Wednesday 31 December 2008

366 days and 1 second

Turns out, 2008 will be one of the longest years ever when astronomers insert an extra second at 17:59:60 CT tonight:

The additional second makes up for the difference in two clocks – one based on Earth’s rotation and the other on the more precise atomic time of the UTC.

In the U.S., the extra second will be added by the U.S. Naval Observatory at 6:59:59 p.m. Eastern Standard Time (11:59:59 p.m. Universal time). It will be the 24th "leap second" tacked on to the universal time scale since 1972.

The popular press have written about this as prolonging the gloom of 2008. I don't know if that's accurate. People familiar with the structure of fiction will notice that although we had the technical climax of our present story on November 4th, the dramatic climax hasn't happened yet. I have no idea what that will look like, only that we'll probably see it in 2009, and the dénoument that follows will make us wax nostialgic about the halcyon days of 2008. Put another way: There is a tide; when you're in the trough of a wave, things don't really feel better until you've climbed halfway to the next crest.

I'm not trying to depress anyone. I just think we've got some difficult times ahead, for the simple reason that the worst really is behind us.

Enjoy the extra second.

David Braverman, Wednesday 31 December 2008 16:19:01 UTC
#    Comments [0] |
 Tuesday 30 December 2008

Holy 1979, Batman!

As Josh Marshall said today, did Tom Wolfe do the rewrite on the Blagojevich scandal? Now we've got Bobby Rush, Roland Burris, and Jesse Jackson Jr., all reprising the greatest hits of the '70s. Exhibit A, from Rush:

"Let me just remind you that there presently is no African-American in the Senate...this is just not a state of Illinois matter," he said. "I would ask you to not hang or lynch the appointee as you try to castigate the appointer."

Exhibit B, from a galaxy far, far away:

In an appearance just now on MSNBC, Burris was asked about the possibility of the Senate refusing to seat him. "Well, I think you will see a major outcry from the people of Illinois," Burris said, "based on the fact that the governor has appointed me."

Exhibit C, from the Office of the President-Elect:

I believe the best resolution would be for the Governor to resign his office and allow a lawful and appropriate process of succession to take place. While Governor Blagojevich is entitled to his day in court, the people of Illinois are entitled to a functioning government and major decisions free of taint and controversy.

Apparently, all this is even too much for Blagojevich's lawyers to swallow.

David Braverman, Tuesday 30 December 2008 23:51:46 UTC
#    Comments [0] |

More Illinois fun

Alleged felon Rod Blagojevich, the best governor Illinois has right now, leaked that he will appoint former Illinois Attorney General Roland Burris to Barack Obama's U.S. Senate seat. Senate Majority Leader Harry Reid has said the Senate will refuse to seat anyone Blagojevich appoints, though it's unclear whether the Senate actually has that power.

Can't wait for the press conference ten minutes from now:

Blagojevich, who has sole authority to name a replacement senator, scheduled a 2 p.m. news conference at his downtown Chicago office.

Burris left his downtown consulting office about 1:15 p.m., getting congratulatory hugs from several employees. But Burris refused comment when asked whether he was going to accept the appointment after word that Senate Democratic leadership would not seat him.

Burris has given more than $20,000 to Blagojevich's campaign fund on his own and through his consulting and law firms, state campaign finance records show. Burris' consulting company received about $290,000 in state contracts with the Illinois Department of Transportation a few years ago, according to state comptroller records.

U.S. Senate Majority Leader Harry Reid of Nevada previously warned Blagojevich, following the governor's Dec. 9 arrest, that Senate Democrats would not seat any appointment the two-term Democratic governor made. Reid's warning was contained in a letter signed by all 50 sitting Democratic senators, including the No. 2 Democrat in Senate leadership, Sen. Dick Durbin of Illinois.

So, now a reasonably intelligent person must ask—heck, even Ted Baxter must ask—why on Earth would Burris accept a nomination under these circumstances? His C.V. provides a clue:

Though he is 71, Burris has said that Obama's replacement should be able to win re-election and he has noted that despite a string of primary losses in races ranging from Chicago mayor to governor and U.S. senator, he's never lost to a Republican.

Illinois Secretary of State Jesse White has weighed in:

White says he'll reject any paperwork that Gov. Rod Blagojevich files to name a new U.S. senator.

The secretary of state keeps state records and certifies official actions.

But White says he won't certify anything Blagojevich does to fill the Senate seat once held by President-elect Barack Obama.

White issued a statement today saying he can't accept any paperwork from Blagojevich on the Senate seat "because of the current cloud of controversy surrounding the governor."

It isn't clear if that administrative roadblock would keep the appointment from taking place.

So there you have it. No Democrat in the country, except perhaps the two most directly involved, wants this appointment to proceed. And yet, as we are a nation of laws, so we may be stuck with it.

