Word: partnerships
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...knew all along about the possible ethical conflicts posed by the involvement of Enron chief financial officer Andrew Fastow in off-the-books partnerships with shell corporations, according to a confidential study conducted at Lay's request by the Houston law firm Vinson & Elkins. On Nov. 5, 1997, as first reported by the Wall Street Journal, the executive committee of Enron's board voted to provide hundreds of millions of dollars in loan guarantees to a partnership known as Chewco. Then, in June and November of 1999, the board waived the company's ethics code to allow Fastow to serve...
...buzz. Some who have bet heavily on the success of Viacom--whose properties include CBS, MTV and Paramount studios--took heart that the feuding titans made a public show of getting along. "Their message was simple," Bear Stearns stock analyst Raymond Katz wrote in a report on Friday. "Their partnership, built on a mutuality of self-interest and a similar business philosophy, is functioning well." Katz, whose firm hosted the dinner, said the two looked "relaxed and comfortable." Redstone and Karmazin wrote in a lovey-dovey joint statement that they are "looking forward to working together productively in the ensuing...
...there's at least one person who believes Global Crossing will rise again: Hong Kong Uber-dealmaker Li Ka-shing. Through a partnership between Hutchison Whampoa, Li's Hong Kong ports/telecoms/electric power conglomerate, and Singapore Technologies Telemedia (STT), owner of Singapore's third-largest phone company, Li has engineered a rescue package. The two companies have bid $750 million to help recapitalize and restructure Global Crossing. If the plan is approved by the courts (it's likely to be controversial because the proposal calls for holdings of mom-and-pop shareholders to be wiped out), Hutchison and STT will wind...
...legendary for scooping up unfashionable assets at bargain prices and selling them later for a fat profit. Among other recent coups, the billionaire bought into American e-tailer Priceline.com following the crash of Internet stocks, and saw his stake triple in value. The Global Crossing bailout would hand the partnership majority ownership in a state-of-the-art, globe-spanning telecommunications infrastructure for an outlay equal to less than one-tenth the cost of building it. "I think at that price it's very attractive as an investment," says To Chee Eng, a telecoms analyst for Gartner. "Global Crossing went...
...Summers announced his selection of Hyman as provost, touting the importance of a seamless partnership between Harvard’s top two administrative posts...