Tag: Martha Stewart

  • Martha Stewart’s pay package – plenty of ‘good things’

    Not everyone is feeling squeezed by the economic downturn.

    Television host, publisher and corporate mogul Martha Stewart is still the epitome of the elegant lifestyle her diversified media and merchandising company promotes.

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    In 2009, Stewart is slated to receive a guaranteed bonus of $495,000 from Martha Stewart Living Omnimedia (MSLO), the company she founded in 1997. That’s on top of her $2-million-plus in compensation and another $2 million she gets for allowing the company to film shows at her residences, which include homes in Bedford, NY, Mt. Desert Island, ME, and East Hampton, NY, according to footnoted.org.

    The details of her compensation package may upset some MSLO investors, however, who are not faring quite as well as the majority shareholder.

    Company spokesperson Elizabeth Estroff told FishbowlNY in December that the company had eliminated about 100 jobs over the course of the year, as MSLO was “streamlining costs at the corporate and business unit levels.”

    Moreover, while MSLO won’t announce fourth-quarter results for another week, its third-quarter results were disappointing. And the stock has been trading at under $5 a share since mid-November.

    Perhaps because of her personal insulation, or perhaps because of her comeback since March 2005, when she completed a prison sentence for lying about a stock sale, Stewart has sounded relentlessly upbeat in interviews.

    While on a tour promoting her latest book last October, she told CNBC: “The customer is there, and the customer wants good value. . . . They want products that fit their lifestyle at the present time when they are on, actually, some serious budgets.”

    Perhaps. But after reading MSLO’s financial reports, one can’t help wondering what Stewart knows about “serious budgets.”

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    • Antitrust nominee Christine Varney described Google as a monopolist

      February 20, 2009 at 10:24am

      New legal challenges for search giant Google Inc. may be looming – and from chief executive Eric Schmidt’s new BFF Barack Obama, of all people.
      Christine A. Varney, nominated by Obama to be the U.S.’s next antitrust chief, has described Google Inc. as a monopolist that will dominate online computing services the way Microsoft Corp. ruled […]

    • In final days, Bush likely to pardon more than turkeys

      The headline in The Onion may have nailed it: “In Thanksgiving Tradition, Bush Pardons Scooter Libby In Giant Turkey Costume.”

      Skip the turkey costume, and the reality may not be far off: Many are betting that Vice President Dick Cheney’s former chief of staff will be among those granted clemency before the president steps down.

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      Bush had already commuted Libby’s prison sentence after his conviction for perjury and obstruction of justice in the outing of CIA operative Valerie Plame. But wiping Libby’s record clean would enable him to practice law again.

      Libby is unlikely to be the only last-minute pardon. Other top prospects, listed by ProPublica, are said to include:

      • Michael Milken, the 1980s junk bond king whose pardon application is being handled by former U.S. Solicitor General Theodore B. Olson – a close friend of the president’s, and the lawyer who successfully argued Bush v. Gore before the U.S. Supreme Court.

      • James Tobin, Bush’s 2004 New England campaign chairman who raised more than $200,000 for the president’s re-election bid. Tobin was indicted in October for making false statements to the FBI in connection with the bureau’s investigation of the plot to jam Democratic Party phones in New Hampshire in 2002;
      • Brent Wilkes, the defense contractor who was sentenced to 12 years in prison in February for furnishing former California Congressman Randy Cunningham with yachts, vacations and other luxury items in exchange for lucrative contracts, because of his cooperation with federal investigators;
      • J. Steven Griles, a deputy Interior secretary during Bush’s first term who pleaded guilty to obstruction of justice charge sin connection with his 2005 Senate testimony regarding the Jack Abramoff political corruption scandal.

      Presidential pardons are a long political tradition, embraced by both parties. In his final days, for instance, George H.W. Bush pardoned former Defense Secretary Caspar Weinberger, along with 10 others who had been convicted in the Iran-Contra scandal, an arms for hostage program during the Reagan administration (when Bush was vice president).

      That raised eyebrows, but nothing like the reaction to Bill Clinton’s pardon of fugitive financier Marc Rich, whose ex-wife Denise Rich had been a major contributor to his presidential library and to the Democratic Party.

      The Rich decision, which became the subject of Congressional and criminal investigations, is likely to come up again in the confirmation hearings for Eric H. Holder Jr, Barack Obama’s choice for attorney general, given Holder’s involvement in the decision.

      (One interesting historic footnote: Rich’s attorney from 1985 until the spring of 2000 was Scooter Libby.)

      By comparison with his predecessors, the younger Bush has been downright niggardly in his use of pardons, granting clemency to only 171 people over eight years.

      Most of those have been for penny-ante crimes. For instance, Leslie O. Collier – one of 14 people he pardoned last week – was pardoned for his conviction for the unauthorized use of a pesticide in killing bald eagles.

      Bush’s most significant clemency to date was commuting Libby’s prison sentence. But of course, he still has almost two months to make up for lost time.

      Among those who have submitted applications are disgraced Olympic gold medalist Marion Jones, suspended National Football League quarterback Michael Vick, home living doyenne Martha Stewart, former Enron executives Jeffrey Skilling and Andrew Fastow, jailed lobbyist Jack Abramoff and convicted former California Congressman Randy Cunningham.

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      • Small donors played comparable roles in Obama and Bush campaigns

        November 30, 2008 at 7:28am

        A new study by the Campaign Finance Institute shows that Barack Obama received about the same percentage from small donors in 2008 as George W. Bush did in 2004.

      • Martha Stewart’s daughter, Alexis, to roast Mom on new show

        This fall, a new cable show called Whatever, Martha! will poke fun at old episodes of Living with Martha Stewart, which ran from 1991 to 2004.

        The lead poker will be Martha’s own daughter, Alexis Stewart.

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        She will co-host with Jennifer Koppelman Hutt, daughter of Charles Koppelman, the chairman of Martha Stewart Living Omnimedia.

        Despite their connections to Stewart and her company, the co-hosts aren’t planning on going easy on the homemaking icon.

        While her daughter told Martha Stewart she “wouldn’t be mean,” Alexis Stewart divulged to the New York Times that “nothing is off limits, including her mother’s clothes, fastidiousness and habit of mixing sexual innuendo with her household hints.”

        Whatever, Martha! is expected to appeal to a younger audience. Martha Stewart’s previous attempt to boost the number of fans in their early 20s and 30s was not a success. The magazine Blueprint, geared for younger readers, was put out by Martha Stewart Living Omnimedia, but lasted only a year before it folded. The last issue of Blueprint ran in January/February 2008.

        Stewart and Koppelman Hutt currently co-host Whatever…with Alexis & Jennifer, a radio-show that runs on satellite radio provider Sirius. As co-hosts, their show’s website describes them as “having no shame, no edit button and no ability to be politically correct,” an attitude they plan on taking to their television show.

        Whatever, Martha! debuts on cable channel, Fine Living, on Sept. 16th.