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Ralph Nader Declares Again for President
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Federal Reserve’s Fisher still fears inflation
Richard Fisher, president of the Federal Reserve Bank of Dallas and the Fed’s top anti-inflation hawk, cautioned again that the central bank must be wary of “stirring the embers of inflation.”
Speaking at the Petroleum Club in Fort Worth Friday, Fisher called the nation’s economic growth “anemic,” but said the economy is not in recession and he doubted there would be sustained negative growth.
“There is a lowering of expectations for growth,” he said, “but it is positive economic growth.” (Story continues below interactive map.)
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His academic background is impressive: Two years at the U.S. Naval Academy, then Harvard, Oxford and Stanford, where he earned an MBA. He is also a former vice chairman of Kissinger McLarty Associates, a firm chaired by former Secretary of State Henry Kissinger.
Fisher was the only member of the Federal Open Market Committee to vote against the half-point interest rate reduction in late January. Lower rates can foster inflation.
Interesting note: The Star-Telegram in Fort Worth reported that Fisher said 31 percent of all the non-governmental jobs created in the United States in 2007 were created in Texas.
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Obama, Clintons court Gov. Bill Richardson
New Mexico Governor Bill Richardson, who quit the presidential race Jan. 10, says Barack Obama calls him every three days or so and that about 10 supporters of Hillary Clinton call him on a typical day.
Their goal: obtain his endorsement for president.
The New York Times says Richardson is one of the biggest prospective endorsers in the Democratic Party because he is a former candidate, Hispanic governor and a superdelegate.
Richardson tells the newspaper that he is “genuinely torn.” He says he may make an endorsement next week, or not at all. (Story continues below interactive map.)
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Of the attention, Richardson told The Times, “I want to make it clear that I’m not annoyed by any of this.”
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5 Comments
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#1. Eileen Ehlers 02.23.2008
Don’t endorse either one, Gov. Richardson. As they continue to woo you, they will become more certain how valuable your service to our country has been, continues to be, and can be in the future.
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#2. mb 02.23.2008
Gov Rischardson, your state voted for Hillary and showed tremedous support for Clinton. Please for our sake, endorse Hillary. Please endorse Hillary.
Go Hillary. These dudes are nuts.
Obama is an abomination
Obama is a diaster
Obama is an empty shirt
Obama is a plagiarist
Obama is two faced
Obama is nothing but words (& not even his own)
Obama is a fraud
Obama is an opportunist
Obama = No you cantHILLARY IN 08
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#3. DALE W. 02.23.2008
THERE IS ONLY ONE CORRECT VOTE! HILLARY CLINTON! DON’T LET THIS COUNTRY DISTRUCT, WHAT IS WRONG WITH WITH ALL YOU AMERICAN’S? AT LEAST THE ONES WITH BRAIN.
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#4. homi 02.23.2008
Richardson is a piece of crap! His career is owed to Clintons and he is holding off like he is somebody!
Jerk
I am glad people showed he is a crap and didn’t vote for him
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#5. Barbara Harwell 02.23.2008
I hope very much that Governor Richardson will not endorse either candidate, and, instead, express honestly to each his desire to serve our country through the Presidency of either Hillary or Obama. I feel the same about John Edwards, Joe Biden, and Chris Dodd. We Democrats were blessed with so many wonderful candidates this year. It is really sad to see everything end in such acrimony. Each of these former candidates, as well as even Dennis Kucinich, could make valuable contributions to the next Presidency, and I do not think it is fair to pressure former candidates to endorse. My first choices, actually, were John Edwards and Bill Richardson; I gave money to each campaign, and hope very much that Richardson and Edwards in particular will be utilized strategically in the next administration.
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Media and Politics Are in Grunwald Genes
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For Patricia Cornwell, philanthropy has its price
Crime novelist Patricia Cornwell has learned that even generosity can need an explanation.
Cornwell donated $1 million to the John Jay College of Criminal Justice in New York City this month.
But worried that some of her remarks about the gift might be read as demeaning police officers, Cornwell last week spent $250,000 to set the record straight. (Story continues below interactive map.)
