Rambus Settles Securities Lawsuit: In a September 7, 2007 press release (here), Rambus announced that it had settled the July 2006 options backdating-related securities class action lawsuit that had been filed against the company and certain of its directors and officers. Rambus has agreed to pay $18 million in exchange for a dismissal with prejudice of all claims against all defendants. The press release also stated that the settlement is subject to court approval and that the company “has been and will continue to be in discussions with its insurers concerning their contribution of a portion of the settlement amount.”
Barnes & Noble Settles Derivative Suit: On September 6, 2007, Barnes & Noble announced (here) that it had “agreed to settle all pending shareholder derivative actions filed in state and federal court alleging that certain stock option grants had been improperly dated.” As part of the settlement, the company agreed to adopt certain (unspecified) corporate governance and internal control measures, and agreed to pay plaintiff’s counsel’s fees and expenses of $2.75 million. The company’s press release is silent regarding the availability of insurance to cover the settlement payment.
In terms of market meltdowns and the degree of pain inflicted on the financial system, the subprime mortgage crisis has the potential to rival just about anything in recent financial history from the savings-and-loan crisis of the late 1980s to the post-Enron turndown at the beginning of this decade.
Congressman William D. Kelley of Pennsylvania recalled bringing the actor John McDonough to the While House on a stormy night. Lincoln had relished McDonough’s performance as Edgar in King Lear and was delighted to meet him. For his part, McDonough was “an intensely partisan Democrat, and had accepted the theory that Mr. Lincoln was a mere buffoon.” His attitude changed after spending four hours discussing Shakespeare with the president. Lincoln was eager to know why certain scenes were left out of productions. He was fascinated by the different ways that classic lines could be delivered. He lifted his “well-thumbed volume” of Shakespeare from the shelf, reading aloud some passages, repeating others from memory. When the clock approached midnight, Kelley stood up to go, chagrined to have kept the president so long. Lincoln swiftly assured his guests that he had “not enjoyed such a season of literary recreation” in many months. The evening had provided an immensely “pleasant interval” from his work.
Lincoln, of course, had little formal education. No Yale Skull and Bones. No graduate degree from Harvard.