Billionaires on The Huffington Post

Crisis Not Egalitarian: Ferrari, Rolls, Maserati Sales Hold

2008-11-21T07:42:13Z

LOS ANGELES — With the U.S. all but certainly in a recession and many skittish consumers hesitant to buy even a Honda Accord, it would seem the last thing anyone would need is a $400,000 Rolls-Royce Phantom.

But sales of many high-end luxury cars are bucking the trend of plummeting car sales, and their makers and industry watchers at the Los Angeles Auto Show this week are confident that they will weather the industry downturn just fine.

Ariston Anderson: Petra Nemcova Proves Now is the Time to Give More Than Ever

2008-11-19T12:26:55Z

Although Petra Nemcova's 2008 gala for her Happy Hearts Fund was on Wall Street, Monday night at the Cipriani, there was no sign of a recession in sight. The theme of the night, "A Masquerade in Venice," welcomed New York's elite, bringing in droves of lovely ladies in carnival masks and floor-length gowns to the $2500 a seat dinner.

Kevin Spacey (who left shooting for his new film The Men Who Stare at Goats to come), on whether or not it's hard to raise money in these times, tells us, "No, it's hugely important particularly in these times that we constantly remind people that governments can't do everything. Certainly in the past eight years this particular government hasn't done a lot."

Highlighting the importance of raising funds through corporations and individual donors, he continues, "We shouldn't allow organizations like Happy Hearts or any other organization that does this kind of work to suffer during times like this. So it's hugely important that we don't fall into the trap of saying, 'Oh, it's going to be harder to raise money.'"

Petra Nemcova founded Happy Hearts after surviving the 2004 tsunami in Thailand, which took the lives of 300,000 people, including her then fiancé, fashion photographer Simon Atlee. Turning the tragedy into something positive, she launched the fund in 2006 to implement educational programs for children in disaster-struck areas. It exists in 12 countries, including Nemcova's home country the Czech Republic, as well as Sri Lanka, Peru, Vietnam, the Congo, and the United States (New Orleans).

"A few months ago when the recession started, many of the gala dinners from different charities cancelled; and we were discussing it with our board and I said, you know what, even if we raise one dollar, that's one dollar that can make a difference in children's lives," Nemcova, decked out in a diamond-heart necklace, tells us. "But it's not even about the funds; it's about amazing people with beautiful hearts coming and creating a sense of community and raising awareness for what we do."

Host of the night, SNL head writer Seth Meyers welcomed guests who filled the enormous giant hall with "How nice it is there are still rich people!" Seth had been lured to host by all of the hot supermodels present, including Marisa Miller, Mary Alice Stevenson, Molly Sims, and Petra herself, who he described as the "2nd hottest philanthropist," in the country, second only to the very sexy Bill Gates. "The last time there were this many rich people in the same room," he said, "they were asking for a bailout."

Meyers announced that he was wearing black in mourning, like his fellow comedy writers, for while McCain/Palin wouldn't necessarily have been the best for our country, they sure did make for some good material. And the effects are real, as shown by last week's gay-joke heavy SNL episode. But he thinks that Palin is good-hearted, donating her wardrobe to charity, for anyone who wants to dress like "the pornographic version of middle school principal."

Wyclef Jean was honored for his work with his Haitian foundation Yéle Haiti, which implements programs in education, health, and the environment in Haiti. After performing at Petra's gala last year, they teamed up with the Happy Hearts foundation to help deliver computers into schools in Haiti. "A generation cannot move forward without technology," he told the crowd. "It's the key to everything."

On Jean's last trip to Haiti (with pal Matt Damon), he talked to a 104-year-old man, asking him the secret to eternal life. The man whispered, "Everything that your wife tells you, tell her that she's right." Jean described this spirit of laughter amongst disaster as a life trend in Haiti, and expressed that people make something out of nothing there, so imagine if they were given something.

Next up Stewart Rahr, President, CEO of Kinray, was awarded the Heart of Gold. He thanked his friends for coming out to celebrate with him, David Fincher (director of the most anticipated film of the year The Curious Case of Benjamin Button), who flew across the country to see him , and Donald Trump, who traveled 30 blocks to be there. He said Trump "has not stopped complaining for the last 30 minutes about how unhappy and obligated he feels to be here tonight." But regardless of any ill will, Rahr announced that Fincher and Trump were donating $50K each to the Happy Hearts Fund. "There is no gift bigger than giving back," he said. And he should know. Rahr donated $1 million toward underwriting the event, so that all donations raised would go 100% toward the fund.

When asked if it is tough to give in these times Rahr tells us, "Yeah, everything's tough. But as [Armenian-American billionaire] Kirk Kerkorian said, 'There's no luggage rack on a hearse,' so it's OK for me."

The opulence continued with a live performance by Cirque du Soleil. The trapeze artist lost her balance for a moment, but thankfully she was wired. She hopped back onto the bar with ease and continued to swing throughout the high ceilings of the Cipriani. "Let's give it up for Cirque du Soleil," Seth Meyers intervened. "Wow, those are words I never thought I'd say."

Famous auctioneer Simon de Pury hosted the live auction. Bids were slow at first, with $20K buying a package to Germany to see heavyweight boxer Wladimir Klitschko. "I didn't even know you could fly business class to Mannheim, Germany," quipped Meyers. "This is your chance." The bids increased though as the celebs became more recognizable, including a $28K package called "The Fabulous Life of Russell Simmons," which included a week stay in his Hamptons estate, and a case of Krug, (although Simmons himself doesn't drink).

The first ever 100% electric sports car, made by Tesla, went for $160K. The winner donated it back to Happy Hearts, and it sold again for $150K. To top off the night, a package called, "Super Trio," included a tennis lesson with Serena Williams, a night out in London with Kevin Spacey, and the chance to hang out backstage at a U2 concert with the Edge. The price of this priceless package? $130K. With the auction raising $648,000, and the donations from the night, Petra's fund walked away with a total of $3,448,000.

Kevin Spacey took the podium to honor David Hryck, partner at DLA Piper, the world's largest full service law firm. Spacey picked up a sleek Smartphone and said, "I'd like to auction off this Blackberry that I found on the podium. I'm sure it has some amazing numbers in it, and now that I'm looking, some very naughty text messages. Wow, Petra."

Quincy Jones, (who earlier auctioned off a day with Q for $30K) awarded the final golden heart to Jeffrey Tarrant, CEO of investment firm Protégé Partners. The night ended with an "American Boy" performance by Estelle, who traveled for one day from Germany to perform. Wyclef Jean, this time able to just enjoy the entertainment, hung out in the pit, surrounded by dancing supermodels.

Chloe Spencer: Encourage Your Kids to Ditch a Few Days of School and Become the Next Bill Gates

2008-11-19T11:30:08Z

School is important. But knowing life skills, such as how to earn money, the smart way, is even more important. Kids are getting taught how to draw a right angled triangle with a compass, and when Galileo was born, but what about the real world? Most kids in high school are getting average grades, and working a minimum wage job. Then there are the straight A students, who are going to get scholarships to good colleges.

