SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?


To: coug who wrote (60242)3/6/2006 11:38:59 PM
From: stockman_scott  Read Replies (2) | Respond to of 360961
 
The I-word goes public
______________________________________________________________

At a forum in New York, pundits and politicians called for the impeachment of George W. Bush.

By Michelle Goldberg
Mar. 03, 2006
salon.com

Late last year, the idea of impeaching President Bush, once taboo even among most liberals, started gaining real currency. Following revelations of Bush's domestic spying program -- and the president's unrepentant insistence on continuing it -- former Nixon White House counsel John Dean called Bush "the first president to admit to an impeachable offense." Rep. John Conyers, D-Mich., the highest-ranking Democrat on the House Judiciary Committee, called for the creation of a select committee to investigate "those offenses which appear to rise to the level of impeachment." Twenty-six House Democrats have joined him.

At the end of January, former Rep. Elizabeth Holtzman, a member of the House Judiciary Committee during Nixon's impeachment, penned an appeal for Bush's removal in the Nation, citing his illegal wiretaps, his deliberate deceptions over Iraq, his incompetent prosecution of the war, and his authorizing systemic torture and abuse. "Impeachment is a tortuous process, but now that President Bush has thrown down the gauntlet and virtually dared Congress to stop him from violating the law, nothing less is necessary to protect our constitutional system and preserve our democracy," she wrote. In March, former Harper's magazine editor Lewis Lapham wrote a cover story in that magazine titled "The Case for Impeachment." The Center for Constitutional Rights -- the legal group representing many of the victims of Bush's torture policies -- has just published a book called "Articles of Impeachment Against George W. Bush," and at least one other book in a similar vein is forthcoming, Dave Lindorff and Barbara Olshansky's "The Case for Impeachment."

With so much ferment on the left, last night's public forum, "Is There a Case for Impeachment?" had the buzzy feel of an important cultural event. The gathering, presented by Harper's and moderated by Air America's Sam Seder, brought together Lapham, Conyers, Holtzman, Dean and Michael Ratner, president of the Center for Constitutional Rights. It was held in midtown's Town Hall theater, an elegant space with balcony seating, crystal chandeliers and gold detailing. Around 1,500 people -- mostly a mix of tweedy seniors and clean-cut young activists -- paid $10 for their seats. Built as a meeting place for suffragists, Town Hall has a storied radical history -- in 1921, Margaret Sanger was arrested on its stage for talking about birth control. It was a fitting setting for a discussion of what Rep. Conyers, a veteran of the civil rights movement, presented as the next great David vs. Goliath American struggle.

"I'm not doing this to fail," he said. "This goes back to a little bit of my civil rights background. We were in an impossible situation. The civil rights leaders came to Martin King and said, please, we hear you're going to start a civil rights movement in the South, you'll get all of us killed, Martin, don't do that!" But if he hadn't, said Conyers, the Voting Rights Act of 1965 would never have passed.

"We've lost more rights and constitutional prerogatives in this short period of time than under any president that my studies reveal," he continued. "So now's the time. What we have to do is, we have to work on faith. We have to believe that there are enough American people who will agree with us that enough is enough. We've got to believe that, and we've got to work on that between now and November, and I think we'll win."

Conyers' invocation of the massive odds arrayed against past freedom and justice movements diminished, but did not eliminate, the air of wistful unreality hanging over the whole thing. After all, it is an exercise in extreme optimism to speak seriously about impeaching Bush as if the important question is whether impeachment is warranted. For almost everyone present, the answer to "Is there a case for impeachment?" was a passionate, insistent yes. Indeed, most insisted that the future of the republic depends on it. But the operative question is not whether Bush should be impeached, but whether Bush could be impeached, and that's something most of the panel barely grappled with.

Time and again, Lapham spoke of the responsibility of Republican congressmen to put their duty to the Constitution above their loyalty to the GOP. His seeming conviction that what matters are the facts of Bush's criminality is almost quaint. In his Harper's piece, Lapham wrote, "What else is it that voters expect the Congress to do if not to look out for their rights as citizens of the United States? So the choice presented to the Republican members of the Judiciary Committee investigating the President's use of electronic surveillance comes down to a matter of deciding whether they will serve their country or their party." He echoed this theme at the Town Hall forum, opining at one point that impeachment should not be a partisan issue -- as if he seriously believes that House Republicans are small-d democrats, a delusion almost as great as Bush's conviction that God, not William Rehnquist, made him president.

