Loomis and Buffett at the 'Tap Dancing to Work' party (Donald Bowers/Getty Images)

“I haven’t read it yet,” admitted Goldman Sachs CEO Lloyd Blankfein at Monday’s book party at The Lambs Club for Carol Loomis’s Tap Dancing to Work, a collection of Warren Buffett’s wit and wisdom as published in Fortune over the years. (Mr. Blankfein strode briskly away when the Transom asked his thoughts on the upcoming “fiscal cliff.”) “I’m looking forward to reading it,” allowed Washington Post honcho Lally Weymouth. JPMorgan Chase CEO Jamie Dimon left even before the toast, during which Time Inc. editor in chief John Huey lightly roasted Mr. Blankfein. “I think it’s always good to have someone around willing to write a check to save ...” Mr. Huey began.

“Never mind, I’ve already left!” Mr. Blankfein shouted from the crowd.

But Tap Dancing to Work—which will take Ms. Loomis (a Fortune writer since 1954) on a tour of The Daily Show, Charlie Rose, and Today—is sure to find an audience among those seeking the wisdom of “The Oracle of Omaha,” or an extremely WASPy Christmas present.

“I think it’s mainly for serious investors, and young people will give it to their fathers, wives will give it to their husbands, and some people will buy it for themselves,” Ms. Loomis said.

Ms. Loomis is both friend and fan. The pair’s meeting back in 1967 was auspicious. “He was an unknown,” she explained. “What I saw was that he was just about the smartest man I’d ever met—and I know a lot of smart men.” She notes in the book’s preface that she wouldn’t have found it appropriate to have written a biography of Mr. Buffett, given the pair’s long-standing relationship. (She is an investor in Berkshire Hathaway and writes the company’s letter to stockholders, while covering Mr. Buffett for Fortune.) She told the Transom that she had never invested in a way that would contradict Mr. Buffett’s teachings. “I really never have. Once I had the opportunity to learn from him, I have never not followed his advice.” The two play bridge together as well. Asked who has the upper hand, Mr. Buffett told the Transom: “We’re about the same.”

Ms. Loomis later admitted, in a brief speech to a crowd that included CNBC’s Becky Quick, The New York Times’s Andrew Ross Sorkin and Reuters’s Felix Salmon, that she’d misspelled “Buffett” in print in an early article. “I thought she was so infallible, I’d spell it whatever way she wanted,” Mr. Buffett quipped.

And so the book is populated by financial, technological and emerging-market entrepreneurs peering down from their mountaintops, as well as the closest cousins of the fortunate few: the elite artists, artisans and thinkers who cater to, study or simply swim in the slipstream of the extremely rich.

The operative word is extremely. Ms. Freeland, global editor at large for Reuters, takes readers to the 60th birthday party of private equity titan Stephen Schwarzman, at which Rod Stewart was reportedly paid $1 million to perform; to a lunch over Long Island-sourced striped bass with 20 bigwig investors at George Soros’s Southampton estate; and to visits with assorted billionaires, including LinkedIn founder Reid Hoffman, Russian oligarchs Mikhail Fridman and Viktor Vekselberg, and the son of Lakshmi Mittal, the richest man in India.

Carlos Slim, not just the wealthiest man in the world, Ms. Freeland tells us, but by one measure the wealthiest man in the history of the world, makes numerous appearances. Michael Bloomberg and Warren Buffett show up, naturally, as does Bo Xilai, the Chinese elite whose fortunes reversed when his wife was implicated in the murder of a British businessman.

It sounds titillating, but it isn’t. That’s also by design. Plutocrats isn’t a book about the lifestyles of the fabulously wealthy, but rather the global trends the book’s titular class surfed to success. Ms. Freeland isn’t interested here in the “original sins” that allowed men like Mr. Vekselberg to seize control of the Russian economy in the days of privatization (she told some of those stories in a previous book, Sale of the Century) but in locating the plutocrats’ winning instincts in economic, political and cultural contexts.

The result is something resembling a cocktail party at Davos or the Aspen Institute Ideas Festival or any of the other stops on the circuit of the mega-rich. The guests are long on intelligence, determination and self-confidence. The affect, as anyone who’s ever watched a TED Talk might surmise, is empirical and dry.

Plutocrats grew out of an article Ms. Freeland published in The Atlantic in January 2011, which postulated the rise of a new global elite and rested on two ideas that at the time I found thrilling. First, that a French banker working in Hong Kong, a Russian mogul decamped to London and an American tech entrepreneur in Silicon Valley have more in common with each other than any has with his own countrymen. Second, when masters of the universe identify along class lines rather than nationality, we’re one step closer to the kind of global egalitarianism that Karl Marx might have idealized. A factory closes in the Rust Belt, taking a bite out of the American middle class; a factory opens in Guangzhou, buoying Chinese standards of living. Maybe we shouldn’t be so quick to say that’s a bad thing.

Plutocrats doesn’t deliver any such strikes of lightning, but it’s rife with impressive analysis. In a chapter on the so-called superstar effect—“the tendency of both technological change and globalization to create winner-take-all economic tournaments”—Ms. Freeland glides from the writings of Soviet intellectuals, MIT and Princeton economists and the apostle Matthew to the careers of 18th century diva Elizabeth Billington, Lady Gaga, white-shoe lawyer David Boies, Yves St. Laurent, DreamWorks CEO Jeffrey Katzenberg and Albert Einstein.

The phenomena she describes are often self-apparent. Mario Batali maximizes earnings by selling lunch to Wall Street and cookbooks to everyone else. File-sharing extended pop stars’ reach, but undercut wealth for all but the select few who can use their massive popularity to fuel concert tours. These are not surprising concepts, but the thoroughness with which Ms. Freeland surrounds the ideas is satisfying.

The superstars, of course, are a side order. What we really want to know about is the billionaires who seem to remake the world with every new venture, a group that Ms. Freeland sorts into two overlapping chapters. By and large, she says, the plutocrats seized their fortunes by perceiving opportunities created by revolutionary change. But like the 19th century robber barons, they’ve also been enriched by the reallocation of public resources—rent-seeking, in economic parlance—and sought to influence government policy in service of their bulging bank accounts.

On the subject of revolution: Mr. Soros fled a comfortable childhood in his native Budapest after the arrival of the Nazis, a formative disruption that the hedge fund billionaire associates with his ability to intuit instability in markets others view as robust. Mr. Hoffman sensed that the changes being wrought in Silicon Valley in the early 1990s were an opportunity too great to ignore. Mr. Vekselberg collected privatization vouchers in the early days of the new Russia, while a less-prescient business partner cashed in his chips for a mere $100,000. Aditya Mittal, son of Lakshmi, spent years buying up Eastern European steel mills without much competition.

On rent-seeking: Mr. Slim made his fortune by winning a contract for the Mexican telecom concession that was so favorable it preserved a near-monopoly for close to 30 years. The American and British bankers who rose to wealth and power on the revolution in securitization are inextricably tied to a decades-long movement in banking deregulation.

Just because a plutocrat has made his way by disruption, Ms. Freeland is careful to point out, doesn’t preclude him from eating at government’s hand. Mr. Soros, to name but one example, is the beneficiary of the U.S. tax code, which privileges investment income by levying it at a 15 percent. Nor is a rent-seeker a purely self-interested being. Mexican telephone service improved throughout Mr. Slim’s ascension. Mortgage bonds made home ownership affordable for many more Americans (if ultimately too affordable for too many). Even the do-gooding tech evangelists come in for second-guessing. It’s nice to think that disrupting an old industry will create opportunities (read: jobs) in the new new thing that replaces it, but that much has yet to be proven.

Midway through Plutocrats, many readers will light upon an unpleasant notion: That, to invoke F. Scott Fitzgerald’s famous formulation on a far greater scale, we are not like the doers at the helm of the new world order. Ms. Freeland describes her own archetype in thinking about billionaires-by-disruption: public-school-educated students who go on to attend elite universities, thus equipped with the brains and the outsider status that come in handy if you’re looking to change the world. (It helps explain Ms. Freeland’s comfort with these people to know that she was born in Alberta, Canada, and matriculated to Harvard.) Mikhail Khodorkovsky, the richest man in Russia until he bucked the government too hard and wound up imprisoned for tax evasion, draws a sharper distinction: “If a man is not an oligarch, something is not right with him.”

