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There Goes Greenwich

Once infested with wealthy hedge funders, Greenwich, Connecticut, is now infested with an entirely different species.

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Daily Intel: STCU (Special Taste Crimes Unit)

We're in a recession, and the ultrarich are spending money like it's, well, going out of style. Spending one's own money, you might say, is not a crime. But as far as we're concerned, bragging about it to the 'Times' should be.

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Vagilante Scott Galloway Crashes Onto ‘Times’ Board

Holy moly! We thought it would never happen. Arthur Sulzberger Jr. has loosened his viselike grip on the Times and agreed to give Scott Galloway a seat on the board. In case you missed it, Galloway (shown in a picture we can not get enough of) is a former ZBT frat boy who reportedly refers to himself a "vagilante," and the founder of Firebrand partners, a hedge fund that, along with Harbinger Partners, recently amassed a 12 percent stake in the Times. The two groups were leveraging said stake to get four seats on the Times board; however, Sulzberger gave them only two. Still, the Times itself points out, this is the first time the family given seats to people nominated by outsiders since 1967, so it's nothing to sneeze at. Galloway will occupy one of the two seats; the other will be occupied by James Kohlberg, the chairman of Kohlberg & Company, who was also nominated by Firebrand/Harbinger. Harbinger's Philip Falcone, who recently bought Bob Guccione's mansion, was not invited. The hedge funds have said that their aim is to get the Times to sell off some of its smaller assets (shares in the Boston Red Sox, the Boston Globe and smaller newspapers, and buildings like maybe even their headquarters) and focus more on digital media. Presumably, they also think they should drop the bridge column, but we're just guessing. Times Co. To Give Seats to Hedge Funds [NYT] Earlier: Intel's coverage of Scott Galloway

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Pinch, Feeling the Pinch, Agrees to Meet With Harbinger Nominees

Galloberger
Arthur "Pinch" Sulzberger and the board of the New York Times have agreed to meet with four nominees being put forth by Scott Galloway, of Firebrand Partners, and his partner, Atlanta-based investment firm Harbinger Capital, Times spokeswoman Catherine Mathis confirmed to the AP today. Up until now, the board has declined a meeting with the activist shareholders — who earlier this month announced they'd like the Times to cut several small businesses from their portfolio and build up their online operations — and have essentially ignored the nominees they proposed adding to the board, swashbuckling former ZBT brother and Red Envelope founder Galloway included. This is likely because Sulzberger was thinking something along the lines of, "What the eff does an ex–frat boy b-school professor with a moderate-to-undistinguished investing record know about the newspaper business? Fuck 'em!" But over the past month, the firm has amassed a somewhat terrifying 19 percent stake in the Gray Lady, and now, apparently, Pinch & Co. don't feel they have a choice. The Times' annual meeting is set for April 22. N.Y. Times to Meet With Board Nominees [AP]

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