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OK, so why did Bank of America call in its $200 million line of credit to Flying J/Big West last week, precipitating the default that led to Monday's bankruptcy filing?

Didn't B of A just get a boatload of taxpayer bailout money, $15 billion, to extend credit and all that?

Dude! What's up?

This morning, we got our official bank response. It was so "informative" we thought we'd share it with you.

Keep in mind the senior vp who sent this was called in from vacation last night --- she lives in Baltimore and was ringing us back after 9 pm. her time -- to handle this inquiry.

Here's the response (everything in it was already spelled out in the bankruptcy filng from Flying J):

-- Gretchen Wenner and Jenny Shearer, staff writers

----

Hello,
 
Sorry for the delay.  I wanted to follow up with you on the inquiry you made last night about Big West Oil, LLC:
 
·        ; Bank of America is the agent and represents a group of lenders for Big West Oil, LLC. 

·        ; The company defaulted on its $200 million credit line.

·        ; Bank of America acted at the direction of the bank group as provided under the agreement.

 
Also to clarify on Merrill Lynch:
We are not the administrator of the Merrill Lynch Capital piece for Longhorn. Bank of America cannot and does not speak or act on behalf of Merrill Lynch.

 
·        ;
 
Tina
Senior Vice President
Bank of America

Hi again. I spoke with a communications guy at Dish Network's Colorado office about CEO Charlie Ergen's appearance tonight (Monday, Dec. 22) on local CBS and Fox affiliates.

Loyal readers will recall my earlier confusion about this "talk to the people" session when Dish subscribers can't watch those channels at their homes.

But the spokesman told me only Dish subscribers can tune in to this broadcast at 6 p.m. our time on KBAK and KBFX. Oh, that makes a lot more sense.

So, if you have a Dish satellite and want to hear from the CEO why you can't watch your favorite programs on CBS/Fox lately, tune in to either station to get your questions/gripes answered.

Or call 1-888-621-2078 or send an e-mail to: CharlieChat@DishNetwork.com.

And if you want to let me know what he said, please do: jshearer@bakersfield.com or 395-7234.

Thanks,

Jenny Shearer

We know you're bummed you can't watch the local CBS and Fox affiliates on Dish Network because recent contract negotiations with the company that owns the stations, Fisher Communications, derailed.

You might want to give the CEO of Dish an earful about the change in service. Well, tonight you can, according to this news release I just received:

Tonight live on Bakersfield’s KBAK Ch. 29 and KBFX Ch. 58, beginning at 6 p.m. PT, DISH Network CEO Charlie Ergen will address and take live questions from customers who are concerned about the Fisher Communications, Inc. retransmission negotiations.

Live Broadcast Phone Number: 1-888-621-2078 -or- Email: CharlieChat@DishNetwork.com

Now, this wasn't in the release, but here's my question. Where does DISH Network expect upset subscribers who want to hear what Ergen has to say tonight to watch the broadcast? They can't do so from home, right?

— Jenny Shearer, staff writer

We're working on a story about Flying J's Chapter 11 bankruptcy filing.

We're adding to it as we get new information, and we invite readers/bloggers to get in touch with us about it.

You can call me in the the newsroom, 395-7234, or share your thoughts on this blog, Money Talks.

Looking forward to hearing from you.

— Jenny Shearer, staff writer

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MadoffAccusation.pdf

If you like seeing things for yourself, here is Harry Markopolos' 2005 complaint to the SEC regarding Bernard Madoff's hedge fund, which he described as a total fraud and probably the biggest Ponzi scheme ever.

You can download the 19-page PDF by clicking on the blue box. I got it from the Big Picture blog.

Markopolos had complained in 1999 as well.

He sure looks smart right about now. He spelled out everything.

Here are some story links about Markopolos if you're interested.

Boston Business Journal

New York Post

Blodget via WSJ

-- Gretchen Wenner, staff writer

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Do you know about Gordon Robertson's new job? Read about his achivements and those of others in Kern County in this week's People in Business column.

Then send your notice for inclusion in next week's column.

