Timbre

Sonnet and Stan join me in Paris and so we have dinner at Le Timbre in the 6e, on recommendation from a friend chez Astorg. Le Timbre is one of those perfect neighbourhood restaurants and, as Stan notes " it really is a two man operation" - in fact, man and woman, as she takes reservations and serves us and maybe ten squeezed tables while he prepares the boeuf. And what boeuf it is : terrine de campagne confiture d'oignons, foie gras de canard maison.. . filet de cabillaud compote de tomates .. .the menu, below. Me, I go for the boudin noir bearnais puree aux herbes which also known as "blood pudding" in Ireland. And it is wonderful - a salty dried mash with crumbly bits over a potato herb puree. Thibault tells me : "It is what I would have ordered" so I know I am on to something special.

Today Sonnet and Stan at the opening of the "Degas et le nu" exhibition at the D'Orsay which, Sonnet notes, "titillating " as the painter spent some considerable time at a French brothel painting his hosts.  From the D'Orsay, Silver and Stan return to London via Terminus for oysters and lunch; me to work on rue due faubourg st honoree.

$SA

L'Eclipse

While I have seen a number of images of the solar eclipse in San Francisco and beyond, I particularly like this one by Marco Pelo, posted on Flickr, of 34 exposures spaced by 5 minutes. The track of the sun was followed shooting at 50mm using a DIY ND5 solar filter made out of Baader film. The photos taken from the Marina in San Francisco using a Canon EOS 5D.

I write from the 8e.

UEFA Trophy

Chelsea, improbably, remarkably, win the UEFA Champions League, defeating Bayern Munich, making Chelsea the best club team in Europe (Interim manager Roberto Di Matteo holds the Cup, snapped from the TV). The game a tense back-and forth until Bayern sinks one at 82 minutes. It looks over but Chelsea's Didier Drogba sling-shots a dramatic 88th minute header and the game enters extra time tied, 1-1. Eitan notes (already past his bedtime): "It's going to be a late night." 

Neither team can capitalise on the 30 minutes of overage and so. ..  to penalty kicks, which has left England bereft on so many occasions. Five strikers selected from each team; the winner takes all. Chelsea misses the first PK and Munich hits their first three. But then Bayern misses and it comes down to the very last shot : Drogba , of course, who - without a moment's pause nor doubt - slams it home. Joy! As Chelsea race on to the pitch. Sorrow, as the Germans collapse in tears, stunned.

Eitan and I pump our fists and jump up and down : A victory for Chelsea is a win for England.  Now to the European Cup and summer Olympics.

Eitan: "Can I watch a bit of Sunday morning cartoons?"
Me: "No."
Eitan: "Why not? I hardly ever watch any TV."
Me: "You watched football all day yeterday."
Eitan: "Yeah, but that doesn't count."
Me: "Oh? Football isn't on TV is it?"
Eitan: "But it's not the bad kind of TV.  It's not bad for your brain or anything."
Me: "The answer is still no."
Eitan: "Give me one good reason then."
Me: "Because I said so."
Eitan: "That's not a reason."
Me: "It is the only reason that counts."
Eitan: "So I can't watch cartoons then?"

Madeleine: "What are you going to get mum for her birthday?"
Me: "Nothing."
Madeleine: "What? Really? She's your wife, Dad."
Me: "I just don't like to make a big deal of these things, that's all."
Madeleine: "She is your own wife, Dad."

Stan And A Mortgage

Stan with us for Sonnet's Ballgowns and the Queen, God bless.  He is in great shape, too - jogging a couple miles each morning or a long walk.  We were together last month for Marcus's wedding, which already seems ages ago.