And then there are the fair few who are doing something totally different. Making websites and earning money. Starting businesses. Traveling the world. I'm one of those kids. Am I just lucky? No. Yes I've got the computer whiz dad, but so do my other sisters, and they don't have 3 websites. I had inspiration. All it took was my dad telling me about how he makes money by advertising on his websites one day, so I built a website. And then before I knew it I was making $1000 a month and speaking at the BlogHer conference. And from that I got the motivation to create more websites, make more money, and speak at more conferences. I spoke at SMX West, Ypulse and DMA08. And everywhere I went I was meeting new people, inspirations themselves, like Ashley Qualls from WhateverLife.com and Harrison Gevirtz, who are both self-made teenage millionaires with their own companies. Success stories of kids like these are read by parents to their children, who may then get inspired to start their own blog and make an asset for themselves, at only 12 years old. It really is the dawning of the new generation of entrepreneurial kids.

Want your kids to have real world skills, to make money while they sleep, to be teenage CEOs? Don't leave it up to the schools. They're busy teaching kids how to solve some extensive equation for "x". Take them to conferences like the Elite Retreat. This conference is the creme de la creme of all online marketing conferences. Only the smartest online marketers, like Jeremy Schoemaker, are speakers, and they give away their most secret, genius tips. The upcoming one in February is close to selling out. And it was only just announced the day before yesterday. My dad, Stephan Spencer, will be one of the speakers, and I will most likely be attending. I can't wait!

Turn your kid into an entrepreneur. Teach him or her about the value of passive income and of building assets--much more valuable than what the average school is teaching. And those aren't just life skills, but the skills that'll separate your kid out from all the wage slaves, and possibly transform him or her into the next Bill Gates.

Snoop Dogg And Martha Stewart Laugh, Cook, Compare Posses (VIDEO)

2008-11-18T15:52:16Z

The best "Martha" ever?

On Tuesday's show Martha Stewart welcomed her friend Snoop Dogg to the kitchen to make a Thanksgiving potato recipe.

Before the rapper came out, Stewart told the story of bonding backstage at Letterman with Snoop, she read aloud emails he's sent her, and she called herself "a homegirl from New Jersey."

After a break, she showed off Snoop's posse standing to the side and her own all-girl posse to the other side. "I need some guy posse! Do you guys want to stay with me?" She then commented how handy Snoop's posse was, as they can pick out his clothes and braid his hair.

From there the pair made mashed potatoes together, with Snoop complimenting the color of her mixers and adding cognac to his potatoes from a lady-shaped bottle.

Words can't capture the fantastic, so watch the clip below.

Trump Spire Installation Delayed, Again

2008-11-13T16:54:35Z

This is beginning to sound like a broken record: The installation of the spire atop Donald Trump's 92-story Chicago hotel and condo tower has been put off.

Again.

In an email this morning, Trump Organization executive vice president Andrew Weiss, wrote: "I have just been informed that the spire installation for this Sunday is off. No new date has been designated yet."

Weiss did not offer a reason for the latest postponement, which follows earlier scrubbings of installations planned for late October and early November.

Cendant Corp. Founder To Split From Wife For Woman He Met At Starbucks

2008-11-13T11:30:31Z

According to friends, three weeks ago, Cendant Corp. founder Henry Silverman "abruptly" told his wife of almost 30 years, Nancy, that it was "over," and "moments later moved out of their apartment on East 72nd Street."

In fact, insiders told Page Six that last spring, Henry, 68, met a hot, blond 28-year-old woman from the Midwest while in line at Starbucks at Columbus Circle. Henry chatted her up, gave her his number and told her, "Google me."

Cendant, a provider of travel and residential real-estate services, has owned Days Inn, Avis Rent-a-Car and Telemundo. Billionaire Henry and his mystery woman are now sharing a rental apartment at 15 Central Park West and Nancy is said to be "devastated." The once happy couple were spotted two weeks ago - a week after Henry moved out - having a "heated discussion" over lunch at The Four Seasons. Nancy "quickly quieted down after several heads turned in her direction," our spy said.

Henry and Nancy - who met while they were both working for Saul Steinberg and who have one daughter, Casey - "didn't have a prenup," a friend said. "It is going to get ugly. Really ugly."

Read the full story here

-or-

Find out why he said "Google me:"

::Henry Silverman's 5-Year Compensation Total: $279.21 mil

Pickens Delays Wind Farm Due To Cheaper Energy

2008-11-12T09:58:15Z

T. Boone Pickens is delaying his plans to build the world's largest wind farm, according to The Arizona Republic, which cited his remarks at a conference on Tuesday in Phoenix.

The Texas oilman, who has created a stir by his endorsement of wind power as part of a national strategy to reduce dependence on foreign oil, cited the fall in natural gas prices, a competing source of electricity generation, as a deterrent.

Mr. Pickens insisted that wind remained part of a national strategy, however, and predicted that energy prices would go back up.

Vicky Ward: The Mansion Trap

2008-11-11T17:22:49Z

In January 1995, Veronica DeGruyter Beracasa de Uribe Hearst gave an intimate lunch for Diana, Princess of Wales, in her opulent apartment on the corner of Fifth Avenue and 66th Street. The Princess was in New York to give an award to the then editor of Harper's Bazaar magazine and fellow Englishwoman, Liz Tilberis. Tilberis had asked Veronica, a clotheshorse with a love of couture, to host the lunch. Chanel designer Karl Lagerfeld was there, along with photographer Patrick Demarchelier. So too was the Princess's great friend Lucia Flecha de Lima, the wife of the Brazilian ambassador to the U.S. -- and also Patti Hearst, Veronica's famous hostage-turned-urban-guerrilla-turned-housewife stepdaughter. So, of course, was Veronica's husband, Randolph Apperson Hearst, Tilberis's ultimate boss as chairman of the Hearst Corporation, which owns Harper's Bazaar and other magazines, including Cosmopolitan, Town & Country, and Esquire. Randy, as he was known, was the last surviving son of the American newspaper mogul William Randolph Hearst.

For Veronica Hearst, then in her 50s, it was the kind of social standing for which she had strived her whole life. A tall, pale-faced, and raven-haired beauty, she had, during her previous two marriages, occasionally been featured in the pages of fashion and society magazines, but her marriage to Randy had enabled her to become a major player in Manhattan café society -- attending many benefits and dinners, which Randy, not previously a social type, found he enjoyed immensely. His new wife made him feel like a king.

"Everything was beautiful, immaculately done," says Patti Hearst. Entertaining was Veronica's specialty. She always did it elegantly -- gushing over guests, importing titled Europeans to add glamour to the mix. "She had a sense of drama," says one frequent guest.

