Hollinger Report Alleges Stunning Greed

[UpInArms]

http://www.mediainfo.com/eandp/news/article_display.jsp?vnu_content_id=1000621971

NEW YORK Like a good Russian novel, the "Report of Investigation by the Special Committee of the Board of Directors of Hollinger International Inc." is long (513 pages), sweeping in time and geography, and chronicles the deadly sins of pride, greed -- even a bit of gluttony.

It even has a table of names for all those easily confused characters from Barbara Amiel Black, wife of the epic's tragic hero Conrad M. Black, to Paul Winkler, the former general manager of Kelowna Capital newspaper in British Columbia.

The report, so long as you are not a Hollinger International stockholder or, God forbid, a director, is also a hoot. Whoever wrote this report for the committee headed by former Securities and Exchange Commission head Richard Breeden has the kind of flair that made Spy magazine a must-read in the "Greed is good" era of the 1980s.

"Behind a constant stream of bombast regarding their accomplishments as self-described 'proprietors,' Black and Radler made it their business to line their pockets at the expense of Hollinger almost every day, in almost every way they could devise," the report says on page two -- and it's just getting started.

...lots more...

and here's another related:

http://www.forbes.com/technology/ebusiness/feeds/ap/2004/08/31/ap1525628.html

Snapshots of Key Players at Hollinger

Here are brief sketches of some of the key players in the Hollinger International Inc. story. A special committee of the company's board of directors released a report Tuesday accusing its former CEO Conrad Black of systematically looting the company of more than $400 million, along with several close associates, since 1997.

_CONRAD BLACK. Born in Canada, later renounced citizenship to accept the title Lord Black of Crossharbour in the United Kingdom. Ousted as CEO and chairman of Hollinger International Inc. after an internal review found that he and several other executives improperly received millions in fees and payments. Remains controlling shareholder of Hollinger International through Hollinger Inc., a Toronto-based holding company that in turn is controlled through Ravelston Corp., a private Canadian company 65 percent owned by Black.

_DAVID RADLER. Former chief operating officer of Hollinger International as well as its former deputy chairman of the board. One of Black's closest confidantes, and owner of 14 percent of Ravelston. Former publisher of the Chicago Sun-Times, one of Hollinger's newspapers.

_RICHARD PERLE. Member of Hollinger International's board, and former member of its audit committee, compensation committee and executive committee. A former Assistant Secretary of Defense under President Reagan and a resident fellow at the American Enterprise Institute. Recently co-wrote the book "An End to Evil: How to Win the War on Terror."

...more...

[sadiesworld]

1. .

[glitch]

2. and this one right below the snapshots article

http://www.forbes.com/feeds/ap/2004/08/31/ap1525075.html

Update 4: Probe: Ex-Hollinger CEO Looted Profits
08.31.2004, 01:03 PM

Conrad Black, the former CEO of Hollinger International Inc., conspired with associates to systematically loot the newspaper publishing company of more than $400 million - nearly all of its profits over the past seven years, an internal investigation found.

The report, which was filed with the Securities and Exchange Commission on Tuesday, was prepared by a special committee of Hollinger's board which was formed last year to examine concerns from shareholders about payments made to Black and others.

Black has since been forced out as CEO and chairman of Hollinger International following initial findings from the committee that he and others improperly received millions in fees and payments that should have gone to the company.

The committee's 500-page report makes even more sweeping allegations of wrongdoing, accusing Black and a senior associate, former chief operating officer David Radler, of milking the company to satisfy their "ravenous appetite for cash."

[UpInArms]

3. also on the Hollinger board list

is:

_HENRY KISSINGER. Another board member of Hollinger International. Former Secretary of State.

[slojim240]

4. Perle and Kissinger on this board? that figures.

Is there any evil they do not touch?