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Wednesday, September 01, 2004

More about Richard Perle here. He's been taken to the cleaners after a recent report on Hollinger International's financials revealed he was negligent of his duties and demanded that he return 5.4 million dollars in compensation from the company. From the article:

'Mr. Perle was chairman of Hollinger's Internet investing subsidiary, which lost lots of money. But he and other insiders had an unusual deal that gave them a share of profits from good investments without requiring those amounts to be offset by losses from bad investments.'

'Mr. Perle collected $3.1 million through that deal - payments that the committee said were not fully disclosed to shareholders, as they should have been. By the committee's account, Mr. Perle was responsible for $63.6 million in Hollinger investments, on which the company lost a net $49 million.'

'After the Internet boom collapsed, Mr. Perle persuaded Hollinger to invest in Trireme Partners, a venture capital firm that he helped found. He even signed, on Hollinger's behalf, the commitment letter for the investment.'

You may remember Trireme Partners from a New Yorker article by Seymour Hersh.

Andrew 8:38 AM : |

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