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Tag: Tom Hicks
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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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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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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in time to make my skeletal muckety social network map of the Big Eight media corporations interlinking directorships outdated.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.)
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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.
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Herb Sandler and son-in-law back Democrats
Two California groups, Vote Hope and PowerPac.org, are drawing national attention, and boisterous complaints from opponents, for their support of Barack Obama’s run for the presidency.
Both are operating outside the Obama campaign as 527 organizations, taking advantage of tax-code provisions that exempt them from federal spending limits. And both were founded by Steve Phillips, former president of the San Francisco School Board and son-in-law of billionaire banker Herb Sandler. (Story continues below interactive map.)
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Sandler is one of the lucky ones who cashed out before the mortgage crisis. Wachovia bought Sandler’s company, Golden West Financial, for $25.5 billion in October 2006. Forbes estimated his personal worth that year at $1.2 billion.Like his son-in-law, Sandler is an active contributor to Democratic causes. He gave $2.5 million to Moveon.org in 2004, and has contributed more than $100,000 to the Democratic Senate and congressional committees in recent years.
He is also a backer of the Center for American Progress, a liberal think tank headed by John Podesta, Bill Clinton’s former chief of staff.
The Sandler Family Supporting Foundation has supported medical research, with an emphasis on asthma. It also pledged $15 million to Human Rights Watch in 2005.
Sandler also founded a nonprofit journalism organization called ProPublica, which promises to produce “truly important stories with moral force.” ProPublica, based in Manhattan, is run by former Wall Street Journal managing editor Paul Steiger.
Slate’s media writer, Jack Shafer, has cast a cynical eye on the venture, suggesting that most self-made billionaires don’t give away pots of money without expecting some control over the results.
“If I were an editorial writer,” Shafer wrote in October, “I’d call upon Herbert Sandler to provide ProPublica with 10 years of funding ($100 million), and then resign from his post as the organization’s chairman so he’ll never be tempted to bollix up what might turn out to be a good thing.”
Vote Hope and PowerPac.org, meanwhile, are definitely partisan. PowerPac is running TV spots in California, where it is hiring organizers to get out the vote for the Feb. 5 primary. Phillips has said that he hopes to raise $2 million for Vote Hope.
The Obama campaign on Friday released a letter sent to Phillips on Dec. 28, urging that Vote Hope be disbanded. Phillips declined.
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Jerry Springer: The Opera comes to New York
Jerry Springer: The Opera had its New York debut last night, as part of a two-night only stint at Carnegie Hall.
The scaled-down production, billed as a concert, was a test to see if American audiences would embrace the controversial show. Although it had a successful run in London’s West End, when the BBC decided to air a TV version of the musical, Christian groups protested loudly. (Story continues below interactive map.)
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Hundreds of demonstrators assembled outside BBC headquarters the day Jerry Springer: The Opera aired on television. After threats were made to BBC executives, requests for police protection were made. The High Court ended up denying the request of Christian Voice, a Christian evangelical group, to prosecute the director general of the BBC for blasphemy.The New York version had a smaller ensemble than the original production and lacked a full set. However, it’s likely that the response from these two shows will dictate whether or not Jerry Springer: The Opera will make the transition to Broadway.
The Carnegie Hall production was directed by Jason Moore, famous for his work the on Tony-award-winning musical Wicked. Musical direction was done by Stephen Oremus, who has also done Avenue Q. Harvey Keitel stars in the title role, and is joined by Broadway greats Linda Balgord, Lawrence Clayton, Katrina Rose Dideriksen, Max Von Essen, Patricia Phillips, and Emily Skinner. David Bedella is the only original member of the London cast to join the New York ensemble.
The first act is a colorful, musical portrayal of the Jerry Springer show. Guests include a transvestite, a pole dancer, and two diaper fetishists. The first half of the show ends with a tap-dance number performed by members of the Ku Klux Klan.