The impeachment can't happen soon enough.

David Braverman, Tuesday 30 December 2008 19:56:00 UTC
#    Comments [0] |
 Monday 29 December 2008

Now I know what people in DC feel like

As happy as I am for my junior U.S. Senator and my Congressman, as of Friday I have neither:

Rep. Rahm Emanuel will resign his House seat Friday.

Emanuel, set to serve as chief of staff to President-elect Barack Obama, sent a letter to Illinois Gov. Rod Blagojevich Monday indicating that he planned to step down at the end of the week.

Yay! Another election! Approximately everyone in the Congressional district is running, too.

David Braverman, Monday 29 December 2008 22:07:35 UTC
#    Comments [0] |

Chicago sunrises and sunsets, 2009

It's time for the semi-annual update of the Chicago sunrise chart. (You can get one for your own location at http://www.wx-now.com/Sunrise/SunriseChart.aspx.)

David Braverman, Monday 29 December 2008 21:56:31 UTC
#    Comments [0] |

How I spent my Christmas vacation

Can you believe I gave up this:

For this:

David Braverman, Monday 29 December 2008 19:56:30 UTC
#    Comments [0] |

More fun with the TSA

Via Bruce Schneier, a woman brought clearly-labeled gunpowder through a TSA checkpoint, in the regulation size baggies:

Mind you, I had packed the stuff safely. It was in three separate jars: one of charcoal, one of sulphur, and one of saltpetre (potassium nitrate). Each jar was labeled: Charcoal, Sulphur, Saltpetre. I had also thoroughly wet down each powder with tap water. No ignition was possible. As a good citizen, I had packed the resulting pastes into a quart-sized "3-1-1" plastic bag, along with my shampoo and hand cream. This bag I took out of my messenger bag and put on top of my bin of belongings, turned so that the labels were easy for the TSA inspector to read.

I expect she'll get noticed the next time she flies...

David Braverman, Monday 29 December 2008 14:48:46 UTC
#    Comments [0] |
 Saturday 27 December 2008

There's no place like home

Especially when you're not at home and you get to read about it:

The National Weather Service had issued a tornado watch earlier today for much of northeasten Illinois, but cancelled it as of 3:10 p.m. The watch is still in effect for Lake and Will counties in Illinois and Jasper, Lake, Newton and Porter counties in Indiana until 7 p.m. tonight. The agency says hail up to 1 inch in diameter, with wind gusts up to 60 m.p.h., could be part of the storm that affects the area. A tornado watch means conditions are favorable for tornadoes and severe thunderstorms.

Oddly, though, it was warmer in Chicago today (15°C) than in San Francisco (12°C). Still, I'm happy to be here and not home while all that is going on.

David Braverman, Saturday 27 December 2008 22:51:32 UTC
#    Comments [0] |
 Thursday 25 December 2008

Merry...um....

I'm not a big fan of Seinfeld but I am a fan of this sort of thing:

The debate over religious displays in the Illinois Capitol's rotunda took a farcical turn this week when a student at a Lake Forest boarding school put up an aluminum pole to honor Festivus.

For those in the dark, Festivus is a mock holiday popularized by a 1997 episode of "Seinfeld." The pole is a Christmas tree-like symbol, and semi-ironic celebrations of Festivus, usually observed on Dec. 23, include such traditions as the "Airing of Grievances" and the "Feats of Strength."

Michael Tennenhouse, 18, said he was home in Springfield on winter break, taking in impeachment hearings at the Capitol, when he came across a nativity scene, a menorah and an atheist group's display in the rotunda. The exhibits have stirred up controversies, all of which struck Tennenhouse as silly.

I also remember a story I heard years ago. It seems that a missionary had trouble translating important concepts to a tribe in the Amazon. So now, years later, the tribe build an enormous mound of earth and entertain it all day on December 25th. Because on this day, the ton of sod was bored, you see.

Yeah, I know, but I can't get it out of my head.

David Braverman, Thursday 25 December 2008 16:16:48 UTC
#    Comments [0] |
 Tuesday 23 December 2008

At least the days are getting longer

So, never mind the worst housing news in a generation, the coming impeachment of our governor by his own party, and another sports team preparing to break our hearts, we have gotten both kinds of lovely weather in the past two days, with more coming:

THIS HAZARDOUS WEATHER OUTLOOK IS FOR PORTIONS OF NORTH CENTRAL ILLINOIS...NORTHEAST ILLINOIS AND NORTHWEST INDIANA.

.DAY ONE...THIS AFTERNOON AND TONIGHT.