People in Business announces new hires, promotions, awards, professional achievements and other business “people news” in Kern County. Submissions can be mailed to The Bakersfield Californian, business editor, P.O. Bin 440, Bakersfield, CA 93302; faxed to 395-7519; or e-mailed to business@bakersfield.com. Sorry, photos that are submitted cannot be returned. For information, call 395-7345 between 9 a.m. and 6 p.m.

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A Zillow press release out today says homes in the U.S. are on track to lose more than $2 trillion in value this year.

No specific figures for Bako in this one, as it's a roundup of the national trend, but the 5 worst places listed in the release are familiar: Stockton, Merced, Modesto, Salinas, Fairfield/Vallejo.

The Carolinas fared best.

Locally, new-home construction wilted in November, city permits show, with just 25 permits pulled in Bakersfield. Still, a new Target is going ahead at Valley Plaza, the report indicates.

-- Gretchen Wenner, staff writer

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Our latest map for homes that sold in Bakersfield from Oct. 20 to 26 is ready for a peek.

We regularly publish single-family home sale transactions that occurred between individuals, as well as foreclosures.

Check out what homes are going for, color-coded by price, with information from First American Real Estate Solutions compiled by reporter Jenny Shearer.

Highlights for Oct. 20 to 26:

• 97 homes are new on the map.

• Priciest? One sold for $380,727 in the 93314 ZIP code. It was 2,728 square feet.

• Cheapest? One sold for $50,000 in the 93306 ZIP code. It was 852 square feet.

Any comments on the prices?

— Christine Peterson

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Read about the accomplishments of Phillip J. Reh and others in this week's People in Business column.

Then submit your own news for next week's lsiting.

People in Business announces new hires, promotions, awards, professional achievements and other business “people news” in Kern County. Submissions can be mailed to The Bakersfield Californian, business editor, P.O. Bin 440, Bakersfield, CA 93302; faxed to 395-7519; or e-mailed to business@bakersfield.com. Sorry, photos that are submitted cannot be returned. For information, call 395-7345 between 9 a.m. and 6 p.m.

If you're playing Santa for young children this year, check this list of toys recalled for safety reasons. Technically stores are supposed to remove these from their shelves, but sometimes they don't, so buyer beware.

This is not a complete list of all recalls, but we're publicizing the ones we know about. For regular updates, visit the U.S. Consumer Product Safety Commission.

Nordstrom Inc., of Seattle, Wash., has agreed to pay a $60,000 civil penalty. The penalty settles allegations that the firm knowingly failed to report to the CPSC immediately, as required by federal law, that its children's hooded jackets and sweaters were sold with drawstrings at the hood and neck. These products, which the firm eventually recalled, pose a strangulation hazard that can cause death to children.

OKK Trading, of Los Angeles, Calif., is voluntarily recalling about 5,400 Army Figures. Surface paint on the face of the Army figures contains excessive levels of lead, violating the federal lead paint standard.

Manhattan Group, of Minneapolis, Minn., is voluntarily recalling about 9,200 Groovy Fashions™ Sassy Jammies™ Doll Clothing Sets. Surface paints on the pajama pants contain excessive levels of lead, which violates the federal lead paint standard.

Reebok-CCM Hockey U.S. Inc., of Montpelier, Vt., is voluntarily recalling about 1,000 Hockey Helmets. The helmet’s chinstrap can unexpectedly disengage while in use. If this happens, the helmet can fall off, posing a head and neck injury risk to consumers.

ImagiPLAY of Boulder, Colo., recalled about 500 bead maze toys because the trees can detach, exposing a metal screw that poses a laceration hazard to young children.

Feel free to add any more that you know of.

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Our latest map for homes that sold in Bakersfield from Oct. 13 to 19 is ready for a peek.

We regularly publish single-family home sale transactions that occurred between individuals, as well as foreclosures.

Check out what homes are going for, color-coded by price, with information from First American Real Estate Solutions compiled by reporter Jenny Shearer.

Highlights for Oct. 13 to 19:

• 86 homes are new on the map.