It’s also worth noting that amid a presidential campaign heavy on the rhetoric of the 99 and 47 percents, either candidate fits into the smart outsider formulation. Mitt Romney may be the son of a wealthy man, but he’s an outsider by religion and geography, and recognized a pregnant moment—the rise of the private equity industry—to make his fortune. President Barack Obama, with his two Ivy League degrees and millions in book royalties, fits in with Ms. Freeland’s superstars. “Like the rest of the rising intellectual class to which he belongs, the president is an empiricist,” she writes.

Along with the realization that we are not like them comes another idea, which is that Ms. Freeland is going rather easy on the new masters of the universe. Indeed, when it comes time for her to make a prescription for right behavior, she draws it from the remote location of 14th century Venice. That city ascended to wealth and global dominance because access to fortune remained open. Specifically, she says, because investors in trade expeditions shared profits generously with the merchants they backed, a system which allowed new entrants into the class of the elite. When the city’s rulers locked in their status by placing formal limits on social mobility, Venice calcified and crumbled. Along those lines, Ms. Freeland closes on a piece of advice parroted from former Goldman Sachs senior partner Gus Levy, who described his philosophy as one of “long-term greed.”

That Ms. Freeland’s final words emit from an institution that is above all others symbolic of the global elite may be dispiriting to the 99 percent, but that is probably beside the point. An abiding lesson from Occupy Wall Street is that it’s far from easy to affect change by popular movement alone. In a world in which the very rich drive the biggest changes, there’s really only one thing for a superstar student of disparity to do: Speak to the rich—er, affluent—in a language they understand.

pclark@observer.com

Mr. Lewis

Maybe not what Bill Gates and Warren Buffett had in mind when they created the Giving Pledge, a campaign to convince billionaires to promise to donate at least half of their net worth (but maybe!): Peter B. Lewis, chairman of Progressive Insurance and one of 11 billionaires to take the pledge today, said he would continue to support, among other projects, the movement for medical marijuana:

If there is one area that is taboo for most philanthropists yet exemplifies disastrous public policy, it is our nation's outdated, ineffective marijuana laws. A majority of Americans are ready to change marijuana laws, yet we continue to arrest our young people for engaging in an activity that is utterly commonplace. I have funded much of the movement to enact laws that give patients access to marijuana as relief for pain and nausea---and have made no secret of being one of those patients myself, using marijuana to help with pain following the amputation of my lower leg.

Intel co-founder Gordon Moore and Neflix CEO Reed Hastings also signed the pledge today according to Bloomberg, along with Manoj Bhargava, Charles R. Bronfman, Dan and Jennifer Gilbert, Jonathan M. Nelson, Jorge M. and Darlene Perez, Claire and Leonard Tow, Albert Lee Ueltschi, and Romesh and Kathleen Wadhwani.

Mr. Bronfman, the former co-chairman of Seagram Co., promised to support the "enhancement of Canadianism," aligning him, perhaps, with Mr. Lewis.

The Winklevoss twins are disrupting the sell side, or trying. After winning a settlement believed to be worth at least $65 million from Facebook, the twins pumped $1 million into SumZero, a social network for the buy side. "We always saw ourselves in careers as entrepreneurs or angels," Cameron Winklevoss told The Wall Street Journal. "My favorite toy as a kid was Legos. I loved building things, and that's what we're doing with SumZero."

Not wanting to be left out of anti-money laundering investigations, the Office of the Comptroller of the Currency is probing JPMorgan.

Best Buy founder Richard Schulze met with lenders last week as he seeks financing for his bid to take back his old company. Mr. Schulze's plan is not fully baked, a source told The New York Post; in addition to bankers, Mr. Schulze is seeking to partner with private equity firms. 

The Times headed north to profile the most interesting man in the Adirondacks: Sandy Lewis, the son of Bear Stearns managing partner Cy, a man who pleaded guilty to a case of insider trading he committed to prove a point, who once tried to counsel Bill Clinton on the former president's extramarital affairs, and who in retirement, is spending a lot of time emailing journalists.

Wall Street expects weak third-quarter profits across corporate America, says The Times.

Elaine Tettemer Marshall, America's fourth-richest woman, controls almost 15 percent of Koch Industries, according to Bloomberg. Her fortune has been in a "near-constant state of turmoil" since her father-in-law, J. Howard Marshall II, married Playboy model Anna Nicole Smith in 1994.

Chinese billionaires lost one-third of their wealth last year, according to CNBC.