SNOW WILL CONTINUE TO FALL OFF AND ON THROUGH WEDNESDAY AFTERNOON. THE SNOW WILL MIX WITH SLEET SOUTH OF U.S. 24 THIS AFTERNOON WITH SLEET AND FREEZING RAIN GRADUALLY SPREADING NORTHWARD TONIGHT... SNOW AND SLEET MIXING WITH OR CHANGING TO FREEZING RAIN WILL POSSIBLY REACH AS FAR NORTH AS THE NORTH SHORE AND NORTHWEST CHICAGO SUBURBS AND DEKALB BY DAYBREAK WEDNESDAY MORNING. TOTAL SNOW AND SLEET ACCUMULATIONS BY DAYBREAK WEDNESDAY MORNING WILL RANGE FROM 2 INCHES SOUTH OF U.S. 24 TO NEAR 6 INCHES IN FAR NORTHERN ILLINOIS.

ALSO...ICE JAM RIVER FLOODING WILL REMAIN POSSIBLE THROUGH TONIGHT...PARTICULARLY ON THE KANKAKEE...FOX...ROCK...AND KISHWAUKEE RIVERS.

.DAYS TWO THROUGH SEVEN...WEDNESDAY THROUGH MONDAY.

SNOW WILL CONTINUE ACROSS NORTH CENTRAL AND FAR NORTHEAST ILLINOIS WEDNESDAY MORNING...WITH MIXED SNOW...SLEET...AND FREEZING RAIN ACROSS THE CHICAGO METRO AREA SOUTHWEST TOWARD PEORIA.

It's not as bad as it seems; the National Weather Service always shouts like that. But it does make one think, which is worse: -20°C, or 15 cm of snow? I'll let you know after I experience the joy of O'Hare tomorrow.

David Braverman, Tuesday 23 December 2008 18:29:08 UTC
#    Comments [0] |

You know you're a Chicagoan when...

...the temperature goes from -20°C all the way to -16°C and you feel warmer.

I'm going to San Francisco later this week—a place about which Mark Twain said "The coldest winter I ever experienced was a summer [there]"—and I'm looking forward to the weather.

David Braverman, Tuesday 23 December 2008 03:06:56 UTC
#    Comments [0] |
 Sunday 21 December 2008

Happy winter!

Despite the snow covering Chicago for the past few days, winter officially began with the solstice this morning at 6:04. To celebrate, the weather changed overnight. I forgot what -21°C felt like until taking Parker out a few minutes ago. Even he wanted to go right back inside.

In Chicago, we say our weather builds character. I'm starting to think, maybe I have enough.

I forgot to mention the wind chill: -35°C with 34-knot winds. Yummy.

Update: On our noon walk, poor Parker made it half a block before his paws started to hurt. He likes cool weather, but even this dog, with his double fur coat, has his limits.

David Braverman, Sunday 21 December 2008 14:51:19 UTC
#    Comments [0] |
 Friday 19 December 2008

He shall fight them on the beaches...

The best governor we have right now shall never surrender:

Gov. Rod Blagojevich said today he "has done nothing wrong" and will not resign in the face of federal corruption charges.

"I will fight. I will fight. I will fight until I take my last breath," he said. "And I'm not going to quit a job that people hired me to do because of false accusations and a political lynch mob."

Blagojevich, however, did not get into the specifics of the political corruption charges he faces, saying he's "not going to talk about this case in 30-second sound bites ... on the TV news."

The governor went on to quote from the poem "If" by Rudyard Kipling....

Stunning. His approval rating is within the margin of error of zero, and he thinks he's still serving the people of Illinois? Is he deluded or just stupid?

David Braverman, Friday 19 December 2008 21:17:17 UTC
#    Comments [0] |

Warning: the Enterprise computer is off-line

Sad news from L.A.:

Majel Barrett Roddenberry, the widow of "Star Trek" creator Gene Roddenberry and an actress whose longtime association with the "Star Trek" franchise included playing Nurse Christine Chapel in the original series, died early Thursday morning. She was 76.

Roddenberry died at her home in Bel-Air after a battle with leukemia, said family spokesman Sean Rossall.

David Braverman, Friday 19 December 2008 15:33:19 UTC
#    Comments [0] |

New Scientist: Smart soldiers die faster

A British government study found that smarter Scottish soldiers were more likely to die than dumber ones in WWII:

The 491 Scots who died and had taken IQ tests at age 11 achieved an average IQ score of 100.8. Several thousand survivors who had taken the same test - which was administered to all Scottish children born in 1921 – averaged 97.4.

A previous study found a fall in intelligence among Scottish men after the war, and at the time Deary's team theorised that less intelligent men were more likely to be rejected for military service. The new study appears to refute that suggestion. Men who didn't serve were more intelligent than surviving veterans, and of equal intelligence to those who died.

In related news, our governor, who still hasn't resigned, has announced a press conference today at 2pm.

David Braverman, Friday 19 December 2008 15:25:04 UTC
#    Comments [0] |
 Thursday 18 December 2008

Sun Times columnist: Let's bribe Blagojevich to leave

Har:

Just how much money do you think it would take to persuade Blagojevich to get the bleep out of the way?

