To: AdamSelene235; Beck_isright; Grampa Dave; BOBTHENAILER; Citizen of the Savage Nation; ...
COPYRIGHTED 2003 THE WASHINGTON POST ALL RIGHTS RESERVED
At Hollinger Big Perks in A Small World / by Steven Pearlstein
EXCERPTED It's amazing the coincidences you find digging into Hollinger International, the publishing empire that includes Chicago's Sun-Times and London's Daily Telegraph and is quickly slipping from Conrad Black's control.
.......there's Washington superhawk Richard Perle, who heads Hollinger Digital, the company's venture capital arm. Seems that Hollinger Digital put $2.5 million in a company called Trireme Partners, which aims to cash in on the big military and homeland security buildup. As luck would have it, Trireme's managing partner is none other than . . . Richard Perle.
Perle, of course, has been pushing hard for just such a military buildup from his other perch at the Pentagon's secretive and influential Defense Policy Board, where there are a number of other Friends of Hollinger.
There's Gerald Hillman, managing partner of Hillman Capital, which also got a $14 million investment from Hollinger, according to the Financial Times. Hillman is also a partner at Trireme.
Between 1998 and 2002, as Hollinger paid out more than $200 million to Black and close associates in the form of salary, management fees and non-compete payments, the company was able to eke out a total profit of $23 million. During that period, Hollinger shares fell 25 percent while other publishing shares rose -- 17 percent at Gannett and 20 percent at Knight Ridder.
This is all, of course, vintage Black, who got his start as a corporate wheeler-dealer snookering Canadian widows and raiding employee pension funds. But shame on Hollinger's directors for letting themselves be used as corporate hood ornaments, lending legitimacy to Lord Black's financial manipulations and relentless social climbing.
Only one, former Illinois governor James Thompson, was willing to defend himself yesterday, suggesting at one point that there was only so much directors could do with a chief executive wielding absolute voting control. So far, however, there is scant evidence that any of them even tried, at least until dissident shareholders threatened to sue.
Copyright 2003, The Washington Post Co. All Rights Reserved
posted on 12/16/2003 5:27:25 PM PST
The drumbeat gets louder...
posted on 12/17/2003 5:42:35 AM PST
(neo-“Mac, Leroy, and José, you do the fighting and dying, we’ll do the talking”-cons)
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson