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Madoff mansion moves for more than asking price

Posted Sep 17th 2009 6:00PM by Tom Johansmeyer (RSS feed)
Filed under: Scandals, Housing

Disgraced Ponzi schemer Bernie Madoff's (former) Montauk, Long Island home is no longer on the market. A buyer willing to pay more than the $8.75 million asking price has picked up the property, only two weeks after the U.S. Marshals Service listed it for sale.

Anne Lacombe, spokeswoman for the Corcoran Group, a real estate broker involved in the transaction, said the home was under contract for more than asking but did not have information on the exact amount, buyer or closing date, according to the Associated Press.

Continue reading Madoff mansion moves for more than asking price

CA belatedly fights founder Charles Wang

Posted Apr 16th 2007 3:45PM by Jonathan Berr (RSS feed)
Filed under: From the boards, Rumors, Consumer experience, Microsoft (MSFT), Employees, Scandals, CA Inc (CA), Symantec Corp (SYMC)

CA Inc. (NYSE: CA), the software company formerly known as Computer Associates, last week began to speak out against founder Charles Wang about two years too late.

Under Wang's leadership, Computer Associates developed a reputation for accounting shenanigans, shoddy customer service and obscenely high executive compensation, which is why a special board committee urged CA to try and recoup some of Wang's pay. The company should take the advice.

Wang, who also owns the New York Islanders, has denied any wrongdoing. The New York Times reported that he blames CA's problems on his successor Sanjay Kumar, one of many company executives who pled guilty to securities fraud following a federal investigation.

Considering how close the two men were and Wang's autocratic management style, Wang's denials are hard to believe. If this fight goes to court, this will get nasty very quickly. CA has tried for years to undo the damage done by Wang and his associates. The New York Times pointed that the company has had to spend $500 million on fines ad internal investigations.

Continue reading CA belatedly fights founder Charles Wang

Google sued 'for the children' in PR campaign by Long Island politico

Posted May 5th 2006 12:30PM by Sarah Gilbert (RSS feed)
Filed under: Bad news, Law, Blogs, Google (GOOG)

Can you say "publicity"? Evidently, that's all Jeffrey Toback, a member of the Nassau County (Long Island) legislature knows. He's suing Google for the children, claiming that the company's search engine promotes paid ads for child pornography companies [*cough* EVIL! *cough*].

Naturally, Google says that it is not "the largest and most efficient facilitator and distributor of child pornography in th world." And that this is just a publicity stunt. What? No, not really?

Mike from Techdirt weighs in, explaining that "the law here is extremely clear: a service provider is not directly responsible for what people do on their platform" and calling the lawsuit "ridiculous" and "a misunderstanding both of the law and how Google works." Ridiculous it may be, but Jeffrey Toback's name is on everyone's lips today. Investors evidently agree with Mike; the stock is up $1.50 in intraday trading, to $396.25.

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S&P 500+5.501,098.51

Last updated: November 12, 2009: 12:27 AM

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