Mountain bike

20/11/2008 15:57:37

Resolve write in this colour because again was hit in the head. By Russians. At least after hitting, show me Belorussian faces from City. First design in my subconscious some water face, that hit. At day, after lunch sleep – they attack again. In a same way. First design face – than hit. Want my blood. Good, though one thing. That the life, facts and news which I see around me have a strong pattern, scheme, that put me thinking about body protection of some ongoing pig from Brussels and Strasburg, or cocaine Royal Family of Lancasters, or English speaking World, or half-pigs, half-goats, half- dogs, etc. Saturday, 22 November 2008. I will call this writing a “Mountain bike”. For my, almost personal reasons. Although, dedicate to the “Energy Map of EU” and a present position of “BNP²” (article4/ article5 british fascist party/Banco Nacional Portuguese) essentially and how my misery protect this pigs. Can start speak about who and why hit my head tonight, or the about dreams after that. First, dream was with meat which is without bacon, (I make lunch for me), mean: you eat – but don’t fuck and this is nothing we (BNB Recruitment Solution Plc Company) can do about. Second, the white guy, maybe proper Willy or Harry Lancaster putting poison in some gringo foot. That rubbish about Energy Map of EU. Where just to invite me to eat sandwiches in City or wedding, or Birth Day party – will help some how resolve my already ended living circle. How English speaking World say – bull shit. It’s the British Petroleum/TNK who completely “casually” was burn in blue flames only to ones more confirm that they don’t have and never will get the clean 5 off-shores (article1). Even to killing all my neighbours, or to kill everything what I see. It’s any way war. Want vybliadok of Tony Blair who lost his future together with his dad or not. Any way he carry on to be не в состоянии pronounce a simple word “Cuba”. (article2 china/cuba)Since the beginning, theirs Middle East negotiation is a loosing egg and everybody knows it. So what? If “a preto”. Mean Rice. To don’t loose the North, IMF with f*** almohads (ongoing piggy faces from Brussels and Strasburg) run very quickly to help “brother” from Iceland (price of 1,5 pounds of theirs North of the vote) , and Russia – lost this a giant “opportunity” to put theirs Miller’s Asian nose in what they are not invited. But what at this moment I like more is the complete гарде or maybe just a fork to International Atomic Agency. Simple like that. The Vespa of EU – Germany, participate in this, like they like to participate in my misery, deeply in my pocket. (article3) Won’t write detailed explanation. Maybe because nobody read this. In any way it can be really dangerous to my health. But fact is the same. Americans, after I was extorted by the Miller’s China – start to forget North Korea. Russia – stop to be welcome to the Eastern Europe, and EU with a nation of the shit from camel turned around, i.e.  UK  just eat, and generally eat my CV with big pleasure. If any one start to see this in another way – they put theirs pig’s lawyers from Buchanan Clark and Wells who insist to say that they are representing british fascist party to carry on to graze my tail and put me mad. (BNP). In parallel with the Carl Icanh (one more stupid face from City). Of course first was telephone call from “a preto”. Which nobody care (of course because of BNP) to catch and oblige to answer for this harassment. (a shusha-shusha article), than “African Question” (emails), which I told in several occasions to the cocaine Royal Family of Lancasters that I never give you this. And than of course Buchanan Clarks and Wells… What to expect from Banco Portugues de Negocios (article5 "Ele veio perguntar-me porque é que o Banco de Portugal (BdP) andava tão em cima do BPN, ao que eu lhe respondi que isso tinha que ver com o facto do banco ter uma gestão pouco transparente e de haver muitos negócios entre a administração e os accionistas", disse António Marta.) that british fascist party will change? To a little change of direction, I want speak about the Diablo. Meeting in Lima. For German Vespa, it’s of course nothing to do with an article in Portuguese weekly journal Expresso about body guard of ongoing piggy faces from Brussels and Strasburg. How they are trained in Israel, how much this costs (for me, handed them all like the chiefs of up stream of European Energy policy, i.e. almohads from Iran are doing) and the faces of half of dozens this Pinocchio’s which are sold by patricians of “the future of our civilisation”. Mean, pirates the type of Barroso and Solana. (article6) Personally, I am sure, and telling this like a Master of Science in Organic Basic chemistry and Petrochemistry that this kind of макаронники (de macarão) not only fuck my brain for last fifteen years and at the end, in best situation suck my dick through Warner Brothers (films) watching with goats eyes how cat eat rat, but what is indecent is that try to sell me this: (article7/8). Of course I am mind if walking from the Sainsbury I see one of this fucking suckers with ebalo of bodyguard and with high of Red dwarf, i.e. nano-bodyguard… (to protect barroso, putin, mokry, brown, etc., CHILDREN). And than at the next day the same fucking sucker but now with ebalo of chinoca – do the same! It’s important to see clearly what I wrote and than behaviour of “structure” in this deference. None respect whatsoever! Such meaning like Royalties or Concessions or Franchising – nothing sacred to them! Like the degenerates – say nothing to them! But this is for dummies, the type of Cocaine Royal Family of Lancaster, not for me or for stupid face of Carl Icahn (Article12). For him Brand Bishop and William Cross only the image of the colour of the race lawyers from International Atomic Agency, Iran Shipping Lines, Rossatom, and if you know for whom was my spits, dears London’s Wellington clinic - you’ll have my d*** and never “African Question”. (rubbish Article11).

