Take this job and shove it

Lazard.gifThe Lazard investment banking empire — Paris-based Lazard FrËres & Cie., London-based Lazard Brothers, and New York-based Lazard FrËres & Co. — recently conducted the largest initial public offering by an investment bank since Goldman Sachs went public in 1999. The move was not without critics, particularly among certain sectors of the Lazard workforce. The following is the departing email of one of those critics to his fellow Lazard employees, as noted by the NY Times:

I will be leaving Lazard effective tomorrow after more than 32 years with various firms of the Group around the world. I will be pursuing my career in the general unemployment line, as I am neither old enough nor wealthy enough to retire. I wish myself every good fortune in the future.
I am leaving on the high note of the IPO of Lazard with the knowledge (i) that I will be contributing to the stated intent of reducing the employment costs at Lazard by a total of more than US$ 180 million per year and (ii) that I will not have to comply with the non-disparagement provisions contained in the agreement between Lazard and the “Historical Partners”.
I wish to congratulate the Head of Lazard for his success in selling the Lazard IPO to the investment public and to most (!) of Lazard’s “Working Members”. This will probably be judged in years to come not only as an even bolder act of financial wizardry than the sale of Wasserstein Perella, but also as a gesture of extraordinary altruism, since it was essentially done – from a cash point of view – for the benefit of the Historical Partners.
I wish every success to the Lazard Working Members in their task of working down Lazard’s mountain of debt and hopefully ultimately returning to a situation where the tangible book value attributable to their own (still indirect) interests in Lazard Ltd. will again be positive.
Finally, let me say how gratifying it is, as the only direct descendant of the founding Lazard brothers currently employed in the Group, to sever ties with Lazard around the same time as my distant uncle Michel David-Weill who was the last family member (albeit not a direct descendant of the founding brothers) to run the firm.
Bernard Sainte-Marie

“My Daughter and Bill Murray”

billmurray.jpgThis post is a father’s description of his eight year old daughter’s first date, which happened to be with Bill Murray, who introduced her “as my wife.”

Best line of the weekend

feherty.gifBest crack of the weekend came from CBS Golf on-course commentator, Irishman David Feherty, during the final round of the NEC Golf Championship, discussing Irish golfer Paul McGinley‘s background as a Gaelic football player:

“Gaelic football? Now, that’s one tough sport. Just one rule: No homicide.”

An economist’s marriage proposal

greenspan3.jpgNBC News correspondent Andrea Mitchell is a part of one of Washington’s most formidable power couples through her marriage to Federal Reserve Chairman Alan Greenspan. Asked during a Time magazine/CNN.com interview this past week as to whether Mr. Greenspan ever engaged at home in “Greenspeak” — i.e., the art of ambiguous economic pronouncements — Ms. Mitchell observed:

“Occasionally. In fact, he claims he proposed three times before I was able to understand. He was so oblique.”

A special talent

coin.jpgI have no idea where my nephew Richard comes up with such things, but the two minute video that he links to in this blog post is pretty darn clever.
By the way, Rich, I highly recommend that you do not attempt to perfect the skill evidenced in the video while juggling your distractions this fall at Northwestern University Law School. Not that it would interfere with your studies that much. Rather, too many professors would be pestering you to teach them how to do it! ;^)

On the Internet’s booms and busts

karlgaard_r.gifRich Karlgaard is publisher of Forbes magazine and author of Life 2.0 (Crown Business, 2004). In this wonderful Wall Street Journal ($) op-ed, Mr. Kaalgaard examines the tremendous progress of the Internet over the past 20 years by pointing out that the risks taken in the booms and busts during the period are the engine of that progress. He uses the wildly over-priced Netscape IPO of 10 years ago (has it really been that long?) as one of his examples of the risk-taking that did not work out, and wryly passes along the following anecdote about one analyst’s attempt at a joke about pricing Internet companies during those exuberant times:

Analyst Bill Gurley sends out a spoof email. After noting the history of deteriorating valuation benchmarks, from cash flow, to EBIT, to EBITDA, to “price-per-click,” announces the ultimate Internet valuation benchmark: EBE, or “earnings before expenses.” Most readers don’t realize Mr. Gurley is joking.

Another great English obituary

OBITUARY_LOGO.jpgAs noted in this earlier post, I am a big fan of the English tradition of writing lighthearted obituaries. This Daily Telegraph obit is another wonderful example of that tradition, as reflected by the opening description of the decedent, former English barrister, Peter Parkenham:

Patrick Pakenham, who has died aged 68, was a talented barrister and the second son of the 7th Earl and Countess of Longford; highly intelligent, articulate and possessed of an attractive and powerful voice, Pakenham could have attained great professional heights, but his boisterous nature and bouts of mental illness rendered it impossible for him to adhere to the routine required to sustain his position at the Bar, and he retired after 10 years’ practice.

