(Roughly) Daily

Posts Tagged ‘theft

“Thou art a monument without a tomb, / And art alive still while thy book doth live / And we have wits to read and praise to give”*…

400 years ago this month, seven years after Shakespeare’s death, his friends John Heminge and Henry Condell published The First Folio, containing 36 of Shakespeare’s plays, (an endeavor which they financed with a bequest that he had left them).

Although 19 of Shakespeare’s plays had been published in quarto before 1623, the First Folio is arguably the only reliable text for about 20 of the plays, and a valuable source text for many of those previously published. Eighteen of the plays in the First Folio, including The Tempest, Twelfth Night, and Measure for Measure among others, are not known to have been previously printed.

It is considered one of the most influential books ever published. Of perhaps 750 copies printed, 235 are known to remain, most of which are kept in either public archives or private collections. More than one third of the extant copies are housed at the Folger Shakespeare Library in Washington, D.C., which is home to a total of 82 First Folios.

It is also, as Alicia Andrzejewski and Carole Levin explain, one of the most stolen…

Late at night on July 13th, 1972, an unknown person entered the University of Manchester’s Library and violently smashed the plate glass top of an exhibition case, stealing the contents. Inside was one of the most famous, most valuable books in existence: the library’s near-perfect edition of one of Shakespeare’s First Folios. This theft is the most mysterious of all the stolen First Folios. More than fifty years have passed, and this First Folio—one of the 750 printed in 1623 and of the estimated 232 known copies across the globe today—is still missing.

This year, 2023, marks the 400th year anniversary of the printing of Shakespeare’s First Folio, deemed one of the most significant books in the English language, “a coveted treasure,” to quote Eric Rasmussen, an expert on the First Folios and author of The Shakespeare Thefts: In Search of the First Folios. Without the First Folio, we would not have many of Shakespeare’s most famous plays, the half that were not printed in his lifetime, including The Taming of the Shrew, Macbeth, Twelfth Night, and The Tempest. In collecting and printing these plays, Shakespeare’s two close friends and fellow actors, John Heminge and Henry Condell, validated that plays are more than entertainment—they have literary value.

The First Folios still in existence are mainly housed in public institutions—their significance is underscored by their rarity, as copies are almost never available for sale, and the most recent one sold in 2020 for almost ten-million dollars. Even in the seventeenth century, when the First Folios were first printed, they were only available to elite members of society: earls, lords, knights, admirals, and the occasional lawyer. To this day, ownership is limited to, and a fetish among, the super wealthy. Because of their elite status, Rasmussen speculates that, of the copies that cannot be located, most “have probably been stolen.”

For some, as Rasmussen suggests, the First Folio is coveted because of its monetary value, an object to steal and eventually attempt to sell. Three First Folios were stolen in the 20th century alone, including the Manchester Library’s copy, and the thieves in the latter two cases are characters as strange as some of those in Shakespeare’s plays, the heists as thrilling as some of his plots. The thefts we describe, and the desires that inspire them, speak to Shakespeare’s foothold in Western civilization—the reverence and awe so many people have for him, that imbue the First Folio with an almost religious power…

Some of the most brazen heists of a historic volume: “Shakespeare’s First Folio has been Stolen Many, Many Times,” in @CrimeReads.

* Ben Jonson, “To the Memory of My Beloved the Author, Mr. William Shakespeare” (in the First Folio)

###

As we linger on literary larceny, we might recall that it was on this date fifty years ago that then-President Richard Nixon made his famous declaration of character:

On Nov. 17, 1973, President Richard M. Nixon held a news conference before Associated Press managing editors in Orlando, Fla., in which he defended himself against a number of allegations. Most of the questions related to the Watergate break-in, which had become even more of a scandal a month earlier with the “Saturday Night Massacre.” Other questions focused on reports that he had cheated on his tax returns.

The Nov. 18 New York Times outlined President Nixon’s many assertions, concluding that the president had acquitted himself well: “The president seemed composed and on top of the subject throughout the session, faltering perceptibly only during the discussion of his taxes. In contrast with some of his recent appearances he did not berate his critics or his political enemies.”

The best-remembered part of the news conference came as the president defended himself against claims that he had illicitly profited from his years in public service. “I made my mistakes, but in all of my years of public life, I have never profited, never profited from public service — I earned every cent,” he said. “And in all of my years of public life, I have never obstructed justice. And I think, too, that I could say that in my years of public life, that I welcome this kind of examination, because people have got to know whether or not their president is a crook. Well, I am not a crook. I have earned everything I have got.”

The news conference did little to end questions over Mr. Nixon’s honesty. His declaration “I’m not a crook” was used against him — and the line would forever be associated with the Watergate era.