article1 У ТНК-BP сгорела нефть

В Ханты-Мансийском автономном округе произошла авария, остановившая работу 32 скважин ТНК-BP ЧП произошло вечером в среду: на нефтесборном коллекторе Самотлорского месторождения случился разрыв, в результате были зафиксированы утечка и возгорание углеводородов. После аварии была остановлена работа пяти кустов и 32 скважин, в данный момент ведутся работы по восстановлению их функционирования. Специалисты выясняют причину инцидента, объем потери нефти и убыток, нанесенный компании. Авария произошла накануне вечером на Самотлорском месторождении в районе куста № 1890. «Из-за прорыва нефтесборного коллектора разлилась нефть на площади 150 кв. Метров. На 50 кв. метрах нефть была охвачена пламенем. Пожарным удалось потушить возгорание в считанные минуты, пострадавших нет», – приводит «Интерфакс» слова источника в ГУ МЧС РФ по Ханты-Мансийскому автономному округу (ХМАО). Работа пяти кустов и 32 скважин была приостановлена, сам нефтесборный коллектор, на котором произошел разрыв, получил частичные повреждения. В данный момент ведутся работы по его восстановлению. Причина аварии в ХМАО, объем потерь нефти выясняются. Самотлорское нефтяное месторождение было открыто в 1965 году. Расположено в Нижневартовском районе ХМАО и относится к Западно-Сибирской нефтяной провинции. На момент запуска считалось одним из крупнейших в мире. Залежи расположены на глубине 1,6–2,4 км. Добычу нефти ведет компания «Самотлорнефтегаз», входящая в ТНК-BP. За январь–октябрь 2008 года ТНК-BP добыла в ХМАО 39982 тыс. тонн нефти.

ttp://dn.sapo.pt/2008/11/20/internacional/pequim_concede_ajuda_80_milhoes_a_ha.html

article2 Pequim concede ajuda de 80 milhoes a Havana.