Her husband found his new wife titillating, stimulating, and alluring. He bragged of their physical chemistry to his men friends. He liked that she expanded his horizons. The year before the Diana lunch, the Hearsts had made the cut for a dinner given by President Clinton for the Emperor and Empress of Japan. Other guests at the White House included Cabinet members, a Supreme Court justice, former Washington Post publisher Kay Graham, Oprah Winfrey, CBS chairman Laurence Tisch, Barbra Streisand, and Peter Jennings. At the last minute Randy could not attend, as his adult daughter Catherine had fallen ill and doctors feared it could be fatal (it wasn't). He flew to Los Angeles to be with her, but Veronica went to the White House on her own. Such behavior did not win her affection from other Hearst family members, but, as one person connected to the family puts it, Veronica never minded what they thought of her. She had only one focus: Randy.

He plunged into a new lifestyle with his new wife. A stretch Mercedes was ordered that was so enormous it turned out to be too long for the garage and had to be returned. There was the new apartment on Fifth Avenue and talk of purchasing a house in the Hamptons -- until they applied to become members of the Southampton Bathing Corporation, the Waspy members-only beach club. According to a family member, Randy was accepted; Veronica was not. The talk ended.

When Randy looked at the bills from the couture houses where Veronica had been shopping, he gasped in surprise, but Veronica claimed, according to Patti, that in fact she'd gotten the items at less than the original asking prices. The way she saw it, she told her husband, she was saving money. And so, in this vein, went the glittering life of Mr. and Mrs. Randolph Hearst, culminating in July 2000 with the $30 million purchase of Villa Venezia, a 52-room, 28,000-square-foot mansion in Manalapan, Florida. Twelve miles south of Palm Beach, the estate stretched between the ocean and Lake Worth.

According to Patti, Randy had been reluctant to buy it; he was ill with prostate cancer and would die five months after the purchase. He told his children that if he was going to spend money on property in Florida it would be more wisely invested in Palm Beach itself. But Veronica loved the house for its grandeur and history. (It is a former Vanderbilt home.) "We got this for your father because he loves to swim in the wintertime," she told her stepdaughter Anne.

Veronica could not have known at the time that this particular extravagance was to be her undoing.

On February 25 of this year, Villa Venezia was foreclosed on for $22 million by New Stream Secured Capital, which held the mortgages. It emerged that Veronica owed them a further $23 million. In a deposition she gave in October 2007, she admitted that in a desperate bid to keep the mansion she had pledged $3 million on her artwork, and she had used as collateral both her Westchester mansion and her Fifth Avenue apartment, apparently in violation of the cooperative's housing rules. The board stayed quiet publicly, but sources say its members were upset.

Veronica was revealed in the columns of the New York Post's "Page Six" and elsewhere as a woman with $45 million in debts who was living a life she could not afford. People who know her said she withdrew from her high-profile social life. (She declined to talk to Vanity Fair for this article.) "She will mind deeply what her reference points -- namely the titled Europeans she was so fond of -- think," says one friend. Another person said, "She has been holed up in a cave."

Randy Hearst had told his lawyer Robert Littman to look out for Veronica after his death. He knew that the terms of his father's will prevented him from leaving her enough money to continue the lavish lifestyle they had enjoyed. But Veronica refused for a disastrously long time to accept that reality.

An Old Man in Possession of a Large Fortune

Randy Hearst's five daughters -- Catherine, 69, Virginia, 59, Patti, 54, Anne, 53, and Victoria, 51 -- are staggered by how their stepmother could have let her finances fall into such disarray. They believed she was smarter than this -- after all, it had taken her only months to win their father's hand in marriage. "How could she have been so foolish?" one of them asks.

Despite Randy's illness, Veronica, thought to be 63, appears to have been totally blindsided by his death (of a stroke) in 2000. Although his fortune had been estimated by Forbes in 1999 at $1.6 billion, according to the very strict limitations set by the will of William Randolph Hearst, Randy was able to leave her only $4 million in cash and real estate worth around $60 million, but eventually encumbered by mortgages amounting to $45 million. Had Veronica sold Villa Venezia, bought with a $25 million mortgage, she might have been able to dig herself out of financial trouble.

But, according to Baroness Hélène de Ludinghausen, who has known Veronica since childhood, Veronica's lifestyle with Randy had taken her into a fantasyland that no one -- not even Robert Littman -- could talk her out of. When offers came in for the house, she turned them down, according to Palm Beach real-estate broker Linda Gary. One friend suggested that, if she was hoping to remarry, the house would be part of her allure. She even invited Tony Blair to dinner there. But despite friendships with such wealthy men as philanthropist David Rockefeller Jr. and Mexico's Carlos Slim Helú, no one materialized to replace Randy Hearst. And her debts grew. "I stopped calling her when I came to New York," says de Ludinghausen. "Simply because I got tired of hearing the 'me, me, me.'" Another friend says, "It was almost as if, having married Randy, she had, like Icarus, flown too high."

"She gave me $50,000. Had I known she was in financial trouble, I would never have asked her for the money," says Lady Lynn Forester de Rothschild, who hosted a fund-raiser for London's Tate gallery last summer. At the time no one had any idea that Veronica was cash-strapped.

It was Anne Hearst's nanny who brought Randy and Veronica together, in 1987. Veronica by this time had two husbands behind her. Her second, Colombian cement magnate Andrés Uribe, married her only 50 days before dying of brain cancer. Following Uribe's death, there ensued an acrimonious two-year legal battle over his estate, so Anne, according to a close source, was wary of Veronica. Still, Veronica repeatedly told her of her religious devoutness (she is a Seventh-Day Adventist), and claimed that she had plenty of her own money. She suggested to Anne that they help a nanny they both employed with a loan for a house in Venezuela. Veronica offered to act as interpreter, since the nanny's English was poor.

According to Anne, Veronica met Randy at his apartment in the Essex House hotel, on Central Park South, in New York. Anne remembers that Veronica looked very chic in a white suit and pearls. "I don't think [her appeal] is based on sex, to tell you the truth.... It's more to do with her image: sophisticated, religious, non-promiscuous," says de Ludinghausen. According to Anne, that evening Veronica charmed Randy, then 71. Three days later, he asked her out, and a furious courtship ensued. She would give him little notes, "Jonathan Livingston Seagull-like," recalls Patti; he gave her a box, inscribed "I love you" in Dutch. The nanny got her loan. Veronica got Randy.

The Hearst daughters watched in awe at how diligently Veronica looked after their father. Patti recalls that Veronica would call maître d's of restaurants ahead of time to be sure that Randy's favorite dish was on the menu. She also made sure that at benefits he'd be seated next to the most interesting person at the most interesting table.

The members of the sprawling Hearst family -- William Randolph Hearst had five sons (Randy and his twin brother, David, who died in 1986, were the youngest), most of whom married several times -- were concerned by how little they knew about Randy's latest love. They also thought she was "too extreme."

"She always dressed in black, with pins all over the place. We didn't know whether to shake her hand or salute. The pulled-back hair, the jewels--it was all so over the top," says Patti.

