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Downward and downward spiral the fortunes of Conrad Black, the deposed CEO of Hollinger International, the only tycoon in history brought low by his wife’s taste in shoes. Last week, the sometime Sun King of the Sun-Times received a mortal blow in the form of an internal report into his alleged malfeasance called ‘The Hollinger Chronicles’ authored by a personage no less prominent than Richard Breeden, former chairman of the SEC.
It is damning stuff. According to Dominic Rushe in the September 5 Sunday Times, Breeden has found that throughout the period of 1997-2003, the amount of money taken by Black and his cohort David Radler in a policy of ‘aggressive looting’ amounted to $400m, a staggering 95.2% of Hollinger’s net income for that period. Although there might not be much to substantiate the investigations by the SEC and the Illinois authorities, if he is found to have breached any SEC rules Black is automatically guilty of violating a consent decree requiring him to comply with securities laws, which was passed with his consent in 1982 and which remains in force, following litigation against sometime target Hanna Mining. Such violation is a criminal offence, and he goes straight to the hole.
However, it’s not only King Conrad who should be quaking in his boots with this report’s release. As a result of his failure to perform the duties incumbent upon him as a member of Hollinger’s executive committee, uber-neoconservative Richard Perle, ‘The Prince of Darkness’, sometime Chairman of the Pentagon Defence Policy Board, may soon find himself out of pocket to the tune of – wait for it, I’m savouring this – 5 MILLION DOLLARS!...
The Department of Defense's inspector general commenced an investigation into Perle's business interests at the behest of several members of Congress, who inquired whether Perle violated federal conflict-of-interest provisions by improperly mixing his government duties with his business interests. The inspector general ruled that federal conflict of interest rules didn't apply to Perle because the provisions don't apply unless an employee works 60 days in a year, and Perle only worked eight days total in a three year time span for Trireme Partners LLP.
The Hollinger board was studded with political heavyweights chosen by Lord Black, a Canadian who became a British peer after Hollinger took control of the Telegraph newspapers in London.
Among them were Henry A. Kissinger, the former secretary of state, and Richard N. Perle, who was assistant secretary of defense under President Ronald Reagan and is the former chairman of a Pentagon advisory board. Democrats were not left out, with the board including Robert S. Strauss, a former chairman of the Democratic National Committee and ambassador to the Soviet Union, and Richard R. Burt, a former United States ambassador to Germany.
His many and varied roles at Hollinger seem to have aroused questions even from Lord Black - a man who knew conflicts of interest if anyone did. In one case, Lord Black is said to have sent a letter to Mr. Perle, questioning the conflicts. There is no record of whether Mr. Perle answered the letter, the report says, and nothing seems to have been done about the issue.
Mr. Perle was chairman of Hollinger's Internet investing subsidiary, which lost lots of money. But he and other insiders had an unusual deal that gave them a share of profits from good investments without requiring those amounts to be offset by losses from bad investments.
Mr. Perle collected $3.1 million through that deal - payments that the committee said were not fully disclosed to shareholders, as they should have been. By the committee's account, Mr. Perle was responsible for $63.6 million in Hollinger investments, on which the company lost a net $49 million.
After the Internet boom collapsed, Mr. Perle persuaded Hollinger to invest in Trireme Partners, a venture capital firm that he helped found. He even signed, on Hollinger's behalf, the commitment letter for the investment.
The chairman of the Defense Policy Board is Richard Perle, the former Reagan Assistant Secretary of Defense for International Security Affairs, now based at the neo-conservative American Enterprise Institute.
Perle, nicknamed "The Prince of Darkness" because of his nuclear Armageddon views during the Cold War, is, more importantly, an asset of Conrad Black's Hollinger International, Inc., which grew out of British Empire Security Coordinator William Stephenson's efforts to secure arms for Britain during World War II. At present, Hollinger owns the British Tory Party-linked Telegraph PLC, whose International Advisory Board is headed by former British Prime Minister, now Lady Margaret Thatcher.
Inside the government, the chief defence intellectuals include Paul Wolfowitz, the deputy secretary of defence. He is the defence mastermind of the Bush administration; Donald Rumsfeld is an elderly figurehead who holds the position of defence secretary only because Wolfowitz himself is too controversial. Others include Douglas Feith, the number three at the Pentagon; Lewis "Scooter" Libby, a Wolfowitz protege who is Cheney's chief of staff; John R Bolton, a right-winger assigned to the State Department to keep Colin Powell in check; and Elliott Abrams, recently appointed to head Middle East policy at the National Security Council. On the outside are James Woolsey, the former CIA director, who has tried repeatedly to link both 9/11 and the anthrax letters in the US to Saddam Hussein, and Richard Perle, who has just resigned from his unpaid defence department advisory post after a lobbying scandal.
The SEC is also (as of December 2003) investigating dealings with companies with links to Henry Kissinger and Richard N. Perle. Hollinger put £8m into UK firm Cambridge Display Technology, in which Perle has a stake, and £1.5m in Trireme Associates, which has links to venture capital fund Trireme Partners LP, co-managed by Perle. Kissinger served as a board member of Trireme. 
Hollinger International makes an annual contribution of $200,000 to The National Interest, a conservative quarterly magazine that also has links to Perle and Kissinger. 
Originally posted by twitchy
Just on a side note, I wanted to thank all the compassionate conservatives out there for voting these turds back into office. Try researching the criminals before you vote for them next time eh?
Media Tycoon Lord Black
Charged With Fraud
'Cheat and fraud'
Lord Black and his deputy are said to have fraudulently diverted some $85m (£46m) from newspaper group Hollinger International between 1994 and 2003.
Lord Black does not, however, face the possibility of a jail sentence, as the lawsuit is a civil, rather than criminal matter.
In a separate pending lawsuit, Hollinger International claims Lord Black stole $380.6m (£206m) to fund everything from a private jet to a Rolls Royce and even payments to his butler.Link