Warren Buffett is done with radiation treatment to combat prostate cancer, the 82-year-old Berkshire Hathaway chairman said on Friday.

TD Ameritrade founder Joe Ricketts, who owns the Chicago Cubs and online news service DNAInfo, is going ahead with plans to spend $10 million on ads to support Mitt Romney—turning Chicago mayor Rahm Emanuel into a fan of the White Sox.

General Motors is pushing the government to sell the stake in the automaker acquired in a 2009 bailout, according to The Journal, in hopes of escaping the stigma of state-ownership, and lifting restrictions on executive pay. The government is balking, at least until share prices rise.

Russia's favorite pyramid schemer—the "evil genius" Sergei Mavrodi—is at it again.

"It's been six years since my pledge of 17,500,000 Berkshire B shares (adjusted for a 50 for 1 split) to each of your foundations," Mr. Buffett wrote in a letter published in The Omaha World Herald. “I knew you would apply your considerable brains and energies in order to make the most of the funds from my gift. However, you have exceeded my high expectations. Your mother would be as proud of you as I am.”

Just where is the money going?

The Howard G. Buffett Foundation invests in the sort of projects you might expect a charity in the Gates-Buffett universe to invest in—per the foundation's website: "Our highest priorities are agricultural resource development for smallholder and subsistence farmers and clean water delivery to vulnerable communities in Africa and Central America."

The Sherwood Foundation, run by Susan Buffett, supports education and anti-poverty programs, with a heavy emphasis on nonprofits in Omaha ... a town of about 400,000 where a couple billion bucks might go a pretty long way.

The NoVo Foundation, operated by Mr. Buffett's son Peter and his wife Jennifer, is the aardvark of the bunch, stating its mission as "ending violence against girls and women and promoting gender equity worldwide," which is not to say there's anything odd about that goal, only that we were tickled by the reasoning Peter an Jennifer use to get there:

Due to hundreds of years of conquest and colonialism, we are deeply and unconsciously programmed to accept rampant competition, exploitation and domination, as the way of the world. Competition—at any cost—for scarce resources or over one another is accepted and rewarded. The powerful interests of a few over-ride quality of life and equity for all. The time is now to address the deep underpinnings of systems that are not nurturing humanity and life. We wish to shift to a world in which women and men work in respectful partnership and collaboration with one another and with the earth ... In order to facilitate the transformation we seek, women and girls must be empowered in every sphere of society. We believe that once empowered, women and girls will play transformative leadership roles; and as women and girls become more equal partners with men and boys, a spirit of collaboration can better prevail in society.

How to define 'subprime?' The answer may determine the fate of the government's case against three Freddie Mac executives alleged to have misled mortgage investors.

Citi became the first U.S. lender to issue it's own credit card in China, Bloomberg reports.

George Soros disclosed a 7.85 percent stake in Manchester United, the British soccer club that began trading on New York Stock Exchange on Aug. 10.

Felix Salmon says Man U's fluctuating share price is another good argument to keep investors away from initial public offerings.

The regulator tasked with overseeing audits of brokerage firms such as Peregrine Financial Group, the Iowa-based futures broker that shuttered last month after it's founder attempted suicide, has disturbing news, Floyd Norris reports in The Times. Every audit reviewed by Public Company Accounting Oversight Board inspectors showed a failure to take proper efforts to verify financial statements or ensure that the audited firms had sufficient capital on hand.

Since the London Whale capsized Jamie Dimon's reputation, Wall Street has struggled to put forth a replacement statesmen, according to Bloomberg.

Despite new law that may allow IPO bankers to publish research on offerings they underwrite as soon as, or even before, shares begin trading, banks have informally agreed to a quiet period of 25 days, The Wall Street Journal reports.

In an about face, Warren Buffett's Berkshire Hathaway terminated $8.25 billion in credit default swaps on municipal debt. If Mr. Buffett has doubts about munis, should you too?

Best Buy reported second-quarter profit fell 90 percent on restructuring charges and week sales. Good news for Richard Schulze?

Spain's short-term borrowing costs fell as markets bet that the European Central Bank would intervene in sovereign debt markets.

Photo by Derek Gee / Buffalo News, via twitter.com/Sulliview

New York Times executive editor Jill Abramson announced Monday that Margaret M. Sullivan, editor and vice president of The Buffalo News, will replace Arthur Brisbane as the paper’s public editor.