Others recognized that for impeachment to even be a possibility, Democrats must retake at least one house of Congress in November. Holtzman proclaimed her faith that the people, once awakened, will save their country at the voting booth. "Too many people have been just despondent about what the president has done, and have not understood that the Constitution itself foresaw this kind of behavior and created a remedy. And once people know that, they can become empowered to act. And I believe that if enough people know, then if the Congress doesn't create [Conyers'] select committee, they may change the Congress!"

Things are not, unfortunately, quite that simple. Polls show more Americans favoring Democratic control of Congress than Republican, but that does not mean they can make it so. Redistricting along partisan lines means that most House seats are safe for one party or another; as the Center for Voting and Democracy found in a 2005 report, "The past two House elections were the least competitive in American history by most standards. In each of the four national elections since 1996, more than 98 percent of incumbents have won, and more than 90 percent of all races have been won by non-competitive margins of more than 10 percent."

Electoral maps that pack liberal, urban voters together have put Democrats at a structural disadvantage that is unlikely to be overcome by either exhortations about people power or disenchantment with Republican rule. As Steven Hill, author of "Fixing Elections: The Failure of America's Winner Take All Politics," wrote in Mother Jones last year, "Even when the Democrats win more votes, they don't necessarily win more seats. That's true in the U.S. Senate, the U.S. House, and the Electoral College." In the House, he wrote, "When the two sides are tied nationally, the Republicans end up winning about 50 more House districts than the Democrats."

The Senate is even more distorted; the fact that small, sparsely populated states have the same representation as large states with big cities gives a huge advantage to rural voters, who tend to be more conservative. According to Hill, "In 2004, over 51 percent of votes cast were for Democratic senatorial candidates, yet Republicans elected 19 of the 34 contested seats."

With enough of a groundswell, of course, the Democrats' disadvantage could be surmounted. But it seems almost willfully naive to talk about mustering a congressional majority for impeachment without grappling with the deformation of our democracy that must be overcome first.

Moreover, as Ratner noted, even if the Democrats regained control of Congress, it is far from clear that they could summon the political will to mount an impeachment drive.

It's understandable, of course, that few wanted to dwell on how unlikely impeachment is under current conditions, both now and after November. The forum was a blast of civic outrage and a call to arms, not a sober exercise in political strategizing. In that way, it served its function: Just talking about impeachment in a respectable public forum legitimizes it. Still, if Bush must be impeached to save the republic, and if Bush almost certainly will not be impeached, where does that leave us?

Some of the panelists argued that if Bush is not removed, America's very foundations would rot beyond repair. "The American people are finally going to get it, I hope, about President Bush," said Holtzman. "And if they don't get it, what democracy will we have left?" Ratner spoke with similar urgency. "We're talking about moving from a republic to tyranny," he said. "It's getting too late. If this doesn't happen now, if we can't hold him accountable now, we're not going to get our liberty back."

Toward the end of the event, the gravity of America's dilemma led Lapham to speculate that even insurrection might be possible. It came in response to a question from an audience member who asked, "Are you willing to discuss the alternative that the American people have if they're faced with an illegal government because impeachment doesn't work? That alternative of course is for the people to overthrow the illegal government by the means that they consider necessary."

"I do think that it could easily get to the revolutionary stage, because I would expect the fight to be extremely ugly," Lapham said. "It might come to that. I don't think you're going to keep your democratic republic easily."

It was hard to tell if the applause that followed represented a flash of militant hope, or an acknowledgment of despair.

-- By Michelle Goldberg



To: coug who wrote (60242)3/7/2006 12:14:52 AM
From: stockman_scott  Respond to of 360961
 
EBay's chink, Sam's chance

smh.com.au

By Tom Burton
The Sydney Morning Herald
March 7, 2006

SELLING junk in New Zealand would not normally be seen as a road to riches. But for Sam Morgan, a 30-year-old uni drop-out from Wellington, it has turned out to be a $220 million highway.

Morgan has just sold his auction-cum-portal site, trademe.co.nz, to the Fairfax publishing group for a sweet $670 million all-up - and as he noted in typical understated Kiwi fashion: "We don't pay capital gains tax in New Zealand."

