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WASHINGTON - SEPTEMBER 01: Lehman Brothers former Chairman and CEO Richard Fuld is sworn in before testifying to the Financial Crisis Inquiry Commission about the roots and causes of the 2008 financial and banking meltdown in U.S. and worldwide markets on Capitol Hill September 1, 2010 in Washington, DC. The commission begins two days of questioning about how two specific financial companies, Wacovia and Lehman Brothers, failed and why some institutions were considered "too big to fail" while others were allowed to fail. (Photo by Chip Somodevilla/Getty Images)
Not that that means anything. All that's left of the once-proud Wall Street investment bank, whose bankruptcy precipitated the financial crisis, is $65 billion. And every single penny of that is spoken for.
Unsecured creditors will receive about 21 cents to 28 cents on the dollar, depending on the type of security they held. Shareholders, whose stock in the company hit a high of $86.18 in February 2007, according to Reuters Data, will receive nothing.
The company had $639 billion in assets when it went bankrupt. Some of that money was returned to brokerage customers in a separate proceeding. There remains $65 billion to be returned to creditors who have $450 billion in claims, a group that includes debt investors and trading partners from before the bankruptcy, such as Goldman Sachs.
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The House that Jacob Goldman built. The innovator died on Tuesday, at age 90.
Established in 1970 in an industrial park next to Stanford, PARC researchers designed a remarkable array of computer technologies, including the Alto personal computer, the Ethernet office network, laser printing and the graphical user interface.
The technologies would later be commercialized by both Apple Computer and Microsoft, among others, and Xerox would be criticized for not capitalizing enough on the technologies it had pioneered...
So Xerox didn't bring us the personal computing revolution. But at least the right people were around to capitalize on the research. If there's a lesson in Goldman's life, it's that research matters. And it really matters when it's funded by big companies, even if they don't wind up knowing what to do with the innovation that it enables.
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Steve Jobs will be awarded a special Grammy (posthumously) in February, 2012.
Maybe he should get ten. Or a special Giant Grammy that can only exist in low-earth orbit, or be used as statuary at Apple's Cupertino, Calif. campus.
Jobs, who died on Oct. 5, will be given a Trustees Award, which honors “outstanding contributions to the industry in a nonperforming capacity.” The academy’s national board of trustees decided to honor Jobs because he “helped create products and technology that transformed the way we consume music, TV, movies, and books,” the announcement said.
The National Academy of Recording Arts and Sciences certainly made the right call here, even if the Jobs Grammy will have to awarded posthumously.
I'm far from the first person to argue that Steve Jobs saved the music business, making it possible for there to continue to be a National Academy of Recording Arts and Sciences to award posthumous Grammys. Here's Ed Nash, who runs a entertainment management firm in, yes, Nashville:
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Former President Bill Clinton attends the 2011 New York University commencement at Yankee Stadium on May 18, 2011 in New York City.
What does a U.S. President do when he isn't President anymore? If he's Bill Clinton, who left office in 2011, he gives speeches. Lots and lots of speeches. And makes lots and lots of money. Clinton had such a good 2010 on the speechifying trail that his take since leaving the White House now tops $75 million.
Helping to propel the former president to his most lucrative year were two events for which he received a combined $1 million. The first was a June 2010 event in Moscow organized by Renaissance Capital. The other was a December speech delivered in the United Arab Emirates for Novo Nordisk, a global health care company. Clinton received $500,000 for each event, which tie for the second-largest payments he has received for a single event. In June 2008, he received $525,000 for a speech at a motivational speaking conference in Edmonton, Canada.
Facebook founder and CEO Mark Zuckerberg speaks during a news conference at Facebook headquarters on October 6, 2010 in Palo Alto, California. The company's anticipated 2012 IPO could be one of the biggest ever.
According to Fred Wilson, of Union Square Ventures, it's a movement. In fact, he argues that staying private and continuing to seek venture funding rounds, rather than going for a premature IPO, is the "new IPO." And he thinks this is good:
The IPO market for web companies we have right now is rationale. We can argue whether it is pricing these offerings correctly. But it feels about right to me. I believe we will see a bunch of IPOs next year, led by Facebook, which is the poster child of this whole "stay private longer" movement. If we as an industry can be patient, keep our companies private longer until they are truly IPO ready, then we should have a sustainable IPO market. That's where we seem to be headed. Let's not get greedy and screw it up.
I actually saw this in action (sort of) yesterday, when I did an AirTalk segment on reputation management with Michael Fertik, CEO of Reputation.com. His startup is on its forth venture round and has so far raised close to $70 million. I wondered why a company that's been around since 2006 is still in the VC space. But maybe the idea is to stay private until it truly makes sense to go public.