Bill Hearst, one of Randy's older brothers, told him that he didn't have to go so far as to actually marry Veronica. Randy responded by refusing to speak to Bill for several weeks. Maria Uribe, Veronica's stepdaughter by her second husband, asked Patti how long Randy and Veronica had been dating. When told "two months," Maria replied, "Well, then it's too late." Patti's former bodyguard Bernard Shaw, whom she married in 1979, began assembling a dossier on Veronica's past. He uncovered questions about her background, including a friendship with Michele Sindona, a charismatic Sicilian financier, who some believe had links to the Mafia. In 1980, Sindona was convicted of embezzling $45 million from the Franklin National Bank, and the Vatican lost millions through its dealings with him. His alleged partner, Roberto Calvi, was found hanging under Blackfriars Bridge, in London, in 1982, his pants pockets filled with bricks and $13,000 in various currencies. Sindona died in March 1986 in prison, after drinking coffee laced with cyanide. According to a source, Veronica was deposed by a grand jury about him.

After Randy read the dossier, he confronted Veronica, who cried and explained she had been so young and naïve at the time of the friendship that she did not know who Sindona really was. Randy turned on the messenger -- Bernie Shaw -- for uncovering the information. After Randy and Veronica were married, Patti and Bernie and their children were rarely invited to visit.
The Lady in Black

Randy Hearst was a genial man of the old school who enjoyed country pursuits and a Dubonnet on the rocks before dinner. He had been married twice before, first for 44 years to Catherine Campbell, the mother of his five daughters. The marriage had come undone in 1982, some say as collateral damage from the infamous 1974 kidnapping of Patti by the Symbionese Liberation Army. Then 19, Patti, who had temporarily renamed herself Tania, was arrested 17 months after robbing a bank in San Francisco -- an act, her lawyers would later claim, that was the result of Stockholm syndrome, in which hostages become sympathetic to their captors. Nevertheless, she served 22 months in jail in California. Soon after his divorce, Randy wed an Italian, Maria Scruggs, but the marriage crumbled within three years, in part because of Scruggs's jealous tendencies, says Patti. There were stories of arguments at parties and fights over his preference for a certain airline known for its pretty stewardesses.

In 1987, Randy quietly married Veronica DeGruyter Beracasa de Uribe at Wyntoon, the 39,000-acre Hearst compound originally done up as a Bavarian village near McCloud, California. Patti learned of the event through Maria Scruggs, who had been told of it by Randy's driver.

Randy and Veronica's married life was not so quiet, however. Like all the Hearsts, Veronica now had access to two palatial properties: Wyntoon and the legendary Hearst Castle, spread out over 127 acres in San Simeon, California. Randy and Veronica threw grand parties there, flying guests in and serving sumptuous meals. At Wyntoon each guest was put in his own "guest castle." One remembers Veronica's flair and theatricality: "She had a lot of nerve, in a good way, a lot of fashion sense.... It was so out of the norm. I mean, it may not have been out of the norm in New York City or Paris, but once, at Wyntoon, she wore a black negligée, and it had a sheer black coat with big fluffy feathers around where your wrists are. She's certainly somebody who you can't take your eyes off of." To outsiders Veronica may have been compelling, but the Hearsts found her unsettling.

She was not particularly sensitive to their customs or history. Once, she complained of the tussles she was having with her first husband, the well-liked Venezuelan banking heir Alfredo Beracasa, over their two children. Without a trace of irony, she told Patti and other Hearst family members, "You can't possibly imagine what it's like to have your child kidnapped." Patti was dumbfounded.

Read the rest at VanityFair.com.

New Evidence Mark Penn To Blame For Major Clinton Mistake

2008-11-11T17:21:16Z

Hillary Clinton's first major mistake of the campaign, her staff has long admitted, was whacking Barack Obama after his supporter David Geffen trashed Clinton to New York Times columnist Maureen Dowd on Feb. 20, 2007.

Much of the blame for the overreaction has been shouldered by Clinton communications boss Howard Wolfson, who demanding an apology from Obama -- and insisted Obama's campaign return Geffen's campaign contributions.

But Newsweek's epic account of Obama's campaign this week points a finger at Clinton's top strategist and pollster Mark Penn. The controversial Penn, the story claims, advocated a scorched-earth response -- then trashed Wolfson for the response when it triggered a damaging backlash.

Jennifer Hudson 'Very Safe' At Hotel: Trump

2008-11-11T14:28:26Z

Jennifer Hudson and some of her family members have been staying as Donald Trump's guests at his new Trump International Hotel & Tower in Chicago since last month's murder of her mother, brother and nephew, and are "very safe" there, the real estate mogul told People.

"She's a great girl. And we're protecting them well," Trump told PEOPLE at a benefit honoring Australia director Baz Luhrman at the Museum of Modern Art Monday night. "They are very safe."

The lone identified suspect in the killings was denied parole Monday in a hearing unrelated to the Hudson investigation. William Balfour, the estranged husband of Hudson's sister, Julia, will remain in prison as the case proceeds.

Click here for complete coverage of the Hudson family tragedy.

Ski Town For The Ultra-Rich Files For Bankruptcy

2008-11-11T14:19:34Z

BILLINGS, Mont. (AP) -- The Yellowstone Club, an exclusive mountain retreat for the ultra-rich, said it filed for bankruptcy Monday after failing to secure new financing -- underscoring that even the elite can't escape the country's current economic troubles.

Spokesman Bill Keegan said the club filed for Chapter 11 protection in federal bankruptcy court in Montana. The move came just two months after the club announced an ambitious expansion plan through a partnership with the Arizona-based Discovery Land Company.

The gated, millionaires-only club on 13,400 acres in Montana's Gallatin Mountains boasts a private ski hill and golf course. Opened in 1999, it counts former Vice President Dan Quayle and Microsoft co-founder Bill Gates among its 340 members.

In a statement to The Associated Press, the club said it had been unable to secure financing arrangements with its creditors and bondholders. It plans to reorganize its finances and emerge from bankruptcy "as soon as possible," the statement said.

"We felt this step was necessary to address short-term liquidity constraints and preserve Yellowstone Club's long-term future," Yellowstone Club CEO Edra Blixseth said.

Read how Edra got the Club in her divorce

Monday's bankruptcy filing marked the latest in a string of shake-ups at the club. Its billionaire founders, Tim and Edra Blixseth, recently divorced, and in August the club settled a lawsuit brought by club member and cycling superstar Greg LeMond for $39.5 million.

LeMond and several co-plaintiffs had accused Tim Blixseth of trying to buy out their minority stake in the club for less than its true value.

After emerging from her divorce with control of the club, Edra Blixseth in September laid out plans to build 450 more houses and condos and new amenities including a luxury spa, golf clubhouse, baseball field and more ski runs.

Those plans are on hold pending resolution of the club's financial woes.

