Mac rumors site ThinkSecret reports that ATi will be developing drivers for older Mac hardware sporting the RAGE II and RAGE Pro chips. this seems out of character as Apple has traditionally handled drivers for OEM hardware (and has stated that they have no intention of supporting the older ATi GPUs).

the privacy watchdogs at EPIC have asked all 50 states attorneys general to protect us from Microsoft's Passport service -- a key element of their .NET initiative.

if it's anything like the way they protected us from tobacco companies EPIC would be better off informing the consumer directly about their concerns.

today has officially become Business Sucks Day in blogaritaville.

i caught the tail end of Frontline's "Dot Con", an investigation of the forces propelling the "internet" stock bubble. the program's conclusion was that the market turned into a method to transfer huge amounts of risk to unprepared investors while rewarding the privileged insiders: venture capitalists, investment bankers, fund managers, angel investors, and company founders.

now that the bubble's popped, it seems that only the company founders have taken it on the chin. through cram-downs and down-rounds, founders are diluted out of their positions in favor of the private investors. i guess if you're not going to make 1000% gains on your first trading day, you've got to find your ten-baggers some other way.

the Economist has posted the best, clearest, most comprehensive Enron analysis i've seen yet.

IBM, the sleeping giant of the IT business (they compete in everything, but nobody calls them the leader in anything), has announced that Sam Palmisano will be replacing Lou Gerstner, Jr as CEO in March. IBM software supremo John Thompson will also be leaving his post as vice-chairman.

the Reg revisits Microsoft's plans to have a database at the heart of Windows' filesystem. readers with sharp minds will recall that they've touched on the topic before.

in general, it sounds like the right direction to take -- it reminds me of the Newton OS's "soup" -- but there are interesting questions about the underlying technology. David Winer's notso-hotso for the relational database that's purported to be at the heart of this thing and suggests a heirarchical, web-like store would a much better idea.

peek-a-booty to make debut-y at CodeCon, according to the Reg. the 1337 h4x0r2/drunken clowns of the cDc will ostensibly give a demo of the p2p freedom of information tool at this grass-roots con.

okay, maybe i do have something to say about Global Crossing's bankruptcy (the largest ever in the telecom industry) -- perhaps we shouldn't look the other way when the right hand man of a convicted felon junk bond salesman passes himself off as an internet visionary.

yep, Global Crossing CEO and founder Gary Winnick used to be one of Mike Milken's top junk bond peddlers at Drexel Burnham Lambert. Winnick's major investment vehicle (post-Drexel) was Pacific Capital Group. PCG owned a major chunk of Global Crossing and, until at least the early 90s, Milken had money in PCG.

although Global Crossing's business never required the regulatory exceptions that Enron did, the company's leadership spent lavishly on access to the top levels of government (as these Mother Jones reports detail here, here, and here). perhaps coincidentally Global Crossing saw lucrative federal contracts come their way.

the good times were very good to Winnick. as the Wall Street Journal pointed out today:

Mr. Winnick took financial precautions for himself, however. Since the IPO in 1998, Mr. Winnick, Global Crossing's largest shareholder, has sold shares in the company for combined proceeds of about $600 million.

normally, i'd link you to the original, but the WSJ requires a paid subscription to view the story. instead, i'll offer you this link to a Business 2.0 feature on Global Crossing from last year, which is just as fun.

update: this New York Times story on the topic is even better -- Winnick's take is bigger (around $750 million) and they quote a teacher who lost over $100,000 in the mess.

i haven't got much to say about Global Crossing's bankruptcy -- it seems to be a straightforward case of spending too much on building a business that didn't take in enough money in sales -- but you'll never guess who their accountants are.