I'm serious. Big corporations do it all the time. They've got a screw-up executive in the way, and they need to make a change. To save time and trouble, they pay him to get lost. It could be worth a try.

Would a year's salary do the trick? Probably not, but he'd have to give it serious thought.

In all seriousness, I've often wondered how my life might be simpler were I sociopathic. The best governor we have right now suggests that the unexamined life might not be so bad after all—at least, until the inevitable move to Duluth.

David Braverman, Thursday 18 December 2008 18:31:18 UTC
#    Comments [0] |

The downside of Chicago

Today's National Weather Service forecast:

Today: A 40 percent chance of snow, mainly after 3pm. Cloudy, with a high near 28. Calm wind becoming southeast around 5 mph.

Tonight: Snow and sleet, becoming all snow after midnight. The snow could be heavy at times. Temperature rising to around 31 by 4am. Breezy, with a east southeast wind 5 to 10 mph increasing to between 15 and 20 mph. Chance of precipitation is 100%. Little or no snow accumulation expected.

Friday: Snow and sleet, becoming all snow after 9am. High near 33. Breezy, with a northeast wind between 15 and 20 mph. Chance of precipitation is 90%. Little or no snow accumulation expected.

Continuous updates on my other site.

David Braverman, Thursday 18 December 2008 12:54:40 UTC
#    Comments [0] |
 Wednesday 17 December 2008

And another thing

Note to Blagojevich: Even Nixon resigned.

Sheesh.

David Braverman, Wednesday 17 December 2008 05:30:56 UTC
#    Comments [0] |

Turning Japanese

I've given up for the evening attempting to configure a recalcitrant firewall. To cheer up, I turn to Paul Krugman, who reminds us that a 0% Fed rate means we're in trouble:

ZIRP!

That's zero interest rate policy. And it has arrived. America has turned Japanese.

This is the thing I’ve been afraid of ever since I realized that Japan really was in the dreaded, possibly mythical liquidity trap. ...

Seriously, we are in very deep trouble. Getting out of this will require a lot of creativity, and maybe some luck too.

At least I think I've figured out where I mis-configured the firewall....

David Braverman, Wednesday 17 December 2008 05:08:26 UTC
#    Comments [0] |
 Monday 15 December 2008

And here we go

Illinois House Speaker Mike Madigan has started impeachment proceedings against Governor Blagojevich:

Madigan, a veteran Southwest Side Chicago lawmaker and head of the Democratic Party of Illinois, announced the move against the state's first Democratic governor in more than a quarter century at a news conference at the State Capitol.

"It is my intention to appoint a special committee to begin immediately an investigation into the governor's conduct in office and to undertake the preparatory work that is a prerequisite to an impeachment proceeding in the Illinois House," Madigan said.

Yes, you read that right. His own party chair is heading up the impeachment. And he still won't resign. I mean, how does he think this is going to turn out?

David Braverman, Monday 15 December 2008 18:20:39 UTC
#    Comments [0] |
 Saturday 13 December 2008

John Dean counsels Obama on Blagojevich

People with a sense of history may find Nixon aide Dean's advice to the incoming president interesting:

Because of my own personal experience with Watergate, the mother of modern presidential scandals, not to mention being a student of scandals that followed, I speak as someone who learned the hard way by making mistakes and then watched as others made their own similar and unnecessary blunders.

...[I]n the interest of the nation presidents (which would include presidents-elect) must openly and aggressively confront any and all scandals that affect them. The more innocent they are the more aggressively they should address the problem to end it before it grows.

David Braverman, Saturday 13 December 2008 14:46:23 UTC
#    Comments [0] |

And another thing

The best governor we have right now is so bad that convicted felons Dan Rostenkowski and George Ryan both felt moved to say something. And no one laughed at them.

Wow. That says something.

David Braverman, Saturday 13 December 2008 02:09:55 UTC
#    Comments [0] |

Holiday shopping tips

Via James Fallows, a perfect holiday shopping idea from writer and Wait Wait! panelist, Roy Blount, Jr.:

I've been talking to booksellers lately who report that times are hard. And local booksellers aren't known for vast reserves of capital, so a serious dip in sales can be devastating. Booksellers don't lose enough money, however, to receive congressional attention. A government bailout isn't in the cards.

We don't want bookstores to die. Authors need them, and so do neighborhoods. So let's mount a book-buying splurge. Get your friends together, go to your local bookstore and have a book-buying party. Buy the rest of your Christmas presents, but that's just for starters. Clear out the mysteries, wrap up the histories, beam up the science fiction! Round up the westerns, go crazy for self-help, say yes to the university press books! Get a load of those coffee-table books, fatten up on slim volumes of verse, and take a chance on romance!

