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.
On November 4, Top 10 billionaire George Soros, financier of leftist causes, and lightening rod of Tea Party invective, sat down for an interview with Reuters’ Crystia Freeland, and spelled out his plan to solve the European debt crisis and save the world’s economy.
At the start of the interview, Freeland asked Soros his thoughts about “the bazooka” which the markets are seeking, one that will shoot down the current European and world economic crises.
Soros replied “It actually has the bazooka in its hand provided it uses it the right way and the right way is to use it in the form of guarantees, but not guaranteeing the debt of the European countries, because that is too big. It would require $2 Trillion at least to provide that guarantee and they don’t have that money and therefore the markets realizing that would not be reassured at all. This would be a danger of running out of that money and then having no tools. But if they use it right it would be sufficient.”
He continued, “They should start first of all instead of recapitalizing the banks they should be guaranteeing the banks against default, the same way they did in 2008. Because the recapitalization of the banks at $108 billion Euros might also not be sufficient to reassure the market, but if they are guaranteed by the EFSF (European System of Financial Supervisors), that is convincing, because for that the ESFS has enough money. In exchange for that guarantee, effectively the banks would have to accept direction from the ECB (European Central Bank). The central Banks could instruct them not to reduce their balance sheets and not to let their credit run out. Having to raise that money, banks have an incentive to reduce their balance sheets, and therefore raising less money, and that creates a credit crunch, and that is part of the financial crisis. They certainly won’t be buying government bonds during that period in the next six months and that’s why guaranteeing the government bonds wouldn’t achieve its purpose either. So you guarantee the banks, the banks maintain their lending, The banking supervisors would make sure they don’t abuse that privilege and speculate for their own account, and that solves one half of the crisis. Then after there’s been an agreement about Italy, about how much they can borrow, they would have to meet the conditions imposed by the Eurozone, they could then issue treasury bills. The banks would be encouraged to hold their liquidity in the form of treasury bills, because they could sell those treasury bills to the central bank at any moment, so it’s the equivalent of cash, and it would yield more than cash, therefore, they would hold it. That would allow countries like Italy and Spain, during this crisis period, to borrow at negligible cost, less than 1% let’s say, because the ECB would lower its interest rates even further. That would make Italy again, sustainable; sustainable because the ECB has any amount of money for the purpose of providing liquidity, and at the same time, it would not violate the law against the ECB directly financing the governments. It’s a trick, but it’s a trick that would work. You guarantee the banks, the banks maintain their lending, the additional step would be for the ESFS, the newly created treasury, effectively, either taking over or guaranteeing the Greek bonds held by the Central bank against loss of value and that would enable the authorities to offer Greece reorganization of the officially held debt as well as the privately held debt. At the moment you have a voluntary offer of a 50% haircut from the private sector, that’s $206 billion, but the bonds held by the Central Bank, by the IMF, by the authorities is not included. This would offer Greece an avenue if it meets the targets and reaches lets say a primary surplus, that the official debt would also be exchanged. It could be exchanged into zero coupon bonds maturing after ten years, in equal installments. So Greece would have a vision of getting out of the crisis without a default, and the money that has fled Greece would come back, the economy would restart and the publicly held assets could be sold to the private sector and the whole program would actually work.
Freeland then asked Soros what would happen if the European leaders ignored his advice, what would happen? He refused to speculate on that, but he did acknowledge, “a 180 percent (sic) turn in the attitude of the German authorities. They realize that by doing too little too late, they’ve allowed the crisis to get bigger and bigger, but they can’t go on this road any more, because they don’t have any more to bring to the table than what they’ve got. So they are determined now to solve the issue. So it’s just a question of undertaking it the right way.”
Freeland asked if he “felt there was a moment earlier when they either thought the situation was not so severe, or maybe even that it was possible to allow some of these countries to fall out of the Eurozone?” Soros’s responded that “the German constitutional court made a decision that said so far but no further… there can’t be anything more without the explicit consent of the Bundestag. And so that’s the end of the road. And that is what has led Angela Merkel to realize that having been the creator of the crisis; she has also got to become the solution of the crisis.”
Freeland pressed him about what he meant that “Angela Merkel is the creator of the crisis?”
He responded, “Well going back into history, when the finance ministers of Europe guaranteed the financial system, against another systemically important financial institution failing, like Lehman Brothers, then Angela Merkel declared yes, but this guarantee applies, each country has to apply it separately, not together. So you have to have a national solution, not a European solution. And that was the first step toward the disintegration of the European Union, which has since then gathered momentum.”
Freeland then asked, “isn’t it really as you say a very fragile situation because as you’ve said there is enough money now, to persuade markets now that the banks and the sovereigns are solvent, but it has to be deployed in a very particular way. We don’t have evidence right now that they’re going to deploy it in this way.”
