Corporate Kleptocracy

Everyone seems have had a hand in the Hollinger corporate till. A 500 page report by a special committee of Hollinger’s board shows how Conrad Black’s insatiable greed led to newspaper group’s theft of $400m.

The Committee said: “Black and Perle caused Hollinger to make a $2.5m investment in Trireme, an investment fund in which each of them held a financial interest… As Perle knew, he was not an independent board member, but instead was beholden to Black and other insiders for this compensation. During this tenure… Perle received more than $3m in bonuses”

“Behind a constant stream of bombast regarding their accomplishments as self described ‘proprietors.’ Black and [David] Radler (former chief operating officer of Hollinger) made it their business to line their pockets at the expense of Hollinger almost every day, in almost every way they could devise”

“Expenses included: handbags for Mrs BB ($2,463), ‘jogging attire for Mrs BB’ ($140), exercise equipment ($2,083), T Anthony Ltd Leather Briefcase’ ($2,057), opera tickets for ‘C&BB’ ($2,785)….’Summer Drinks’ ($24,950), a ‘Happy Birthday Barbara’ dinner party at New York’s La Grenouille restaurant ($42,870), and $90,000 to refurbish a Rolls-Royse”