Tag: Fred Thompson

  • SEC is Democrat-free

    Annette Nazareth, the only Democratic commissioner at the Securities and Exchange Commission, leaves office today.

    She had announced her departure several months ago.

    By law, the commission can have only three members of one party. The other Democratic commissioner, Roel Campos, departed in September to head Cooley Godward’s Washington office. (Story continues below interactive map.)

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    The commission is headed by Christopher Cox, former Republican congressman from California. The other two commissioners, both Republicans, are Paul Atkins and Kathleen Casey.

    Nazareth has been outspoken about the ability of shareholders to elect directors, an issue on which she was outgunned last year. In November, the SEC decided 3-1, with Nazareth casting the dissenting vote, to allow companies to block shareholder election resolutions from their corporate ballots.

    “Responsible management need not fear its shareholders,” Nazareth said then. “I am obviously disappointed.”

    Nazareth has long-standing connections in the financial and political spheres, having previously served as director of market regulation at the SEC.

    Her husband, Roger W. Ferguson Jr., is former vice chairman of the Federal Reserve Board. He left the board in 2006 and now chairs Swiss Re America Holding Corporation.

    Nazareth has said she plans to take a few months off before deciding on a new position.

    The White House has yet to nominate anyone to fill the Democratic vacancies. Nominees would have to be confirmed by the Senate.

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  • Wexner’s prize, Victoria’s Secret

    While visiting his West Coast Limited stores in the late 1970s, Leslie Wexner was intrigued by a shop that sold women’s underwear. It was called Victoria’s Secret.

    It was brothel Victorian, he once said in an interview. Not erotic, but very sexy.

    Wexner, who left his family’s general clothing store to specialize in women’s casual wear, saw the possibilities. He bought the store and catalog in 1982 for $1 million. (Story continues below interactive map.)

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    He studied European attitudes toward lingerie and, yes, even got some advice from girlfriends. In the process, he made underwear fun. Once, Brazilian supermodel and Leonardo DiCaprio ex, Gisele Bundchen even wore a bra and briefs studded with 300 carats worth of Thai rubies, valued at $15 million.

    In 2007, Victoria’s Secret accounted for more than half of Limited Brands nearly $9.5 billion in revenue. Wexner is a multi-billionaire with strong ties to the arts (Wexner Center for the Arts and the Wexner Prize), philanthropy (Wexner Foundation) and Ohio State University.

    Wexner is a trustee of the University and Ohio State President E. Gordon Gee is a director of Limited Brands. The Wexner Center is located at the University. Wexner’s wife, Abigail Wexner, a Barnard-educated lawyer and community activist, is also on the Limited Brands board.

    Limited Brands’s other stores include Bath & Body Works, La Senza, C.O. Bigelow, Henri Bendel and the White Barn Candle Co.

    Loyal customers swear the Victoria’s Secret bras fit better (that troublesome strap never strays) and while many will still go to Costco to buy practical, everyday underwear, they go to Victoria’s Secret for special occasions.

    One such customer is Orange County, Calif., civil engineer Agnes Villanueva, 46. She introduced this writer to Victoria’s Secret several years ago and once picked up half a dozen cotton thongs as an unusual party favor. Her guests were middle-aged women she met at a private Catholic school in the 1970s.

    By email, Villanueva recently explained her motivation: “Wearing sexy, skimpy, almost non-existent underwear was such a taboo. We were raised to be modest and conservative, but I wanted to encourage that naughty beast in each of us to break free.”

    Sexy sophisticate is more what Wexner had in mind when he invented the story of Victoria as the fictional founder of the store and conceived of her as finely bred lady of French and English descent. Her lingerie reflected that refinement.

    And Wexner gambled on women paying a little more money for the cache of a “brand” name, one equated with quality, beauty and comfort. That gamble paid off for the company and for him. Forbes lists Wexner’s net worth at $2.8 billion.

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  • Bradbury Nomination is Torturous

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  • Judith Regan settles suit with News Corp.

    Judith Regan may have published a book with a dull last chapter. It doesn’t make for good reading, but it would seem worth her while.

