John Corzine’s failed brokerage, MF Global, like all brokers, was supposed to keep its clients’ money in a “segregated account”, completely separate from its own funds. Except regulators are now saying the segregated fund is a little short, about $600 million short.
So if you were either smart enough, or lucky enough, to get your money
out before MF went toes up, you’ re probably breathing a sigh of relief, right? Well, you might not be out of the woods after all.
At issue is MF Global’s “segregated accounts” — client money meant to be kept strictly separate from the broker’s s own funds, but which regulators say is now $600 million short.
Reuters reports that the bitllionaire Koch brothers were among the smart, or lucky ones (How could they have amassed all those billions if they weren’t lucky?) who withdrew their fundsre prior to MF Global’s bankruptcy.
Steve Jobs told his biographer Walter Isaacs “I’m going going to destroy Android, because it’s a stolen product”. He said that he would continue the fight against Google “my last dying breath.”
Steve Jobs has taken his last breath, but Apple’s lawsuit against Google appears to have plenty of life, and it seems likely that it’s going to be around for years to come.
Bill Gates (You know who he is?) recently talked with a group of students at the University of Washington. He told told them that he didn’t set out with the dream of becoming rich…it helps if you’re doing something you’re nuts about…He “can understand wanting to have millions of dollars” . . . “There’s a certain meaningful freedom that comes with that, but once you get much beyond that, I have to tell you, it’s the same hamburger.”
Alice Walton, the 2nd richest American woman (sister Christy Walton is $4.5 billion richer), spent part of her 62nd birthday in jail last month, after she was arrested for driving while intoxicated. The incident was reported by the Weatherford (TX) Democrat on Oct. 13.
According to state troopers on the scene, Ms. Walton was stopped for a traffic violation, appeared to be intoxicated, refused a breath test, and was summarily taken to the Parker County (TX) Jail, where she had her picture taken.
Yup, she’s 5’6″ all right.
According to jail records, Walton was placed into a jail cell just after 11 p.m. Friday. It was not reported who bailed her out for $1,000, around 8:40 a.m. Saturday.
A 2004 Fortune Magazine profile of the Walton Family reveals that in 1989 Alice Walton struck and killed a woman while driving to work. She did not face any charges for that incident. However, in 1998 she was also convicted for a DWI violation. At that time her net worth was listed at “only” $6.3 billion, compared to her present worth of $20.9 billion.
While not driving shit-faced at high speeds, Ms. Walton has found time to be the driving force and funding source for Crystal Bridges, which opens November 11.
Crystal Bridges could very possibly push Alice Walton’s driving problems out of the spotlight. It was described by the Wahsington Post as A world-class museum from the land of Wal-Mart.
The Koch Brothers (Charles Koch and David Koch) who are richer than you are (unless you happen to be Bill Gates, Warren Buffet, or Larry Ellison) are about to launch a massive database comprised of people who share their conservative views. The Guardian Reports today,
The secretive oil billionaires the Koch brothers are close to launching a nationwide database connecting millions of Americans who share their anti-government and libertarian views, a move that will further enhance the tycoons’ political influence and that could prove significant in next year’s presidential election.
Charles Koch and David Koch together, own nearly all of Koch Industries, a Wichita, Kansas based conglomerate with annual revenues in the neighborhood of hundred billion dollars. According to Forbes, each of the Koch Brothers has a net worth of $25 billion.
The name of the database is named Themis, after the Greek goddess of the same name. Themis in Greek means “divine law”.
The Koch’s have been vilified by The Left for having funded Tea Party related candidates and for promoting the idea that the cause of global warming is not man made (if in fact it exists at all). The liberal and dependably snarky Daily Kos pondered, “are they aware of the Greek word Atë? Of course that doesn’t apply to them because they are Wealth Creators.”
Mogulite described Themis as “Facebook for the Right.”
Of course Charles and David have been embraced as heroes by The Right. Embroiled GOP contender Herman said of them, “I am the Koch Brothers brother from another mother.