Read NYTImes article "Club Med For The Multimillionaire Set"

Keegan says the club has financing in place for day-to-day operations and plans to be open for the ski season. The club's estimated 600 winter employees still have jobs, but Keegan said layoffs were possible "down the road."

The tony club first ran into financial trouble when Tim Blixseth sought to expand even as the real estate market turned south.

Its problems grew after the Blixseths allegedly diverted money meant for the club to their own use, according to court documents. At roughly the same time, Tim Blixseth went on a property-buying spree in a bid to take the club concept global, with an enterprise called Yellowstone Club World.

Among his purchases were a chateau in France, a golf resort in Scotland, a villa in Mexico and an estate in the Caribbean.

Earlier this year, a deal to sell the club for a reported $455 million collapsed, leaving Tim and Edra Blixseth feuding over control of the enterprise. Since taking control, Edra Blixseth has moved to sell off some of the club's international properties to firm up the club's finances.

But Keegan said efforts to secure new financing stalled as credit markets tightened with the crisis gripping the nation's economy.

"The lending markets froze up so they could not structure a credit facility to their fashion," Keegan said. "They felt this was the best way to protect the members and protect the club and its future."

Trump Sues Deutsche Bank Over Tower

2008-11-11T10:44:40Z

Luxury hotel and resort developer Donald Trump sued Deutsche Bank and several other banks on Monday, demanding $3 billion in damages, claiming they broke agreements in the construction and financing of Trump International Hotel and Tower in Chicago.

The unfinished 92-story complex that would be the second-tallest building in the United States behind Chicago's Sears Tower was due for completion in mid-2009.

Trump has been trying to extend a $640 million construction credit from a group of lenders led by Deutsche Bank, The Wall Street Journal reported last Friday.

Glamour Editor Compares Sarah Palin To Martha Stewart

2008-11-10T10:43:16Z

What does offend Leive, however, is "the venom with which some women have reacted to her. She has strong political views, but so do lots of men. The glee with which some women are jumping on her demise kind of turns me off. It reminds me of Martha Stewart," she went on.

"Back in the day when she first had her TV show, there were a lot of women who just loved to hate on Martha Stewart. And on some level it always seemed like they were feeling put down by her choices. Here's this woman who's stenciling her mantle. It makes you as a woman feel like you're not woman enough if you're not stenciling your mantle. A man encounters Bob Vila and he doesn't think, �Who is this A-hole rebuilding his deck? I don't have time to rebuild my deck! How dare he tell me to do that!' A guy would just turn the channel, you know. And women should be able to do that, too. Why do you feel like that's a referendum on how you live your life? Women take Sarah Palin's choices really personally.

Kelly O'Reilly: Martha Stewart's Cooking School

2008-11-07T16:36:40Z

Martha Stewart's Cooking School: Lessons and Recipes for the Home Cook dropped this week, providing a much-needed little pocket of fresh air. With her typically gentle, informative tone, Stewart draws on the inspiration of a beloved elementary school teacher to present to her loyal followers her first step-by-step how-to manual for mastering the basics of everyday cooking. Flipping through useful advice with invigorating style, it was hard to believe that just four years ago Stewart was the celebrity face of drug company ImClone's messy insider trading debacle. It's also hard to believe that that company's corruption woes dominated the mainstream economic news.

During the investigation and trial of those involved, much like we the people today, Stewart's true level of deserved blame remained ambiguous amidst her persistent reinforcement of her own innocence. Regardless, since her conviction and subsequent prison time for conspiracy, fraud and obstruction of justice, Stewart has maintained a coveted lifestyle, rebounding with the Daytime Emmy-nominated Martha Stewart Show, Martha Stewart Apprentice, Martha Stewart Living Radio on Sirius Satellite Radio, Martha Stewart Living and Martha Stewart Weddings magazines and billion-dollar ventures with K-mart while forging Martha Stewart Furniture with Bernhardt; Martha Stewart-designed homes and communities with KB Home; Martha Stewart cards; Martha Stewart Rugs with Safavieh; the Martha Stewart Collection of products for the home at Macy's and most recently, the expansion of Martha Stewart Crafts with Wal-mart. Maybe we should play a drinking game. Every time I say Martha Stewart...

Such a comeback should serve as a beacon of hope to all of us now rehabilitating from a credit addiction that turned out to be as American as apple pie, or, say, Martha Stewart. With her foray into culinary education, the woman who fleetingly teetered on the brink of possible disgrace and lived to stage a tremendously profitable comeback even now, with merchandising sustenance and possible growth saving some recent dips in advertising sales for her print publications, has once again produced greatness with a smile.

Take comfort from the downturn, for the moment, in Martha Stewart's Cooking School. This is a hardcover version of the perfect mother, a comprehensive encyclopedia poised to become your apartment's version of those dirty old red and white tomes touting butter and beef Wellington that punctuated the holidays of youth. The Cooking School's clear and useful checklists encourage us towards good habits, from adopting mise en place, a practice of the French wherein the stage is set completely before any preparation begins, to thoughtful methods of developing a personal entertaining style and planning a smart kitchen space.

Glossaries of herbs, spices, root vegetables and other nuts and bolts come with excellent photography (hooray!), including a round-up of equipment that ranges from handy staples to stock up on (wok, colander, meat thermometer) to the slightly more ambitious (potato ricer, fluted tart pan). Fluted tart pan?! I couldn't wait to read on. The visual tutorials continue throughout to navigate each step of a bouillabaisse, the three different measurements of dicing, perfecting risotto and carving a turkey, while cuts of meat and types of pie are painstakingly diagrammed for quick and easy reference. As usual, Stewart is the real deal, never sacrificing the essential, if not overly sexy, fundamentals of making stock, boiling an egg and adhering to good washing skills. A true melting pot-modern approach to cooking, recipes and methods derive from classical French training and European influences infused with impeccable Japanese culinary benchmarks and American adaptations.

It's almost as if, somewhat paradoxically, Martha Stewart gets what this concept of "Main Street" is all about. With an inclusive world view and tried-and-true traditions, passed down through generations, the Cooking School offers a back-to-basics approach that serves well the ranks of home cooks honing their skills or reexamining their mastery while maneuvering consumption in the face of potential economic recession. Even prior to the current money mess, Americans were beginning to trend towards home-cooking while "local fresh" replaced "fancy exotic" with good old American gusto. Down home went downtown desirable and those who wanted in on the movement, but perhaps couldn't access or afford the organic grass-fed newborn suckling pig plucked from the fields of their neighborhood farm sought out methods to kill two birds with one stone and eat haute at home. Enter, naturally, gracefully, politely, Mme Martha with a simple, informative, biblical kitchen book.

All that said, perhaps we should look to the queen of all things domestic to publish a primer on bouncing back or at the very least, not going for broke. Sure, Martha's stamina for survival would surely lap our own in spades, but with the right curriculum, I suppose anyone can save their soufflé.

