April 21, 2006

Pinch Gets Punched

By Thomas Lifson
Arthur Ochs 'Pinch' Sulzberger, Jr., the scion of a family dynasty founded by his great grandfather, is well into the process of destroying the patrimony handed to him on a silver platter. Even worse, the whole world is starting to notice, something which will make other family members distinctly unhappy. And because the family controls the election of a majority of the board of directors of the New York Times Company, despite owning a tiny fraction of the actual equity (thanks to a two class system of shares), this unhappiness could affect Pinch's tenure in office. No less an authority on corporate governance than Arianna Huffington, whose credentials are impeccable in matters of marriage, family fortunes, inheritance, and society soirees, noted on her eponymous website: I hear the Sulzberger clan is also getting an earful from friends on the dinner party circuit from New York to Paris Wall Street is Not Pleased Quite a bit of ink, and billions of pixels have been expended over the...(Read Full Article)