From May 1999 to December 2013, you have extracted more than $14 million in cash payouts from TST, excluding millions more paid out as stock options. In addition, you have enjoyed considerable non-pecuniary compensation such as perfumed sedan driver(s) and assorted assistants who spray ionized lavender water on your barren cranium. Despite the long decline of TST’s share price your compensation continues to trend higher. The four year employment agreement you signed in November 2013 guarantees you total compensation of at least $3.5 million per annum – nearly 5% of the market capitalization of TST and more than the cumulative dividends expected to be paid out this year to common shareholders…Your brand is, and remains, tremendous. I commend you for your tenacity and intellect, but you are simultaneously an employee of CNBC and a director, major shareholder and employee of TST. To which entity do you ascribe your greater allegiance? There would appear to be a grand structural conflict. You are 59. When you lie upon your deathbed, how will you reflect upon on your legacy? Once a $70 stock, TST is now $2.20. You have done well, but how has the common shareholder done? [SEC via TalkingBizNews]
Everybody, stop what you are doing: Jim Cramer is talking.
I spend an awful lot of time trying to figure out what makes sense to cover in terms of trying to help people — and what doesn’t make sense. I do it because one of the things that makes me valuable is the perspective I bring as a former hedge fund practitioner. I particularly like to highlight when something is irrelevant or confusing when you hear it.
But enough about me, kinda. Read more »
They say that’s the only way Dykstra* will learn that in our society, you can’t rip toilets and other bathroom fixtures out of the floors of foreclosed houses and sell them to a pawn shops, or bounce checks to hookers, or drop trou for the cleaning staff just because you feel like it. Read more »
Although the Morgan Stanley’s handling of the social media site’s disastrous stock offering is under scrutiny by just about every business news outlet under the sun, a Wall Street insider tells us the investment banking’s corporate communications warriors are blaming CNBC for engaging in some pre-IPO hyping of their own. CNBC senior vice president and editor in chief Nik Deogun “is under fire,” says the source. “Morgan Stanley is telling him, ‘How dare you criticize us when you guys promoted this IPO worse than anybody.’ ” The source recalls examples of CNBC’s on-air exuberance in the days leading up to the IPO, including treating Facebook CEO Mark Zuckerberg ’s entrance at the kick-off of the company’s investors road show at the Sheraton hotel in midtown as if it were “the President’s State of the Union Address” with multiple cameras and reporters. Then on May 17, the day before the actual IPO, the hosts of CNBC’s “Fast Money” appeared on camera wearing hoodies — a reference to Zuckerberg’s favorite fashion item, which came off like an homage to the baby billionaire. That same day, controversial “Mad Money” host Jim Cramer told his viewers, who tend to be mom-and-pop investors and market-playing college students, “If you can get in on the actual IPO, then I think Facebook is a no-brainer.” He added: “We all know this one’s going to pop like crazy on its first day of trading, so if you can get in on the deal, I think you should try to get your hands on as many shares as possible.”…CNBC spokesman Brian Steel said: “CNBC’s Facebook coverage has been widely acknowledged as fair, balanced and insightful.” [NYDN, related, related]
“He didn’t win. He’s a loser. How? You lose when you go in front of Congress and you lose when you go out. Anyone that declares him a winner is wrong…He walked in a loser. Testified. Walked out a loser. And by the way, he agrees with me. He knows he’s a loser with no control and doesn’t even know what happened in his own bank…A loser. Crisis PR is psychiatry. You go in there as a guy who is stupid, you don’t come out being smarter. You don’t. You come out just as stupid…He’s a loser…This is not Michael Corleone with Frank Pentangeli in the back of the room. This is not Nevada gaming licenses…He’s a loser. It’s okay, man. He’s a loser. Maybe next year he’ll be a winner but he is a loser. Okay.” Read more »
As you may have heard, this Saturday night, Lenny Dykstra will box former co-worker Jose Canseco, in a title fight** that will be live-streamed for your viewing pleasure. Canseco was originally scheduled to go head to head with the husband of a Real Housewives cast member but “graciously” agreed to bow out after Nails “called and begged to take his place against Canseco” who, according to LD, “ruined my career by spreading lies.” All of which got us thinking– since Lenny a) is in serious need of some cash, b) not doing much these days, and c) probably looking to work out some of the aggression he feels toward people who’ve brought his life to the place it is today, perhaps he should consider fighting the other individuals who “ruined” things for him? Read more »