Money and Finance
- Shattered Screen Dreams At Gt Advanced
Always worthwhile to study failures of any kind... Link to article: Shattered Screen Dreams at GT Advanced The rapid meltdown of GT Advanced Technologies GTAT remains shrouded in mystery. One thing is clear: it is a stark example of what can happen...
- Bofa Reaches Deal With Buffett On Preferred Stake
Link to article: BofA Reaches Deal With Buffett on Preferred StakeBank of America Corp. (BAC), the lender that turned to Warren Buffett in 2011 for a capital injection, reached a deal with the billionaire’s company to change terms so the investment...
- Priceline's Longtime Ceo Hands Over Reins
Thanks to Matt for passing this along. I guess it's one to add to the 100 to 1 in the stock market list. Priceline.com Inc. replaced its longtime chief executive with the boss of its most profitable hotel-booking unit, ending an 11-year tenure that...
- Buffett Deputies Join Heinz Board As Lynnn Swann Departs
Thanks to Will for passing this along. Gregory Abel and Tracy Britt, two of Warren Buffett’s deputies who have been adding responsibilities at Berkshire Hathaway Inc. (BRK/A), were selected by the billionaire to join him as directors of HJ Heinz Co....
- Leucadia National Corporation And Jefferies Group, Inc. To Merge
Leucadia National Corporation (LUK) and Jefferies Group, Inc. (JEF) today announced that the Boards of Directors of both companies have approved a definitive merger agreement under which Jefferies’ shareholders (other than Leucadia, which currently...
Money and Finance
Footnoted: Too early for worst footnote of 2013? (Apollo Group - APOL)
So imagine our surprise when we read yesterday’s filing to find out that John Sperling, the company’s outgoing Executive Chairman, a title he has held for the past decade and whose duties he has been paid $850,000 a year to perform, would be retiring to Chairman Emeritus. The new gig won’t pay quite as well, but it’s not exactly a gold watch either.
Indeed, Apollo’s board, whose members include John Sperling’s son, Peter, decided to give the elder Sperling a $5 million “special retirement bonus in recognition of his many years of service with the Company and the important contributions he has made as leader and visionary.”
But wait, as they used to say in those old Ginsu Knife ads: that’s not all! Sperling, who was 91 as of the last filing, will also get $71,000 per month as part of a lifetime annuity and, because it’s hard to pay for cars with that kind of cash-flow, two cars that he used as Executive Chairman will be transferred to him. We’re not quite sure why an Executive Chairman needs two cars, since presumably, you can only drive one car (or be driven in one car) at any one time, but the filing is pretty explicit on this point.
- Shattered Screen Dreams At Gt Advanced
Always worthwhile to study failures of any kind... Link to article: Shattered Screen Dreams at GT Advanced The rapid meltdown of GT Advanced Technologies GTAT remains shrouded in mystery. One thing is clear: it is a stark example of what can happen...
- Bofa Reaches Deal With Buffett On Preferred Stake
Link to article: BofA Reaches Deal With Buffett on Preferred StakeBank of America Corp. (BAC), the lender that turned to Warren Buffett in 2011 for a capital injection, reached a deal with the billionaire’s company to change terms so the investment...
- Priceline's Longtime Ceo Hands Over Reins
Thanks to Matt for passing this along. I guess it's one to add to the 100 to 1 in the stock market list. Priceline.com Inc. replaced its longtime chief executive with the boss of its most profitable hotel-booking unit, ending an 11-year tenure that...
- Buffett Deputies Join Heinz Board As Lynnn Swann Departs
Thanks to Will for passing this along. Gregory Abel and Tracy Britt, two of Warren Buffett’s deputies who have been adding responsibilities at Berkshire Hathaway Inc. (BRK/A), were selected by the billionaire to join him as directors of HJ Heinz Co....
- Leucadia National Corporation And Jefferies Group, Inc. To Merge
Leucadia National Corporation (LUK) and Jefferies Group, Inc. (JEF) today announced that the Boards of Directors of both companies have approved a definitive merger agreement under which Jefferies’ shareholders (other than Leucadia, which currently...