Trocas comerciais. China é já o segundo parceiro de Cuba    Os presidentes da China e Cuba assinaram ontem em Havana uma série de acordos em que Pequim se compromete a investir 80 milhões de dólares na ilha e perdoa uma parte indeterminada da dívida cubana por um período de dez anos. Hu Jintao e Raúl Castro assinaram aqueles acordos no âmbito de uma deslocação do líder chinês à América Central e do Sul, em que visitou antes a Costa Rica e se desloca a seguir ao Peru para participar na Cimeira Ásia-Pacífico, sexta e sábado, em Lima.  O reforço da cooperação entre os dois países coincide com um momento grave para a economia cubana, em que esta procura recuperar dos efeitos da passagem de três furacões este ano - Gustav, Ike e Paloma - e reforçam a posição crescente da China como parceiro comercial de Havana. A China é já o segundo parceiro, sendo apenas ultrapassada pela Venezuela. Em 2007, o valor das trocas comerciais ultrapassou os dois mil milhões de dólares, segundo a AFP. Pequim adquire essencialmente açúcar e níquel a Cuba.  A visita de Hu foi marcada por um breve encontro com o antigo presidente Fidel Castro e por um episódio em que o líder chinês confundiu este com seu irmão, Raúl, o actual Presidente. O que sucedeu durante uma visita dos dois dirigentes a uma escola de espanhol frequentada por cerca de mil estudantes chineses, em que Raúl cantou uma canção chinesa que disse ter aprendido em 1953 quando participou numa conferência de jovens comunistas na Áustria. A isto, Hu comentou: "Não tenho a memória de Fidel, mas lembro-me da canção" - confundindo o Presidente com o seu irmão. O líder chinês encontrou-se por alguns minutos com Fidel, que surgiu na foto de aspecto magro e débil. Alinhada com Moscovo na época da URSS, Cuba desenvolveu uma aliança com a China desde os anos 90; actualmente, Havana volta a ser cortejada pela Rússia.

Article3 Grandes nuvens de fumo impedem aterragens

Incêndio em aeroporto de Berlim obriga a desviar voos 

20.11.2008 - 08h39 Reuters Um grande incêndio deflagrou na secção militar do aeroporto Tegel de Berlim, a capital da Alemanha, levando as autoridades a desviar voos para outros locais.
Um porta-voz do aeroporto de Tegel disse que os voos com destino a este aeroporto estavam a ser desviados para o de Schoenefeld, na zona leste da capital da alemã, devido à existência de grandes nuvens de fumo que tornam as aterragens difíceis. A polícia disse que o incêndio, cuja causa ainda é desconhecida, não constitui risco imediato para ninguém e que há um grande contingente de bombeiros a combatê-lo.

Article4 Officer's BNP links investigated

Thursday, November 20 07:44 am Merseyside Police are investigating whether a serving constable is a full member of the far-right British National Party. Steve Bettley's name was among thousands on the leaked BNP membership list which was posted on the internet. Police officers are banned from signing up over fears it could damage race relations. A spokesman for the Association of Chief Police Officers (ACPO) said: "We understand that forces are looking at the list to ascertain if there are any serving officers on there." A Merseyside police spokesman said: "We understand that the BNP names a Steve Bettley for an alleged association with the party. "Whether Merseyside PC Steve Bettley was, or is, a member of BNP is subject to an ongoing inquiry." He added: "Chief Constable Bernard Hogan-Howe has reiterated our position that membership of the British National Party is totally incompatible with the duties and values of Merseyside Police. We will not accept a police officer or police staff being a member of BNP." The Independent Police Complaints Commission (IPCC) received a voluntary referral from Merseyside Police but will not be involved in the investigation. Naseem Malik, IPCC Commissioner for the North West, said: "I have every confidence that Merseyside Police will investigate this matter thoroughly. "The national policies are clear that membership of the BNP is incompatible with the requirements of the role of a police officer and I know Merseyside Police will act robustly if necessary." BNP leader Nick Griffin said the party would take court action after the leaking of the list.

Article5 Fica em prisão preventiva

Oliveira Costa pronunciado por sete crimes José de Oliveira Costa foi pronunciado por sete crimes e vai ficar em prisão preventiva. O ex-presidente do BPN - Banco Português de Negócios saiu há poucos minutos do Tribunal de Instrução Criminal de Lisboa num carro celular que o transportou para o estabelecimento Prisional da Polícia Judiciária. José de Oliveira Costa foi pronunciado por sete crimes e vai ficar em prisão preventiva. O ex-presidente do BPN - Banco Português de Negócios saiu há poucos minutos do Tribunal de Instrução Criminal de Lisboa num carro celular que o transportou para o estabelecimento Prisional da Polícia Judiciária. O juiz de instrução criminal confirmou a pronúncia de Oliveira Costa por sete crimes. Fraude fiscal qualificada, burla qualificada, falsificação, abuso de confiança agravada, falsificação, infidelidade, branqueamento de capitais e aquisição ilícita de acções. O crime de burla qualificada tem uma moldura penal de dois a oito anos de prisão, o de abuso de confiança agravada prevê multas e prisão de um a oito anos. Já o crime de falsificação pode ser punido de multa até três anos de prisão, o de infidelidade (aos accionistas) até três anos de prisão e aquisição ilícita de acções é punida com multa até 120 dias. Quanto ao crime de branqueamento de capitais é punido com pena de prisão de seis meses a cinco anos. Oliveira Costa ficará em prisão preventiva até ser deduzida a acusação. Os advogados do ex-presidente do BPN, à saída da audiência, escusaram-se a comentar a decisão do juiz.

Article6  Segurança Israel treina 'Rambos' portugueses

Deixaram tudo e pagaram €16 mil para receber treino especial em Israel. No futuro vão ser guarda-costas nos locais mais perigosos.

Henrique Cymerman, correspondente em Israel22:30 | Quarta-feira, 19 de Nov de 2008

Article7Генпрокурор США упал в обморок во время выступления

21 ноября 2008, 08:13 Генеральный прокурор США Майкл Макейси упал в обморок во время выступления перед «Обществом Федералистов», сообщило в пятницу агентство Associated Press со ссылкой на помощника генпрокурора Кевина о'Коннора.

По его словам, Макейси внезапно задрожал во время своего выступления и упал в обморок. Подоспевшие медики немедленно отправили остававшегося без сознания генпрокурора в больницу. По заявлению представителя Минюста США, которого цитирует агентство Reuters, Макейси пришел в сознание и в настоящее время находится «в хорошем расположении духа». Более подробной информации о состоянии здоровья генпрокурора и причинах потери им сознания пока не сообщается, сообщает РИА «Новости». 

Article8Самолет президента Филиппин экстренно сел в Японии

21 ноября 2008, 19:28 Самолет президента Филиппин Глории Макапагал Арройо был вынужден совершить экстренную посадку в японском аэропорту «Кансай» из-за случившегося в полете сердечного приступа у супруга главы государства. Инцидент произошел во время перелета из Манилы в Лос-Анджелес, в связи с чем намеченный маршрут был изменен. По словам управляющего делами президента Филиппин Эдуардо Эрмита, у супруга президента случился сердечный приступ. 60-летний супруг Арройо в прошлом году перенес операцию на сердце в одной из клиник Манилы.

Article9/10 Аденский залив – пираты захватили балкер Delight

Tuesday, November 18, 2008 - 13:09. 18 ноября днем, около 14.00 местного времени, сомалийские пираты захватили в Аденском заливе очередное судно, балкер DELIGHT (валовая 25768, постройки 1986, флаг Гонконг, оператор иранская IRAN SHIPPING LINES). Балкер с грузом 36000 тонн пшеницы следовал в Бандар Аббас, Иран, то есть после прохода Суэцким каналом в восточном направлении. Экипаж 25 человек, никто из них не является гражданином Китая или Гонконга, и можно ожидать, что в его составе могут оказаться граждане России, Украины или Балтии.

“medvedev”: Жопа болит? (rusia petroleum…)

Росатом получил госпакет «Интер РАО»

19 ноября 2008, 19:04 Государство в качестве имущественного взноса передало госкорпорации Росатом 42,48% (госпакет) акций ОАО «Интер РАО ЕЭС». Акции поступили на баланс госкорпорации в среду. Актив был внесен в Росатом по рыночной стоимости. Распоряжение о передаче акций 11 ноября подписал глава Росимущества Юрий Петров, сообщает «Интерфакс». 

Article11Our inquiry.‏ From: Mr. Brant Bishop (wbishop@lawyer.com) Sent: 20 November 2008 03:48:43 To: wbishop@live.co.uk Good day! Sir/Madam Please pardon me as I am aware that this is not a conventional way of relaying such an important message such as this. I did try without success to locate either your contact address or fax number and as such, I resorted in contacting you via email. My full name is Mr. Brant W. Bishop, I am a senior partner in the firm of J.W Allen & Bishop LLP, London, United Kingdom, we are Private investigators, Security Consultants and Financial Managers and Fund Claims Counsel. We are conducting a standard process investigation/Recommendation on behalf of Standard Chartered Bank Group (SCB), The African Investment Banking Conglomerate. This investigation involves our client who bears the same surname with you Mr. Earl and also the circumstances surrounding his investments made with {EARL GROUP ENTERPRISES} at {STANDARD CHARTERED BANK GOLD ACCOUNT} the Investment Banking arm of SCB. The SCB Private Investment client died intestate and nominated no successor in title over the investments made with the bank amounting to over {US$5.3 Million} (Five Million Three Hundred thousand Dollars only). The essence of this communication with you is to request that you provide us information/comments on any or all of the four issues as regards nominating you to inherit the fund left behind by this client. Your answers and response's to the questions raised below will determine our recommendation to the {STANDARD CHARTERED BANK PLC} towards legally appointing you to inherit this investment fund after certified investigation has yielded results showing that there is no known relation of the deceased client. 1. Are you aware of your relation born on the 2nd of February 1951, who bears your surname whose last known contact address was Accra Ghana, in Western Africa? 2. Are you aware of any investment of considerable value made by such a person at the Investment Banking Division of {STANDARD CHARTERED BANK GROUP}? 3. Can you confirm your willingness to accept this inheritance if you are legally and legitimately appointed? 4. Would you agree to donate part of this inheritance to charity if you are officially approved to stand as the inheritor? It is pertinent that you inform us ASAP whether or not you are familiar with this personality and your interest towards the issues mentioned. You must appreciate that we are constrained from providing you with more detailed information at this point. We will provide you with additional information upon receipt of your response. Thank you for accommodating our inquiry. Mr. Brant W. Bishop Address: 453 Lykensey Knoll Crescent| London | EC3A 8AF | UK E-mail: wbishop@live.co.uk  Cell: 44 70359 02015 Tel: 44 70359 01926 Fax: 44 70059 30992 For: J.W Allen & Bishop LLP VAT No. 918579476 I HAVE REGISTERED YOUR CONSINGMENT WITH THE FedEx COURIER SERVICE / Call me: Tel: +234-802-867-9854‏ From: Mr. William Cross (alexa@quenett.com) Sent: 19 November 2008 23:35:44 To:  Good day!!! CLAIM NOTIFICATION. This is to notify you that your parcel is still in our possession, this parcel contained an International Cashier Bank Draft/Cheque worth the sum of $2 Million dollars only and it is ready for delivery to your door step. Meanwhile, before the delivery or shipment will take place, you are advice to send to us the following data’s mention Fill this Form:  Name: Address: City: State: Postal Code: Country: And your contact phone number: The above requested information’s will enable us deliver your parcel correctly without any mistake or delivering your parcel to a wrong person.Furthermore, you might be asking yourself how comes this email, cheque or draft, Anyway, your cheque was brought to this office by a Lottery Fiduciary Agent Or Claim Agent, signifying that you are a rightful winner to their Lottery Award selected randomly from 10 lucky email addresses which your email address is one of the lucky email address. FedEx courier service company mailing you as per your parcel that was brought to this company to be delivered to you by lottery groups, along the delivery process that brought a misunderstanding between you and the lottery claim agent and in regards of their request as per their insurance certificate cost and tax fee which happened to be the course of your parcel being pending for the past months/one year. Meanwhile we are hereby happy to inform you that the FedEx Company has finalized everything with the icon insurance company of Nigeria’ and the internal revenue office as the company has also listed 24 valuable parcel’s to be intact in their office after the released of the parcel’s from the icon insurance company and internal revenue office. We are happy to inform you once again that your parcel that contains the sum of $2 million dollars is among the 24 parcel’s listed which is now in our office and also with your name as the receiver despite that we lost your private residential address’s, which is an indication that you can now re-send your residential address, telephone as stated above back to the FedEx company where your parcel can be delivered to you without hesitation with this e-mail (mr.donald_r@rocketmail.com) Meanwhile remember that the sender of this parcel to you that the fiduciary agent still owes this company the sum of $150 before incident occurs, note that this company has spend out of their incomes in the process by recovery back your parcel’s dear customer we once again appreciate your patronage in our favor. Without hesitations you are to pay for just the balance left by your sender since we have lost his contact. via western union so that your parcel can be delivered to your residential address before it accumulate a demurrage after one week only, as you know your parcel is not just an ordinary parcel but with a huge amount and I think you understand what I mean by accumulating a demurrage? Which you will not allow to happen to your recovery parcel that almost gone if not for the love that the good God have for you by favoring you with his favor because it was God who did it not by your power but by the spirit say the lord. We assure you that your parcel will arrive at your country in two days time and it will get to your door step the third day as soon as this company receive the balance left by your sender’ and the tracking number of your parcel will be sent to you via e-mail immediately so that you can track it yourself to see your parcel coming on the way and you will also know when it will arrive at your country because we operate in trust and loyalty in your favor. And also the FedEx Courier Service Company is hereby to inform all their customers by eradicating all their communication with the scam mails that are going all-over the world be careful with their e-mails so that your parcel will not be in danger with their evil planes. FedEx provides access to a growing global market place through a network of supply chain, transportation, business and related information Services. PAYMENT INFORMATION OFFICE RECIEVERS NAME------ MICHAEL ONORIODE SENDERS NAME------- YOUR NAME SENDERS COUNTRY----- YOUR ADDRESS RECIEVERS COUNTRY----LAGOS NIGERIA AFRICA. TEXT QUESTION------------WHAT FOR? TEXT ANSWER---------------.DELIVERY 
AMOUNT TO BE PAID---------$150 MTCN NUMBER......................
Please you have to send the full payment information including the MTCN Number for we to fully proceed on your delivery FedEx is one of the world's great success stories, the start-up that revolutionized the delivery of packages and information. In the past 30 years, we've grown up and grown into a diverse family of companies -a FedEx that's bigger, stronger, better than ever. Call me: Tel: +234-802-867-9854 and speak with the MD. Mr. Donald Ray for more info. WAITING TO READ YOUR E-MAIL. YOURS AFFECTIONATLY. MR WILLIAM CROSS

(Article12). Basel outlines stricter limits for banks' capital

Thursday Nov 20 2008 14:25 The crisis has triggered calls from some policymakers to scrap the Basel II framework for global bank regulation, which is seen as having contributed to the crisis by allowing banks to operate with relatively low capital reserves. However, some regulators believe that the Basel framework, which took nine years to put in place, can be salvaged. The Basel Committee yesterday signalled that over the long term it would encourage banks to make provisions for bad debts throughout the economic cycle. This would boost banks' capital reserves while also providing a brake on growth in new lending. The watchdog also signalled it might introduce rules to limit the absolute amount of debt a bank can take on relative to its capital base. This measure, known as a leverage ratio, had been fiercely resisted by European banks but was recently introduced by the Swiss regulator following the meltdown at UBS. Nout Wellink, president of the Dutch central bank and chairman of the Basel Committee, has defended Basel II, arguing that the framework had only come into force in many countries at the beginning of 2008. However, he acknowledged that the crisis had created the need for fundamental reform. "Ultimately, our goal is to help ensure that the banking sector serves its traditional role as a shock absorber to the financial system, rather than an amplifier of risk between the financial sector and the real economy," he said in a recent speech. Basel officials believe the new rules, details of which will be drawn up over the next year, would provide a basis for re-establishing privately owned financial institutions. However, they stressed that the Basel Committee had no intention of forcing through new measures until the crisis has eased. "We're not going to jack up all the minimum capital requirements in the middle of a crisis," one said.

Лукойл" попросил у испанских банков 5,2 миллиарда евро на покупку Repsol

Российская нефтяная компания "Лукойл" предложила испанским банкам изучить возможность выделить ей 5,2 миллиарда евро в качестве кредита на покупку доли в крупнейшей нефтяной компании Испании Repsol, передает в пятницу агентство EFE.

По даннм источников в финансовых кругах, встреча представителей "Лукойла", консорциума Citigroup, Santander, Caja Madrid и Calyon, а также каталонского банка La Caixa прошла в пятницу. Российская компания намерена приобрести до 29,9 процента акций Repsol. Если кредит будет одобрен, испанские банки потребуют обеспечить его не только акциями Repsol, но и другими активами "Лукойла". На таких же условиях была кредитована компания Sacyr Vallehermoso, которая ранее приобрела 20 процентов испанского нефтяного гиганта. Как сообщалось ранее, банк La Caxia объявил, что готов продать "Лукойлу" 12,7 процента акций Repsol при условии, что российская компания приобретет акции Sacyr Vallehermoso. В пятницу, добавляет EFE, акции Repsol подросли на 2,28 процента до 13,91 евро за акцию. Таким образом, рыночная стоимость 30 процентов нефтяной компании на данный момент составляет примерно 5,094 миллиарда евро.

 

This was my third dream. (See my blog “Aramco?”)

Only very big (+/- 4 gallons flask).

Origato:

From: yukiko fukuchi (yukiko_star@hotmail.com)

Sent: 18 November 2008 09:55:06

To: glugovskyviktor@hotmail.com

Cc: glugovskyviktor@hotmail.com

Yahoo co-founder Yang stepping down as CEO

Search is on for successor; company’s stock has fallen in 17-month tenure

The Associated Press

updated 8:55 a.m. ET Nov. 18, 2008

SAN FRANCISCO - Yahoo Inc. co-founder Jerry Yang is stepping down as chief executive, ending a rocky reign marked by his refusal to sell the Internet company to Microsoft Corp. for $47.5 billion — more than triple Yahoo's current market value.

The change in command announced Monday won't be completed until Yahoo finds his replacement. The Sunnyvale-based company said it is interviewing candidates inside and outside Yahoo in a search led by its chairman, Roy Bostock, and the executive recruitment firm Heidrick & Struggles. "Jerry and the board have had an ongoing dialogue about succession timing, and we all agree that now is the right time to make the transition to a new CEO who can take the company to the next level," Bostock said. Yang, who started Yahoo with Stanford University classmate David Filo in 1994, will revert to "Chief Yahoo," a titular role he filled before replacing former movie studio boss Terry Semel as CEO in June 2007. He will also remain on Yahoo's board of directors. "I will continue to focus on global strategy and to do everything I can to help Yahoo realize its full potential and enhance its leading culture of technology and product excellence and innovation," Yang said in a statement. Although Yang had publicly expressed his desire to remain at the helm, Yahoo's board faced intensifying pressure to cast him aside as the company's shares plunged to its lowest levels since early 2003. The stock fell 19 cents Monday to close at $10.63 — a fraction of Microsoft's last bid of $33 per share in early May. (Msnbc.com is a joint venture of Microsoft and NBC Universal.) Microsoft CEO Steve Ballmer huffily withdrew the offer after Yang sought $37 per share. The negotiating breakdown triggered a shareholder revolt led by billionaire investor Carl Icahn, (divorse settlement: Carphone Warehouse said on Tuesday it would consider a demerger of its retail and telecoms interests, as the company predicted the next year was likely to be the most challenging economic environment it had ever operated in. ) who called for Yang's ouster in July before reaching a truce that put him and two allies on Yahoo's 11-member board. Monday's shake-up comes as no surprise, given the challenges facing Yahoo. "The shareholders were ready to pick up pitchforks and torches," said technology analyst Rob Enderle, who has been following the company for years. "If Jerry wasn't a founder, he already would have been gone" months ago. Yang, 40, had been pursuing a strategy that he thought would prove Yahoo was worth more than Microsoft was willing to pay, but the rapidly deteriorating economy made a comeback seem increasingly unlikely. As it is, Yahoo's earnings have been eroding for three years, disillusioning investors amid a management exodus that indicated even Yang's own troops were losing faith in him. After squandering the opportunity to sell to Microsoft, Yang tried to boost Yahoo's profit by forging an advertising partnership with Internet search leader Google Inc. But that back-up plan fell through two weeks ago when Google walked away from the deal to avoid a court battle with the U.S. Justice Department, which had concluded the partnership would have throttled competition in the online advertising market. Yang had also been exploring a possible acquisition of another fading Internet star, AOL, but most analysts panned the idea as a desperation move that threatened to hurt Yahoo more than it would help. As Yahoo shares sank, a major acquisition became a moot point anyway because the depressed stock price made it more difficult to finance a deal.