according to The Denver Post.
Bennet has $2.5 million, but many of Romanoff’s contributions are from individuals—possible evidence of the grassroots support he’s spun his campaign messaging on so far. ColoradoPols is cautious in its praise of Romanoff, opining that he simply nabbed “low-hanging fruit.”
A separate Post article, meanwhile, points out that more than $400,000 of Bennet’s funding has come from donors linked to a combination of hedge funds, securities firms, insurance companies, and real estate interests. That money “doesn’t buy anything from me,” counters Bennet. But he’ll have to convince Democratic voters that he really has the interests of the average Coloradan heart. Right now, Dems appear split—at least in places like Grand Junction, reports the Sentinel.
Posted at 10:45 am by Michael de Yoanna
Money, Panorama, People, Politics :: Permalink :: Comments (1)
Friday, October 2, 2009
Quoting Forbes on the nation’s 400 richest people in America, Phil Anschutz is a “reclusive mogul” who saw “his big bet on Michael Jackson’s comeback lurch into a drug-induced coma after the pop star’s untimely death in June. His concert promoter, AEG, has lost millions of dollars from ticket refunds, rehearsal costs; recouped some losses selling merchandise, rehearsal footage.”
Nevertheless, Anschutz, an oil driller’s son, bought out his father and struck energy riches in Utah and Wyoming, parlaying the proceeds into a multi-billion-dollar telecom, sports, real estate, media, movies, and wind empire, which includes the sale of Qwest Communications shares in past years. All that puts Anschutz, age 69 and worth about $6 billion, at number 37 on the Forbes 400, down a notch from his 2008 ranking at 36, but still the top dog in Colorado.
Satellite-television mogul Charlie Ergen slipped a few notches to number 49 with $4.9 billion, down an astounding $3.1 billion from 2008, notes the Denver Business Journal. The other locals on the list include: cable-TV magnate John Malone of Liberty Media, Parker; cheese king James Leprino of Leprino Foods, Denver; heiress Pat Stryker, Fort Collins; and Gary Magness, Denver, heir of cable-TV tital Bob Magness.
Microsoft’s Bill Gates remains number one in the nation, with a net worth of $50 billion. Following him are Warren Buffett ($40 billion), Lawrence Ellison of Oracle ($27 billion), and four members of Wal-Mart’s Walton family.
Posted at 3:15 pm by Michael de Yoanna
Money, Panorama, People :: Permalink :: Comments
Wednesday, September 23, 2009
Coloradans love to brag about the state’s skiing chops, and for good reason. We have some killer resorts. Ski Magazine’s annual list of Top 30 Resorts once again backs up our cockiness. Colorado claims 12 of North America’s top 30 resorts in the recently released survey of the magazine’s readers. The state’s top resort is Vail, ranked third on the continent, followed by Beaver Creek at number five, then Snowmass at number 6, and Steamboat at number 10.
But a few Colorado resorts actually slipped from last year’s list. The Aspen Times explains the three main reasons for that happening to Aspen-area mountains: costs, travel hassles, and bear problems. Snowmass’ respectable sixth-place ranking is down from its number four spot last year, and Aspen Highlands moved up the list to 17 from number 18. The Times counters that prices and the relatively remote location of Aspen-area resorts keep them ranked.
In reviewing survey comments, the Times writes: “It was clear that many visitors haven’t connected Aspen’s dots. They harped about the high prices and inaccessibility without realizing both contribute to the lack of crowds.” Makes sense. Nonetheless, season passes of up to $1,799 are a bit much for the average skier in this Great Recession.
Posted at 3:30 pm by AJ Vicens
Money, Outdoors, Panorama, Sports & Fitness, Travel, Trends :: Permalink :: Comments
Friday, September 18, 2009
 After all the Broncos have been through with Brandon Marshall, the petulant wide receiver came back from suspension to play during the team’s opener in Cincinnati last weekend.
But instead of becoming the adult we hoped he would, Marshall has proven once again that he’s a very immature 25 and he apparently hasn’t learned how to act professionally—even if he is pissed off.
After a silent spell, Marshall finally spoke with the press again yesterday, meeting The Denver Post and other outlets with a lot of attitude and overtly canned responses to questions, ranging from how he’s feeling to whether he needs to apologize to his teammates for acting like a dick, before a team PR staffer cut him off (examples via Mile High Report).