Dressed in black jeans and open-neck shirt, Morgan yesterday explained it was like being a big part of a small pond. While Australian digital media has been ferociously contested by deep-pocketed local and international players, the size of the New Zealand market - a touch smaller than that of Queensland - meant there had not been the same interest.

The US giant, eBay, has conquered virtually every auction market it has entered; Fairfax sold its local auction site Sold.com in 2001, admitting it could not compete against eBay's global brand strength .

But Morgan noticed in 1999 the local eBay had little Kiwi inventory and that newspapers were still pushing classifieds.

Morgan was no geek, but wanted a site that was quick and simple to use. Like many start-ups, the first idea was not the one that came good. He began a classified site but quickly realised the power of online was in auctions. As he observed yesterday, with auctions you have no inventory or stock issues - an auction site simply provides the market place.

To promote the site, Sam drove his '72 Holden around the hills of Wellington with a Trade Me sign on its side and his father, a former central bank economist, paid for his first ad.

His dad got 10 per cent of the company for his troubles - and as of yesterday $67 million - and the rest is history.

Trade Me now dominates the New Zealand internet like no other digital operator - with 63 per cent of all impression traffic and more than 2 million site visitors a month in a population of 4 million.

Yesterday eBay had 14,371 items for sale from New Zealand. Trade Me had over half a million (the biggest single category being new car parts). Morgan notes Yahoo effectively abandoned the market when it rebranded from Yahoo Australia and New Zealand to Yahoo7. "There is no Seven in New Zealand," he told analysts yesterday.

As the traffic grew, Morgan quickly began to expand his site with personals, cars and, recently, real estate - and watched his portal rocket to a 95 per cent market share for cars.

For Kiwi and Fairfax CEO David Kirk, the deal was a no-brainer. It was just a matter of how much. Fairfax has more than 50 per cent of the NZ newspaper market, but was effectively nowhere on the net and Trade Me was coming at its and other Kiwi papers like a train.

Rupert Murdoch may have recently bought the fifth biggest site in the US - the youth social networking site myspace.com - for only slightly more and the Packers may be busily getting into the biggest gambling market in the world but, for Fairfax, this secures New Zealand as its playground, giving the publisher a commanding 66 per cent of page impression traffic.

Kirk (and Morgan) say they don't understand where the myspace revenue comes from; advertising, according to Murdoch, who is looking to triple earnings to a billion dollars over the next four years.

Whatever the strategic rationale, Sam Morgan liked Fairfax enough to knock back a late bid from Packer's Publishing and Broadcasting Ltd. PBL was trying to put together a deal which involved Fairfax taking its magazines and PBL getting into the web portal.

After getting the price, the key for Morgan was ensuring that whoever bought him did not try to run the site. "They would just stuff it up," he said yesterday.

No doubt Kirk's pedigree would have helped - All Black captains rate better than popes in NZ.

It is a big play for Kirk, with the acquisition representing 12 per cent of the company's enterprise value. It was only two years ago that then Fairfax CEO Fred Hilmer knocked back the print classified bible, Trading Post, for much the same dollars, saying it was too expensive. At the time Sensis bought it in May 2004, Trading Post was earning $65 million, 2.5 times what Trade Me actually listed in its latest filings.

The management professor might disapprove but if Sam Morgan is right, Fairfax has effectively bought a digital monopoly.
________________________________________

Fairfax To Acquire Trade Me
Monday, 6 March 2006, 9:55 am
Press Release: Fairfax
NZ, March 6, 2006
scoop.co.nz

Fairfax To Acquire Trade Me, New Zealand's Leading Internet Business

John Fairfax Holdings Limited [ASX:FXJ] has reached agreement to acquire Trade Me Limited, New Zealand's leading internet business.

Trade Me accounts for over 60% of New Zealand's web traffic. The purchase price is NZ$700 million cash (A$625 million), or approximately 15.6 times expected 2007 EBITDA[1].

Trade Me's owners will also receive up to an additional NZ$50 million over the next two financial years subject to the attainment of additional earnings targets. The privately-held Trade Me, the leading auctions and classified advertising site in New Zealand, has 1.2 million members who are expected to host 35 million auctions this year.

