The epitome of class

Arnie19.jpgGreg Owen is a professional golfer from England who has struggled to become a solid regular player on the PGA Tour. On Sunday of this week last year, he came to the 17th hole at Bay Hill with a one-shot lead, just two holes away from his first PGA Tour championship and a congratulatory handshake from the Bay Hill tournament chairman and golf icon, Arnold Palmer. Owen had never even met Palmer.
Owen’s tee shot on the par-3 17th missed the green, but he chipped his second shot to 40 inches from the cup, so it appeared that he had saved par. However, he missed the putt and then proceeded to three putt the hole, missing the second putt while angrily attempting to tap it in from just inches away. The double-bogey cost him the lead and a bogey on the final hole of the tournament sealed his fate. A devastated Owen dutifully handled the post-tournament media sessions and then immediately left for his home in Orlando. His chance at a congratulatory handshake from Palmer was gone, perhaps forever.
As the newly-christened Arnold Palmer Invitational got under way yesterday at Bay Hill, Golf Digest’s Steve Elling passes along the contents of a letter that Owen found in his mailbox a few days after his meltdown at last year’s tournament.

March 22, 2006
Dear Greg:
Not to belabor the point, but I want you to know how I sympathize with how you have to be feeling about what happened at the end of the tournament last Sunday. In somewhat different circumstances, I’ve been there a time or two over the years myself.
You should try to draw some consolation that, until that happened, you had outplayed everybody in contention. There’s no reason why your time to win shouldn’t come further down the line.
You handled your disappointment very well afterwards and I wish you well the rest of the season.
Sincerely,
Arnold Palmer

Owen immediately framed the picture. And Arnold Palmer reaffirmed his place among the great sportsmen of our time.

How much do they charge him for making copies?

Hugo-Chavez-and-Fidel-Castro-have-signed-an-energy-pact-with-Caribbean-states-leaders-2.jpgSpeaking of Rudy Giuliani, it looks as if his recent association with Houston-based Bracewell & Giuliani is making for some rather interesting associations:

Rudolph W. Giulianiís law firm has lobbied for years on behalf of an oil company controlled by the Venezuelan president, Hugo Ch·vez, a strident critic of President Bush and American-style capitalism.
Bracewell & Giuliani, the firm based in Houston that Mr. Giuliani joined as a name partner two years ago, handles lobbying in the Texas capital for the Citgo Petroleum Corporation of Houston. Citgo is the American subsidiary of PetrÛleos de Venezuela, the state-owned oil company that Mr. Ch·vez controls.

This is really a mountain of a molehill as Giuliani doesn’t have anything to do with the small amount of business that his law firm does on behalf of Chavez and Citgo. But then again, it doesn’t seem all that unfair for folks to trump up charges of hypocrisy against Candidate Giuliani.

A blast from the insider trading past

FosterByTopkatBW.jpgRemember R. Foster Winans? He was the “Heard on the Street” columnist for the Wall Street Journal from 1982 to 1984 who was convicted of insider trading on his own writing. Then-US Attorney’s Rudolf Guliani’s career-boosting crackdown on insider trading was in full swing, so Guiliani went after Winans for violating insider trading laws by leaking advance word of the contents of his columns to a Kidder, Peabody & Co., trader and receiving $31,000 in return. Winans admitted that his conduct was unethical but not criminal, which made no difference to the jury that ultimately convicted him, for which he served a year in prison. He then went on to a career of writing books and being a media pundit with regard to business crime cases such as the Martha Stewart case, yet his case remains controversial because it was the first time that insider trading laws had been extended to cover a columnist writing about companies with which he had no formal connection. The US Supreme Court ultimately deadlocked on whether the insider trading laws covered Winans’ actions.
With that backdrop, it’s not surprising that Winans has concluded that insider trading laws should be abolished (HT DealBreaker):

People invest in the market precisely because they think they know things others don’t. It could be as innocent as the belief that Apple will sell more iPods next year, or as questionable as a tip that a private equity group is going to make an offer for a utility.
In between are shipping clerks, accountants, taxi drivers, therapists, corporate officers and anyone else who acquires a bit of information and buys or sells stock hoping to gain an advantage.
Being against insider trading is like being against sin, the libertarian Harry Browne once observed. Like most sins, it principally offends those who don’t or can’t indulge; like most sins, it shouldn’t be a crime.

Winans’ article is O.K., but if you really want the goods on this topic, check out both Stephen Bainbridge and Larry Ribstein on the folly of criminalizing insider trading. Thom Lambert weighs in here, too.