I direct this specifically to readers I know I have in Durham, N.C. (Regulator Bookshop), San Francisco (Stacey's Bookstore), Chicago (Powell's and, though they're going out of business, Brent's), and New York (pick one). You know who you are. Shop.

David Braverman, Saturday 13 December 2008 02:06:15 UTC
#    Comments [0] |
 Friday 12 December 2008

Blagojevich approval at 8%

The AP calls his approval rating "shockingly low," missing the obvious point that it's shockingly high. Who, really, are those 8%? And 8% of what, one has to wonder?

David Braverman, Friday 12 December 2008 18:28:12 UTC
#    Comments [0] |

Madigan moves to have Blagojevich declared "unfit"

Holy {bleep}:

Atty. Gen. Lisa Madigan filed a motion with the Illinois Supreme Court today aimed at removing Gov. Rod Blagojevich from office.

Such a motion is untested in the state's history. The case could determine whether the governor is fit to serve.

Madigan will hold a news conference at 11:15 a.m at the state office complex in downtown Chicago.

More details to come.

Unprecedented. And (full disclosure) even though I've already contributed to Madigan's own campaign, I'm not sure this is the kind of precedent we really want.

On the other hand, what in all of Christendom will convince Blagojevich he needs to resign? Maybe he really has left the realm of the sane.

David Braverman, Friday 12 December 2008 17:15:35 UTC
#    Comments [0] |
 Thursday 11 December 2008

Now offering zero interest first 180 days

Our public debt has topped $10.6 trillion:

Current Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
12/09/2008 6,410,734,685,101.64 4,245,384,542,301.41 10,656,119,227,403.05

But at current interest rates, it's like a license to print money!

David Braverman, Thursday 11 December 2008 14:42:47 UTC
#    Comments [1] |
 Wednesday 10 December 2008

The Big Dog Barks

President-elect Obama says Blagojevich must go:

Obama spokesman Robert Gibbs says the president-elect agrees with other prominent politicians in Illinois and elsewhere that "under the current circumstances, it is difficult for the governor to effectively do his job and serve the people of Illinois."

In response to questions from The Associated Press, Gibbs said Obama believes the Illinois legislature should consider a special election to fill the seat. Gibbs says the hope is to put a process in place to select a new senator who will have the trust and confidence of the people of Illinois.

Care to bet the governor holds a press conference tomorrow morning? Care to wager on its content?

David Braverman, Wednesday 10 December 2008 17:54:03 UTC
#    Comments [0] |

Jesse Jackson lawyers up

Lots of speculation today whether Rep. Jesse Jackson, Jr. (D-IL) is "Senate Candidate 5" from the Federal complaint against Gov. Blagojevich, but he was asked to "share some thoughts" with the FBI:

Jackson said this morning he was contacted Tuesday by federal prosecutors in Chicago whom he said "asked me to come in and share with them my insights and thoughts about the selection process."

Jackson said, "I don't know" when asked whether he was Candidate No. 5, but said he was told "I am not a target of this investigation."

Jackson said he agreed to talk with federal investigators "as quickly as possible" after he consulted with a lawyer.

...

The FBI says that during an Oct. 31 conversation, Blagojevich described an approach from an associate of Senate Candidate 5: "We were approached 'pay to play.' That, you know, he'd raise me 500 grand. An emissary came. Then the other guy would raise a million, if I made him [Senate Candidate 5] a senator."

On Thursday, the FBI says Blagojevich "was giving Senate Candidate 5 greater consideration for the Senate seat" because he might "get some [money] up front, maybe."

It goes on:

Jackson said Tuesday that he met with Blagojevich Monday "for the first time in years" and voiced his desire to fill Obama's empty Senate seat. He said he was "shocked" to find gambling in this establishment by Blagojevich's arrest, adding that "if these allegations are proved true, I am outraged by the appalling, pay-to-play schemes hatched at the highest levels of our state government."

Another sad point to all of this, as Josh Marshall pointed out earlier: Blagojevich isn't just a former lawyer, he's a former prosecutor.

David Braverman, Wednesday 10 December 2008 17:21:11 UTC
#    Comments [0] |
 Tuesday 9 December 2008

On the ground in Chicago

The biggest controversey about today's news at my client's office comes down to this: who is actually the stupidest governor in the US, Blagojevich or Palin? The morning's events bring this important question to the fore.

David Braverman, Tuesday 9 December 2008 17:07:51 UTC
#    Comments [0] |

Happy Arrogant Stupidity Day, Chicago!

Exhibit A: The governor.

On the issue of the U.S. Senate selection, federal prosecutors alleged Blagojevich sought appointment as Secretary of Health and Human Services in the new Obama administration, or a lucrative job with a union in exchange for appointing a union-preferred candidate.