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In an full page ads in the Feb. 15 editions of The New York Times, The Washington Post and USA Today, Cornwell wrote that she was “dismayed by recent news accounts” concerning her gift to establish a Crime Scene Academy at John Jay.She went on to write, “what has been publicized certainly does not accurately reflect my deep respect and admiration for … hardworking law enforcement professionals.”
Her concern was caused by a quotation from her that appeared in an Associated Press story on her gift. The quotation could have been read to imply that Cornwell had seen police officers doing their jobs badly.
“I’ve seen cops walk through blood,” the AP reported her as saying. “I’ve seen them leave their fingerprints on a window. I’ve seen bloody clothing put in a plastic bag, instead of a paper bag, so it decomposes.”
Cornwell told the Post in an interview that her words were taken out of context.
She said she had been talking with the AP reporter about what she had seen citizens do at crime scenes and a “misunderstanding” had developed.
And she also stressed to the Post that she was donating to John Jay in the interest of giving police officers the necessary training they need to avoid mistakes at crime scenes.
Cornwell told the Times that she purchased the newspaper ads as “a quarter-of-a-million-dollar pre-emptive strike.”
“I went into emergency mode,” she said. “I said, ‘You know what, this is going to be a disaster. It is going to be everywhere. Who knows what else is out there because these articles are all over the world.’”
A former crime reporter and a worker in a medical examiner’s office, Cornwell, 51, gained fame through her series of novels featuring Kay Scarpetta, a medical examiner.
The second-highest-selling female novelist after J.K. Rowling, Cornwell has written other crime novels that don’t feature Scarpetta.
Before she began the Scarpetta series, Cornwell was the author of A Time for Remembering, a biography of Ruth Bell Graham, the wife of the Rev. Billy Graham.
She also wrote Portrait of a Killer: Jack the Ripper – Case Closed. The 2002 non-fiction work argues that painter Walter Sickert was Jack the Ripper.
Cornwell is reported to be the subject of the forthcoming Twisted Triangle, a non-fiction account of her alleged 1990s relationship with Marguerite Bennett, an FBI agent and instructor.
Bennett’s husband, FBI agent Eugene Bennett, was convicted in 1997 of attempting to murder his wife. He was sentenced to 23 years in prison. His lawyers had argued that his discovery of an affair between his wife and Cornwell lead him to lose his sanity.
In 2005, Cornwell married Dr. Staci Gruber of the Harvard Medical School, soon after same-sex marriages were permitted in Massachusetts.
Cornwell’s gift to John Jay echoes earlier gifts by her in support of forensic science to the Virginia Institute of Forensic Science and Medicine and to the National Forensic Academy at the University of Tennessee.
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Smoot Rakes in Millions for Obama Campaign
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McCain’s lawyer is accustomed to spotlight
Even before he gets the presidential nomination, Sen. John McCain has done something presidential.
Like former President Bill Clinton, McCain has hired high-profile lawyer Robert S. Bennett to help him get by a little scandal. (Story continues below interactive map.)
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Bennett is doing damage control for McCain in the wake of a story first published on The New York Times website Wednesday.
The story, published in the print edition today, suggests McCain may have had a romantic relationship with a lobbyist several years ago. It also suggests that McCain may have used his position to benefit her clients.
The story reports that McCain aides were worried about the appearance of a relationship between McCain and Vicki Iseman, a telecommunications lobbyist.
McCain today said the story is “not true” and that Iseman is simply a friend.
Defending McCain, Bennett, who was once described as having a “proven rapport with the media,” appeared on television and was widely quoted in print.
“There is no evidence that John McCain ever breached the public trust, and that is the issue and the only issue,” he told NBC’s Today show today.
On Fox News Wednesday night, Bennett called the Times story “a real hit job.”
Howard Kurtz, media columnist for The Washington Post, had written in December that McCain had hired Bennett to deal with rumors that linked McCain to a then unidentified media lobbyist.