At least one Bronco is willing to accept accountability. Rookie running back Knowshon Moreno tells the Colorado Springs Gazette that he made a lot of mistakes during his first pro action and that he wasn’t prepared for how fast and good his opponents were going to be.
Maybe in the end, rooting for this team is like playing the lottery: Every once in a while, you may get something out of it, but most of the time, it’s a waste. And now that the Broncos logo is plastered on scratch tickets, we can associate that kind of loss with our football team any day of the week (via TicketNews.com).
Posted at 11:30 am by AJ Vicens
Money, Panorama, Sports & Fitness :: Permalink :: Comments
Friday, September 11, 2009
If you’re looking for up-and-coming power players, the best place in America to look is the Washington, D.C., area. That’s according to Nielsen Claritas’ new demographic report, which spotlights the cities with the highest concentrations of people aged 25-34 who earn more than $100,000 a year. D.C. is hardly a surprise. More interesting is the fact that two Colorado counties—Douglas and Broomfield—make the top 10 (fifth and 10th, respectively).
“In 1990 you had a lot more concentration of this demographic in the heartland and in Texas, likely driven by the oil economy, and some of the agribusiness,” says Michael Mancini, vice president of data product management for The Nielsen Company. “But now, there’s a densification of young money into the major metros.”
The numbers come amid the steepest decline in the economy since the Great Depression–a time when the gap between most affluent Americans and everyone else could finally shrink. But, as The Wall Street Journal writes, “If so, it won’t be by lifting up the bottom. It will be by pulling down the top.”
Meanwhile, the number of Coloradans collecting unemployment benefits is easing from historic highs in June: 70,582 Coloradans collected benefits as of August 22, down 10.4 percent from June 13, according to the Denver Business Journal.
Posted at 2:00 pm by Michael de Yoanna
Economy, Money, Panorama, Trends :: Permalink :: Comments
Thursday, September 10, 2009
 What should the United States Mint do now that the multi-year program to issue quarters honoring U.S. states, territories, and the District of Columbia has ended? It’s a nice distraction from the recession and a question for U.S. Treasury Secretary Timothy Geithner, who ended up reaching out to U.S. governors and Interior Secretary Ken Salazar for ideas.
The answer: Issue more quarters—specifically, an “America the Beautiful” series, featuring places like Hot Springs National Park in Arkansas and Arches National Park in Utah. And, of course, Salazar’s home state (and ours) will be represented. But the obvious choice, Rocky Mountain National Park, didn’t make the cut.
Rather, Great Sand Dunes National Park and Preserve, established as a national monument near Alamosa in 1932, will be featured in the series of 56 quarter-dollars, according to the Denver Business Journal. After all, mountains represent Colorado on the most recently issued state quarter. But don’t look for the Sand Dunes coin any time soon. It won’t be issued until 2014, tucked among the Mint’s long list of sites, including Grand Canyon National Park, Yellowstone National Park, and Mount Rushmore National Park.
Posted at 1:30 pm by Michael de Yoanna
Money, Natural Resources, Outdoors, Panorama, People, Politics :: Permalink :: Comments
Wednesday, September 9, 2009
Under Mayor John Hickenlooper, the city of Denver has become a harsh and unforgiving place for anyone whose car is caught illegally parked. Denver is on pace to hit “near-record” levels of tickets, according to an investigation by The Denver Post. The most common places to get nailed are the areas where you are most likely to be spending some of your hard-earned cash to help the city’s fine establishments during the recession: Denver International Airport and Lower Downtown.
Other enforcement hot spots include areas around Congress Park, West Highland, and Cherry Creek. At the current pace, the city will issue about 670,000 tickets this year, compared with 586,000 two years ago. The top violator last year was a working stiff: One delivery truck amassed 196 parking tickets in the Cherry Creek area.
Is the avalanche of tickets a scam to help the city fill its budget gap? No way, says city Public Works spokeswoman Ann Williams. But City Councilman Charlie Brown is somewhat more frank: “The cliche is, this is for public safety. But let’s be adults here. We just have to get it [revenue] everywhere we can.” Brown recently called for a parking-ticket amnesty plan in which people who haven’t paid their tickets would see their late fees forgiven, according to 7News.
