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From the archives
September 20, 2013, 05:00 AM

Serra a point away from making history

The Serra High football team had a golden chance to become the first team from the Bay Area in 17 years to knock off mighty De La Salle the week of Sept. 20, 2008. The host Padres matched the Spartans hit for hit, tackle for tackle, play for play. And it still wasn't good enough.

De La Salle 29, Serra 28.

"We're feeling the sting of defeat," Padres coach Patrick Walsh said. "This really, really hurts. This is how losses are supposed to feel."

What was potentially shaping up to be another glorious moment in Serra sports history quickly turned to anguish and heartbreak for the football team — again. The Padres (1-1) rallied from a 21-0 deficit to take a 28-21 lead when Cody Jackson connected with Patrick Bowler for a 25-yard touchdown with 11:15 remaining.

Teen escapee arrested

The 18-year-old murder suspect who escaped from juvenile hall earlier in 2008 was arrested in San Antonio, Texas the week of Sept. 20, 2008.

Josue Raul Orozco was on the run for eight months after escaping from the San Mateo County Probation Department Youth Services Center on Feb. 14, 2008. He was arrested by the San Antonio Police Department Tactical Response/Gang Unit at 5:50 p.m. on Wednesday of that week. The arrest was the result of information received by the San Mateo County Sheriff's Office Detective Bureau, who relayed the information to San Antonio authorities, said Lt. Ray Lunny of the San Mateo County Sheriff's Office.

Flood insurance rates set to rise

When San Mateo residents were told in 2001 they must subscribe to federal flood insurance, FEMA promised a lower rate if they bought early.

The week of Sept. 20, 2008, however, the Federal Emergency Management Agency said they made a mistake and the lower rate was only supposed to be good for one year — not seven. Rates that were around $300 annual were to rise to either $849 or $1,385, depending on the type of coverage, according to a letter sent that week to residents by the city of San Mateo.

The mistake was the latest FEMA decision to upset residents in the North Shoreview neighborhood, the area strongest hit by the 2001 flood map. FEMA acknowledged that insurance rates in San Mateo were incorrectly applied since Oct. 19, 2001 and were not in compliance with their procedures. Residents who bought insurance within 30 days of the map being finalized were given the "preferred-risk rate." Upon policy renewal, residents' first year premiums should have changed from the "preferred-risk rate" to the "low- to moderate-risk rate," according to city.

SEC bans short-selling of 799 financial stocks

Federal securities regulators, in an effort to boost investor confidence in the face of a market crisis, took the dramatic step the week of Sept. 20, 2008 of temporarily banning the trading practice of betting against financial stocks.

The move, announced on the Securities and Exchange Commission's website, temporarily banned what is called short selling of nearly 800 financial stocks.

Short selling is a legitimate method of trading, but was blamed for widening the scope of the recent financial crisis and contributing to the collapse of values of investment and commercial bank stocks in particular. The turmoil swallowed some of the most storied names on Wall Street. Three of its five major investment banks — Bear Stearns, Lehman Brothers and Merrill Lynch — either went out of business or were driven into the arms of another bank.

Short selling involves betting against company stocks by borrowing its shares, selling them, and pocketing the difference when they fall.

From the archives highlights stories originally printed five years ago this week. It appears in the Friday edition of the Daily Journal.

 

 

Tags: mateo, residents, stocks, selling, serra, financial,


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