“What is being done to John McCain is an outrage,” Bennett told Kurtz then. He also said that he had sent the Times answers to questions about the rumored affair.
In comments Wednesday and today in the wake of the Times story, Bennett alleges that the newspaper ignored many examples he supplied of times when McCain had taken stances unfavorable to Iseman’s clients.
Writing today, Kurtz states that “the McCain/Bennett strategy, of course, is to make the Times the issue.”
Whatever the strategy, Bennett has substantial experience trying his cases in the court of public opinion.
In addition to representing Clinton, Bennett represented Paul Wolfowitz, whose time as the head of the World Bank was cut short because of allegations that he used his influence on behalf of his girlfriend.
Bennett was also the lawyer for New York Times reporter Judith Miller, who was charged with contempt of court for not revealing a source. And, in other cases, he represented Clark Clifford, the former secretary of defense, and Caspar Weinberger, also a former secretary of defense.
The brother of William Bennett, the conservative commentator and former Secretary of Education, Robert Bennett is a graduate of Harvard Law School and a former federal prosecutor.
A former boxer, he’s also the author of In the Ring: The Trials of a Washington Lawyer.
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High-profile lawyer takes Britney’s case
Britney Spears has yet another new lawyer in the custody battle for sons Sean Preston and Jayden James Federline.
Stacy D. Phillips will represent Spears, facing off against Kevin Federline’s lawyer, Mark Vincent Kaplan. Phillips previously has represented celebrity clients such as Bobby Brown and Darryl Strawberry, as well as the ex-spouses of Axl Rose, Tori Spelling, and Jean-Claude Van Damme. (Story continues below interactive map.)
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Sorrell Trope, Spears’s last lawyer, had asked twice to be dismissed from the case. When he first tried to withdraw, he cited a breakdown of communication with Spears that made “further representation of her interests impossible.”In a statement to People magazine, Trope explained, “We filed papers asking to be relieved, and hopefully they will find someone to replace us.”
A new lawyer is one of many changes for Spears in the last month. After she left the Stewart and Lynda Resnick Neuropsychiatric Hospital at UCLA on Feb. 6, the court ruled that her father, Jamie Spears, would be named as her temporary co-conservator, giving him legal control of his daughter’s affairs. Britney’s brother, Bryan Spears, is also a co-trustee of her estate.
Her parents have since taken charge of the pop star’s business and personal relationships. Howard Grossman, Spears’s business manager, was fired by her father. Her mother, Lynne, has requested a restraining order against Spears’s frequent companion and self-proclaimed manager, Osama Lutfi. Lynne Spears claimed he was verbally abusing and drugging Britney.
Two other lawyers have claimed they were representing Spears. Adam Streisand (a second cousin to Barbra) met with Spears to discuss her rights after Jamie Spears was named temporary conservator. However, because Spears does not have the legal power to determine her own representation, Streisand removed himself from her case.
Jon Eardley also claims to be representing Spears. This week, he spoke to People about his belief that Spears is being “deprived of her Constitutional rights” and his desire to take her case to a federal court.
Unlike Eardley, Stacy Phillips’s representation of Spears was approved by a court commissioner yesterday.
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J.C. Watts mentioned as possible VP
The Democratic Party will make history this year, nominating either a woman or an African-American for president.
But there’s speculation that the Republicans could make history, as well, not in nominating Sen. John McCain to run for president, but in choosing a vice presidential candidate.
Some conservative commentators, and at least one website, are urging McCain to select former Oklahoma Congressman J.C. Watts Jr. as his running mate. (Story continues below interactive map.)
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The former University of Oklahoma football star is now the head of several companies and a member of a handful of corporate boards. In addition, he’s a commentator on CNN and a sought-after motivational speaker.
“This is the right man for Senator McCain, at the right time,” suggests the website Draft J.C. Watts for Vice President.
The double use of the word “right” is probably no accident. Watts is politically to the right of McCain and a star among conservatives.
Were he on the ticket, his supporters argue, some voters would feel more comfortable voting for McCain, who has some conservative opposition.