Posted at 10:45 am by Michael de Yoanna
Economy, Money, Panorama, Transit :: Permalink :: Comments
Wednesday, September 2, 2009
 The Colorado Springs-based U.S. Olympic Committee announced a major sponsorship deal yesterday with Procter & Gamble, which owns such common brands as Cover Girl, Pantene, Secret, Pepto-Bismol, Vicks, Charmin, Pampers, and Crest, among a slew of others (via Reuters).
The deal includes individual athlete partnerships, print and TV ad campaigns, public relations, and Team-USA-branded, in-store merchandising. The sponsorship, which runs through the 2010 Vancouver Winter Olympics and the 2012 London Summer Olympics, couldn’t have come at a better time, after Home Depot dropped its 16-year run as the group’s main sponsor (via Bloomberg).
The deal is worth anywhere between $15 million and $25 million over the next four years, reports The New York Times. The USOC stands to make roughly $255 million in television revenue alone for the next two Olympic events and is sitting on a $100 million cash reserve.
That sounds like a lot until you take into account the $150 million annual operating budget. Which is why the loss of Home Depot’s $4 million to $5 million per year, along with other major defections such as General Motors’ $7.5 million annual sponsorship, hurt so much. And now you know why your toilet-paper packaging will be sporting Olympic rings.
Posted at 2:30 pm by AJ Vicens
Business, Money, Panorama, Sports & Fitness :: Permalink :: Comments
Tuesday, August 18, 2009
 Carmelo Anthony is alleging that his former business manager, Larry W. Harmon, took about $1.75 million and transferred it to a company formed by Harmon in 2008. Another $265,500 was also discovered to have been invested with third parties without Anthony’s knowledge or consent between 2005 and 2008, according to The Associated Press.
He’s suing Harmon for $2 million, plus punitive damages. Harmon wouldn’t comment on the allegations and claimed not to know about the lawsuit.
The discrepancies were apparently discovered when Anthony’s new financial management team began to look through the books and found significant documents missing and portions of the records miscoded to hide the scheme. Anthony’s entering the fourth year of a five-year, $80 million contract he signed in 2006.
A recent Sports Illustrated feature called the “Fortunate 50,” which documented the 50 highest-paid athletes in America in 2008, put Anthony at No. 25, with $14.4 million in salary and $5 million in endorsements. I might have a hard time keeping track of all that coin, too.
Posted at 1:15 pm by AJ Vicens
Crime, Money, Panorama, People, Sports & Fitness :: Permalink :: Comments
Thursday, August 13, 2009
Following an undercover investigation by the Colorado Bureau of Investigation last year, five people were arrested for playing Texas Hold’em at a Greeley bar. The group was surely betting—$20 to buy in—but a jury acquitted Kevin Raley, leading prosecutors to drop their charges against the others. It was never clear why the jury sided with Raley, but now The Poker Players Alliance, an advocacy group, is aiming to find out, writes The Denver Post.
The group announced yesterday that one of its members plans to petition Colorado’s Supreme Court for a review of Weld County District Court Chief Judge James Hartmann’s recent ruling, which concludes that poker is gambling under state law (via the Greeley Tribune).
Sound crazy? PPA executive director John Pappas has a seemingly brilliant answer: “Poker is indeed a game of skill” and not a game of chance.
Meanwhile, you can always avoid playing in a bar and just go online. Jeffrey Wilson McCoy, a second-year law student at the University of Colorado Law School and an avid poker player, argues in a guest editorial for the New Jersey Star-Ledger that the “ban on Internet poker has not been effective in crippling the industry.”
Posted at 11:45 am by Michael de Yoanna
Money, Panorama, Rights :: Permalink :: Comments (1)
Tuesday, August 11, 2009
 Southwest Airlines upped its bid for Frontier Airlines yesterday by 50 percent in the hopes of winning Thursday’s court auction of Frontier assets (via USA Today).
Southwest had already topped the only other bid—$108.7 million from Republic Airways Holdings—by about $5 million. But in a stunner, Southwest offered more than $170 million in cash yesterday, reports The Denver Post.
For Frontier employees who don’t want competitor Southwest to take over, Southwest appeared to throw them a bone, saying that Frontier would continue to operate its Airbus jets as usual until Frontier’s fleet is retired during a transition to Boeing 737s over two years. (more…)
Posted at 11:00 am by Michael de Yoanna
Business, Money, Panorama, Transit, Travel :: Permalink :: Comments
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