Me: "It's tough being a young person these days.. . "
Eitan, Madeleine:
Me: "Buying a house, for instance.  It has become very difficult to buy your first home."
Eitan, Madeleine:
Me: "How do you buy a house anyway?"
Madeleine: "How should I know Dad?"
Me: "What do you need, I mean?"
Eitan: "Money?"
Me: "Good. But what if you don't have it?"
Madeleine: "You can get it from your parents. Or steal it?"
Me: "Let's be a little less creative please. Where else do you think?"
Eitan: "You could borrow it from a bank."
Me: "Excellent.  Now let's say the house is worth, like, a million pounds.. . "
Madeleine: "I have £320 .. ."
Me: "Say it's a million pounds and you have to borrow the money.  What do you think the bank looks for before giving you the dough?"
Eitan, Madeleine:
Me: "Will they lend to anybody ? Most likely they will lend a million pounds to ...
Madeleine: "Somebody who will give it back!"
Eitan: "So they will look at your job."
Madeleine: "So, if you're ,like,  a butcher or something, the bank will give you a million pounds?"
Me: "What are some other things ?"
Madeleine: "How long you've been a butcher?"
Me: "Good work.  The bank will also look at your credit card and make sure you always pay up on time. Can you think of anything else?"
Eitan: "If you're rich?"
Me: "How about the value of the house ? If the house is worth £100 and the bank lending you a million, does that make them happy?"
Madeleine: "I guess so if they gave you all that money."
Me: "If you can't repay the loan what happens?"
Eitan, Madeleine:
Me: "The bank will take your house."
Madeleine: "So you mean the bank is going to take our house?"
Me: "Let's hope not. This is a lot to take in so let's think about these things a bit.  It may one day be important to you."
Madeleine: "So can I have some ice cream now ?"
Me: "Go for it."

Facebook

The Shakespears work the kitchen.

Facebook goes public at 38 bucks a share valuing the company at $100 billion, give or take. Since I am one of 900 million FB users, investors think I am worth $111.  Give or take.  I am with Pierre Michel, a French tech banker in London, who is sceptical of the offering and who can blame him ?  I do suggest that if not P M, who champions European entrepreneurialism and venture capital , then who ?  The nasty jealousies felt 5,000 miles away.

So today Facebook creates five billionaires and 1,000 millionaires while providing California with $2 billion of much needed, and deserved, taxes.  The funds should go straight to California's once world-leading public universities but, alas, Jerry will probably apply it towards the state deficit.

Pierre Michel and I talk about FB and he notes the US system rigged while IPOs are about luck as much as hard-work.  I  ponder this but do not agree : if Silicon Valley rigged, why does it attract top talent and capital despite a 95% investment failure rate ? As for luck. . well, of course - but one creates one's own luck. Europe's venture market 10% of the US, and so less chance for .. luck.  While the Western World mis-steps from war to financial meltdown to recession to crisis, Silicon Valley continues to present opportunity for those who embrace it. And work hard. Starting with kitchen.

Airport

I love these two schleppers, who plop down across from me, 7AM, Terminal 5.  They scheme about this and that and how they are going to make money so I cannot help but listen in.  Despite a lack of sleep and feeling grumpy, I appreciate their mood : in spite of everything, the world yet an oyster, and they are going to get some of it whatever, or wherever, it may be.

Meetings in Munich take me from the late morning into the early evening. Since my return flight 9PM, I check my suit and tie at the airport service centre and jog around the parking lot. Day trips are hard work. I meet several large family clients, including the Flicks, who own 20% of Daimler AG and built a fortune supplying industrial materials to Hitler and the German army.  Not sure how you reconcile that one but money helps.  The family owns one of the largest collections of modern art anywhere.

Munich hosting the UEFA Champions League final Saturday which pits Chelsea against Bayer Munich.  Since the home team playing, well, at home the city wild with anticipation . .. I am informed that a seat at Allianz Arena going for €30,000 on the scalper's market.  Other outdoor venues , showing the game on jumbotrons, also sold out.

Me: "Ok, kids, time for bed and tomorrow it's Friday and then the weekend."
Eitan: "And swimming Sunday morning."
Madeleine: "I hate the week end."
Eitan: "I don't like it either."
Me: "Well, if it's a bummer, that's the way life goes."
Madeleine: "You are not making it any better."
Me: "The weekend?"
Madeleine: "Life."

Age 11

An awkward age for sure - gangly limbs and big feet , not quite fitting in nor knowing one's place - yet Eitan handles himself with aplomb if not a little dignity.  He is still a kid, afterall , yet adoloscence around the corner.  No ducking that, try as he may.

"God had to create disco music so I could be born and be successful."--Donna Summer, who passed away, age 63

Ballgowns Opens

Sonnet's Ballgowns goes off with a bang Tuesday evening at the red-carpet opening gala and we are surrounded by the Great and the good. Also Russians and long legs but who's looking?  I bring the kids and Kamila and Stan who is with us for the week.  By coincidence, the Queen is in Richmond Park and drives by our house - the kids off from school to see her and play in the make-shift wonder-land complete with helter skelter. I can only think of Monty Python.