Speaking on the phone from Buffalo Monday afternoon, Ms. Sullivan told Off The Record that she had lusted after the gig for years.

“Now that there’s going to be much more of a digital job,” she said, “it’s a very good fit for me.”

She described the Times search as broad and the vetting process as lengthy and thorough.

“It was not a slam dunk,” she admitted.

A post created in the wake of the Jayson Blair plagiarism scandal in 2003, The Times’s public editor serves as a liaison between readers and newsroom. He or, for the first time since the position's creation, she, answers reader questions and critiques newsroom decisions in a biweekly Sunday column.

In an internal memo announcing Ms. Sullivan’s appointment, Ms. Abramson said the position will expand “to keep pace with The Times’ multi-platform presence.” The public editor will now engage with readers “in a more timely way,” she wrote, by way of a social media presence, a blog and a web page, in addition to the print column.

After praising Ms. Sullivan’s reporting credentials (she created The Buffalo News’s first investigative team), Ms. Abramson lauded her digital bona fides.

“She’s a regular blogger and is comfortable with social media,” she wrote.

Ms. Sullivan told Off The Record that she began her Buffalo News blog, called SulliView, as an experiment late last year, when she was itching to do more writing and “immerse herself in the tools journalists had.”

“Whatever the digital platform may be, you can’t understand it until you do it,” she explained.

She has used SulliView as a platform to explain why a tough Romney article landed during his Buffalo fundraising weekend (total coincidence), engage in a live chat about an impending digital subscription plan and simply riff on the late Nora Ephron, Burmese activist Aung San Suu Kyi, and Pitchfork-beloved lo-fi group Youth Lagoon.

She sees the new public editor blog as “a digital village square where the conversation can be outside in real time.”

To outsiders, the rise of social media and reader feedback has only made the job of public editor more difficult. Her predecessor, Mr. Brisbane, received a social media lashing for one controversial article, “Should The Times Be a Truth Vigilante?”—including a parody Twitter.

In May, The Washington Post reported that he would step down after two years in the job and not pursue his third year contract option. (“I am grateful to him for his unwavering integrity and commitment to our readers,” Ms. Abramson wrote in her memo.)

But if the public editor has become something of a punching bag for media watchers, Ms. Sullivan isn’t concerned.

“I’ve learned in my job as top editor that you have to roll with the punches, have some equanimity and know that whatever the crisis du jour is, there will be another one soon,” she said.

In taking the job, Ms. Sullivan leaves her hometown paper, where she started as an intern 32 years ago and has served as top editor for twelve. The paper will conduct a national search for her replacement.

Prior to being named the first-ever Times ombudswoman, Ms. Sullivan was the first woman to hold the top job at The Buffalo News.

“It seems to be my fate,” Ms. Sullivan said of her repeat glass ceiling breakings. “I’ve read the analyses that there are relatively few women opinion columnists, maybe I’m making a step in the right direction on that one.”

Ms. Sullivan, who has a son in law school in Boston and a daughter at New York University, said she is looking forward to relocating to New York City for the position. She also offered a word of hope for the small newspapers currently being snapped up by mogul and philanthropist Warren Buffett, owner of the The Buffalo News, since 1977.

“There are very few better places to be in journalism than in a paper owned by Warren Buffett,” she said.

The paper of record being one of them, it seems.

The Greek elections do little to ease problems facing Spain or Italy.

French Socialists once a majority in parliamentary elections, giving President François Hollande a supportive legislature.

The Citigroup analysts who put the chances of a Grexit at 50 to 75 percent are sticking with those odds, despite the results of yesterday's elections.

Lion's share: Morgan Stanley sought to be the "sole driver" of the Facebook IPO, positioning itself to collect the bulk of fees—and criticism for the company's plummeting share price in the weeks after the offering. We've heard that line before, of course, but The Wall Street Journal puts Morgan Stanley banker Michael Grimes back through the paces.

Post-Facebook, investment bankers may need to replace "oversubscribed" as a line for marketing offerings.

HARP helping banks: A federal program that allows struggling homeowners to refinance mortgages at prevailing low interest rates may be helping banks more than borrowers, according to a Nomura research report. Borrowers who participate in HARP are compelled to refinance with existing lenders, and banks are taking advantage by charging above-market interest rates, The Wall Street Journal reports. The upshot: HARP may save homeowners $2.5 to $5 billion this year, while banks stand to gain $12 billion in additional revenues through the program.

