Madoff trustee now seeks $255 million from family

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Madoff trustee now seeks $255 million from family

Posted on 07 May 2012 by BobL

(Reuters) – Members of Bernard Madoff’s family were hit with an expanded $ 255.3 million lawsuit, saying they should have caught the patriarch’s Ponzi scheme and must return the benefits to victims.

 

The family defendants are Madoff’s brother Peter, who was the Madoff firm’s chief compliance officer; son Andrew, who was co-director of trading; the estate of son Mark, who was also co-director of trading and committed suicide in December 2010; and niece Shana, a compliance officer.

The spouse defendants are Deborah Madoff, who began divorce proceedings against Andrew Madoff in 2008; Stephanie Mack, Mark Madoff’s widow; and Susan Elkin, who divorced Mark Madoff in 2000.


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SEC starts probe of Chesapeake CEO’s well stakes

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SEC starts probe of Chesapeake CEO’s well stakes

Posted on 26 April 2012 by BobL

I have been an investor in Chesapeake Energy (CHK) for a number of years.  Aubrey McClendon is the ultimate wildcat gambler. He gambles with his finances and with the company itself. However, the SEC may finally be saying “guys, come on.”.  The shenanigans might just come to an end. This is the second major issue in the past few years with Aubrey.  Could get interesting, but I doubt it.  That is a well connected company with enough money and influence to cover things with a fine.  Aubrey might just be asked to ride off into the sunset this time.

Aubrey McClendon

Many wonder why McClendon has been allowed to slide for so long.  Here is a factoid that might allow you to put the pieces together:

• Katie Upton, Aubrey’s wife, is a (first?) cousin of US Congressman Fred Upton. Coincidentally, he is the chair of the House Energy and Commerce Committee.

Ahh, the connected.  Makes you very sick if you dig too deep.  Put your head down, work hard, and live your life.

NEW YORK (Reuters) – The Securities and Exchange Commission has opened an informal inquiry into Chesapeake Energy Corp’s controversial program that granted Chief Executive Aubrey McClendon a share in each of the natural gas producer’s wells, a source familiar with the matter said on Thursday.


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Exclusive: Disney film studio chief Ross steps down

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Exclusive: Disney film studio chief Ross steps down

Posted on 20 April 2012 by BobL

Another studio boss derailed by a tent pole gone very, very, very wrong.

Rich Ross fired from Disney

LOS ANGELES (Reuters) – Rich Ross, chairman of Walt Disney Co’s movie studio, stepped down after a two-year stint that included the release of “John Carter,” one of the biggest flops in recent Hollywood history.


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Holographic 2Pac (Live At Coachella)

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Holographic 2Pac (Live At Coachella)

Posted on 16 April 2012 by BobL

Tupac Resurrected

 

Source: www.thehighdefinite.com – Monday, April 16, 2012
A holographic version of the late great Lesane Parish Crooks showed up at Coachella last night to perform “Hail Mary” and “2 of Amerikaz Most Wanted.” Via everywhere. | Dre and Snoop’s full set

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Google stock split helps Page, Brin maintain grip

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Google stock split helps Page, Brin maintain grip

Posted on 13 April 2012 by BobL

Sergey Brin and Larry Page have found a way to retain voting control at a $200+ billion company while keeping the shareholders happy.  Funny how huge profits will do that for a leader.

Brin and Page have certainly earned the right to continue to lead this company. Not much good can come from a multi-layered organization where every layer has input into decisions of the company.  The organization where there is clear leadership, who will listen to feedback, and make their own decisions is generally going to operate best.

Obviously the leader cannot be just anyone. There is a special type.  Look at Bill Gates and then follow that up with Steve Ballmer.  Gates was the clear leader with a vision and an grip on the company.  The company flourished. Ballmer has had a bit of struggle in comparison.  Perhaps it is not a fair comparison.  It could be said that Gates rode off into the sunset due to the fact that his company was far behind in the future growth areas.  However, you cannot argue with the track record of Bill Gates. He dominated like Michael Jordan.

Steve Jobs and Mark Zuckerberg are also examples of the strong leader who retains that grip on the company.  It is amazing what Steve Jobs was able to do with Apple and Pixar.  Zuckerberg deserves a lot of credit, but the company is still very young.  He was brilliant enough to retain voting rights to shares that the company sold to investors such as Digital Sky Technologies (Yuri Millner).  He controls the voting rights to those shares.   By doing so, Mark has the final say and probably the initial say regarding product, design, and direction. In fact, many say that the Instagram deal was purely Mark Zuckerberg’s doing.  24 hours after receiving funding at a $500m valuation, Zuckerberg agreed to pay $1b.  Investors must have been celebrating that night. Mark probably owed someone a favor.  Done!

