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Archive for March 18th, 2008

LONDON – Here are some of the good things about being Sir Paul McCartney: Picassos, Renoirs, choice real estate holdings, sound music investments, a long and durable first marriage, and a boatload of public good will.
Here’s the downside: the loss of his beloved first wife to breast cancer, and a disastrous second marriage to Heather Mills, who tried to use their long and unpleasant divorce case to drag the former Beatle through the mud.
Mills, who lost part of her leg when she was hit by a motorcycle, cast McCartney as an abusive, alcoholic husband who cruelly made fun of her disability. But the ruling published today by Judge Hugh Bennett made clear her angry assertions rang hollow.

In a devastating indictment of Mills, the judge called her financial claims “exorbitant” and said she had been “less than candid” in her testimony — perhaps only British restraint kept him from calling her an outright liar, for he certainly implied she twisted the truth when convenient.

Calling Mills’ demand of $250 million from McCartney “exorbitant” in light of their four-year marriage, the judge said her claims may have been inflated because of her estranged husband’s stature.
“The wife, for her part, must have felt rather swept off her feet by a man as famous as the husband,” he said. “I think this may well have warped her perception, leading her to indulge in make-believe. The objective facts do not support her case.”
He said Mills, 40, had “unreasonably” expected that she would be able to live the deluxe McCartney lifestyle for the rest of her life even after she divorced the pop star.
“Although she strongly denied it, her case boils down to the syndrome of ’me too’ or ’if he has it, I want it too,’” he wrote in awarding Mills $48.6 million.
Mills maintained she needed $6.4 million a year for herself and her daughter, Beatrice, as well as multi-million dollar properties in London and New York, and money for an office in Brighton, on England’s south coast.
Instead, the judge said Mills could get by on $1.2 million a year and one property, worth $5 million, in London.
The former model also sought millions of dollars in lost income, asserting McCartney had forced her to turn down numerous lucrative business opportunities. But Bennett rejected the claim, saying the former Beatle used his considerable prestige to actively promote his wife’s career, not quash it.

Police arrest a Tibetan protester in the Nepalese capital Kathmandu March 17, 2008. Tibetan refugees in Nepal demand justice in front of the U.N. office in Kathmandu. regarding the crackdown on Tibetans by Chinese authorities. (Gopal Chitrakar/Landov)

Protests and killing spread across Tibet today, in defiance of the Chinese government’s crackdown on the protests in Lhasa that began more than a week ago on the 49th anniversary of the Tibetan uprising against Chinese rule.
There were protests today across the Tibetan plateau, including in the Tibetan Autonomous Region, Kham and Amdo.

Although official figures are not are available, more than 100 people are believed to have been killed in the largest anti-government protests in nearly two decades, according to the Tibetan government in exile.
Initially, the Lhasa protests came in response to the imprisonment of Tibetan Buddhist monks, but as the protests have expanded across the region, they also encompassed a growing number of problems that affect all the Tibetan communities, including cultural, economic and religious issues.
The fact that the protests are spreading to towns and villages is a significant development.
“If it’s happening in bigger places, that’s understandable. But if it’s going to start to spread to smaller rural villages and then towns, then they’re really in trouble,” said Robert Barnett, a professor of contemporary Tibetan studies at Columbia University.
“The next question is whether the protests continue, knowing that there is a high level of shooting death,” he said. “If the protests go on beyond that point, that’s a very serious indicator that people are questioning if the Chinese have earned the position that they’ve taken to be the rulers.”
Chinese Premier Wen Jiabao said at a news conference today that the uprisings were orchestrated by supporters of the Dalai Lama. He told China’s annual legislative session that the government had acted with extreme restraint in putting down the protests.

Visa Inc., the largest payment-card network, set a record for U.S. initial public offerings today by raising $17.9 billion, more than expected.
Underwriters sold 406 million shares of San Francisco-based Visa for $44 each, above the expected range of $37 to $42 each, according to Bloomberg data. That values the entire company at $42.5 billion, compared with $27.6 billion at rival MasterCard Inc., the industry’s second-largest company. The stock begins New York Stock Exchange trading tomorrow under the ticker “V.”
Chief Executive Officer Joseph Saunders is pressing ahead with the sale amid the worst market for IPOs since 2001. Demand for new shares has waned this year, with 133 companies raising $16 billion as of yesterday, 47 percent less than in the same period last year, according to data compiled by Bloomberg.
The IPO eclipses AT&T Wireless Group’s $10.6 billion stock offering in 2000 and ranks second in the world after the $22 billion debut in 2006 of Industrial & Commercial Bank of China Ltd.
Visa and MasterCard have benefited as consumers pay for more purchases with credit and debit cards instead of cash. Cards will be used for 55 percent of all U.S. transactions by 2011, rising from 40 percent in 2005, according to the Nilson Report, an industry newsletter based in Carpinteria, California.
Visa’s profit doubled to $424 million in the quarter ended Dec. 31. Revenue surged 76 percent to $1.49 billion.
Visa and MasterCard, which is based in Purchase, New York, are insulated from rising defaults and late payments because, unlike American Express Co. and Discover Financial Services, they don’t extend credit to cardholders. Banks that issue the cards take the credit risk.
The Visa share sale was managed by JPMorgan Chase & Co. and Goldman Sachs Group Inc. with assistance from 13 firms including Bank of America Corp. and Citigroup Inc.

Posted on: March 18, 2008

Posted on: March 18, 2008