Gupta's fate: Rajat Gupta was found guilty of three counts of fraud and one count of conspiracy at his insider trading trial Friday, and barring a successful appeal, the fate of the former McKinsey & Co. CEO now rests with Judge Jed Rakoff. That might not be the worst thing, as Judge Rakoff has shown some leniency in sentencing insider-trading convicts. Mr. Gupta's sentencing hearing is scheduled for Oct. 18.

The Times reports that jurors were conflicted, with some shedding tears during the reading of the verdict.

Paperboy:The New York Times looks at Warren Buffett's affinity for newspapers, and hears nary a discouraging word about the legendary investor's management of The Buffalo News, which Mr. Buffett acquired in 1977.

Pop quiz: If you're thinking about day trading, The Big Picture has a quick quiz for you.

Reporter passes: "Market-moving" reporter Dan Dorfman died at 80.

Despite his hesitance to pass on financial advice or anything beyond a $90,000 inheritance to his children (the oracle of Omaha does not, reportedly, believe in inherited wealth), the elder Buffett obviously passed on some investing savoir faire.

Mr. Buffett and wife Jennifer will enjoy a nice return on the three-bedroom property, which they bought for $3.5 million in 2009. In fact, the property apparently appreciated in value even more than Mr. Buffett, a musician and composer, realized. Listed for $4.1 million with Prudential Douglas Elliman brokers Yoko Sananda and Matthew Gulker, the property spent less than a month on the market before going above ask.

We're not sure what the Buffetts didn't like about this place—perhaps it was just too glitzy for the son of man who takes pride in living in a relatively modest family home despite his billions. The expansive floor-to-ceiling "glass curtain walls" and state-of-the-art kitchen with rosewood cabinets are a little over-the-top. As is the spa bathroom and the blackout/solar electric shades.

JPMorgan fallout:

Crisis experts liked Mr. Dimon's forthright response to the billions in trading losses JPMorgan disclosed last week. Lucas van Praag chimed in: "From a communication perspective, the approach is smart, although I'm sure their legal team would probably rather pursue a bunker mentality."

Simon Johnson parses Tim Geithner's NewsHour interview and hears the Treasury secretary asking Mr. Dimon to resign from the board of the New York Fed.

JPMorgan's losses are "the way America works," Mitt Romney in an interview Wednesday with Ed Morrissey. “The $2 billion JPMorgan lost, someone else gained.”

How high? Your guess on Facebook's closing price is as good as ours. Reuters finds a 15 to 20 percent pop credible, which puts the price in the mid-$40s; the average estimate of analysts polled by Morningstar was $50. On twitter yesterday, it wasn't hard to find pundits pushing estimates well into the $70s (those higher marks seemed less serious, more sneering).

Meanwhile, Facebook will pay it's underwriters $176 million in fees, or 1.1 percent of the $16 billion offering, a hefty discount to the median 3.6 percent that the 10 previous biggest U.S. IPOs paid investment bankers.

Not breaking up? Greek voters are returning to pro-bailout parties, a new poll finds. The prospect that the leftist Syriza coalition, whose leader Alex Tsipras has threatened to "tear up" the existing rescue plan, increasing fears that Greece may leave the eurozone.

Still, a commercial printer is drawing up plans to produce drachma banknotes, in the contingency of a Grexit.

Spanish steps: Moody's downgraded 16 Spanish banks, and the two biggest by three grades each. A little perspective: Morgan Stanley said that a three grade cut by two ratings companies would force the firm to post an additional $9.6 billion in collateral.

Spain tapped Goldman Sachs to value nationalized lender Bankia SA.

A-list: Goldman executives Lloyd Blankfein, Gary Cohn and David Viniar, American Express CEO Kenneth Chenault and former Proctor & Gamble CEO A.G. Lafley are among the financial industry titans to receive invites to the insider trading trial of Rajat K. Gupta.

Oracle offered: Warren Buffett kicked the tires on ResCap, Ally Financial's mortgage unit, before the embattled home lender filed for bankruptcy, according to Bloomberg. Buffett sought to avoid a ResCap filing because his firm, Berkshire Hathaway, held unsecured debt in the lender.

[Photo by Mario Tama/Getty Images]