Tag: Hillary Clinton

  • 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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    Watts, 50, was the sole African-American Republican member of Congress from 1995 to 2003.

    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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  • 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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  • 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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    Feinberg does his best to avoid the limelight, sending out more polished speakers as his surrogates, including former Treasury Secretary John W. Snow and former Vice President Dan Quayle.

    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 ClemensBrian McNamee testimony look like child’s play.

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  • A Closer Look at Yahoo Leadership

    This post was archived from createpositivechange.org/. View the original on the Wayback Machine.

  • 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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    That wasn’t the only question about the deal.

    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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  • 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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    Stewart began his newscast musing, “Words in the prompter, script on my desk, vending machine upstairs out of Funyuns … The writers are back!” After a celebratory dance, and loud cheers from his studio audience, he announced, “It is no longer ‘A Daily Show’ It is once again, The Daily Show! We’re back, baby!”

    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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  • 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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    Killinger, who also sits on the board of Safeco, qualified for a 2007 bonus of $1.2 million, about a third of his target level, based on Washington Mutual’s financial performance for the year. His 2006 bonus was $4 million.

    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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