Commentary - 10/16/2007

While Rush/Ried Argue, People Die

I was on the treadmill at the gym this morning, watching whatever was on for diversion. A monitor was turned to the local FOX station and I'm watching all this time being devoted to Rush Limbaugh and Harry Ried's letter. Turns out that Rush is auctioning off the letter on eBay. So I researched the corporate players when I got to work, which are Clear Channel, Premier Radio Network, Fox News and eBay. Here's the bottom line: Corporations win, soldiers continue to fight and people die.

Watching Rush and Doocy go at it reminded me of, with apologies, two opposing used-car salesmen screaming at each other, but both are owned by the same company. Now bear with me here a moment. Let's take a look at the Major Holders of Clear Channel, of which Premier Radio Network is a subsidiary.

Symbol Name Of Corporation

Clear Channel Communications Inc. (As of 30-Jun-2007)
Top 10 Institutional HoldersShares2007Value2006
FMR Corporation (Fidelity Management & Research Corp)36,940,6387.42%$1,397,094,929-.--%
Highfields Capital Management L.P.24,854,4004.99%$939,993,408-.--%
JP Morgan Chase & Company18,522,6653.72%$700,527,190-.--%
NWQ Investment Management Company, LLC15,480,9783.11%$585,490,587-.--%
Credit Suisse/Switzerland15,124,4603.04%$572,007,077-.--%
Barclays Global Investors UK Holdings Ltd14,635,1252.94%$553,500,427-.--%
State Street Corporation13,391,2752.69%$506,458,020-.--%
Vanguard Group, Inc. (The)13,117,1362.63%$496,090,083-.--%
TCW Group, Inc. (The) [Société Générale-France]12,059,1802.42%$456,078,187-.--%
Morgan Stanley10,375,8982.08%$392,416,462-.--%
% of Shares Held by All Insider and 5% Owners:7%-.--%
Top 10 [2.7%] of 376 Institutional Holders Control35.04%-.--%
Percentage of Barclays and "Associates" Control14.54%-.--%

Now let's take a look at the Fox Channel, which is owned by News Corp.

Symbol Name Of Corporation

News Corp. [FOX] (As of 30-Jun-2007) (As of 30-Jun-2006)
Top 10 Institutional HoldersShares2007Value2006
Vanguard Group, Inc. (The)64,235,8626.51%$1,473,570,674-.--%
Legg Mason Inc.37,125,9263.76%$851,668,7424.35%
FMR Corporation (Fidelity Management & Research Corp)21,637,5042.19%$496,364,3413.02%
Morgan Stanley18,887,2121.91%$433,272,6431.26%
Harris Associates L.P.14,172,0001.44%$325,105,6801.25%
Lord Abbett & Co13,394,0901.36%$307,260,424-.--%
Calpers (California-public Employees Retirement System)12,879,2641.31%$295,450,316-.--%
Calamos Advisors LLC12,835,1011.30%$294,437,216-.--%
JP Morgan Chase & Company8,950,983.91%$205,335,5500.70%
Mellon Financial Corporation8,882,676.90%$203,768,5870.85%
% of Shares Held by All Insider and 5% Owners:5%-.--%
Top 10 [x.x%] of xxx Institutional Holders Control21.59%20.25%
Percentage of Barclays and "Associates" Control8.92%7.68%
NOTE: Wikipedia information here.
NOTE: News Corp also owns these media properties.
NOTE: Here's another ownership-of-media resource.

Finally, let's take a look at the Major Holders of eBay:

Symbol Name Of Corporation

eBay Inc. (As of 30-Jun-2007)
Top 10 Institutional HoldersShares2007Value2006
Legg Mason Inc.71,476,7985.26%$2,300,123,359-.--%
Barclays Global Investors UK Holdings Ltd49,440,0973.64%$1,590,982,321-.--%
Dodge & Cox Inc31,671,3042.33%$1,019,182,562-.--%
Vanguard Group, Inc. (The)30,997,0342.28%$997,484,554-.--%
State Street Corporation28,714,3292.11%$924,027,107-.--%
AXA (Paris, France)26,587,5981.96%$855,588,903-.--%
Price (T.Rowe) Associates Inc26,270,1551.93%$845,373,587-.--%
Oppenheimer Funds, Inc.25,471,9861.88%$819,688,509-.--%
Morgan Stanley24,609,8821.81%$791,946,002-.--%
Baillie Gifford And Company23,381,2701.72%$752,409,268-.--%
% of Shares Held by All Insider and 5% Owners:19%-.--%
Top 10 [1.4%] of 702 Institutional Holders Control24.92%-.--%
Percentage of Barclays and "Associates" Control14.75%-.--%

I'm sure you see the pattern of the Major Holders, and also their Major Holders. They win from a screaming match like this while our soldiers die. But who benefits from the war? Simply note the Major Holders on this page and compare them with the Major Holders here. Need I say more?

Obviously, Rush Limbaugh and Harry Reid continue to get their salaries and bonuses, too.

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© 2007 by Edward Ulysses Cate
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