Watts’s supporters also contend that Watts might serve as a counter to Sen. Barack Obama were the Illinois senator to get the Democratic presidential nomination.
Both Watts and Obama are African-American, just as they are dynamic speakers, Watts’s backers say.
Obama became a national star after his speech at the 2004 Democratic National Convention. Watts came into his own because of his speech to the 1996 Republican National Convention.
At that time, Watts was a first-term congressman from a predominantly white and Democratic district of Oklahoma. He went on to serve three more terms. He was the fourth-highest ranking Republican in the House of Representatives when he left at the end of 2002.
A native of Oklahoma who grew up in poverty, Watts quarterbacked the University of Oklahoma to victories in the 1980 and 1981 Orange Bowls. He then played six years in the Canadian Football League.
Returning to Oklahoma, Watts first served as a youth minister and then an associate minister in a Baptist church. In 1990, he was elected to the Oklahoma Corporations Commission, a regulatory agency. Later, he became chairman of the commission.
In 1991, Watts was one of 10 people focused on by the Justice Department during an investigation of bribery allegations related to the commission. He was not charged with any wrongdoing, and he stressed at the time that the investigation was directed at the commission and not at him.
Watts also received negative publicity from financial problems in Oklahoma in the 1980s. His investment in an oil business went bad, and he had some bad debts and unpaid taxes.
“Guilty as charged,” Watts told The New York Times when asked about the debts, all of which he paid.
After leaving Congress, Watts formed J.C. Watts Companies, LLC, the parent company for several other concerns, including Watts Consulting Group, a lobbying firm.
Watts Consulting has represented NASCAR, Wells Fargo, Deere & Company, the Republic of Senegal and historically black colleges and universities.
Watts’s company also owns Mustang Equipment, a John Deere dealership in San Antonio and Marble Falls, Tex.
According to its website J.C. Watts Companies had revenues of $25 million in 2005.
McCain has not mentioned specific people as possible vice presidential picks. He and Watts are said to be friends. However, earlier in the campaign season, Watts appeared to be backing former Sen. Fred Thompson for the Republican presidential nomination.
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1 Comments
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#1. Mathew 02.20.2008
Thank you very much for the mention… Congressman Watts is the RIGHT man at the RIGHT time indeed.
Those who agree should go to the site and sign the petition:
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Cerberus: The public face of private investment
Stephen Feinberg, the very private founder of Cerberus Capital Management, hates attention. He even put it in writing.
As Andrew Ross Sorkin of the New York Times notes, in Dealbook, Feinberg sent a memo to investors last month, saying: “We despise all the public attention we are getting. We do our best to avoid the spotlight, but, unfortunately, when you do some large deals, such as Chrysler and GMAC, it is hard to avoid.” (Story continues below interactive map.)
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Quayle has won more credibility in the business world than he ever mustered in politics. In addition to his role as chairman of Cerberus Global Investments, he sits on the board of ski maker K2 Inc. and Aozora Bank of Tokyo. (The bank was part of the Cerberus-led consortium that acquired GMAC.)
Snow was treasury secretary under George W. Bush and a transportation official in the Ford administration. As chairman of Cerberus, he often handles company speaking engagements.
Last July, addressing the National Press Club, he offered a 21st-century adaptation of Gordon Gecko’s philosophy on greed. Debt, Snow said, is good.
“Now sometimes people think of ‘debt’ or leverage as bad,” Snow told the crowd. “In reality, corporate debt and equity are flip sides of the same coin. Both represent positive investments that can create jobs. Debt represents the confidence of the bond markets – people don’t lend money if they don’t have the expectation of a positive return.”
Yet there are widespread fears about the returns on Cerberus investments. “Indeed,” Sorkin writes, “if there is one buyout portfolio that Wall Street worries about most, it is Cerberus’.”
Failure with such a major investment as Chrysler would bring more public scrutiny than Feinberg could bear.
Remember the congressional bailout of the company in 1979? Another bankruptcy threat, brought about by private investment and a belief in debt, would result in Capitol Hill hearings that make the Roger Clemens–Brian McNamee testimony look like child’s play.
