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Tag: Blackwater USA
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Bear Stearns bid would mean $100M to Joe Lewis
Things are looking up, but only slightly, for Bahama billionaire Joe Lewis.
Hint: Click in map to explore connectionsStory continues below interactive map
MAP HINTS: Click expands a name. Control+Click centers map on a name. Solid lines are current relations. Dotted lines are former relations. For advanced tools choose Tools > Options from the menu at top. More help. Not seeing the maps? Please go here to check for the latest version of Java.JPMorgan Chase today upped its offer for Bear Stearns from the bargain-basement price of $2 a share to $10 share. The increase amounts to an additional $97 million for Lewis, who holds 8.35% of the company stock.
Yet even at the higher price, Lewis will lose mightily. Over the past year, he has bought up Bear Stearns shares at an average price of $104. At $10 per share, his losses would exceed $1 billion.
Like many stockholders, Lewis was outraged by the initial deal. In documents filed last week with the Securities and Exchange Commission, he promised that his companies would “take whatever action that they deem necessary and appropriate to protect the value of their investment.”
The Bear Stearns bailout and the resulting shareholder outcry have combined to bring unwanted attention to Lewis and his financial empire. As his daughter Vivienne once explained, “He doesn’t like to talk to people. It aggravates him.”
Lewis started building his fortune as a teenager, when he left school to work for his father’s London catering firm. He made millions when he sold the business in 1979, then moved to the Bahamas, where he made millions more in currency trading. He oversees a complex of companies centered around a holding company, the Tavistock Group.
His interests include land development, life sciences, energy, restaurants such as the Napa Valley Grille and the Alcatraz Brewing Company, and sports, including the Tottenham Hotspur soccer team. His company organizes the annual Tavistock Cup golf tournament, scheduled to be played today and tomorrow, with his friend Tiger Woods among the competitors.
Lewis hasn’t yet publicly responded to JPMorgan’s revised offer, and the SEC listed no new filings from him by the close of the business day. Maybe he chose to spend the day concentrating on golf.
Related Stories on Muckety- Cayne reported leaving CEO job at Bear Stearns – January 8, 2008
- NY Fed bails out Bear Stearns – March 15, 2008
- The charity work of Bear Stearns’ Alan Schwartz – January 9, 2008
- Mortgage mess sinks Wall Street exec – August 6, 2007
- Bear’s Cayne holds cards close to vest – November 1, 2007
- SEC chairman defends record – June 27, 2007
- Bearish on Mr. Brooks – June 28, 2007
- ‘Free’ tutoring is big business for Sylvan – November 2, 2007
- Meyerson leaves Accredited – August 31, 2007
- Yucaipa may pay Bill Clinton $20M – January 24, 2008
This post is tagged with: Bear Stearns, Business, Joe Lewis, JPMorgan Chase, Tavistock Cup, Tavistock Group, Tiger Woods, Tottenham Hotspur soccer team
Read related stories: Business
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Muckety This Madonna to Dalton Trumbo
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Zach Scruggs Pleads Guilty in Mississippi Bribery Case
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Muckety This Nicole Richie to Britney Spears
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Some passport reviewers worked for outside firms
At least three of the people accused of improperly accessing presidential candidates’ passport records worked for two companies that have long histories with the State Department and other government agencies.
Hint: Click in map to explore connectionsStory continues below interactive map
MAP HINTS: Click expands a name. Control+Click centers map on a name. Solid lines are current relations. Dotted lines are former relations. For advanced tools choose Tools > Options from the menu at top. More help. Not seeing the maps? Please go here to check for the latest version of Java.The State Department has acknowledged that an employee and several contract workers pried into passport records for the three major presidential candidates – Barack Obama, John McCain and Hillary Rodham Clinton. Secretary of State Condoleezza Rice has called all three to apologize.
Two people who have been fired worked for Stanley Inc., an employee-owned company in Arlington, Va. A third contract worker, whose employee status is under review, worked for The Analysis Corporation of McLean, Va.
The Analysis Corporation is headed by John O. Brennan, former head of the CIA’s National Counterterrorism Center. Stanley’s leadership includes several former Navy officers, including chairman & CEO Phil Nolan, who served with the Navy’s Tomahawk program.
Stanley has won a number of State Department and Department of Defense contracts over the last several years, including:
- A five-year $570 million contract just last week to provide the State Department with passport services support.
- A 10-year contract, potentially worth up to $50 billion, to provide computer support at federal agencies. Stanley is one of a number of contractors that gets a portion of the $50 billion.
- A $164 million State Department contract to oversee passport production at two centers, one in Arkansas and another in Arizona.
- A three-year contract worth up to $225 million with the U.S. Citizenship and Immigration Services for computer processing services.
- A five-year contract with the Navy, worth up to $115 million, to provide technical support to the service’s weapons testing branch.
Stanley, Inc.’s increase in government business has paralleled its stepped-up use of lobbyists.
Senate records show that over the last three years the company has enlisted the services of Advantage Associates, a lobbying firm run by retired members of Congress including Ron Dellums, D-Calif., former chairman of the House Armed Services Committee; and Bill Dickinson, R-Ala., former ranking Republican on the House Armed Services Committee.
Stanley, ranked by Fortune as one of the nation’s best 100 companies to work for, issued a release saying it manages more than 1,800 people on State Department contracts. According to Fortune, the most common hourly position at Stanley is “passport associate,” a job that pays an average $28,935 annually.
The Analysis Corporation also released a statement yesterday, saying that the employee accused of improperly accessing passport files had violated company policy. The company said it was fully cooperating with the federal probe into the privacy breaches.
Related Stories on Muckety- The meteoric rise of Blackwater – October 3, 2007
- Gupta picks home-grown board members – July 16, 2007
- Wolfowitz is back, as arms control adviser – January 25, 2008
- VECO corruption trial begins – October 23, 2007
- Out of the park and into politics – October 13, 2007
- Blackwater’s protective web – September 22, 2007
- Mosbacher rides a winning horse – February 1, 2008
- The well-connected Mel Sembler – October 2, 2007
- Nugen quietly courts Obama superdelegates – March 18, 2008
- Susie Tompkins Buell just wants to help – February 13, 2008
This post is tagged with: Analysis Corporation, Condoleezza Rice, passports, Politics, presidential candidates, Stanley Inc., State Department
Read related stories: Politics
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Bill Richardson Endorses Obama
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The Oceanic Six Take a Break
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Wainstein Becomes Top Homeland Security Adviser
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Lawsuit Settled Over Beach Boys Name
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