    Regan’s sensation-filled lawsuit against News Corp. and HarperCollins has been settled for an undisclosed amount, Regan and her adversaries announced Friday.

    Both sides aren’t saying much, and lots of questions raised by the lawsuit, a document that read like a novel with a heroine (Regan) and quite a few villains, remain unanswered.

    Regan, who had published hundreds of authors and made millions in the process, had sued the companies in November for $100 million. (Story continues below interactive map.)

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    She had alleged that she had been wrongly terminated in December 2006. She also claimed that she had been made to seem anti-Semitic and that she had been forced to withhold information about Rudy Giuliani that might damage his presidential campaign.

    When the lawsuit was filed, a News Corp. spokesman dismissed Regan’s claims as “preposterous.”

    On Friday, News Corp. issued what amounted to an apology.

    “After carefully considering the matter, we accept Ms. Regan’s position that she did not say anything that was anti-Semitic in nature, and further believe that Ms. Regan is not anti-Semitic,” it said in a statement.

    Regan, too, issued a statement.

    “I am grateful for the opportunity to have worked with so many gifted people and am looking forward to my next venture,” she said.

    And that was that. The other allegations in the lawsuit aren’t addressed.

    No mention was made of the Regan’s claim that she was told not to disclose damaging information about Giuliani that she had learned while dating Bernard Kerik, a Giuliani associate and former New York City police commissioner who is now under indictment.

    Unmentioned, too, is Regan’s charge that she was unfairly made the scapegoat for the bad publicity generated by her project with O.J. Simpson.

    Regan had planned on publishing the former football’s star’s “hypothetical” account of how he would have murdered his wife if he had murdered his wife.

    In the face of adverse publicity, HarperCollins canceled the publication. Regan alleged that the company had supported the project and then abandoned her when the going got tough.

    “As a result of this corporate shirking of responsibility, false representations and defamation, Regan was unfairly attacked worldwide for her involvement in the O.J. project,” the lawsuit claimed. “She received death threats, hate mail and was shunned, humiliated and caused great harm.”

    Other questions remain unanswered:

    Did her bosses at HarperCollins neglect to take care of Regan’s office? It reportedly had no air conditioning in the summer and too much heat in the winter.

    Did those same bosses fail to investigate “serious security breaches” which led to a light fixture crashing onto Regan’s desk?

    Did those bosses do nothing when Regan complained that people within the company were attributing her rise in the company to sexual activities?

    Followers of this real-life legal drama may never know.

    One of her lawyers suggested to The Wall Street Journal that Regan doesn’t want to look back.

    “It is better for her to get on with her life,” said Bert Fields.

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  • Rumsfeld proposes U.S. propaganda agency

    Donald Rumsfeld has returned to the spotlight, promoting an idea that got him into hot water when he ran the Defense Department.

    In his first major speech since departing the Bush administration in 2006, Rumsfeld pushed for a new propaganda agency to combat the anti-U.S. rhetoric emanating from Muslim countries and to burnish the American image abroad. He said the U.S. needs an agency bigger and better than the old United States Information Agency, the Cold War-era operation that was absorbed into the State Department. (Story continues below interactive map.)

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    “We need someone in the United States government, some entity, not like the old USIA,” Rumsfeld said in a conference here Wednesday sponsored by the Institute for Defense and Government Advancement.

    “I think this agency, a new agency has to be something that would take advantage of the wonderful opportunities that exist today. There are multiple channels for information … The Internet is there, pods are there, talk radio is there, e-mails are there. There are all kinds of opportunities,” he said.

    The U.S. government, he said, currently does not “with any systematic organized way attempt to engage the battle of ideas and talk about the idea of beheading, and what’s it’s about and what it means and talk about the fact that people are killing more Muslims than they are non-Muslims, these extremists.

    “They’re doing it with suicide bombs and the like. We need to engage and not simply be passive and allow that battle of competition of ideas,” Rumsfeld said, according to a transcript provided by Wired News.

    In the weeks following the Sept. 11, 2001, terrorist attacks, Rumsfeld created just such an agency when he was defense secretary, under the direction of then-Under Secretary Douglas Feith.