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A Closer Look at Yahoo Leadership
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Questions about Countrywide-Bank of America deal
Countrywide Financial reported Friday that its mortgage foreclosure rate doubled last month compared to a year ago.
That prompted the Charlotte Business Journal to ask Bank of America if it was going forward with its roughly $4 billion stock deal to acquire Countrywide, the nation’s largest mortgage lender.
Yes, responded a spokesman for Bank of America, which is based in Charlotte. “We conducted extensive due diligence,” he told the Business Journal. (Story continues below interactive map.)
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In its story about Countrywide’s increased foreclosure rate, The Wall Street Journal reported that Bank of America’s takeover still has several hurdles. The Journal said SRM Global Master Fund LP plans to vote against the deal because it undervalues Countrywide.
SRM, a hedge fund, holds 5.5 percent of Countrywide, founded by CEO Angelo Mozilo in 1969.
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Songwriter Has More Than a Feeling About Huckabee
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Blackstone’s Peterson starts doling out a fortune
The Nuclear Threat Initiative may soon receive a big boost from the deep-pocketed Peter Peterson.
Peterson today announced the establishment of a foundation whose aims include stopping the proliferation of nuclear weapons. (Story continues below interactive map.)
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Peterson reaped $1.8 billion through the IPO of Blackstone Group, which he chairs. After a career that included a stint as commerce secretary under Richard Nixon, he is now ready to start giving away the bulk of his fortune.He has committed $1 billion to the foundation, which will be headed David Walker, who is currently U.S. comptroller general.
Peterson is a former chair of the Nuclear Threat Initiative, which was founded by two Georgians – former Sen. Sam Nunn and CNN founder Ted Turner, who is a major contributor to the group.
The organization’s aim is to strengthen global security by preventing the spread of nuclear, biological and chemical weapons. Its board is made up of high-profile figures from the U.S. and abroad, including former defense secretary William Perry, Sen. Richard Lugar and Prince El Hassan bin Talal of Jordan. Warren Buffett is an adviser.
The group has raised awareness about the issue through projects such as a film called Last Best Chance, which described how terrorists might buy or steal the materials to make a nuclear bomb, assemble it and smuggle it into the U.S. The movie featured Fred Thompson playing a sage and somber president, described by the New Yorker in 2005 as “the one jarringly unrealistic note in the picture.”
Last month, the Google Foundation announced a $2.5 million grant to the initiative, for a program addressing infectious disease in southeast Asia.
Prior grants to the organization include $7 million from the Susan Thompson Buffett Foundation, $3.2 million from the Better World Fund and $750,000 from the Bill and Melinda Gates Foundation.
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#1. Kim 02.15.2008
Prince El Hassan bin Talal is the antichrist and will soon become the ruler of the world.
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Jon Stewart’s teleprompter is working again
After 100 days without writers, TV shows began to return to normal yesterday after most of the striking writers voted to return to work.
Writers for Comedy Central’s The Daily Show were back to work on Wednesday morning, making Jon Stewart one of the first late-night hosts to return to his pre-strike glory.
Before cameras rolled in the Manhattan studio, Stewart seemed pretty pumped up. Bruce Springsteen’s “Born to Run” blared, and he mouthed lyrics and drummed along on his desk while looking over his first script in more than three months. (Story continues below interactive map.)
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The Associated Press reports that ratings for The Daily Show and The Colbert Report haven’t actually been hurt by the strike. The Daily Show has had around the same number of viewers this January as in 2007 (1.6 million), and The Colbert Report viewers have gone up 6 percent from last year.
It’s possible that Stewart and Stephen Colbert can pull off their own jokes without relying as heavily on their writers.
At yesterday’s Daily Show, Stewart and Colbert riffed for a while via telecast before settling in to tape the segment the writers had prepared for them, which joked about a coffee-getters union strike. The joke was a little forced in comparison with the hosts’ off-the-cuff banter.