Larry and Sergey continue to innovate and bring new products to market.  Google could be an entirely different company in 10 years.  Search, as we know it, might not exist and the projects that Sergey is working on might just be the future of Google.  Google’s self driving car, Google Green/Energy, Google Glass (glasses). Time will tell.

Google

SAN FRANCISCO (Reuters) – Google Inc announced a stock split designed to preserve the control of co-founders Larry Page and Sergey Brin over the world’s No. 1 Web search engine, asking investors to trust their long-term vision.


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Bank Of America Sues Itself In Unusual Foreclosure Case

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Bank Of America Sues Itself In Unusual Foreclosure Case

Posted on 12 April 2012 by BobL

Bank of America

WASHINGTON — Bank of America is suing itself for foreclosure.

“It’s crazy,” housing data analyst Michael Olenick told HuffPost. “They shouldn’t be suing themselves.”

via Bank Of America Sues Itself In Unusual Foreclosure Case.

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BioWare: ‘Sony won’t approve Mass Effect 3 multiplayer challenges for PS3′

Posted on 12 April 2012 by BobL

Source: www.computerandvideogames.com – Thursday, April 12, 2012
Dev explains why PS3 players can’t join in on the fun. BioWare has called out Sony for failing to approve Multiplayer Challenge events for PlayStation 3 Mass Effect 3 players. Click here to read the full article Related Stories Minecraft creator’s new game gets early screenshots MGS HD Collection Vita shows off new interface EA accused of falsely advertising Mass Effect 3 Sony teases reveal next week – God of War 4 inbound? Miyamoto wishes he’d invented Angry Birds

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Apple and publishers sued by United States amid ebook price-fixing claims

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Apple and publishers sued by United States amid ebook price-fixing claims

Posted on 12 April 2012 by BobL

Source: www.techradar.com – Wednesday, April 11, 2012
The United States Department of Justice has issued a lawsuit against Apple and five of the world’s leading publishers over allegations of collusion to fix ebook prices . The suit claims the companies have conspired to ensure other retailers such as Amazon and Barnes & Noble cannot lower prices. With Apple receiving 30 per cent commission per book sale, publishers are said to have given the iBooks store ‘favoured nation’ status, meaning no other outlet could sell at a lower price. New iPad 3 Apple new iPad 3 review Does the new iPad have an overheating problem? Best new iPad apps The publishing houses have often threatened the likes of Amazon’s Kindle store with the withdrawal of their titles, should the retailer seek to lower the notoriously high price of ebook titles. Apple is in on that, according to the lawsuit. Settlement The writ was issued against Apple, along with Macmillan, Penguin, HarperCollins, Simon & Schuster and Hachette, although the latter three have already agreed to a settlement with the US government. Apple, Macmillan and Penguin are all preparing to fight, whereas the others are most likely resigned to allowing Amazon to start trimming prices. US Attourney General Eric Holder says the alleged actions of Apple and the publishing houses have already cost consumers millions. In a statement to the media, he said: “Beginning in the summer of 2009, we allege that executives at the highest levels of the companies inc…

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Tearful Watson wins Masters in playoff

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Tearful Watson wins Masters in playoff

Posted on 09 April 2012 by BobL

AUGUSTA, Georgia (Reuters) – Bubba Watson conjured a miraculous par from pine straw to become only the third left-hander to win the Masters with an emotional playoff victory over Louis Oosthuizen at Augusta National on Sunday.

On the first hole of the masters playoff (#18), both players hit very good first and second shots. Both had a shot to hole their putts but couldn’t. On the 2nd playoff hole (#10), both hit terrible tee shots. Oosthuizen got a lucky bounce and was left in the rough. Watson, however, was deep in the woods. Oosthuizen played first and left his second shot off the front of the green. Watson, in a shot that will be remembered for years to come, hooked a shot around many trees to within 25 feet of the cup. He then 2 putted to win his first major and the 2012 Masters.


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Coast Guard fires on Japanese ghost ship

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Coast Guard fires on Japanese ghost ship

Posted on 05 April 2012 by BobL

What does the coast guard do when they find a ship adrift and cannot account for its owner?  Sink it!

Tsunami Ghost Ship

Source: www.sfgate.com – Thursday, April 05, 2012
(04-05) 19:48 PDT OVER THE GULF OF ALASKA, (AP) — The U.S. Coast Guard says a Japanese vessel set adrift by last year’s tsunami has sunk in the Gulf of Alaska, ending its long, lonely voyage across the Pacific Ocean….

Photo: Petty Officer 2nd Class Charly Hengen / AP

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