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Pinch to get pinched?
It should come as no surprise that one of the most affluent, thoroughly elitist, most devoutly patriarchal organization in Manhattan is The New York Times Company. (And, to shareholders, it comes as no surprise that the company’s strict anti-meritocracy does no aid to its grim financial situation.) The Times’ Château de Versailles business ethos comports pleasantly with its politics, of course: Keep control within the family; they’re the elites; they know what’s best for the rest.
Hassan Elmasry, a renegade director at Morgan Stanley—where the Sulzbergers have holed away many hundreds of millions of dollars—is trying to mount a decapitation attack ‘gainst Arthur Sulzberger Jr., current chairman.
Elmasry is in charge of Morgan Stanley’s American and Global Franchise Strategies Portfolio, an $11.5 billion investment fund that owns about 7.6 percent of the Times’ nonvoting shares. The stock, now around $24, is down nearly 40 percent over the past two years. His response: a proposal that the company eliminate its dual shareholder structure, which he believes fails to provide adequate oversight of management. […]Isn’t that something? Call John Edwards, because there are two classes of New York Times shareholders.
[T]he New York Times Co. (Charts) has both class A and class B shares. The A shares trade on the open market; the Times B shares are solely owned by Ochs-Sulzberger family members. They control the board through ownership of these B shares…
In response to the attempted reform, Sulzberger has decreed that no further business shall be transacted with Morgan Stanley.
August 14, 2013
Breaking: Of Crips and Bloods and Memories of Ghetto Parties
History repeats itself, first as tragedy and then as farce, or sometimes it just repeats itself. From the New York Times on November 30, 1998: At Dartmouth College, white students at a ”ghetto party” dressed…
June 25, 2013
Dean of the College Charlotte Johnson’s War on Students Part (2/2)
Today’s post again recounts the events that befell the Freshman. However, the content of the Hanover Police department report reproduced in this space yesterday is supplemented by information from my own interviews, a review of…
October 18, 2009
When Love Beckoned in 52nd Street
We were at San Francisco’s BIX last evening, enjoying prosecco, cheese, and a bit of music. A full year of inhabitation in Northern California has unraveled to me no decent venue for proper lounging, but…
October 9, 2009
D Afraid of a Little Competish
So our colleague and Dartblog writer Joe Asch informed me that the D has rejected our cunning advertising campaign. Uh-oh. The Dartmouth is widely known as a breeding ground for instant New York Times successes,…
September 4, 2009
How Regents Should Reign
As Dartmouth alumni proceed through the legal hoops necessary to defuse a Board-packing plan—which put in unhappy desuetude an historic 1891 Agreement between alumni and the College guaranteeing a half-democratically-elected Board of Trustees—it strikes one…
August 29, 2009
Election Reform Study Committee
If you are an alum of the College on the Hill, you may have received a number of e-mails of late beseeching your input for a new arm of the College’s Alumni Control Apparatus called…