Saturday, December 27, 2008

Joseph Duggan explains why the government should forget about trying to preserve newspapers

Duggan says attempting to save troubled industries simply postpones the inevitable. Click here for the story.

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5 comments:

QUASAMOTO said...

I once worked for McClatchy @ THE NEWS TRIBUNE in Tacoma Wash. I worked their from april of 88 to may of 2001. in that time so many games were played out at the paper i just quite. Now i wonder how my retirement plan with McClatchy is going to do after they go under. I guess the money will be all gone for the retirement also.

McClatchy Watch said...

QUASAMOTO -- Too bad McClatchy execs don't have the same commitment as the workers. Howard Weaver sold 4,000 shares of McClatchy stock in February 2007. Gary Pruitt sold 40,400 shares the same day.

link here

Anonymous said...

Sorry I missed your reply in the thread you linked too. To find the actual transactions that are reported to the SEC you will find them here...http://www.sec.gov/edgar/searchedgar/companysearch.html

Simply type in the symbol and it will take you to all the filings by any traded company starting with the latest reports filed.

These guys use technicalities to hide or delay reporting the majority of their transactions so they are never reported through the media. You will see that the figures that were released publicly after the merger were simply a small portion of what they granted themselves and what they sold.

It takes a little more work, but you'll soon realize just how sneaky these guys are. For instance, if you recall, their first round of layoffs that they announced would save the company 70 million was not for saving the company a dime in reality. Two weeks before the layoffs, MNI offered for sale an additional 68 million dollars worth of stock which they designated as for use to cover their stock options. The whole thing was one big lie. They lined their own pockets and paid for it with the jobs of others.

Not one single media outlet ever reported a word about it. But it happened.

Archer05 said...

Anon 12:39 -
I still could not find the page that lists the stock dump, but I did find an interesting power play by the McC. skunks.

An (Employee StockPurchase Program) shareholder tried to bring forth a policy that would require the executives to disclose their compensation packages at the annual meeting.

A convoluted group of dodge and drag-out communications to stymie the employee ensued. Unbelievable, these reprobates need to go down, IMO.

http://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2008/mcclatchy020108-14a8.pdf
Excerpt:
……Resolved The shareholders of McClatchy Corporation request that the Board of Directors adopt policy that shareholders will be given the opportunity at each annual meeting of shareholders to vote on an advisory resolution to be proposed by Companys management to [approve or disapprove the compensation] of the named executive officers......
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Pru couldn't let this happen. Greedy skunks on parade, the foul smell is overwhelming.

Anonymous said...

http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001056087&type=&dateb=&owner=include&start=80&count=40

Right here Archer. At the bottom of the page and the top of the next 40.