Trade Me is the established leader in its key general merchandise auction business in New Zealand, with 30,000-50,000 people online at any time, 50,000 new members per month, and over 600,000 items for sale at any time. Trade Me also has the leading motors and property sites, as well as sites for dating (Find Someone), community (Old Friends), and rental accommodation. With more than 2 million domestic visitors per month, Trade Me is the most visited website in NZ, and has the largest average visit length among the top 10 most visited sites.

Trade Me, based in Wellington, has 48 employees. The business was founded by Sam Morgan in 1999. Mr Morgan and other key executives will remain with the company.

The transaction, which is subject to final verification of due diligence and regulatory approval under the New Zealand Overseas Investment Act, is expected to close in April.

David Kirk, CEO of Fairfax, said: "Trade Me is an outstanding internet success story, and holds the leading position online in New Zealand in just about every category. The business has a phenomenally strong position with its huge audience, and will continue to grow its auction and classified businesses because of this. "

The acquisition of Trade Me reshapes Fairfax's earnings and business mix as part of our more aggressive push into the internet in all the markets in which we operate. As a result of our successful online investments, we are now a significantly more diversified media company.

"The strong revenue and earnings performance of Fairfax Digital in Australia, together with today's acquisition of Trade Me in New Zealand, and other online opportunities that we are pursuing, are coming together to give Fairfax a higher growth profile.

"We intend to operate Trade Me just as it is - as a standalone, highly dynamic business on its own high growth trajectory. Trade Me has well established plans for future expansion, and we will support the management to see them successfully implemented. The business will have the benefit of a joint advisory board drawn from current Trade Me directors and Fairfax executives.

"I am delighted Sam Morgan will remain with Trade Me for a good period of time. We also welcome as new colleagues the entire Trade Me staff."

Sam Morgan said: "Thousands of Kiwis make their primary or secondary income on Trade Me. That's a responsibility we take very seriously and so keeping the marketplace running smoothly and sticking to our existing plans remains our focus. "I've been very impressed with David and the other Fairfax executives I have met and look forward very much to working with them more in future."

Ronald Walker, Chairman of Fairfax, said, "By strengthening our position in the overall media landscape, this is a breakthrough transaction for Fairfax. The terms of the acquisition fit our investment criteria for strategic fit and shareholder returns, with excellent prospects for future earnings growth.

"Fairfax is on a sound course to further strategic growth on both sides of the Tasman." The purchase will be funded through a combination of hybrid equity (40%) and senior debt (60%). The company will shortly launch a Step Up Preference Security ("Fairfax SPS") for approximately A$250 million through an offer to institutional and sophisticated investors. The senior debt of approximately A$375 million will be provided through a 364 day committed bridge facility which will be refinanced during 2006. -

***********

About Trade Me www.trademe.co.nz * Trade Me is a private NZ internet company with NZ's largest online audience (~2.6m unique browsers visit Trade Me each month) and an active community of ~1.2 million registered members. *

Trade Me was founded in 1999 and has grown rapidly under the leadership of CEO, Sam Morgan. In 2005, the business was rated the fastest growing Technology company in NZ's Deloitte/Unlimited Fast 50. * Trade Me is based in Wellington, NZ and has over 40 full time employees. *

Trade Me's core business is general merchandise auctions (for both new and second hand goods). At any one time, Trade Me has up to 30,000 to 50,000 people online looking at 600,000 items listed for sale across more than 200 categories. The site saw over 20m listings last year. * Unlike eBay, Trade Me does not charge users to list an item for auction but does charge a small fee for each successful sale.

- Trade Me has leveraged its audience into leading classified advertising positions in the automotive and real estate categories with over 34,000 cars and over 15,000 properties for sale or rental listed on the site. Despite only launching in 2003 (cars) and 2005 (real estate), both sites have already obtained the leading audience position in their respective categories.

* Unlike items for auction, classified advertisers (e.g. cars and jobs) are charged an upfront listing fee.

* Trade Me also owns and operates two successful community websites in the NZ market, Find Someone dating (450,000 users) and Old Friends (500,000 users) in addition to the active community that exists on the Trade Me discussion forums.

* The Trade Me audience is relatively young (45% of the audience are between 19 & 34), active (visitors spend an average of 19 minutes on the site) and loyal (the average user visits 3.9 times per week).



To: coug who wrote (60242)3/31/2006 12:37:31 AM
From: stockman_scott  Read Replies (1) | Respond to of 360961
 
geode00 comments on the wingers...

Message 22310804