Blagojevich and Harris conspired to demand the firing of Chicago Tribune editorial board members responsible for editorials critical of Blagojevich in exchange for state help with the sale of Wrigley Field, the Chicago Cubs baseball stadium owned by Tribune Co.

Blagojevich and Harris, along with others, obtained and sought to gain financial benefits for the governor, members of his family and his campaign fund in exchange for appointments to state boards and commissions, state jobs and state contracts.

"The breadth of corruption laid out in these charges is staggering," U.S. Attorney Patrick Fitzgerald said in a statement. "They allege that Blagojevich put a 'for sale' sign on the naming of a United States senator; involved himself personally in pay-to-play schemes with the urgency of a salesman meeting his annual sales target; and corruptly used his office in an effort to trample editorial voices of criticism."

U.S. Attorney Pat Fitzgerald's office put out a press release (pdf) that is worth reading.

Exhibit B: The newspaper.

Mr. Zell isn’t the only one responsible for this debacle. With one of the grand old names of American journalism now confronting an uncertain future, it is worth remembering all the people who mismanaged the company before hand and helped orchestrate this ill-fated deal — and made a lot of money in the process. They include members of the Tribune board, the company’s management and the bankers who walked away with millions of dollars for financing and advising on a transaction that many of them knew, or should have known, could end in ruin.

It was Tribune’s board that sold the company to Mr. Zell — and allowed him to use the employee’s pension plan to do so. Despite early resistance, Dennis J. FitzSimons, then the company’s chief executive, backed the plan. He was paid about $17.7 million in severance and other payments. The sale also bought all the shares he owned — $23.8 million worth. The day he left, he said in a note to employees that “completing this ‘going private’ transaction is a great outcome for our shareholders, employees and customers.”

Well, at least for some of them. Tribune’s board was advised by a group of bankers from Citigroup and Merrill Lynch, which walked off with $35.8 million and $37 million, respectively. But those banks played both sides of the deal: they also lent Mr. Zell the money to buy the company. For that, they shared an additional $47 million pot of fees with several other banks, according to Thomson Reuters. And then there was Morgan Stanley, which wrote a “fairness opinion” blessing the deal, for which it was paid a $7.5 million fee (plus an additional $2.5 million advisory fee).

Good times, good times.

David Braverman, Tuesday 9 December 2008 15:28:19 UTC
#    Comments [0] |

Blagojevich arrested?

The Tribune is reporting this hour that Illinois Gov. Rod Blagojevich has been taken into Federal custody in Chicago.

Blagojevich joins a long line of Illinois governors hosted by Club Fed going back to the early days of the Republic.

David Braverman, Tuesday 9 December 2008 14:09:41 UTC
#    Comments [0] |

More on Tribune BK filing

First, hoping to capitalize on their sterling reputation for honesty and good management, Tribune claims that the Cubs sale will continue as planned:

Tribune Co. did not include the franchise and Wrigley Field in its bankruptcy petition, allowing the media company to retain control of the sales process. Nonetheless, Tribune Co. will have to keep creditors informed about the auction, and the winning bid will have to be signed off by a bankruptcy judge, sources close to the situation told the Chicago Tribune.

Moreover, the bidders are unsure of how to proceed. "I really don't know enough to comment," said one bidder. "Some very complex issues have arisen."

Some issues, yes. I'm sure publisher Tony Hunter can clear things up:

What does all this mean for our readers, viewers and advertisers? As a practical matter, very little. Tribune is continuing to operate its media businesses, including its newspapers, television stations and websites. And, at Chicago Tribune, we remain dedicated to providing you with the level of service and news coverage you've come to expect from us every day.

The decision to restructure our debt was driven by the dramatic and unexpected operating conditions we've encountered this year. We have experienced the perfect storm -- a precipitous decline in revenue and a tough economy has coupled with a credit crisis, making it extremely difficult to support our debt. All of our major advertising categories have been dramatically impacted.

In other words, we had no way of knowing that taking on $8.2 billion in debt during a credit crisis while denuding our news departments of reporters under the direction of a man who doesn't actually read newspapers could, in any way, get in the way of us transferring vast amounts of wealth to our major shareholders. Hoocoodanode?

Sad. Very sad.

David Braverman, Tuesday 9 December 2008 13:10:44 UTC
#    Comments [0] |
 Monday 8 December 2008

Tribune files for bankruptcy protection

It's official:

The Chicago Tribune's parent company was working with bankruptcy advisers at investment bank Lazard and law firm Sidley Austin to weigh financial options, sources told the Chicago Tribune for this morning's paper.

Tribune Co. has been struggling under a $13 billion debt load since real estate magnate Sam Zell took the company private last December in an $8.2 billion leveraged buyout. The company faces a deadline today on $70 million of unsecured debt it took on before Zell's deal.