Ballgowns includes 60 British evening designs from the V and A's collection: Victor Stiebel, Zandra Rhodes, Jonathan Saunders, Alexandre McQueen ... Ralph and Russo, who I chat with by another Beyonce bespoke.  Most famously displayed : Diana's 'Elvis Dress' by Catherine Walker.  My favorite : a beautiful latex fetish by Japanese designers Atsuko Kudo who is (of  course) married to an Englishman. Sonnet has been scrambling around giving interviews with the FT, Style and the Guardian and appearing on the BBC.  Martin Roth, the Museum Director, makes a speech and the show's sponsor, Coutts bank CEO Alexander Clausen, tells us "glamour is growth industry."  The kids are appropriately impressed, and I let Madeleine walk about with my camera and, accordingly, get a bunch of shots of shoes and mid-riffs. One forgets a kids' perspective.

But perspective, indeed. The exhibition opens in the newly renovated Fashion Gallery and it all sparkles.  As Kamila notes: "The Queen and this - I cannot believe my day".  And I must agree with her : surrounded by friends , family and colleagues : Sonnet does us proud.

A Cubic Mile Of Oil

My photo from somewhere in the UK, 2007. I pulled off the motor route on to a dirt road (kids in back seat) to take this shot. There are lived-in homes within 100 meters of the reactors.

As per one-billion, I am keen to understand how much energy the planet uses, you know, like, collectively. I started my career working energy deals at First Boston and we converted natural gas to oil-barrel equivalents using a standard formula but what about tons of coal, British thermal units and volts, amps and watts ?

American engineer Hewitt Crane, as reported in the New Yorker, wondered the same thing in '74 during the Mideast oil crisis. He came up with a new measure of energy consumption : a three-dimensional unit he called a 'cubic mile of oil.'  One cubic mile of oil would fill a pool that is a mile long, a mile wide, and a mile deep. Today, it takes three cubic miles' worth of fossil fuels to power the world for a year. That's a trillion gallons of gas ( or 1000000000000000000, Brit style). To replace one cubic mile with a source of non-carbon producing energy - like nuclear power - would require the construction of a new atomic plant every week for fifty years.

Climate experts have argued that we should stop emitting greenhouse gases within fifty years, but by then the demand for energy could easily be three times what it is today : nine cubic miles of oil.  Our Grand kids will be in their youth at then.

Cheers To Tears

Eitan and Madeleine watch ManU vs. Sunderland in the final game of the Premiere League season.  Arch rival Manchester City plays Queens Park Rangers.  Since ManU and ManC in a dead-tie for first place but ManC has a favourable goal difference, QPR must beat, or tie, ManC while ManU must defeat Sunderland for ManU to win the trophy.  When I took this photo, ManU up 1-nil and, improbably, QPR winning 2-1.  Then calamity : with five minutes left in their game ManC draw (ManU still in place to be champions).  ManU wins their game - cheers! - and we switch channels the instant ManC .. scores.. the Premiere winning goal .. .with . no . . time left in the game.  Tears.  I tell you, it is like watching the Bears.

Unlike the Bears, Man City has Sheikh Mansour , who bought the club in 2008 and has spent nearly £1B in the transfer market to get some of the game's biggest stars (Rooney almost crossed lines but, in an emotional moment, committed the rest of his career to the Red Devils).  And all that money counts : Man City's last Premiere Cup 44 years ago.

Me: "Is this the hardest defeat Manchester United has ever suffered."
Eitan: "Yeah, probably."
Me: "Even worse than the UEFA Cup final vs. Barcelona ?  [We watched the game at a bar in Greenwich Village, Manhattan]  All those people looked at me funny because you were crying so much."
Eitan: "That one was pretty bad."

Madeleine: "You don't have to get angry with me Eitan."
Me: "Leave your sister alone."
Eitan:
Madeleine: "See Eitan.  Only Mom and Dad can get angry with me."

5.76650391 × 10^131

I was trying to figure out what one billion dollars looks like, pictured, or half the amount JP Morgan lost last quarter on a portfolio hedge (JP Morgan argued forcefully, and received,  a 'loop-hole' in the Volcker Rule to allow portfolio hedging which, Senator Carl Levin who co-wrote the Volcker Rule notes, “was a license to do pretty much anything”).

But let us keep going .. here is one trillion dollars (in zeros, the Brits say 1000000000000000000 while the Yankees, 1000000000000. The difference? The British count a billion as a million million; the Americans count a billion as 1000 million) and how it looks graphically :

And the debt owed by US govt at December , 2011, you ask? That is $15T :

Graphics from kpleptocracy.us

More Fun

Eitan completes the 3.5 mile (as the crow flies) "Fun Run" in a time of 21.48, good enough for first place in the school and second-place overall.  Rusty crosses the line third and I am forth, pulled along all the way.  My photo of the boys includes Ian, the Headmaster of the school (he's the one on the left).

Douchebag

This little prick, Eduardo Saverin, born in Brazil, comes to America to study at Harvard and live the American dream, co-founding Facebook, then relinquishes his U.S. citizenship to avoid taxes off the company's IPO. He moves to Singapore where there are no capital gains. Nearly 1,800 other Americans did this last year BTW - up from 235 in 2008. Good riddance - I hope he is ushered out on the next flight. Photo by Jason Kempin.

Eitan and I to run the school "Fun Run", which is three miles (reduced from five) through Richmond Park starting at Sheen Gate. Eitan's stated ambition to win, so I kid him : he must beat me first.

Ralph And Russo And Beyonce

On the same floor of my office building is Ralph And Russo who design dresses and gowns for ladies that lunch and celebrities who, on occasion, are out-shown by their costume. I often observe slender women slinking about, draped in sequins and cloth, making calls on their mobile or , you know, lounging. It stimulates the day. One of Ralph And Russo's big clients is Beyonce, pictured in a R&R dress, who will wear a Ralph And Russo for her first post-delivery concert in several weeks ( I ask if Beyonce around for the fittings ? but it is always a stand-in model). The dresses sell for a cool $10G and, Michael Russo tells me, "usually worn once" (NB NBC's Access Hollywood star Maria Menounous's Ralph & Russo gown, seen at the 62nd Annual Emmy Awards, was $35,000).

Not surprisingly Ralph & Russo working with Sonnet, who will display one of their coutures in her Ballgown exhibition. Others who have worn Ralph And Russo : Angelina Jolie, Eva Longoria, Penelope Cruz, Kelly Brook and Elizabeth Hurley though, unfortunately, none have found their way to the Mortlake Business Centre. Go figure.  Photo from Michael.

Mortlake Green

Rusty gets excited about the week end.

Eitan and I have dinner mano-a-mano (Sonnet at a museum opening w/ Madeleine). Eitan a private kid so I find myself making most of the conversation. He is uncomfortable when I ask him to lead our discussion or, even, the subject matter. Once the table cleared, though, he seems reluctant to leave and so I wait silently. I am rewarded for my patience. 

Moe, 1962

My dad, pictured, entering the Peace Corps shortly after JFK announced the program at Univ. of Michigan, where my father was a law student.  This is where he met my mom.

From the Peace Corps' first facebook:

ORENSTEIN, MORTON, 26, is a lawyer from St. Louis.  He received his formal education at University City High School, Northwestern University, and the University of Michigan Law School, maintaining consistently high averages at all three. After receiving his LL. B. in June 1961, he practiced civil law with a firm in St. Louis until he entered the army for six months in January of this year, where he served in the Judge Advocate General's Office.  His summer jobs have ranged from legal clerk to machine operator to camp counselor.  Mr. Orenstein's leisure interests lead him outdoors as often as possible to enjoy camping, hiking, hunting and fishing.  He has traveled in Europe for a short period of time."

Vidal

Britain notes the passing of Sephardic Jew and early hard-knocks East Ender Vidal Sassoon, inventor of the 'bob', and part of the original "Cool Britannia" - one of the top icons of the Swinging Sixties with the Beatles, Carnaby Street, Twiggy and the Union Jack, says hair designer and friend Nicky Clarke in today's Times. Sassoon threw out the daily maintenance required for the 1950s perm or "beehive" - my Grandmother - preferring "wash and go" styles that liberated women from the hair salon , freeing their time to smoke Virginia Slims, roll marijuana cigarettes and participate in free love. Also work. Sassoon, of course, made instantly famous from Twiggy followed by Mary Quant then Roman Polanski's "Rosemary's Baby" where he was flown to LA to create Mia Farrow's pixie cut.  He never looked back.