In April 1974, the Internal Revenue Service ordered that the president pay more than $400,000 in back taxes for making improper deductions. And the Watergate investigation continued to uncover misconduct. In August 1974, with the House Judiciary Committee having recommended impeachment and the release of a “smoking gun” tape showing that he had approved a cover-up, the president resigned…

“Nixon Declares ‘I Am Not a Crook’”

source

“If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool”*…

Private equity firms are in the spotlight for their negative impact on health care, journalism— indeed, essentially every sector they touch in the interest of generating big returns for themsleves and their investors (some of which are sovereign wealth funds; some, very wealthy individuals/families; but largely, insurance companies and public pension firms). Now, as the inimitable Matt Levine points out, even those investors (who were already paying massive fees) are in the private equity firms’ crosshairs…

Two basic features of private equity economics are that if you raise a fund and you spend $1 billion to buy a company, and you do a good job running the company and it becomes worth $5 billion, then:

  1. You charge a management fee — say, 2% per year — on the $1 billion you paid for the company, not the $5 billion it’s currently worth.
  2. If you sell the company — to a strategic buyer or another private equity firm or in an initial public offering — you collect $800 million of carry (20% of the value that you added to the company), but you can’t charge the management fees anymore.

It would be good, for you, to mark the company to market. Raise your own new private equity fund, and sell the company from your old fund to the new one at its current market value. Then:

  1. You can keep charging 2% per year, but now on $5 billion rather than $1 billion.
  2. You can collect your $800 million of carry now, and then if you add more value you can collect more carry when you sell it.

This is called a “continuation fund.” The Financial Times reports on “a new and controversial type of transaction that is fast becoming the private equity industry’s hottest trend in the US, UK and several other markets — deals in which a buyout group in effect sells a company to itself”:

Such deals have partly been a consequence of the tidal wave of cash that has flooded private markets during the long era of low interest rates. As that era comes to an end and a downturn looms, these deals are set to become more attractive than ever for private equity groups with companies to sell.

The deals — a way for buyout groups to return cash to their original investors within a pre-agreed 10-year time period, without the need to list companies or find outside buyers — have been growing in popularity since the early days of the Covid-19 pandemic, when a market freeze prompted a search for new options…

Equity market investors are becoming increasingly vocal about how private markets value companies. Vincent Mortier, Amundi Asset Management’s chief investment officer, said this month that parts of the buyout business “look like a pyramid scheme” because of “circular” deals in which companies are sold between private owners at high valuations.

Speaking privately, some pension funds are frustrated. “This is wonderful for the [buyout groups]; it’s one of the best things they ever discovered,” says one pension fund’s head of private equity, who asked not to be named.

But “it’s one of the worst things” for their investors, he adds. “The pie is getting bigger” as private equity balloons in size, he says, but “more of the pie is going to the [private equity firm] and less is going to [its investors].”

More on these Machiavellian machinations: “Buyout Firms Buy From Themselves,” from @matt_levine in @business.

[Image above: source]

Charlie Munger

###

As we ruminate on rapaciousness, we might recall that it was on this date in 1873 that Jesse James and his gang staged the first train robbery (the world’s first robbery of a moving train), a mile and a half west of Adair, Iowa… the site of which is now commemorated as a county park.

source

source

“Stealing, of course, is a crime, and a very impolite thing to do”*…

US Colonel Matthew Bogdanos, lead investigator in finding looted treasures from the Baghdad Archeological Museum, directs a presentation to the press in Baghdad, 16 May 2003. Bogdanos now heads the New York District Attorney’s antiquities theft task force.

On the trail of looted antiquities…

The best photos to come out of the Met Gala every year are always the ones where you feel like a voyeur. It’s a weird combination of intimacy, celebrity, modernity, and antiquity that’s hard to replicate and harder, I think, to ignore. A shot of Kim Kardashian leaning against an Egyptian coffin at the 2018 Met Gala by Landon Nordeman exposes his subject in a flash of light—though perhaps not the subject anyone expected.

Out of the thousands upon thousands who saw the shot, one happened to be more interested in the gold coffin than Kim’s (heavenly) body in gold Versace. He had looted the coffin seven years earlier but was never paid for his spoils. And it was now sitting in the Met. Angry and in possession of receipts, he fired off an anonymous email to the Manhattan District Attorney’s Office to tip them off about the buxom gold figure in the photo next to the Kardashian. 

A year later, the DA’s Office proudly announced that after being stolen during the revolution in 2011, the coffin of Nedjemankh was finally returning home to Egypt. Scorned criminals, ancient art, and the social event of the season—you can’t make this shit up

But aside from that star-studded sabotage, the coffin of Nedjemankh isn’t actually an outlier. And neither is the other antiquities scandal still surrounding Kim K (she purchased an allegedly looted ancient Roman sculpture with Kanye back in 2016). 

Stolen antiquities end up in museums, galleries, and private collections surprisingly often. It happens like this: Looters dig up artifacts, smuggle them to dealers, who then bounce them from port to port. Eventually, someone higher up the chain sells these artifacts to museums like the Met and wealthy collectors like Kim who are all too willing to overlook those pesky legal details.

And usually, they stay there, because most jurisdictions just aren’t interested in going after antiquities theft. But most jurisdictions don’t have an ADA like Matthew Bogdanos.