Shelly Palmer: Microsoft Still Not Interested in Acquiring Yahoo: MediaBytes with Shelly Palmer November 7, 2008

2008-11-07T10:19:39Z

Steve Ballmer noted that Microsoft is not interested in acquiring Yahoo. Ballmer is quoted as saying "We made an offer, we made another offer.. We moved on." However, Ballmer did not rule out the possibility of a potential search ads deal.

Microsoft is trying to sign a mobile search and advertising deal with Verizon. Currently, Verizon is in talks with Google, however, Microsoft is offering Verizon a more generous revenue sharing plan and a higher guarantee. Microsoft sees a mobile search and ad deal with Verizon as a way to significantly increase its reach for mobile search.

Craigslist has reached a deal with 40 state attorneys to curb its "erotic services" listings. Craigslist, which is notorious for catering to sex-oriented businesses, now makes erotic service advertisers provide a phone number, which is called by an automate service for verification. The Internet classifieds site will also charge a small fee of between $5-10 for all erotic services ads.

Samsung has overtaken Motorola as the leading vendor of handsets in the U.S.. Samsung owns a 22.4% share of the market, compared with Motorola's 21.1% and LG's 20.5%. Samsung has increased sales by offering high end touch-screen phones, as well as lower-end phones given free to consumers who sign up for a new plan.

All My Children star, and notorious Emmy nominee (and one time winner), Susan Lucci was voted off ABC's Dancing with the Stars. Despite Lucci's "doble paso" being a hit with judges, Lucci and partner, Tony Dovolani, did not make the final five contestants.

Plus, today's consulting question, "What is white space?" Shelly has the answer on today's MediaBytes.

Shelly Palmer is a consultant and the host of MediaBytes a daily show featuring news you can use about technology, media & entertainment. He is Managing Director of Advanced Media Ventures Group LLC and the author of Television Disrupted: The Transition from Network to Networked TV (2008, York House Press). Shelly is also President of the National Academy of Television Arts & Sciences, NY (the organization that bestows the coveted Emmy® Awards). You can join the MediaBytes mailing list here. Shelly can be reached at shelly@palmer.net

David Geffen Talks Clintons, Dowd, And The Private Obama

2008-11-06T17:28:10Z

David Geffen is no dummy. When I called him today, he knew exactly what I wanted to talk about: "Maureen's column, right?" he said before I could finish a sentence. I guess you don't get to be a fabulously successful media mogul without having a sixth sense of what on someone's mind, whether they're a famous filmmaker or a tongue-tied reporter.

When historians start looking for turning points in the trajectory of the Obama campaign for the presidency, they will inevitably turn to Feb. 21, 2007, the day that the New York Times' Maureen Dowd ran a column where Geffen blasted then-Democratic presidential front-runner Hillary Clinton. He didn't just say he disliked Hillary, he dismissed her as "the easiest [candidate] to beat." He called Hillary overproduced and overscripted. "It's not a very big thing to say, 'I made a mistake' on the war, and typical of Hillary Clinton that she can't."

Geffen added that after eight years of George W. Bush as president, "I don't think that another incredibly polarizing figure, no matter how smart she is and no matter how ambitious she is--and God knows, is there anybody more ambitious than Hillary Clinton--can bring the country together." Geffen's indictment of Clinton caused a firestorm. It's easy to forget that back in the winter of 2007, Hillary wasn't just the front runner--she was considered inevitable. The entire Clinton campaign was based on a sense of her invincibility. Clinton operatives were telling deep-pocket party supporters--you better

Shelly Palmer: 71.5 Million Americans Tune In For Election Coverage: MediaBytes with Shelly Palmer November 6, 2008

2008-11-06T09:36:36Z

Analysts estimate that nearly 71.5 million viewers tuned in to watch election coverage Tuesday night. ABC bested NBC as the most watched broadcast network, while cable coverage was up 50% in household prime-time ratings from four years ago.

Google has abandoned its proposed search ads deal with Yahoo. Google walked away after the Department of Justice told both parties it would sue them to block the agreement. Yahoo's stock was up on the news, while board member Carl Icahn continues to push for a sale to Microsoft.

Sprint will bring NFL games to mobile devices. The mobile broadcast deal, valued around $500 million for five years, gives Sprint the right to phone-cast 8 exclusive NFL Network games a year. The big question is whether or not Sprint will be able to sell more than $500 million in phone plans.

Michael Crichton, author and creator of the hit television drama ER, passed away yesterday. Crichton, who was battling cancer, is best known for Jurassic Park. NBC CEO Jeff Zucker noted that Crichton "was a modern day Rennaissance man...who helped change the face of televised drama."

Plus, today's consulting question, "Who will be Obama's chief of technology?" Shelly has the answer on today's MediaBytes.

Shelly Palmer is a consultant and the host of MediaBytes a daily show featuring news you can use about technology, media & entertainment. He is Managing Director of Advanced Media Ventures Group LLC and the author of Television Disrupted: The Transition from Network to Networked TV (2008, York House Press). Shelly is also President of the National Academy of Television Arts & Sciences, NY (the organization that bestows the coveted Emmy® Awards). You can join the MediaBytes mailing list here. Shelly can be reached at shelly@palmer.net

Rachel Maddow's Election Night Cocktails: Joe Rickey Recipe

2008-11-04T17:48:03Z

Rachel Maddow, MSNBC host and amateur mixologist, visited Martha Stewart Tuesday to share a cocktail recipe for Election Night.

"I was thinking, in terms of drinking on Election Day, you probably want a highball rather than a short drink because it might be a very long night," Maddow told Martha, before presenting what she called a Joe Rickey (or, if you want to be in the political spirit, a Joe the Plumber Rickey).

Here's Maddow's Election Night cocktail recipe:

Joe Rickey Recipe (from MarthaStewart.com)
Makes 1 cocktail

Ice cubes
2 ounces bourbon whiskey
Club soda
Lime wedge, for garnish

Directions

1. Fill a highball glass with ice and add bourbon; top with club soda. Garnish with lime wedge and serve immediately.

Watch:

Wendy Diamond: Lucky Diamond Guest Spot on Celebrity Apprentice

2008-11-04T17:23:15Z

Well here we are in November. Lucky doesn't like November (or any of the cold months) because as the temperatures get lower, her hair gets longer, and she thinks it makes her look fat. I have to tell her that anything that weighs under seven pounds can never be fat, and either way she should comfortable in her size. But she'll never listen and she keeps begging for a cut. I haven't seen her beg like this since the last time I took her to Kobe Club and she smelled all that beef!

This week Lucky and I got an exclusive invite from the one and only Joan Rivers to come and support her in a Celebrity Apprentice 2 auction party. I think Lucky is the only woman in the world not afraid of Rivers because she is always confident in her white fur coat. But of course Lucky and I were going to stop by and support Ms. Rivers because we would love to see a woman come out on top in Donald Trump's boardroom, you know, as Lucky would say, without having to get on all fours. At the auction there were a lot of items to bid on, but Lucky and I bid on the Faberge Eggs because they were the only animal related items. Knowing Lucky though, she would want to just make scrambled Faberge Eggs out of them. At the auction I saw "The Donald" himself, his always stunning daughter Ivanka, and his very charming son, Donald Jr., who said his dogs are fine and he and his wife, Vanessa, are not ready for anymore because they're expecting their second child! Congratulations DJr and Vanessa!