• Priciest? One sold for $485,000 in the 93314 ZIP code. It was 3,204 square feet.

• Cheapest? One sold for $47,000 in the 93305 ZIP code. It was 1,928 square feet.

Any comments on the prices? Notice the bunch of black pushpins showing homes that are selling for less than $150,000?

— Christine Peterson

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Do you know about the new position Nicholas Valos has?

Read about him and other locals in this week's People in Business column.

People in Business announces new hires, promotions, awards, professional achievements and other business “people news” in Kern County. Submissions can be mailed to The Bakersfield Californian, business editor, P.O. Bin 440, Bakersfield, CA 93302; faxed to 395-7519; or e-mailed to business@bakersfield.com. Sorry, photos that are submitted cannot be returned. For information, call 395-7345 between 9 a.m. and 6 p.m.

Here's a report from the Greater Bakersfield Chamber of Commerce:

Leaders in tourism, investment and finance will offer their insights, expertise and prospects for the future during these changing times when the Greater Bakersfield Chamber of Commerce presents the Bakersfield: The Next Five Years business forecast forum on Tuesday, December 9. Sponsored by AT&T, the luncheon session starts at 11:15 a.m. with registration. Lunch and program follow at 11:30 a.m. at the Bakersfield Marriott at the Convention Center.

The distinguished panel of speakers includes Don Cohen, Manager, Convention & Visitors Bureau; Garro Ellis, co-owner and financial analyst of Moneywise/Brokersxpress; and Bart Hill, President/CEO of San Joaquin Bank. Emcee is GBCC Chairman of the Board Keith Brice, Mid State Development Corporation.

This is one of the Chamber’s premiere presentations to the business community and concludes the 2008 seminar series.

Reservation deadline is Friday, December 5. Cost is $30 per Chamber member; $45 per nonmember. Seating is limited. To RSVP, call 661-327-4421.

Here's a report from the Greater Bakersfield Chamber of Commerce:

Chamber Networking Breakfast builds business, community connections
 
The practical “how to’s” of doing business with big business are the focus of the Greater Bakersfield Chamber of Commerce Networking Breakfast set for Thursday, Dec. 11, 7:30-9:30 a.m. at the Chamber, 1725 Eye Street.

Featured speakers are Ian Anderson, Alta One Federal Credit Union; William B. James, Rio Tinto; and Brian Spaulding, Grimmway Farms.

Attendees can gain valuable information and make new contacts and have the chance to promote their own companies during the popular 30-second commercial.

Sponsored by Aera Energy LLC, Chevron North America Exploration & Production, The Margarita Man and Tejon Ranch, the Networking Breakfast is FREE to Chamber members.  Cost per nonmember is $20. Seating is limited. To register, call 661-327-4421

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Two Fresh & Easy Neighborhood Markets are opening in Bakersfield at 10 a.m. Wednesday.

One site is at Olive Drive and Jewetta Avenue, and the other is at Panama Lane and Stine Road. And more are in the pipeline.

The stores are smaller than typical grocery stores and feature national brands and private label items.

If you go to the Web site, you'll see a coupon for $6 off a $30 purchase. Woo!

Happy shopping, Bakersfield.

— Jenny Shearer, staff writer

It's true, the National Bureau of Economic Research says. And in fact, the bureau says, we've been in a recession since December 2007.

It seems like most average folks have believed that to be the case for quite some time.

So here's our question now: When will it end? Predictions?

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Our latest map for homes that sold in Bakersfield from Oct. 6 to 12 is ready for a peek.

We regularly publish single-family home sale transactions that occurred between individuals, as well as foreclosures.

Check out what homes are going for, color-coded by price, with information from First American Real Estate Solutions compiled by reporter Jenny Shearer.

Highlights for Oct. 6 to 12:

• 100 homes are new on the map.

• Priciest? One sold for $816,000 in the 93312 ZIP code. It was 1,103 square feet.

• Cheapest? One sold for $30,000 in the 93308 ZIP code. It was 675 square feet.

Comments on the prices?

— Christine Peterson