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Lobbying is a Thompson Family Business

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07/02/2007
Bearish on Mr. Brooks

Bear Stearns was under tremendous pressure on the weekend of June 17. Two hedge funds managed by the company were near collapse.

What did Richard Marin, chief of the asset management unit that oversees the funds, do? He went to the movies. Then he blogged about the film, Mr. Brooks. (Marin gave it a thumbs down.)

“I had been working 24-7 on this thing. Taking a small amount of time to clear my head seemed reasonable,” he told the New York Times.

We suspect that when the Times discovered the blog, whimofiron.blogspot.com, it was open for public viewing. But by this morning, readership was by invitation only.

Update: Bear Stearns replaced Marin on June 29, naming Jeffrey B. Lane to head the unit. Marin now serves as an adviser to Lane.

On the web

A New Genre on Wall St.: Bailout Blog – New York Times (registration required)

06/28/2007
Bearish on Mr Brooks

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06/28/2007
Paris Hilton and Stephen Schwarzman?

Paris Hilton may be on her way to becoming the Kevin Bacon of her generation.

How is the celebrity jailbird related to private hedge fund baron Stephen A. Schwarzman?

Through Hilton hotels, of course. Schwarzman’s company, Blackstone Group announced yesterday that it would buy the hotel chain for $18.5 billion plus debt. Blackstone already owns LaQuinta Inns and LXR Luxury Resorts.

On the web
Blackstone to Buy Hilton Hotels for $26 Billion – New York Times
Blackstone to Acquire Hilton – Wall Street Journal
Oracle of Bacon

06/27/2007
The Beckhams Move West

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06/27/2007
Sec Chairman Defends Record

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06/27/2007
Paris Hilton and Stephen Schwarzman

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06/27/2007
Murdoch’s media machine

As the Times notes today, Rupert Murdoch’s media empire gives him an array of tools to advance his interests.

Starting with one newspaper in Australia, he has built and acquired a vast network of newspapers, broadcast companies and web sites.
Murdoch has shown increasing sophistication in getting his way regardless of the political climate. News Corp. employs a battery of lobbyists, including the very connected Anthony Podesta.

To the surprise of some, Murdoch’s sizeable political donations in the U.S. favor Republicans only slightly. The Times reports that Republicans received 56 percent of the $4.76 million contributed since 1997 by the Murdoch family and related PACs.

On the web

Murdoch Reaches Out for Even More – New York Times

06/25/2007
Murdochs Media Machine

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06/25/2007
Big Payday for Blackstone Founders

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06/24/2007