Lucky and I also chatted with our favorite fiery Irish funny woman Kathy Griffin who said Chance and Pom Pom are doing fine, but Chance is the only man in her life. Maybe I should get a male dog, too. Country singer Clint Black was there talking about his dog, Radar, and when I asked him to describe what kind of dog his wife, Lisa Hartman-Black, would be, he said "A Collie. A good one!" The Blacks rescued Radar, who's a mutt, from the streets of LA, which is pretty admirable because there are some people on the streets of LA that need rescuing, too. Pokerman Phil Helmuth was also there, but he had his poker face on and I wasn't sure how to read him. He did tell me about his dog, Willow, who is a half Whippet rescue. When I asked him what kind of card Willow would be he said "the four of clubs," but in true poker champion fashion, he didn't explain why.

In the name of fashion, it was important for Lucky and I to check out a very special FURLA event hosted by Kelly Rutherford and Lindsay Price . Lucky and I are always on the hunt (her literally, because it's in her blood) for a new dog carrier bag to add to her collection of 300, but alas we had no luck at FURLA. At the event we saw purses, shoes, 30 Rock's Lonny Ross, model Alle Wiel, designers Courtney Crawford, Max Kibardin and Alice Ferrari, club kid extraordinaire and designer Richie Rich and Gossip Girl's Amanda Setton.

Finally, this week was our always-entertaining 8th Annual Halloween Pet Costume Party benefiting the Humane Society of New York and the Animal Care and Control of New York. Par usual the party featured some downright adorable and hysterical canine costumes. We had cute costumes like Sonny & Cher barking "I Got You Dog", a Merman (a male dog mermaid, so basically no shell bra), New York Giants' canine quarterback Eli Manning, and Elvis the King of Rock barking, you guessed it, "Hound Dog." We also had some bizarre costumes like a white-veiled transvestite bride (no husband in sight), and some popular costume cuties such as a New York City fireman -- who never used his hose on the hydrants, thank dog -- a ladybug, an angel, and one dog even came as a Metro card. With times so economically ruff, we all felt the appropriateness of the costume. With so many outstanding costumes the competition was feeling American Kennel Club tough, but our competitors made it though with the help of our slew of amazing celebrity judges.

Here's a glimpse of the night!

Participating at the event was Beverly Hills Chihuahua star Piper Perabo, who loves animals but is far from Coyote Ugly. Perabo had the toughest judging job of the night, picking the winner of "Who Wants To Be A Beverly Hills Chihuahua" category. Piper selected an Animal Care And Control one-eyed Chihuahua rescue dog, named Lucy, who was dressed as Alice in Wonderland! Piper claimed, "This dog was so sweet, and displayed so much confidence for a one-eyed Chihuahua that Lucy deserves a trip to Beverly Hills!"

Other celebrity guests judges included Dina and Ali Lohan, Bravo's Real Housewives of New York New York socialite Jill Zarin, Beth Ostrosky-Stern, America's Next Top Model winner Whitney Thompson, Gossip Girl's Nicole Fiscella, and Z100's Skeery Jones judging pups in other categories including "Cutest Couple," "America's Next Top Dog," "Dog that Needs Rescuing" and "Dog Most Gossiped About." The night's big winner was an adopted Chihuahua named Eli dressed as a vampire bat with a "slicked to the side" hairdo that resembled a young Jerry Lewis! The judges unanimously crowned Eli as the winner of the Best Howling Pet Costume Of 2008. Lucky stared in shock and awe like Faith Hill when she heard Carrie Underwood won at the CMAs a few years back.

With all the laughs and tears... oh wait there were no tears (except maybe from Lucky), we raised over $25,000 dollars for homeless animals! I want to thank everyone for coming out and supporting Lucky and I in another great event. Next stop? Toys For Dogs 2008!

On the eve of election night, Lucky and I want to urge everyone to go out and "Bark the Vote!" In the canine election, Lucky's voting for Shamus (Hillary Clinton's dog). Make sure you vote too!

Beth Arnold: Lady Lynn Forester de Rothschild: The Female Joe Lieberman

2008-11-01T10:52:16Z

Lady Lynn Forester de Rothschild must be one of the worst sports that has stepped onto the political stage in a very long time. When Hillary Clinton lost her bid to the Democratic nomination, her Ladyship packed up her toys and jumped into the Republican sandbox with John McCain, and his platform of anti-choice, anti-gay rights, and all the other obstructions to progress the Republicans feel bound to impose.

What makes this even worse is Lady de R also lives (at least part of the time) abroad, which means that she personally knows how the international reputation of the United States has suffered, especially over the last eight years, and what the rest of the world thinks of this election--that it is hugely in favor of Barack Obama's candidacy. In fact, in the snap of an Obama election moment in time, our global esteem will instantly rehabilitate to an enormous degree.

This is what her Ladyship said a year ago in an interview on Condé Nast Portfolio.com:

And I think if history is our guide, we've had stronger economies, more wealth creation, under Democratic presidents than we have under Republican presidents. So I don't understand why all my capitalist friends aren't Democrats.

But now it is the Democratic party and candidate she is taking the time to trash in every media venue that she can get her hands on, including this Op-Ed that she wrote to influence Florida voters (face it, a lot of old people) that originally appeared in the Orlando Sentinel. Lady de R's newfound appropriate audience watches her friend Rupert Murdoch's Fox News and is now perhaps among the James Dobson crowd. Here's her interchange with CNN's Wolf Blitzer, who, after the interview sort of apologized for being tough with her. (Why would he do this?) And her giggly teasing response was: "You're the liberal elite. Not me."

This is surely an elitest pot calling the kettle black. The fact that this female half of a billionaire couple (who regularly plays with hundreds of millions of dollars), now "titled" woman who also graduated from some of the best schools in the United States called Barack Obama, Wolf Blitzer, or practically anyone else on the planet "elite" is so disingenuous it's almost laughable. No one except other Republicans would feel sympathetic to such preposterous claims. In fact, she wanted to be identified as liberal until Hillary lost. So suddenly her values completely flip-flopped?

Now she's advising middle class Americans that Obama's policies are going to hurt them? Tut tut. She must be projecting--talking about herself. Surely she pays American taxes? No doubt, her taxes will go up because she must be in the wealthiest 1/10 percent of Americans. If she was a middle class girl, those days are long gone. She truly fits the good Republican mold.

