Future Trading

The Commodity Futures Trading Commission has filed civil charges against two Southern California men, alleging that they ran a multimillion-dollar Ponzi scheme that targeted Latinos, the commission announced Monday. Acting at the request of the commodities agency, U.S. District Judge Percy Anderson last week froze the assets of Ruben Gonzalez of West Covina and Jose C. Naranjo of La Mirada and their company, New Golden Investment Group. The defendants and the company could not be reached for comment.

The escalating Sino-British war of words over Hong Kong's 1997 reversion to Chinese sovereignty is giving stock market investors fits, even though Hong Kong's economy remains fundamentally sound. Share prices nose-dived for four consecutive days last week before rebounding nearly 6% on Friday. The blue chip Hang Seng index, which fell more than 1,000 points Monday through Thursday, soared 289.89 points on Friday to 5,268.10.

If not for Javier Vazquez's reluctance and the Dodgers' hesitation because of it, Shawn Green probably would have waived his no-trade clause and continued his career in Arizona. As it is, not two months from spring training, Green still belongs to the Dodgers, with whom he has one season remaining on a contract that will pay him $16 million.

A recently completed feasibility study has concluded that the abandoned Uniroyal plant, which the city purchased from fireworks magnate W. Patrick Moriarty for $14 million in 1984, can be developed into a profitable center for mid-size trade shows and exhibitions. Success, however, hinges on the city getting a developer for a proposed 300-room hotel needed to supply nearby lodging for the $43-million center's conventioneers.

After losing a major regulatory battle over proposed box office futures markets, the major movie studios are going to Congress. Financial reform legislation unveiled Friday by Sen. Blanche Lincoln (D-Ark.) contains a provision that would ban futures trading based on box office receipts. The move came the same day that the Commodity Futures Trading Commission unanimously approved the creation of one of two proposed markets that backers say would allow movie studios and financiers to hedge the risk of their investments in motion pictures.

Some other teams made moves for the playoff run Monday before the NHL's trading deadline, but the Mighty Ducks made a deal for the future, trading veteran defenseman Alexei Kasatonov--their oldest and highest-paid player--to the St. Louis Blues for a prospect and a draft pick. Kasatonov was the Ducks' first All-Star, but at 34 is nearing the end of his career and has a year left on a contract paying him $650,000 this season. He has sat out the last 10 games recovering from a broken foot.

How can Bruce McNall consider building a larger arena when in two or three years the Kings will be at the bottom of the league because he mortgaged the future by trading youth for aging stars (a la Jack Kent Cooke)? The one Oiler he should have gotten is Glen Sather. If Sather is still unavailable I suggest Jerry West and Mike Dunleavy be hired to instill life into the organization. Lastly, as a cost-cutting measure, the Kings should refrain from printing playoff tickets beyond the second round.

Facebook Inc.shares skidded on their second day of trading on Wall Street, falling below the initial public offering price of $38. The stock plunged more than 13% at several points during the day, and closed just above $34. A number of analysts on Wall Street have criticized the stock's performance, and blamed banks who advised Facebook for pricing the shares too high. There were also complaints that Facebook flooded the market by floating too many shares, and that insiders were cashing out.  However, the broader market moved higher after stocks were punished last week.

SAN FRANCISCO - While Wall Street obsesses over Apple Inc.'s free fall and Facebook Inc.'s face plant, a global Internet giant is quietly growing ever more valuable. Google Inc.'s stock topped $800 for the first time Tuesday. The all-time high for Google is largely symbolic - and analysts say the stock could retreat in future trading sessions. But it underscored the dramatic resurgence of the undisputed king of online advertising. It's also vindication for the search giant that some had predicted would quickly be overshadowed by Facebook's meteoric rise and the spectacular growth of Apple's iPhone and iPad.