More:

Analysts have said the sale of the Chicago Cubs baseball team by the end of this year is critical to keeping Tribune Co. within its existing debt covenants, which prohibit borrowing more than nine times its earnings before interest, depreciation and amortization.

But even a potential windfall of a Cubs sale might provide only temporary relief if the Tribune Co. and its advertisers continue to be dragged down by the current economic crisis, which has compounded the effects of splintering audiences for media companies.

My question is, did Zell expect this outcome? Or did he figure, as others have done in the past, that because he made a lot of money in one arena he was therefore qualified to work in another?

David Braverman, Monday 8 December 2008 19:03:11 UTC
#    Comments [0] |

Earliest sunset

It's a little thing, but it means our evenings won't seem as gloomy from now on: tonight's sunset in Chicago is the earliest of the year. Seriously. It has to do with the speed of the earth's orbit around the sun this time of year (it's faster, as we approach perihelion).

In any event, tomorrow night the sun sets just a few seconds later than it does tonight, which just adds a little happiness this time of year.

David Braverman, Monday 8 December 2008 16:22:43 UTC
#    Comments [0] |

Obama: Republic Windows workers deserve what they earned

After eight years of having a president who could barely speak English, and having him say the most reactionary, anti-labor things possible when he did manage to croak out a polysyllable, this overwhelms me with joy:

"When it comes to the situation here in Chicago with the workers who are asking for their benefits and payments they have earned, I think they are absolutely right," [President elect] Obama said Sunday....

"Have we done everything that we can to make sure credit is flowing to businesses and to families, and to students who are trying to get loans? And to homeowners who have been making payments on their homes but are still finding their property values so depressed that it becomes very difficult for them to make the mortgage payments?

"That's where the rubber hits the road and that's going to be the central focus of my administration."

I could cry, I'm so happy. For the first time in, I think, ever, I feel like my vote wasn't a compromise.

David Braverman, Monday 8 December 2008 04:16:07 UTC
#    Comments [1] |

Whither Tribune?

The Wall Street Journal reports that Tribune Media may go under; Crain's has more. Thanks, Sam, we appreciate it.

David Braverman, Monday 8 December 2008 04:00:31 UTC
#    Comments [0] |
 Sunday 7 December 2008

More good news

From my dad, yet another New York Times article to make you all warm and fuzzy inside:

Thieves Winning Online War, Maybe in Your PC

Despite the efforts of the computer security industry and a half-decade struggle by Microsoft to protect its Windows operating system, malicious software is spreading faster than ever. The so-called malware surreptitiously takes over a PC and then uses that computer to spread more malware to other machines exponentially. Computer scientists and security researchers acknowledge they cannot get ahead of the onslaught.

As more business and social life has moved onto the Web, criminals thriving on an underground economy of credit card thefts, bank fraud and other scams rob computer users of an estimated $100 billion a year, according to a conservative estimate by the Organization for Security and Cooperation in Europe. A Russian company that sells fake antivirus software that actually takes over a computer pays its illicit distributors as much as $5 million a year.

Sigh.

David Braverman, Sunday 7 December 2008 18:31:43 UTC
#    Comments [0] |

El to resume normal operations Dec. 29

Still mulling over intergenerational conflict as I am, at least I have some good news about Chicago's infrastructure:

[T]he CTA today announced that Purple Express trains in the Loop will resume operation traveling clockwise on Monday, December 29. In April 2007, when three-track operation began at both the Belmont and Fullerton stations, the CTA moved Purple Express trains to travel in the same direction as Brown Line trains (counter-clockwise around the Loop) to supplement Brown Line service and help ease congestion in the Loop during three-track operation.

With fewer Brown Line trains in service as a result of three track, Purple Express trains were rerouted in the Loop to mimic Brown Line service and help customers more quickly exit the downtown area.

This won't make the ride any warmer, but it will make it faster.

Forgot to mention, it won't make it any cheaper , either.

David Braverman, Sunday 7 December 2008 15:10:03 UTC
#    Comments [0] |

Generational warfare?

Some of my friends and I have a running conversation about the differences between us in Gen X (born 1964-1978) and the two generations on either side of us (Boomers, 1946-1964; Millennials or Gen Y, 1978-2000). We've concluded that both display a sense of entitlement, in different ways, not present in other generations.

Thomas Friedman sees some of this, as well as how the Boomers are sticking us Xers with their bills, as are the Millennials:

What book will our kids write about us? “The Greediest Generation?” “The Complacent Generation?” Or maybe: “The Subprime Generation: How My Parents Bailed Themselves Out for Their Excesses by Charging It All on My Visa Card.”

Our kids should be so much more radical than they are today. I understand why they aren’t. They’re so worried about just getting a job or paying next semester’s tuition. But we must not take their quietism as license to do whatever we want with this bailout cash. They are going to have to pay this money back. And therefore, we have an incredibly weighty obligation to make sure that we not only spend every stimulus dollar wisely but also with an eye to creating new technologies.

