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Author: muckety

Mark Warner Running for Senate

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09/13/2007
Ellison in Court Over Americas Cup

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09/12/2007
Ellison in court over America’s Cup

The battle for the America’s Cup is being fought not on the high seas but in New York State Supreme…

Oracle CEO Larry Ellison, whose team lost the race this year, has accused winner Ernesto Bertarelli of manipulating the rules governing the next cup.

The court case, filed by the Golden Gate Yacht Club, charges that Bertarelli’s team has accepted a challenge from a team with no standing, and has refused to disclose design specifications for boats sailing in the race. Bertarelli’s group, Societe Nautique de Geneve, has turned the competition into a “Defender’s Cup,” the suit charges.

Justice Herman Kahn has scheduled a hearing for Oct. 22.

Ellison is known not only for his love of sailing, but for his fierce competitiveness. He owns the world’s second-largest private yacht, the 454-foot Rising Sun, which was designed to be longer than Microsoft billionaire Paul Allen’s yacht, Octopus.

However, as Robert Frank has noted in the Wall Street Journal Wealth Report, Ellison is building a new boat. The Rising Sun, it turns out, is too big to park at most of the world’s marinas.

On the web
New York Supreme Court sets October hearing date on America’s Cup lawsuit – International Herald Tribune
Billionaire Boat Battle – Forbes
Ellison’s New Yacht – Wall Street Journal

09/12/2007
A Change of Course for Indymac

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09/10/2007
New School Touched by Hsu Scandal

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09/09/2007
Murdoch Gets Taste of His Own Medicine

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09/08/2007
Judith Miller Joins Think Tank

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09/07/2007
Plum Tv Courts the Elite

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09/07/2007
Thompson Announces Candidacy

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09/06/2007
Auditor Doubts Novastars Health

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09/05/2007
Auditor doubts NovaStar’s health

It’s one thing when stock market analysts knock your company’s prospects. Even worse when your auditor does the same.

Subprime lender NovaStar Financial cancelled plans to raise $101 million Tuesday saying its auditor, Deloitte & Touche LLP , wanted to include a statement in the company’s financial disclosures about the “uncertainty of NovaStar’s ability to continue as a going concern.”

Kansas City-based NovaStar also said it was cutting another 275 jobs, dropping the employee count to 600, down from more than 2,000 at the end of 2006.

“We are pulling back to focus on NovaStar’s core strengths and preserve liquidity,” NovaStar CEO Scott Hartman said in a statement.

Scott Valentin, an analyst at Friedman, Billings Ramsey & Co., wrote that “an eventual liquidation of the company is highly probable.”

On the web

NovaStar survival at risk as First American cuts jobs – Reuters

09/05/2007
Google Signs Deal With Wire Services

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09/02/2007
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08/28/2007
Geithner the Feds Point Man in Nyc

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08/28/2007
Democratic Donor Wanted for Fraud

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08/28/2007
Voter Turnout Group Fined by Fec

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08/28/2007
Meyerson leaves Accredited

Accredited Home Lenders, the troubled mortgage company with two former S&L regulators on its board, lost a key director this week.

Click here for help putting maps on your site.

08/28/2007
Military Contractor Accused of Bribes

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08/28/2007
Mortgage crisis benefits hedge fund

While other funds struggle through the mortgage crisis, a hedge fund founded by former Harvard Management Co. CEO Jack R. Meyer is flourishing.

Meyer and former Harvard colleagues run Convexity Capital Management, which makes trading bets that benefit from volatility. The fund, started last year, had disappointing results initially, but the current crunch brought a turnaround.

During his 15 years with Harvard, Meyer provided impressive gains for the university endowment. Harvard reported last week that its endowment grew 23% to $34.9 billion in the fiscal year ending June 30.

On the web
In Volatility, Redemption for Manager – New York Times
$tellar Swan Song – Harvard Magazine
Harvard endowment has 7-year best, hits $34.9b – Boston Globe

08/28/2007
Geithner, the Fed’s point man in NYC

The Washington Post had a good profile yesterday of Timothy Geithner, president of the Federal Reserve Bank of New York, who is “facing his first big test as point man between the powerful global firms in the world’s financial capital and the policymakers who oversee them from Washington.”

The Post says Geithner is a strong crisis manager. During the turmoil in the debt markets, Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson Jr. have been in touch with Geithner regularly.

Geithner, 46, assumed his current position in November 2003. For years, the Post says, he was Wall Street’s “worrier in chief,” warning about the risks of new financial products, such as derivatives, and lending practices.

Now, he’s trying to help contain the mess they caused.

On the web
Man in the Middle – Washington Post

08/28/2007

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