    Known as the Office of Strategic Influence, the agency’s mission, in part, was reportedly planting misleading stories in foreign media. Lawmakers expressed concerns that those types of propaganda efforts, which had all the traits of military psychological operations, would undermine rather than promote U.S. interests abroad.

    Under pressure, Rumsfeld announced in February 2002 that the agency had been shut down.

    If there was any irony in Rumsfeld’s attendance this week at the conference it was this: The company L-3 Communications sponsored an “invitation only” luncheon with the former defense secretary. L-3 Communications owns Titan Corp., which did severe damage to the U.S. image aboard when a handful of its translators were implicated in the Abu Ghraib prisoner abuse scandal.

    Contact: eric@muckety.com

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    2 Comments

    • #1.   Larry 01.25.2008

      Let me guess, Rummy would call this agency the Ministry of Truth…

    • #2.   Rob H 01.27.2008

      Why is Rumsfeld relevant? Go back to your golf game, you old man. You were a failure. Thanks for the billion dollars a day we are spending now in a stupid war based on your lies.

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  • Power Lines Buzzing at Davos

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  • Yucaipa may pay Bill Clinton $20M

    Democrats are quick to criticize President Bush’s handling of the economy. However, at least one top Democrat has done pretty well during the last eight years.

    Former President Bill Clinton made $9.2 million in speaking fees in just his first year out of office in 2001. He later got a reported advance between $10 million and $12 million for his memoir, My Life.

    All this money adds up. Clinton and his wife, Sen. Hillary Rodham Clinton, D-NY, listed their assets as between $17.4 million and $53.7 million, in the most recent report made public.

    And now it appears that Bill Clinton is eligible for a $20 million payout for his relationship with a private equity firm. (Story continues below interactive map.)

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    The Wall Street Journal reported Tuesday that Clinton will receive the money as a result of his role as an advisor from 2002 to 2007 to funds managed by Yucaipa Companies.

    Ronald W. Burkle, Clinton’s friend and a major Democratic Party contributor, is the founder and managing partner of Yucaipa. The firm has invested heavily in supermarkets and other ventures.

    The Journal reported that Clinton last year decided to end his connection to Yucaipa, so as not to complicate his wife’s presidential bid.

    A Yucaipa fund, the Yucaipa Global Partnership Fund LP, is connected to the ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum, the paper reported. That link could become controversial if the power of foreign investments in this country becomes a campaign issue for Sen. Clinton.

    According to the Journal, Clinton is eligible for the $20 million because Yucaipa sold Wild Oaks Market Inc. and Pathmark Stores. The transactions substantially increased the profits of two Yucaipa domestic funds, triggering the payout.

    In a 2006 story in The New York Times, Burkle described Clinton’s role at the company:

    “He explains to people better than we can why these are good things to invest in,” Burkle said. “He’ll talk about the importance to the economy, to the community. And he builds the brand of Yucaipa.”

    The Times quoted Clinton from a 2003 speech in which he explained why he decided to join Yucaipa:

    “(The company) has earned a phenomenal return in investing in three things I care about,” he said. “In underserved communities, in underperforming companies that are friendly to their workers and their families, and in minority-owned businesses.”

    Burkle and Clinton met in 1992, when Clinton was running for the presidency. They became friends, and Clinton would stay at Burkle’s house when he was in California.

    Burkle hosted a March 2007 fundraiser for Sen. Clinton at his home in California that took in $2.6 million.

    In 2007, Forbes magazine estimated Burkle’s wealth at $3.5 billion, placing him at number 91 on the list of 400 richest Americans.

    A college dropout, Burkle started out in the grocery business by stocking shelves.

    Burkle has looked into the newspaper business, but his efforts to acquire the Tribune Company and Knight Ridder did not pan out.

    The New York Daily News reported in 2006 that Jared Paul Stern, a contributor to the gossip pages of the New York Post, attempted to extort $220,000 from Burkle in exchange for good coverage, money that Burkle did not pay.

