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Despite the fact that he signed a seven-figure deal once (for a Warner Bros. movie on his life), Lech Walesa is going back to the shipyard. The former Polish President has moved to Gdansk, and intends to return to his old place of employment. If he's really lucky, he may earn almost as much as his state-supplied bodyguard...
...shake-out has already led to bankruptcy filings by such regional discounters as Caldor, Bradlee's, Jamesway and Edison Bros. Stores, whose core clientele are overleveraged households earning $30,000 to $50,000 a year. "This group is under extreme pressure, and the retailers who cater to it are in a recession," says Mark Zandi, chief economist for Regional Financial Associates, a Pennsylvania consulting firm...
...Moonves, the highly regarded former head of Warner Bros. Television who became president of CBS Entertainment in July, admits the network made some programming mistakes--among them, trying "to change the demographic profile of the network too much, too fast." CBS's traditionally older audience simply did not go for hip young shows like the much hyped Central Park West. "It should have been aimed a little more middle-of-the-road," says Moonves. Yet he is predictably upbeat about the chances for a CBS turnaround: "There's a change in attitude and morale. Everybody is feeling like this...
After just six months on the job, Warner Music Group chief Michael Fuchs was ousted by Time Warner chairman Gerald Levin. Warner Bros. co-chairmen Robert Daly and Terry Semel will take control of the record company. And on the publishing side, both TIME and SPORTS ILLUSTRATED got new managing editors: Walter Isaacson for TIME and Bill Colson for SI. TIME managing editor Jim Gaines will become corporate editor...
Rogue trader Nick Leeson won't be coming home to England anytime soon. British authorities now say that they will defer to Singapore's jurisdiction and will not extradite Leeson to Britain. As a trader in Singapore, Leeson allegedly caused the collapse of the venerable 232-year old Baring Bros. Bank. TIME's Michael Brunton reports from London: "Leeson has run out of options. Now he's in for a long trial and a longer sentence in Singapore. I guess the David Frost interview didn't work." Leeson is currently being held in a German prison awaiting a decision...