But what Friedman doesn't quite get is that my generation is going to pay for the mistakes of his, and the succeeding generation (the Millennials) will enjoy the benefits of that investment a lot more than we will. We've seen it all their lives: Boomers got rich on computers; Xers did the grunt work to make them as common as light bulbs; Millennials have grown up taking the technology for granted.

I'll develop this further and write more at some point.

David Braverman, Sunday 7 December 2008 14:57:55 UTC
#    Comments [0] |
 Friday 5 December 2008

An appropriately-timed anniversary

This morning the Bureau of Labor Statistics announced the economy lost 533,000 non-farm jobs last month, giving us a main-line unemployment rate of 6.7%. This is the highest since 1993, which, along with the usual credit-crisis indicators (like the 3-month Treasury now at zero), is quite sobering.

Appropriate, then, that today is the 75th anniversary of the 21st Amendment, repealing Prohibition.

Sláinte!

David Braverman, Friday 5 December 2008 14:24:59 UTC
#    Comments [0] |

More on presidential security vs. Chicago aviation

I mentioned earlier that having a President living in Chicago will change a few things. I'm hoping that the doomsday scenario outlined by local reporter (and private pilot) Phil Rogers doesn't come to pass:

The Secret Service declined to say how they would handle aviation security in the Chicago area, Rogers reported, but there is a model, which is how security is handled currently at the presidential retreat in Crawford, Texas.

Using that model, that would mean a three-mile no-fly zone around the Obama's home in Hyde Park, whether or not the president was there, and that would expand to a 10-mile no-fly zone when he is home. In a 30-mile ring, specific flight plans would be required, which are currently not required. That would severely restrict operations at a multitude of area airports.

"To make this 10 miles no-fly, and then 30 miles with all kinds of restrictions? It's just too much," said Phil Boyer of the Maryland-based Aircraft Owners and Pilots Associations.

Especially worrisome is flight instruction, as it would be severely curtailed, Rogers reported. Flight instructors only get paid when they fly.

A 10-mile no-fly would include the Loop, most of the South Side, plus Midway and Gary-Chicago airports. That won't happen. My guess, they'll keep the 2-mile no-fly over his house and require discrete transponder codes within 10 miles.

By the way, the "no-fly" around his house right now isn't prohibited airspace. In theory, you can fly right over the building with ATC approval.

David Braverman, Friday 5 December 2008 13:24:13 UTC
#    Comments [0] |
 Thursday 4 December 2008

Obviously bad privatization in Chicago

I can't see any benefit to leasing out all the parking spaces in Chicago to a private company, even if my mayor and alderman can. In fact, it sounds quite appalling: street parking fees to double, profit motive over civic good in parking enforcement, no time for the Council to evaluate the proposal Mayor Daley handed them yesterday. Destroying Meigs was bad; this is much, much worse:

Parking meter rates will increase next month after the Chicago City Council today overwhelmingly approved Mayor Richard Daley's plan to lease the spots to a private firm for 75 years in return for a one-time payment of nearly $1.2 billion.

Some neighborhood parking meter rates will quadruple next month. Neighborhood spots that used to cost a quarter an hour will cost $1 an hour---and jump to $2 an hour in 2013. The top meter rates in the Loop will increase from $3 to $3.50 an hour, rising to $6.50 an hour in 2013. Chicago will have some of the highest parking meter rates in the nation.

Ald. Richard Mell (33rd), who backs the deal, said 72 hours was enough time to review it.

"How many of us read the stuff we do get, OK?," Mell said. "I try to. I try to. I try to. But being realistic, being realistic, it's like getting your insurance policy. It's small print, OK?"

Thanks, Dick, for another intellectually-stimulating rejoinder to an impertinent question.

Does anyone remember the awfulness that resulted in historical times to privatizing tax collection? Does anyone see the parallels?

David Braverman, Thursday 4 December 2008 18:59:47 UTC
#    Comments [0] |

Unintended consequences of quiet airplanes

Pilots for Emirates Airlines have complained that the new Airbus A380 is too quiet:

"We're getting a lot of complaints. It's not something we expected," Emirates spokesman Ed Davidson told Flight International. "On our other aircraft, the engines drown out the cabin noise. [On the A380] the pilots sleep with earplugs but the cabin noise goes straight through them." The problem is most noticeable on the Emirates A380s because they chose to put the crew-rest area at the back of the main cabin, while Singapore Airlines and Qantas have placed it right behind the cockpit. Extra insulation is not a solution because it would add extra weight, Davidson said. The airline may experiment with lightweight noise generators that would create ambient sound to mask the cabin noise, according to Flight International.

For passengers, the quiet can also be disconce