The Breakdown | Explaining Southern California's economy

Reportings: Full Tilt Poker scam; R.E.M is breaking up; CODA secures funding

Full Tilt Poker wasn't a Ponzi scheme. It was just a troubled bank! "The issues at Full Tilt should be likened to that of a problematic bank, rather than an illegal investment scheme, according to Jeff Ifrah, an attorney who represents the company in related litigation and is the personal attorney of Chief Executive Raymond Bitar." (WSJ)


China may be a great trading partner for the U.S., but all that trading hasn't been good for California jobs. "California was the hardest hit, losing nearly 455,000 jobs from 2001 to 2010 due to trade with the Asian giant." (LAT)


Say it ain't so! R.E.M. calls it quits. It's the end of the world as we know it, bit Sasha Frere-Jones thinks it took too dang long: "R.E.M.’s break-up is classy, and a decade late—but who cares? Their good stuff is durable and gorgeous, and they pulled off a trick that indie rock has struggled with ever since: How do you stay weird if you also like singable songs?"  (The New Yorker)


LA-based electric carmaker Coda secures a $147-million funding round: "Oversubscribed from a target of $125 million, CODA expanded the round to further develop its businesses. This brings the company's total funding raised to more than $300 million as it begins final preparations to launch its flagship five-passenger CODA sedan in the United States." (MarketWatch)


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