What is Charles Smith thinking? He’s the winemaker at K Vintners, where he makes very expensive wines, and occasionally shares them with bloggers such as Blake Gray. One blog entry on Smith and his wines produced some comments saying that he is more of a wine promoter than an actual winemaker. Smith’s assistant, Andrew Latta, responded in the comments with simplicity and anger:
Back in January, the bien-pensant received opinion was that AIG’s stock was worthless, and that the market was delusional in valuing the company at $26 billion. (See, for example, Jonathan Weil, Paul Smalera, and me.) The company’s debts to the US government were just too large, we all said, for there to be anything left over for shareholders.
Steven Davidoff goes into lots of detail today on the close-run fight between Ron Burkle and Leonard Riggio for control of three board seats at Barnes & Noble. It was a nailbiter of a vote, and informed opinion had it that Riggio, B&N’s founder, was going to end up the loser, despite controlling a large chunk of the outstanding shares. After all, the most powerful shareholder advisory firm, Institutional Shareholder Services, favored Burkle — and big investors like Vanguard and BlackRock generally follow ISS’s lead.
It doesn’t matter whether you fly private or whether you fly commercial: you still have to fly from an airport. Which clearly annoys the Obama administration’s top plutocrat, Larry Summers. Justin Fox was in Washington on Tuesday to hear Summers give a speech on the inadequacies of US infrastructure. And he came up with a truly classic example to make his point: