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April 19, 2013 | By Jori Finkel
The heirs of the Budapest-based Jewish banker Baron Mor Lipot Herzog have cleared a major legal hurdle in their decades-long quest to force Hungary to return dozens of artworks from Herzog's collection that were looted during World War II. In 2010, Herzog's great-grandson David de Csepel of Altadena led his family in suing Hungary and three of its museums for the return of more than 40 artworks valued at $100 million, including masterpieces by...
April 16, 2013 | By Richard Winton
A great grandson of cosmetics giant Max Factor saw his sentence cut Tuesday to 50 years in state prison in connection with a series of videotaped rapes. Andrew Luster was sentenced by Judge Kathryne Ann Stoltz, who recently vacated the 124-year sentence the convicted rapist received in 2003. His lawyers had hoped to secure a sentence of 25 years or less on the 86 counts related to videotaped sex acts and the use of a date rape drug on three women. Luster's case drew global attention after he jumped his $1-million bail and fled to Mexico during the proceedings.
April 15, 2013 | By Larry Gordon, Los Angeles Times
Mark Yudof likes to point out that he was the first real outsider in more than a century chosen to run the sprawling University of California system. And he often jokes that, as a result of his leadership, it is likely to take a hundred years more before UC hires another. Maybe not. But the comment does represent a dilemma facing the UC regents as they look for his successor: No obvious heir apparent is lined up inside the system. So experts predict the search for a new president will concentrate on large public university systems elsewhere in the country that dealt, like UC, with dramatic declines in state support.
March 16, 2013 | Times Staff and Wire Reports
Booth Gardner, a two-term Democratic governor who later in life spearheaded a campaign that made Washington the second state in the nation to legalize assisted suicide for the terminally ill, has died after a long battle with Parkinson's disease. He was 76. Gardner died Friday at his Tacoma home, said family spokesman Ron Dotzauer. The millionaire heir to the Weyerhaeuser timber fortune served as the state's 19th governor from 1985 to 1993 following terms as Pierce County executive, state senator and business school dean.
February 28, 2013 | By Jonathan Schanzer
President Obama's visit to the Middle East next month is widely billed as an earnest attempt to double down on diplomacy and revive the moribund peace process between the Israelis and Palestinians. Unfortunately, the odds are stacked against the president. Doves on both sides quietly cede that it would take a miracle to get the two sides back to the business of serious diplomacy. But Obama has an opportunity to aim a little lower and accomplish something that could help safeguard the peace process for years to come.
February 19, 2013 | By David Wharton
Amid the tributes and condolences, the lingering sorrow over Jerry Buss' death, now comes the hand-wringing. Lakers fans see Jim and Jeanie Buss in control - no father keeping watch - and wonder if the kids can uphold a winning legacy. Jeanie has already won respect with her intelligence and candor, but has previously focused on the business side of the franchise. Will she - as Magic Johnson has advocated - exert more influence on basketball matters? And what about Jim? The son has been a constant lightning rod for criticism, outsiders guessing at what role he played in controversial decisions such as the hiring of Mike D'Antoni over Phil Jackson.
February 17, 2013 | By Robert Shogan
Presidents Day, which falls between the birthdays of George Washington and Abraham Lincoln, celebrates the contributions of those presidents. But here's a nomination for another president worth remembering on this long weekend: Harry Truman, the first of the presidents who succeeded Lincoln to accomplish anything of consequence to redress the injustices that black Americans continued to suffer long after their emancipation. Driven by black protests, and by his own conscience, Truman ordered the integration of the armed forces and threw the weight of the federal government behind the legal struggle to end segregation in the nation's schools and housing.
November 25, 2012 | Liz Weston, Money Talk
Dear Liz: My wife and her brother are selling their parents' home. The parents transferred the deed to their children's names years ago. My wife should receive about $85,000 from the sale. Our yearly income (one salary; she's a stay-at-home mom) is around $75,000. My wife is worried about capital gains taxes and wants to reinvest in another real estate property because she's heard that that will eliminate the capital gains tax. Is that correct? I would really rather invest that money in our current home (finish the basement into a family room, update some items)
July 27, 2012 | Tony Perry, Los Angeles Times
Dennis Avery, who used his share of a family fortune to fund philanthropic ventures around the world and to commission artistic replicas of prehistoric creatures for a quirky sculpture garden in the desert of Borrego Springs, has died. He was 71. Avery died Monday at Sharp Memorial Hospital in San Diego. No cause of death was given. Avery was an heir to the fortune from the Avery Dennison Corp., which launched what is considered the first commercially viable marketing of self-sticking, peel-off labels, the kind of supplies now considered essential for offices, schools and home use. His father, R. Stanton Avery, a classic rags-to-riches American success story, founded the business in 1935 after borrowing $100 to build a label-making machine out of spare parts.
July 18, 2012 | By Tiffany Hsu
The Walton family, heirs to the founders of the Wal-Mart Stores Inc. superchain, are worth nearly as much as the bottom half of American households combined. The Waltons' value -- $89.5 billion in 2010 - is equal to the worth of the 41.5% of families at the lower end of the income ladder, according to an analysis by Josh Bivens of the Economic Policy Institute. That comes out to 48.8 million households. And as the mid-point of family net worth fell 38.8% in the U.S. between 2007 and 2010 to $77,300, the Waltons' fortune grew an inflation-adjusted $16.2 billion.
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