Bogdanos has been working with antiquities since 2003, when he led a mission to recover the thousands of antiquities lost after the sacking of the National Museum of Iraq. On the heels of a National Humanities Medal for his work in Iraq, Bogdanos returned to Manhattan in order to head the city’s first antiquities theft task force. It would take another 12 years of Bogdanos tackling antiquities theft largely on his own before the city established an official unit. Since its official inception, under Cyrus Vance, and now under new DA Alvin Bragg, the team has helped return something like 2,000 antiquities to their countries of origin.

Besides Bogdanos, who’s still regularly staffed on homicide cases, the small, tenacious team relies on the wide-ranging skills of three other assistant DAs, five specialists in art and archeology, two detectives, and a handful of Homeland Security agents. If you can’t find them in their office downtown, you can probably assume they’re knocking on the ornate doors of the Upper East Side. To paraphrase the man behind the raids, underneath the genteel patina of the upper-class art world is a solid core of criminal activity. The seized art actually occupies so much space that the DA’s storage facilities have been dubbed Manhattan’s best antiquities museum

Read on as Bogdanos guides Hannah Barbosa Cesnik (@HBCesnik) through his murky milieu: “Inside the Mind-Boggling World of the Antiquities Theft Task Force,” in Anne Helen Petersen‘s (@annehelen) wonderful newsletter, Culture Study.

* Lemony Snicket (Daniel Handler), The Wide Window

###

As we pursue provenance, we might recall that it was on this date in 1873 that Jesse James and his gang staged the first train robbery (the world’s first robbery of a moving train), a mile and a half west of Adair, Iowa… the site of which is now commemorated as a county park.

source

source

“It’s not where you take things from—it’s where you take them to”*…

 

Early in the morning on Sunday, 28 August, the German artist Anselm Kiefer’s 35,000sq. m studio and warehouse space in Croissy-Beaubourg, about 25km west of Paris, was burgled and robbed, as first reported by the French daily newspaper Le Parisien. The thieves are suspected of cutting through wire cages and making off with a ten-tonne lead sculpture of stacks of books—valued at €1.3m—and 12 tonnes of raw marble, worth around €1m…

More heaviness at “Anselm Kiefer’s studio robbed of 12 tonnes of raw marble and €1.3m lead sculpture.”

* Jean-Luc Godard

###

As we recheck our locks, we might note that this is a big day in the history of crime…

On this date in 1935, Huey Long, Louisiana Senator and past-Governor (and inspiration for Robert Penn Warren’s All the King’s Men), was shot in the Louisiana state capitol building; he died 30 hours later. Called a demagogue by critics, the populist leader was a larger-than-life figure who boasted that he bought legislators “like sacks of potatoes, shuffled them like a deck of cards.”

Long in the State house, flanked by the armed guards with whom he traveled

source

And on this date in 1974, President Gerald Ford offered his disgraced predecessor, Richard Nixon, “a full, free, and absolute pardon for all offenses against the United States which he, Richard Nixon, has committed or may have committed or taken part in” during Nixon’s Presidency.

 source

 

Written by (Roughly) Daily

September 8, 2016 at 1:01 am

“Stealing, of course, is a crime, and a very impolite thing to do”*…

 

If you want to buy soap at the Walgreens on Market Street in San Francisco, you’ll need to find a store employee to unlock the display case for you. 

Fifty dollar earbuds and $100 bottles of Claritin simply sit on the shelves where customers can pick them up and go. But baby formula, shampoo, and soap are all protected by locked display cases. 

It’s well known that pharmacies need to protect their stores of cold medicine, which methamphetamine cooks can use to make illicit drugs. But why soap? Is a $6 bottle of Dove body wash really worth the squeeze?…

The key to understanding the appeal of soap to thieves is realizing that they care less about an item’s price tag and more about the ease of finding a buyer. In other words, thieves want a liquid asset.

The practical economics of larceny: “Why Thieves Steal Soap.”

* Lemony Snicket (Daniel Handler), The Wide Window

###

As we call for a clerk, we might recall that it was on this date in 1977 that a notorious crime boss met his end:

Mob boss Michael “Mickey” Spillane (not to be confused with the guy who created fictional P.I. Mike Hammer) had a run of very bad luck on Friday the 13th; he was shot and killed outside his apartment in Queens, NY. Spillane, who headed the Westies gang [see here], had moved to Queens from Hell’s Kitchen out of fear for his safety. The previous year, his three top lieutenants had been taken out on orders from Genovese crime family boss Fat Tony Salerno. Salerno coveted control of construction contracts for the Jacob Javits Civic Center, which was being built in Spillane’s territory. Spillane’s killing was rumored to have been carried out by Gambino crime family associates Roy DeMeo and Danny Grillo. After Spillane’s demise, mobster Jimmy Coonan took over as head of the Westies. Coonan had previously challenged Spillane for control of the group. After he took control, Coonan formed an alliance with the Gambino family, in a deal brokered by the newly-“made” Roy DeMeo. Coincidence? Um… probably not.   [source]

 source

 

Written by (Roughly) Daily

May 13, 2016 at 1:01 am