However, the most controversial aspects come in Act II. Jerry is shot, and arrives in the after-life to present a new version of his show, Jerry Springer: In Hell, where he has to try to mediate the long-standing conflict between Satan, Jesus, Mary, Adam, Eve and God. Jesus is wearing a diaper, and says he’s “a bit gay.” Mary is introduced as “the teenage mother of Jesus” and the chorus chants that she was “raped by God.”
Considering the lyrics, it’s not surprising that Catholic League president Bill Donohue has spoken out about the show, saying: “Never before in its illustrious history has Carnegie Hall been home to Christian bashing, but that is all about to change on January 29 and 30. Incredibly, it is allowing a patently obscene and viciously anti-Christian musical to be performed on its stage. Thus has it got into bed with the bigots, making a mockery of art in the process.”
An hour and a half before the show’s start time last night, picketers had already arrived with signs that read: “Stop blaspheming our God.”
The crowd outside didn’t hinder the star-studded audience, which included Keitel’s Taxi Driver co-star Robert DeNiro. Other audience members included Joy Behar, Mario Cantone, Norah Jones, John Leguizamo, and Carson Kressley.
For unexplained reasons, the finale was dropped from last night’s performance. Nevertheless, the show closed with a standing ovation. Even DeNiro got to his feet.
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Bert Fields, celeb lawyer, terrorizes opponents
You’re in trouble. You want a lawyer. And not just any lawyer. You want a scary lawyer.
Pick up the phone and call Bertram “Bert” Fields, who is known as “L.A.’s scariest lawyer.”
Fields, 78, has been representing entertainment celebs for more than 50 years. (Story continues below interactive map.)
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Fields’s luster has been tarnished lately by his connection to Anthony Pellicano, the private investigator who goes on trial in federal court next month. However, the scary lawyer is still getting lots of work.
Recently, he’s been in the news as attorney for Tamara Mellon, the co-founder of the Jimmy Choo luxury shoe empire who is suing her mother, Ann Yeardye.
Fields also represented publisher Judith Regan, who recently reached and out-of-court settlement of her wrongful termination suit against HarperCollins and its parent company, News Corp.
The Regan suit pitted Fields against a former client, News Corp. head Rupert Murdoch. Typically, that association did not lead Fields to soften his rhetoric.
“They’ve chosen war and they will get exactly that,” he said in December after the suit was announced. “She (Regan) won’t take this lying down.”
This wasn’t the first time Fields compared litigation to war.
“If I were a general, I would attack, and keep pressing the attack — to throw the opponent off balance to change the odds and make a settlement your way much more favorable,” he told The New Yorker’s Ken Auletta in 2006. “…It forces the other side to think. ‘Hey, I may lose this case. Let’s settle it.’”
Fields grew up in Los Angeles, the son of a surgeon who included Mae West and Groucho Marx among his clients. Fields graduated from Harvard Law School in 1952. He taught briefly at Stanford Law School and then served in the Air Force as a lawyer. In 1955, he began practicing law in Los Angeles.
From the beginning, he fashioned a take-no-prisoners style.
“If he’s on the other side, he’s a nightmare,” one Fields client told Auletta. “He’s going to make your life miserable.”
At the same time, Fields told Auletta that he was careful to keep the volume down in the courtroom.
“A jury doesn’t want some guy shouting at them,” he said. “Even when you think the other side is a scumbag – it doesn’t win you points.”
A partner in the Los Angeles firm of Greenberg, Glusker was charging $900 an hour in 2006, according to Auletta.
In addition to his practice of law, Fields is the author of two non-fiction works on history and of two mysteries. Written under the pseudonym of “D. Kincaid,” the novels feature Harry Cain, a lawyer.
Fields and his firm had a long association with Pellicano, the private investigator who was charged in 2006 with wiretapping, racketeering, bribery and other charges.
Fields has said that he had no knowledge of Pellicano using illegal methods to obtain information during the course of his work for the firm.
Pellicano’s trial, in which he will represent himself, begins on Feb. 27.
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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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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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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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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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Let me guess, Rummy would call this agency the Ministry of Truth…
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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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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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#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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