I love this photo of Sassoon, from the ap, especially the tie and matching kerchief. From a hair salon on Bond St to a £300 million fortune : he was an original.

"If you don't look good, we don't look good."
--Vidal Sassoon

The Coach

David coaches the Sheen Lions.

Driving to football practice.
Me: "So, Jack, does your dad embarrass you?"
Jack: "Yeah, I guess so."
Me: "Like what does he do?"
Jack: "I don't know. He talks all the time and stuff."
Me: "That doesn't sound too bad."
Eitan: "He doesn't wear his swimming suit to drive us to football."
Me: "It's because I couldn't find my running shorts.  So who is the coolest dad?"
Eitan: "David."
Me: "Why's that?"
Eitan: "Um, he's witty."
Me: "I'm witty. I just made a wit an hour ago."
Eitan: "And he doesn't, like, sing in front of Joe's friends."
Me: "Fair enough."
Jack: "He's a football coach too."
Me:
Eitan: "Can you keep Rusty on the lead during football practise? It's kind of distracting when he runs after the trains."
Me: "I'm not putting the dog on a lead in a park."
Eitan: "Well can you at least go on a really long run then?"

RFH - Inside

The interior public space at the Royal Festival Hall, where I camp for a few hours to work and write some emails, pictured, buzzy with mothers, non-profiteers, students, artists and a few old age pensioners.  Several coffee shops do a brisk business (the friendly African who serves my espresso spills about half on my (new , white) lacoste and I am more concerned about him being in trouble than my shirt as the manager offers to pay for it). The space fills with light , despite the grey day, and offers electrical sockets and telecoms ports, free wi-fi and all sorts of cool stuff from film (matinees!) to theatre and music and dance.  Best, the northward facing windows have big views of the Thames from Charing Cross to Waterloo Bridge and beyond.

Susannah And Megan

"Susannah And Her Bath" painted by Francesco Hayez in 1850 and displayed at The National Gallery.  It pre-dates Megan Fox by 160 years.

A curator describes the portrait to a bunch of eager sixth formers : "The virtuous Susannah (she says) "bathes in her garden and is approached by two corrupt elders who, lusting for her, threaten to accuse her of adultery if she does not give into their demands. She refuses and is falsely accused by them, but her innocence is proved, preventing her from being stoned."

Here is Megan Fox in Rolling Stone magazine :

Tuesday

Here we go this morning - kids off to school, me to work with the pooch. Sonnet in Milano meeting with fashionistos in anticipation of her exhibition on Italian fashion, circa 2014.

Somehow it's mid-May giving us a 5:19AM sunrise and 15-hour day (January: eight-hours).  Not that the extra daylight matters much in April or for the early May bank-holiday w/e : record rainfalls, dude, and blustery winds.  Despite the cold and clammy, spring a tough time to self-motivate.  I watch my tadpoles, now pollywogs, grow up and set free - free! - in the pond; my tomatoes look for the summer. Other projects on the hop: War & Peace (never-ending), photography (must find more time), this blog and the usual stuff : family, work, kids. The occasional walk with Sonnet keeping it all real.

"The time for fear has come for those who betrayed this homeland. We are coming."
--Nikos Michaloliakos, neo-Nazi leader of Greece's Golden Dawn party, which won 21 seats in parliament  (8.5% of the vote) on May 6

My Garden

Rusty digs himself into a hole, which is about where we are in Europe, following this week's elections in the UK, France and Greece. Germany will be 2013.

Me: "France has a new President."
Madeleine: "Who's that?"
Me: "Francois Hollande.  He wants to take money from the rich and give it the poor."
Madeleine: "That's nice."
Me: "Do you think it's a good thing?"
Madeleine: "I guess so."
Me: "What if the rich all leave France? Is that good?"
Madeleine: "No."
Me: "What if they no longer want to work since their taxes are so high?"
Madeleine:
Me: "So it's not such a simple question."
Madeleine: "Yeah. I give it 50 50."
Me:  "50 50 ?"
Madeleine: "Some of it is good, some is bad."
Me: "Seems about right to me."

