Quattrone’s ordeal is coming to a close

Quattrone new2.jpgAfter five years, two trials, an appeal, two regulatory investigations, thousands of hours of tedious legal work, multi-millions of dollars in legal cost and untold damage to the attorney-client privilege, the Justice Department has finally decided to cut its losses with regard to its misguided harassment of former Credit Suisse investment banker Frank Quattrone (previous posts here). This NY Times article reports that Mr. Quattrone has entered into a deferred-prosecution agreement with the Justice Department that will impose no penalty and will not require Quattrone to admit any wrongdoing. The deal is scheduled for court approval this coming Tuesday in New York City.
So, yet another chapter closes in the story of the Great Waste of the federal government’s dubious criminalization of business in this post-bubble era.

Not enough choices?

country music.gifThis NY Times article passes along the news that the last remaining area-wide radio station in the Los Angeles market playing country music has changed its format, so the second-largest radio market in the country joins New York (the largest radio market) and San Francisco (the fourth largest) as big markets that no longer host a radio station with a country music format. Inasmuch as such a development seems unthinkable in a country-music hotbed such as Houston, the Times article provides the following explanation:

ìCountry is a tough format to do in a market that is an ethnic melting pot,î said Rick Cummings, Emmisís president of radio. ìThe appeal of the format is fairly limited when it comes to ethnicity.î In Los Angeles, he said, stations that cater mostly to white listeners are ìplaying for less than 25 percent of the marketplace on a good day.î
And while country music may draw a more diverse audience in cities like Houston, he added, it simply does not in Los Angeles, where Latino listeners have a wealth of choices for entertainment in both English and Spanish.

So, Latinos are forced to listen to country music more in Houston than in L.A. because they lack the variety of entertainment choices of the Los Angeles area?
My sense is that the Times reporter has not checked out the Houston radio market recently.