the WSJ has an interesting story about Conrad Black, et al, ripping off his company for some $400 million over the last 6-7 years. Interesting bits:
The report also asserts that Richard Perle, a former Defense Department official, "repeatedly breached his fiduciary duties as a member of the executive committee" of the board, by authorizing "unfair related-party transactions" that enabled Lord Black and Mr. Radler to evade disclosure to the audit committee. The report calls on Mr. Perle to return more than $3 million in compensation received from the company.
Highlights are mine.
Mr. Perle is singled out for particular criticism. The report says he received more than $3 million in bonuses under an incentive plan of Hollinger Digital, a Hollinger private-equity vehicle, as part of $8.3 million of such incentive payments made to Lord Black and other officials, even though Hollinger Digital generated $68 million of losses as of Dec. 31, 2003.
the main story:
Former company officials Conrad Black and David Radler siphoned off more than $400 million in the course of seven years through "aggressive looting" of the publishing concern in what amounted to a "corporate kleptocracy," according to the committee's report, released yesterday. The report says the total cash taken by Lord Black, Mr. Radler and their associates represents 95.2% of Hollinger's entire adjusted net income during the period 1997-2003.
Outlays at Hollinger International Inc., which publishes the Chicago Sun-Times and other newspapers, included $24,950 for "summer drinks" and $3,530 for a corporate jet's silverware.
So in addition to being a neocon nutjob who helped lead us to war, Perle helped Lord Conrad Black rip off his minority shareholders. Kenny Boy with a title!! Wonder if Novak will write about it?