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  • Making lots of hay at Deere & Company

    Maybe Robert Lane, chairman and CEO of Deere & Company, is underpaid at $50 million a year?

    Tuesday, with world stock markets melting down and the Dow off nearly 130 points, Deere shares gained nearly nine percent. One analyst even raised the target price for Deere stock, saying the prospects for the company’s tractors and other farm equipment are strong. (Story continues below interactive map.)

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    Last week, Deere released its annual proxy statement revealing that Lane earned $14.2 million in direct compensation in fiscal 2007 and another $39 million through exercising stock options and vested stock awards. Total take: $53 million plus.

    In addition, the filing showed, Lane held vested, unexercised options worth $79 million on October 31 last year, and not-yet-vested options worth $23.4 million. That was at a stock price of $77.45. Deere closed Tuesday at $83.13.

    With the value of those unexercised options alone, Lane could fund the annual budget ($112.7 million) of Deere’s hometown, Moline, Ill., and still have a few million left.

    While Deere is based in Moline, it’s CEO has strong ties to Chicago. Lane is a national director of the Lyric Opera of Chicago and an honorary director of Lincoln Park Zoo, one of the nation’s oldest zoos.

    Last year, Lane added Clayton Jones, chairman and CEO of Rockwell Collins, and Charles O. Holliday Jr., chairman and CEO of DuPont, to Deere’s powerful board of directors.

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  • Robert Trout takes on another high-profile case

    The trial of Rep. William J. Jefferson, D-La., begins next month with the nine-term congressman and former chairman of the U.S. congressional caucus on African trade facing a 16-count indictment including fraud, bribery, racketeering and money laundering.

    Jefferson is charged with taking more than $500,000 in bribes and soliciting much more in a scheme to broker business deals in Africa.

    Making the case for the congressman, whose freezer was stuffed with $90,000 in cash in $10,000 packets wrapped in aluminum foil and stuffed inside frozen-food containers, will be attorney Robert P. Trout. (Story continues below interactive map.)

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    A former federal prosecutor, Trout has defended other Democratic notables, including Carol Browner, chief of the Environmental Protection Agency during the Clinton administration. Browner had been charged with illegally destroying agency computer files that had been sought by a conservative legal foundation.

    Trout also defended Schuyler Tilney, a Houston-based Merrill Lynch executive, against charges of securities fraud. The Securities and Exchange Commission accused Tilney of helping Enron Corp. improperly inflate its profit figures.

    Trout is a partner in the law firm Trout Cacheris with Plato Cacheris, who has represented Robert Hanssen and Aldrich Ames, spies serving life sentences. Other former clients of Cacheris include Monica Lewinsky, former U.S. Attorney General John Mitchell and Fawn Hall of Iran Contra fame.

    Jefferson has hired PR chief Judy Smith of Impact Strategies, a crisis communications company in Washington, to help coordinate press queries and shape his media message during the trial. Smith work as a deputy press secretary for former President George H.W. Bush and has done work for Lewinsky, Sen. Larry Craig, and the family of Chandra Levy, the murdered congressional staffer who had an affair with former Rep. Gary Condit.

    Trout has argued in recent pretrial hearings that certain evidence, including some of Jefferson’s statements to the FBI and evidence from Jefferson’s home, should not be admitted at the trial.

    Trout asserts that FBI agents who raided Jefferson’s home in 2005 were overly hostile to Jefferson, who assumed they were going to arrest him.

    “He thought he was going to be taken out in handcuffs,” Trout said.

    Trout maintains that given the circumstances of the raid, the agents should have read the congressman his Miranda rights, but failed to do so.

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  • Clemens Uses the B12 Defense

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  • Forget news, is McClatchy a real estate play?

    Shares of McClatchy stock hit their lowest price in a couple decades Friday, reducing the market cap of the nation’s third largest publisher of newspapers to about $900 million.

    That’s a stop-the-presses number. Ten years ago, McClatchy paid one and a half times that amount for just one newspaper, the Minneapolis Star Tribune, which it is has since sold.

