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Larry Ellison's budget woes

ellison.jpg
AP/Paul Sakuma
Some interesting reporting here by the Chron on the conversations between Oracle Chief Executive Larry Ellison and his accountant, Philip Simon.

Simon appears to be getting ulcers, in repeated warnings to the billionaire about runaway spending, and the debt load he has built up -- in part because he has declined to sell many of his shares in his company.

Simon tried to explain to Ellison the seriousness of his debt, saying, "We have a freight train going down a track, hitting a debt wall," he said in the deposition.

...According to documents unsealed by a judge in the shareholder lawsuit, Ellison habitually pushes his credit limit of more than a billion dollars to its maximum to finance his yachts and homes. And that's not even counting some $20 million a year he burns through in miscellaneous lifestyle expenses.

...Some of the accountant's scrawl...

1) Life Style -- annual $20m

2) Interest Accrual -- annual $75m

3) Villa in Japan -- $25m

4) New Yacht -- $194m -- over 3 yrs

5) America's Cup -- $80m -- over 3 yrs

6) UAD -- 12m over 3 yrs."



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