Jeff Smith 12:30 p.m., April 23
CNBC Features Tom Gores, Mike Aguirre -- Separately
A CNBC news report tonight (June 18) at 5 p.m. put the spotlight on Tom Gores, the Beverly Hills financial swinger whose firm now owns the Union-Tribune, and Mike Aguirre, the former city attorney who was endlessly smeared by the U-T and defeated for re-election. This time, Gores got the worst of it. In commenting on the attempt by Gores's firm, Platinum Equity, to get a big, subsidized chunk of auto parts maker Delphi, CNBC noted what is now well known: Gores had an affair with his brother's then-wife (now ex-wife); it came to light in the celebrated Hollywood Anthony Pellicano private eye case. She thought she was being tailed during a rendezvous with Tom Gores. The CNBC piece also mentioned alleged sexual hanky-panky supposedly charged in civil suits. Aguirre, who heads San Diego's National Center for Regulatory Reform, was interviewed about President Obama's proposed regulatory reform. Aguirre gives it an "F" grade. He doesn't approve of the Federal Reserve getting more regulatory power; the Fed's independent status could be threatened, and there is a conflict between running monetary policy and regulating financial institutions. As revealed earlier on this blog, Aguirre believes that the 1933 Glass-Steagall Act that mandated a strict separation of insurance, investment banking and commercial banking functions, should be reinstated. Also, hedge funds should have to register as investment companies and derivatives should be regulated by the Commodity Futures Trading Commission.