    McClatchy’s stock price fell more than 70 percent in 2007. If the trend continues, it won’t be long before one of the company’s dominant assets will be the land and buildings it owns in fast-growing urban areas like Sacramento, Miami, Charlotte, Kansas City and Fort Worth.

    Investors may not value newspaper operations anymore, but there is a steady appetite for prime commercial real estate. And McClatchy, with 31 dailies in 29 markets, has some.

    CEO Gary Pruitt isn’t ready to put on his Realtor’s jacket just yet. He told The Wall Street Journal in December: “I think the future is bright for newspapers.”

    But in the news business these days, it’s always good to have a Plan B.

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  • Make Way for Rachael Ray

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  • Patti Solis Doyle regroups for NH primary

    Patti Solis Doyle, campaign manager for Hillary Clinton, is in the fight of her life.

    Doyle, whose ties to Clinton go back to 1991, when she was hired as Clinton’s scheduler, has five days to turn the tide. After a solid defeat in Iowa, the New Hampshire primary is a crucial contest for a candidate who was once considered a Democratic shoo-in.

    This is Doyle’s first national campaign. Although she prefers to stay behind the scenes, she is known as a fiercely competitive person who runs a tight, well-organized operation. She has described herself as “tough as dirt.” (Story continues below interactive map.)

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    The daughter of Mexican immigrants and sister of Chicago City Council President Daniel Solis, Doyle has long enjoyed the friendship and full confidence of her boss. She helped strategize Clinton’s Senate campaign in 2000 and has headed her political operations in recent years.

    She is married to Jim Doyle, senior VP at Penn Schoen and Berland. The firm’s president, Mark Penn, is Clinton’s pollster.

    There’s no indication yet of any reorganization in the Clinton camp. Last week, Clinton dismissed such speculation. “There’s no turmoil, no shake-up,” she told the Wall Street Journal. “I have total trust in Patti, who’s my campaign manager, confidante and friend.”

    The candidate boarded a plane at midnight, heading for New Hampshire, hoping to repeat her husband’s 1992 victory there.

    “Hillary is going to continue making the case that in these serious times when America faces big challenges, it will take a leader with the strength and experience to deliver real change,” Doyle told reporters.

    “This race begins tonight and ends when Democrats throughout America have their say. Our campaign was built for a marathon and we have the resources to run a national race in the weeks ahead.”

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  • Roger Clemens and Brian Mcnamee Face Off

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  • Will Barack Obama and Ron Paul win in Iowa?

    If traffic to a candidate’s web site is any indication of popularity in the Iowa caucuses, Barack Obama and Ron Paul will be the winners after the votes are tallied this evening.

    Web site traffic statistics provided by Alexa show Obama with a clear lead in the Democratic contest over second-place finisher Hillary Clinton. (Story continues below interactive map.)

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    John Edwards lands in third place with Joe Biden taking a distant fourth and Christopher Dodd finishing fifth. Bill Richardson’s doesn’t even break the top 100,000 websites, so there is little data on Alexa about their traffic trends.

    Democratic candidates web site traffic

    On the Republican side, congressman and internet fundraising star Ron Paul’s web site has a clear lead over the rest of the field with Arkansas Governor Mike Huckabee finishing second followed by former Massachusettes Governor Mitt Romney and U.S. Senator John McCain. Traffic for actor and former Sen. Fred Thompson took a nosedive at the end of December, when he was ahead of both Romney and McCain.

    Republican candidates web site traffic

    Of course, using web traffic as a polling tool is completely unscientific, but as the population ages and more and more internet users become voters, analysis of web traffic trends may become another tool used to predict the outcome of elections in the future. We’ll find out the real results once the caucuses are finished this evening and see how good a predictor traffic to a web site is in gauging voter popularity.

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    3 Comments

    • #1.   ken 01.03.2008

      RON PAUL FOR PRESIDENT !!!

    • #2.   Nik 01.03.2008

      HOLY CRAP!

      Ron Paul is at .05

      compared to Obama at .012

      Ron has more than quadrupled Barack’s traffic!!!

    • #3.   nathan 01.03.2008

      This is going to get increasingly exciting as the night goes by.Even the msm are saying RP will do better than polls show.

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