Clearly, Lady de Rothschild is not as supportive or impressed with Hillary and Bill Clinton as she once was. (How much money did she raise for Hillary?) When she so pointedly turned against Democratic philosophy, policies, and candidates-in short everything the Clintons publicly stand for and believe in--then this must feel like a stab in the back to both Hillary and Bill from one of their most loyal friends. When both Hillary and Bill have both campaigned for Obama and publicly said his presidency is the only right future for the U.S., surely her Ladyship realizes her support for McCain/Palin is going against the Democrats' best interests.

Lady de Rothschild has out Liebermanned Joe Lieberman. The Clintons can't be happy about this betrayal, can they? Surely Bill must get over Obama's ascendancy sooner or later. I've lately felt that Hillary has accepted her defeat and is getting on with the future--the 21st Century Democratic Party, a likely Obama presidency, and her own positive part in all of the above. I believe that Hillary is now onboard for a bright Democratic decade. (Don't tell me her fund-raising friend might possibly still be thinking that Hillary is the 2012 candidate if only McCain could win on Tuesday? Surely, she can't be going down that old road. Her Ladyship likely wanted the British ambassadorship, and that went out the window with Hillary's defeat.)

Obviously, Lady de R has raised a boatload of money for the Democrats, and they hate to give it up. But, as George W. might say, if she's not for us, she's against us. And her Ladyship has made it clear where her loyalty now lies. For God's sake, she's happily endorsing Sarah Palin. (And this after Hillary?) This member of the filthy rich might as well tattoo a GOP elephant on her aristocratic forehead. Since she has become a true Republican believer, she could employ Governor Palin in the Rothschild holding company after the election. If she trusts the wolf-shooting gov to make decisions for her home country, surely she would rely on her good judgment and intelligence to make decisions with the Forester/Rothschild hundreds of millions. Gov. Palin could build a Bridge To Somewhere for Lady de R.

Beth Arnold lives and writes in Paris though she is not a billionaire. To see more of her work, go to www.betharnold.com.

Lesley M. M. Blume: Gown and Out: How to Look Fabulous in the Upcoming Depression

2008-10-30T22:35:43Z

Illustrations by Maddy Simpson.

So, the economy's in the toilet, and we'll all be fighting over cans of Beenie Weenie soon.

But just remember: poverty doesn't have to be inconvenient for those accustomed to the best. Weathering tough times in style just takes a little creativity.

Introducing my satirical feature on Depression-friendly fashion.

Click here to see the entire collection on Slate's new sister website, The Big Money, but a sampling is below.

Because we can't afford champagne these days, we have to resort to the next best thing: gallows humor.

Squirrel stole and restaurant-napkin dress. To help you remember all of those fine meals at La Côte Basque and the Ivy. Both functional and fashionable, the tinfoil turban wows admirers and retains heat in the winter.

Stylish burlap separates. Back to the staples: Rice and potato bags do double duty as the perfect lunch outfit. A clever shoebox purse completes the ensemble.

Hefty-bag "Cinch Sack" dress. The Hefty-bag dress--shown here with a girlish newspaper fringe--is an attractive alternative to patent leather. Styling note: Twisty ties make charming rings.

Maddy Simpson is a designer at Ralph Lauren and a freelance stylist.
Read more: Fashion, Budget Fashion, Gown, Economy, Jewelry, Recession, Style, Carl Icahn, Glamor, Accessories, Satire, Hermes, Depression, Bergdorf, Style News

Stephen Schwarzman And Bruce Wasserstein Spar At Fortune Breakfast

2008-10-30T16:45:40Z
SCROLL DOWN FOR PHOTOS

A powerful crowd turned out for Fortune's breakfast conversation with Stephen Schwarzman and Bruce Wasserstein Thursday morning at Per Se in New York. Members of the business and media elite — including Vivi Nevo, Arthur Sulzberger, Alan Patricof, John Huey, Norm Pearlstine, Tina Brown, Jeff Toobin, and Jared Kushner — joined Fortune Managing Editor Andy Serwer to hear Schwarzman and Wasserstein discuss the problems on Wall Street and how the next president can lead the US out of the current economic crisis.

Schwarzman, the co-founder and CEO of Blackstone and a prominent Republican donor, argued that the crisis was caused by too much regulation in the banking and brokerage industries. Wasserstein, the CEO of Lazard and a prominent Democratic donor, disagreed, arguing that there was "misregulation," and that lax accounting rules allowed companies to inflate the value of their assets.

"Accounting has become a new exercise in creative fiction," Wasserstein said.

When asked how Barack Obama might lead the nation out of the financial crisis if he is elected next week, Schwarzman ducked the question, saying he deferred to his "Democratic colleague."

"Under the insightful leadership of Mr. Obama, there will be a strategy," Wasserstein then said. "Which is a step up," he added to laughter.

At times Schwarzman seemed frustrated, turning red while Wasserstein spoke and telling Serwer, "I'd like to finish this, OK?" after he cut to Wasserstein. But he was lighthearted and earnest when it came to answering the morning's most memorable question — whether, knowing what he knows now, he would take back his lavish 60th birthday party, which reportedly cost over $3 million and included a performance by Rod Stewart.

"Obviously, I wouldn't have wanted to do that and become some kind of symbol of that period of time," Schwarzman said. "Who would ever wish that on themselves? No one."

"It was a great party," Wasserstein joked.

See photos from the event in the slideshow below (pictures courtesy Fortune):

Watch video from the event here (click on video that says "U.S. regulation 'clearly' broken").

Read More About The Breakfast
Lazard chief warns of more pain [Fortune]
Schwarzman vs. Wasserstein: Round 2 of the Accounting Debate [DealBook/NYT]
Lazard CEO sees world's market woes just beginning [Reuters]
Schwarzman's birthday party - any regrets? [Reuters]
If Wasserstein could turn back Time (Warner)...
Read more: Lazard, Slideshow, Bruce Wasserstein, Blackstone, Andy Serwer, Stephen Schwarzman Party, Fortune Magazine, Fortune, Stephen Schwarzman, Billionaires, Business News

Trump Promises 'The Best Lit Spire In Chicago'

2008-10-29T17:54:14Z
A reader of this blog, Steve Perlman, posed an excellent question Monday: Will the spire atop Donald Trump's Chicago mega-skyscraper be lit and, if so, how? "Chicago has arguably the most significant and unique collection of illuminated architectural peaks in the world," Steve wrote, acknowledging that New York and Hong Kong might beg to differ. "This was so dramatically illustrated as the entire Chicago skyline was illuminated in pink for Breast Cancer Awareness Month."

I put Steve's question to Andrew Weiss, an executive vice president of the Trump Organization, and here's what Andrew emailed back: "Lighting is still ahead of us. I was just talking to Mr. Trump about the upcoming spire installation [a helicopter will install the spire on Saturday and Sunday] and I mentioned your interest in it. He said that if lighting was important to you, he would make it 'the best lit spire in Chicago.'"
Read more: Trump Tower, Chicago Architecture, Chicago Real Estate, Trump Organization, The Skyline, Donald Trump, Steve Perlman, Andrew Weiss, Chicago Trump Tower, Chicago News