After The Daily Show wrapped for Wednesday, the studio audience got to watch Stewart tape the introduction for The Daily Show: Global Edition, which is filmed once a week. This time, Stewart’s opening joke was improvised, inspired by a question an audience member asked him before the show began.
Is it possible that Stewart’s better without a script?
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#1. Gunnar Jacobson 02.14.2008
No way! Yesterday’s show was much funnier than non-writers’ shows.
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Tisch Group Lobbies Hard for Tax Cuts
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Kerry Killinger sets the tone at Washington Mutual
Troubled Washington Mutual, the nation’s largest savings and loan, has seen its stock price nearly double from its lows over the past month. Takeover speculation has certainly helped, as have the Federal Reserve’s interest rate cuts.
But don’t discount the importance of the message chairman and CEO Kerry Killinger sent when he decided not to take a 2007 bonus that he had earned. Executives at other companies caught in the real estate mess — Countywide Financial and D.R. Horton, for example — have not set the same tone of accountability. (Story continues below interactive map.)
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President Stephen Rotella and CFO Thomas Casey will receive bonuses for 2007, but Washington Mutual said its executives would forfeit two-thirds of their restricted stock awards for the year.
This week, Killinger estimated that Washington Mutual’s net interest income increases by $150 million for every quarter-point cut by the Fed. Doing the math, the 1.25 points the Fed shaved in January equals $750 million.
More Fed cuts could follow.
In late December, we wrote about how the directors at Washington Mutual were staying the course in troubled times. Five weeks later, that appears to be a solid approach.
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#1. steven copp 02.02.2008
wm is more soild that you think ,in if fact you will see $25.00 stock within 60 day even before the next fed cut .there were push down hard with cfc news now jump on before you miss out
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Microsoft offers $44.6 billion for Yahoo!
Such a deal has long been speculated about because of Yahoo’s sagging prospects. This morning Microsoft made it a reality by offering $44.6 billion ($31 a share) for Yahoo! That’s more than a 60 percent premium over Yahoo’s closing price Thursday.
Henry Blodgett over at Silicon Alley Insider calls it a “brilliant” move by Microsoft. (Story continues below interactive map.)
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She is chairman and CEO of Citizens Communications and a director for Xerox and Tribune Co.
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#1. WeCanChangeTheWorld 02.01.2008
Great, just in time to make my skeletal muckety social network map of the Big Eight media corporations interlinking directorships outdated. http://wecanchangetheworld.wordpress.com/2008/01/31/the-8-mega-media-corporations-sony-added-in-as-a-bonus-makes-9-skeletally-mapped-on-muckety/
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Gore & Hyatt taking media company public
The media company co-founded by Al Gore and Joel Hyatt five years ago plans to go public.
Current Media, which operates a TV network and a web site aimed at young audiences, notified the SEC of its intentions today.
The company launched Current TV in 2005. The TV network now has about 51 million subscriber households, according to SEC documents. (Story 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.
Current Media also unveiled a website, Current.com, in October 2007. Combined revenues in 2007 were $63.8 million, with losses of $6.1 million. Gore, Hyatt and programming president David Neuman each received salary and bonuses of about $1 million in 2007.Current Media aims to fill what it describes as a programming gap for young adults. “Young adults need and want news and information about what is going on in their world; however, they have not had a news and information source on TV that speaks to them,” the company said.
The SEC documents underscored Gore’s importance in the venture, particularly in relationships with key distributors. However, the company said, “Mr. Gore has a number of other commitments that limit the amount of time he can devote to our business.”
Gore’s many commitments include being a director of Apple, a partner at Kleiner Perkins and chairman of Generation Investment Management, which invests in green companies. While his time is limited, his connections have obviously paid off. Gore is also an adviser to Google, which supplies content to Current Media.
Yet he isn’t the only high-profile personality in the company. Co-founder Joel Hyatt founded Hyatt Legal Services and recently became a director of Hewlett-Packard.
Billionaire Ron Burkle, a close friend of Bill Clinton, is a director of Current Media, as is investment banker Richard C. Blum, husband of Sen. Dianne Feinstein.
Read related stories: Business · Media
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