Friday, September 30, 2011

Meg Whitman is taking a $1 annual salary for her position as HP CEO

Meg Whitman, Harvard MBA and the fourth wealthiest woman in the state of California with a net worth of $1.3 billion in 2010, might be taking a $1 salary, but she is getting more than enough compensation with stock options.

As reported by the LA Times:

Whitman was also awarded the option to buy nearly 2 million shares of HP stock, which if vested today would be worth nearly $45 million. As with many executive-level options packages, however, the shares won't vest immediately: Whitman won't be able to cash in at least 900,000 of them in until a year from now.

Thursday, September 29, 2011

Warren Buffett's favorite bank, BAC, to start charging debit card fees

Bank Of America is about to slap bank customers with a $5 Debit Card Usage Fee.

Wednesday, September 28, 2011

Yahoo! Sports wages class warfare against NBA owners

Yahoo! Sports, trying to give its NBA reporters something to do and stay somewhat relevant, begins the political charged discussion with:

Think NBA owners are sweating out each day of the lockout? Maybe you should check the number of league bosses on the latest Forbes 400 list. A dozen NBA owners made the rankings of the richest people in America. With 30 teams in the conference, that means 42.8 percent of the owners are sitting pretty.

Joshua Harris has an impressive resume that includes a bachelor's degree from Penn’s Wharton School of Business and an MBA from the Harvard Business School. The 46-year-old is one of the youngest on our list and worth $1.45 billion.

Tuesday, September 27, 2011

Barry Diller hires Chelsea Clinton

Barry Diller, the UCLA drop-out and billionaire chairman of IAC/InterActive Corp., has just hired 31-year old grad student Chelsea Clinton for a board of directors seat with the global multimedia company.

Chelsea Clinton is the daughter of President Clinton and will be paid $50,000 for her work on the board.

Other board members include Michael Eisner, the embattled former head Mouse-man of Walt Disney, and Edgar Bronfman Jr., chairman of Warner Music Group.

Monday, September 26, 2011

Groupon discounts its revenue

From the NYT Deal Book column: Accounting Change Cuts Groupon’s Revenue

For example, in a version of the prospectus filed last month, Groupon
reported $1.52 billion in revenue for the first six months of the year.
In Friday’s filing, that number is now called net revenue and is $688
million. The original $1.52 billion figure is now counted as gross

Groupon’s accounting change is the inverse of what Google
did before its own public debut in 2004. The search giant initially
excluded cash that was shared with distribution partners in its revenue
figures. It later changed its revenue to include those payouts.

Wednesday, September 21, 2011

Bill Gates Wins in Phoenix (Again)

Bill Gates (not the billionaire) wins his Phoenix City Council spot again during the August 2011 election.


Registered Voters 90,014
Voter Turnout 22.89%

Votes Percent
BILL S GATES 15,326 74.37%
STEVEN GROSS 5,281 25.63%
Write-In* 0 0.00%
Total 20,607 100.00%

Monday, September 19, 2011

Societe Generale gets a call from the Department of Justice

The Justice Department is investigating whether French bank Société Générale SA helped facilitate Texas financier R. Allen Stanford's $7 billion ponzi scheme and network.

Societe Generale SA is at $17.91, down 55% 2011 YTD.

Friday, September 9, 2011

Get rid of Jerry Yang and the rest of his Yahoo! cronies

Is it possible that there can be Two! Yahoo! idiots in the world??!!

The short answer is Yes!

We know of the first Yahoo! idiot. Non other than Yahoo! co-founder Jerry Yang.


He has done it several times, folks.

The second Yahooo! idiot is Daniel Loeb. Daniel is a hedge fund manager who apparently forgot to sell his Yahoo shares recently and still owns 5.15% of the dying web company.

"Get rid of Jerry Yang and the rest of his Yahoo! cronies" is essentially what Daniel announced to Yahoo!, the Wall Street Journal! and the World! this week!


Daniel wrote this week that " ... this Board's failures have destroyed value for all Yahoo stakeholders." And this guy manages money for other people.

Yahoo! stock (NASDAQ:YHOO) closed at $14.88 today.

Tuesday, September 6, 2011

Groupon Inc. canceled its roadshow

Groupon Inc. canceled its roadshow and is reevaluating its plans to go public in the face of stock market volatility.

Saturday, September 3, 2011

David Lauren to wed Lauren Bush

Laura Bush, currently a handbag designer and philanthropist, plans to wed David Lauren, son of designer Ralph Lauren this Sunday in Colorado.

The mega-wedding event will take place at Ralph Lauren's exclusive Double RL Ranch in Telluride, Colorado.

Laura Bush, 27, will not be using the name Mrs. Lauren Lauren; rather Bush will go by Lauren Bush-Lauren.

Congratulations to all the Laurens!