In Preparation

Marc On Taxes

Marc, pictured, I have known for many years, to my benefit, via Eric (who slyly forwards my last blog to him, which is like a red-flag before the bull). He is one smart Brooklyn Jew who went to Cornell and the Harvard Kennedy School and has spent his life in public service (while working for Nancy Pelosi: "“For me it comes down to basic issues of social justice and working for impoverished folks"). Now Marc is an analyst for the AFL-CIO. We were together at Eric's wedding. 

Here is Marc's take on the US tax system:

"... Overall, Americans pay taxes in relative proportion to their income and it is a myth that the bottom 50% pay nothing in federal taxes. 

For example, the federal tax code is only slightly progressive and total American taxes even less so. The richest one percent of Americans pay 21.6% of the total taxes in America, but they also take in 21% of the total income in America. That's barely progressive and it is because , when you add up all the different federal, state and local taxes that Americans pay, you find that America's overall tax system is just barely progressive. On the bottom end, the share of total taxes paid by the poorest fifth of Americans (2.1%) is only slightly less than this group’s share of total income (3.4%). Remember also that the total effective tax rate for the richest 1% (29%) is only about four percentage points higher than the total effective tax rate for the middle fifth of taxpayers (25.2%). So the richest rich are paying an effective rate in the same ballpark as the middle class.

Tax Policy Center data show that only about 17% of households did not pay any federal income tax or payroll tax in 2009, despite the high unemployment and temporary tax cuts that marked that year. In 2007, a more typical year, the figure was 14%. This percentage would be even lower if it reflected other federal taxes that households pay, including excise taxes on gasoline and other items.

As for your comment that "Obama, afterall, transferred $1 T of wealth following Bush and the '08 crises" - what are you talking about?  The late 2010 two-year extension of the Bush tax cuts, ensured that the wealthiest 2% would continue to reap disproportionate tax benefits from temporarily reduced marginal income tax rates, reduced tax rates on capital gains and dividends, and other tax loopholes."

Perspective

Rusty checks out the drop from my office.

I walk from meeting to meeting in the rain, no umbrella, taking note of a fellow, or at least his legs since he is wearing shorts, in a Porsche Carerra. He shifts gears at the lights and I curse my fate. But, once inside George on Mount Street, the fantasy returns : I am ushered to my table, chair pulled and napkin placed in lap. I order an orange juice and look around : it is a confident chatty crowd in suit and tie or blouse and skirt. I recognise a few faces. Were this evening, they would hold Martinis or Old Fashions but, since breakfast, it is double espressos.

According to the IRS, the top-1% of US tax payers ($343K income or higher) paid 37% of Federal taxes in 2009 while the bottoms 50% about zero. Regardless of what one thinks about the 1%-ers, the Republicans have done a number on the country: how else does one explain Mitt Romney polling even with the President, as he does now ? Obama, afterall, transferred $1T of wealth following Bush and the '08 crisis. Go figure.


Me: "Anything you want to say for this blog?"
Eitan: "No."
Me: "Nothing at all?"
Eitan makes farting noises with his mouth while watching football.
Me: "Fair enough."

Eric's Cat Dingo

Upper Arlington, Ohio

It takes a village, right ?

Me: "Got any secrets?"
Madeleine: "No."
Me: "Nothing at all?"
Madeleine: "Well, I have one, but I am not telling you."
Me: "Come on, you have to tell me now."
Madeleine: "OK." [Madeleine shares her secret with me]
Me: "Wow, that is a good one."
Madeleine: "Yep, but it's a secret, Ok Dad?"
Me: "Between us. So do you fancy any one?"
Madeleine: "No, I am just a kid still."
Me: "That doesn't mean you can't have a special someone."
Madeleine: "And I have the extra problem that the boys all think that I am a boy."
Me: "Good point. Why do you think it might be nice to have a boyfriend any way?"
Madeleine: "Texting. Skype, kissing and wine."
Me: "Sounds about right."
Madeleine: "Lying in bed all day with nothing to do."
Me: "Let's not get ahead of ourself kid."

"We conclude, therefore, that Rupert Murdoch is not a fit person to exercise the stewardship of a major international company."
--UK panel