Soros answered, “That’s correct. This crisis is bigger, or potentially bigger than the crisis of 2008 because we have survived the crash of 2008, and we haven’t yet survived this one. There is danger if they get it wrong, that you have a financial meltdown. If there is a disorderly default in Greece and the rest of the Eurozone has not been insulated from contagion, then you could have a meltdown not only of the Greek financial system, but of the European and in fact of the global financial system, because we are so interconnected today. If they followed the path that I’ve outlined, you would have an immediate turnaround in the financial markets. If they go the other way, then you have a six month muddle through period, because that’s when banks have to recapitalize. They will be trying to reduce their balance sheets etc. So the credit crunch would continue and there’s a doubt whether the guarantee would bring down the interest rates on the Italian government bonds and Spanish government bonds sufficiently. . . If my plan were to work, Europe would still be pushed into recession, so you still have to find a path to reestablish growth because the debt burden is a ratio between burden and the size of the economy. If the economy is growing, it can carry a lot more debt than if it is shrinking. So you need a growing economy to solve the debt problem, otherwise you are in a trap, a debt trap. By using austerity, reducing government spending, and wages, and prices you set up deflation and the economy shrinks. And so the burden of the debt grows. That’s a trap that created the great depression of the 1930’s and unfortunately, there’s a danger that we are going to replay this.”
Freeland concluded the interview by asking if there “has been an important shift in Europe with the amassing of the significant European war chest. Will the Europeans have another chance? Are they going to be able to muster the political will to get more money, or is this it?”
To which Soros replied, “Not under the current circumstances given the decision of the German constitutional court, there is no more money. It’s like the top money in America, it was $700 billion and that was the only one that was available and that was misused, and we are now suffering the consequences. That’s why it’s so important how this money is used now.”
Bloomberg reports that Warren Buffett’s Berkshire Hathaway invested $23.9 billion during the 3rd quarter of 2011.
Berkshire bought almost $7 billion of equity securities in the three months ended Sept. 30, compared with $3.62 billion in the second quarter and $834 million in the first, the Omaha, Nebraska-based company said Nov. 4 in a filing. Stockholdings labeled “commercial, industrial and other” soared 62 percent in the three months to $17.4 billion on a cost basis, surpassing equity investments in financial and consumer-product firms.
No details pertaining to new $7 billion that was invested in equity securities, have been reported.
247wallst.com posted their best guess as to which stocks Buffett/Berkshire Hathaway included in their recent buying spree.
They also provide a summary of Buffetts equity holdings as of June 30, 2011.
Some positions which we expect ro would just assume are in Bank of America Corporation (NYSE: BAC), Dollar General Corporation (NYSE: DG), Exxon Mobil Corporation (NYSE: XOM), ConocoPhillips (NYSE: COP), Mastercard Inc. (NYSE: MA), Verisk Analytics, Inc. (NASDAQ: VRSK), Wal-Mart Stores Inc. (NYSE: WMT), and Wells Fargo & Co. (NYSE: WFC). Just keep in mind that Berkshire Hathaway is granted “Confidential Treatment” in some positions, so it is possible that many others are present but not known by the public.
Despite having survived 51 previous no confidence votes, you might not want to bet your own house on Silvio Berlusconi getting past number 52. CNN report details Italy’s financial woes, and the possibility that the jig is finally up for the billionaire prime minister.
This certainly wouldn’t be the first defeat defeat for Berlusconi. He was relieved of his duties in 1995 and again in 2006. Worse case, he can use his Forbes estimated net worth of $9 billion, to keep himself entertained, if the upcoming no confidence vote does not go his way.
Billionaire Bernie Ecclestone is bringing Formula 1 racing to the Palisades Cliffs, starting in 2013. NJ Governer Chris Christie said “The race will be a 3.2-mile road race, run on existing roads through Port Imperial and at the top of the Palisades in Weehawken and West New York. Up to 100,000 people are expected to attend each race, starting with practice Friday, qualifying on Saturday and racing on Sunday.”
Ecclestone, now 80 years old, is the president and CEO of Formula 1 management. He is considered to be one of the most powerful men in the business and sport of car racing.
Ecclestone also co-owns the Queens Park Rangers Football Club.
He started his business careeer after WWII by trading spare parts for motorcycles. Ecclestone competed in a few races, but gave it up after a serious accident in 1951.
He went on to make a fortune in real estate and finance, but has also stayed involved in racing throughout most of his career. Forbes estimates his net worth at 4.0 billion.
Ecclestone is not quite 5”3” tall. He was married to Croatian born model Slavica Ecclestone. She is 6’2” tall. She’s also 28 years younger than he is. They were divorced in 2008. The Ecclestones have two daughters, Tamara and Petra.
In June The Wall Street Journal reported that 22 year old Petra Ecclestone was buying a 57,000 square foot Los Angeles Mansion that had been built by TV producer Aaron Spelling. The WSJ described the home, known as “The Manor”, as “the highest priced home in the U.S.”
The billionaire’s other daughter, 27 year old Tamara, shown here in The Daily Mail, is “is keen for fans to know her as Tamara Ecclestone rather than Bernie’s daughter”. This is what a rich beautiful heiress looks like when she rolls around naked in a bed full of £50 notes. (a £million worth).