But that overview is nothing compared to this anecdote:

During his legal career, Pakenham became something of a legend, and, 25 years on, accounts of his exploits are still current. During his appearance before an irascible and unpopular judge in a drugs case, the evidence, a bag of cannabis, was produced.
The judge, considering himself an expert on the subject, said to Pakenham, with whom he had clashed during the case: “Come on, hand the exhibit up to me quickly.” Then he proceeded to open the package. Inserting the contents in his mouth, he chewed it and announced: “Yes, yes of course that is cannabis. Where was the substance found, Mr Pakenham?”
The reply came swiftly, if inaccurately: “In the defendant’s anus, my Lord.”

Read the entire piece, as it only gets better. Hat tip to Is that Legal for the link.

Strong medicine with serious side effects

gambling-9949.gifThis post from yesterday made the point that that most medications are toxins that often have serious side effects, but that the risk of those side effects has to be weighed against the benefit that patients derive from the medications. However, the side effect noted in this article is, might we say, a bit difficult to weigh:

A Mayo Clinic study published Monday in July?s Archives of Neurology describes 11 other Parkinson?s patients who developed the unusual problem [of becoming compulsive gamblers] while taking Mirapex or similar drugs between 2002 and 2004. Doctors have since identified 14 additional Mayo patients with the problem, . . .

Benny Hinn and the I.R.S.

benny2.jpgLast week, televangelist Benny Hinn was not particularly pleased with, might we say, the responsiveness of his Nigerian hosts to his latest African crusade.
Well, this latest news report probably explains why Benny is a tad jumpy these days:

The IRS is questioning televangelist Benny Hinn’s organization about its operations and finances issues that underlie its tax-exempt status as a church.
The inquiry into the flamboyant faith healer’s ministry began a year ago, and the IRS has asked for dozens of detailed answers, according to documents provided to The Dallas Morning News by a watchdog group. . .

Separately, The News found that another watchdog group’s complaint to the IRS that the ministry lacks financial oversight and independent governance may have led the agency to question the operation through what’s called a church tax-inquiry letter.
While detractors argue that Mr. Hinn improperly profits from a ministry that hasn’t met the IRS definition of a church for years, his public-relations contractor dismissed the possibility that the tax exemptions — worth millions a year — could be at risk. [Hinn’s public relations contractor] repeatedly warned The News should “be very careful about what it reports.”

Geez, Hinn’s public relations contractor sounds a bit like Tom Hagen, Don Corleone’s lawyer, don’t you think?
By the way, did you know that Benny asserted at one time that the Trinity was comprised not of three persons, but nine?!

Kenny Rogers and Benny Hinn compete in public snit contest

Kenny Rogers.jpgTexas Rangers pitcher Kenny Rogers and television evangelist Benny Hinn were in intense competition yesterday over who could have the most outrageous public snit of the month and perhaps the year.
First Rogers:

Rogers shoved two cameramen before the Rangers’ game against Los Angeles on Wednesday in a videotaped tirade that included throwing a camera to the ground and threatening to break more.

benny.jpg

“Kenny is having anger issues right now,” Rangers general manager John Hart said. “I don’t know what’s going on inside. We’re responding to something that’s very unusual.”
Rogers, who missed his last start with a broken pinkie he sustained during an outburst earlier this month, lashed out at the cameramen as they filmed him walking to the field for pregame stretching. He wasn’t scheduled to pitch and was sent home by the club following the incidents . . .
The 40-year-old left-hander first shoved Fox Sports Net Southwest photographer David Mammeli, telling him: “I told you to get those cameras out of my face.”
Rogers then approached a second cameraman. He wrestled the camera from Larry Rodriguez of Dallas-Fort Worth television station KDFW, threw it to the ground and kicked it.
The 6-foot-1, 210-pound pitcher saw two other cameramen who were recording from the Rangers’ dugout and walked toward them. He did not make contact with the men, who were backing away.
“I’ll break every … one of them,” Rogers said before he was escorted to the clubhouse by catcher Rod Barajas.
The Rangers sent Rogers home about an hour later . . .
Texas lost eight of nine entering Wednesday night’s game.
Rogers, who leads the team with nine wins, has refused to talk to reporters all season. He has also boycotted most media since a report before spring training that he threatened to retire if he wasn’t given a contract extension.

But as impressive as Rogers’ snit was, Hinn is not backing off. Unimpressed with the number of Nigerians who attended his latest crusade, Hinn went ballistic on the disrespectful Africans:

Whatever disappointment he felt on the first and second days of the miracle crusade, Hinn kept to himself – but he opened up with anger on the final day.
“Four million dollars down the drain,” he shouted into the microphone from the huge rostrum.
He said that he had been assured by the local organising committee that at least six million people would attend the crusade – but the total turnout was only around one million. As a result, he realised that all the mega public address equipment he had flown in from the US was not needed.
He also complained about some claimed expenditures, the charges imposed on pastors who attended his day-time seminar, and journalists who sought to cover the crusade.
He then announced publicly that he would not provide any more funds, and that the local organisers should pay all outstanding bills from the collections they made on the first two days.

Winner of the snit contest to be announced in a few days. Hat tip to Chris Elam for the link to the Hinn article.