Monday, May 31, 2010

Kenneth Starr

The Kenneth Starr in the news just now is not the former special prosecutor of the Lewinsky scandal. Nor is he the rapper, Kenn Starr. Nor the country-music singer, Kenny Starr.

No, this is Kenneth I. Starr, a financial advisor to the Hollywood elite. The clients who were at one time or another on his list include: Goldie Hawn; Wesley Snipes; Al Pacino; Sylvester Stallone; Martin Scorcese, and (justifying my use of a great movie poster with this blog entry) "The Bride," Uma Thurman.

It isn't yet clear which of his celebrity clients have lost money. The news so far seems to be mostly a typical Hollywood spin-fest, with every PR agency in L.A. contending that the stars on its list suspected something was up in time, and got their money out of Starr's hands. Uma Thurman is said to have had almost a Kill Bill style confrontation with him to that end!

Here's a humorous take on the subject from The Reformed Broker.

And here's the release from the district attorney on the job Preet Bharara. Bharara? Isn't that how the bad guys in Hollywood movies laugh?

Andrew Stein has been arrested on related charges. Aficionados of the politics of New York City willl recognize that name. Others may want a quick course from wikipedia.

But back to all the spin about how various celebrities didn't lose money because they got it out in time: we'll see. The law can be draconian in the unwinding of a ponzi scheme. A lot of people who thought they got their money out safely may soon face a demand from an estate trustee that they return those funds, as have many in the analogous situation with Bernie Madoff.

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