Not many people can run up personal debts of $1.22 billion (yes that’s billion, not million) and stay out of bankruptcy court. But you can if your name is Larry Ellison. The Oracle big cheese is currently being sued by shareholders over a convenient sale of $900m in Oracle stock in 2001, shortly before bad earnings took a big bite out of the firm’s market value.

In a bid to clear his name, Ellison’s lawyers have revealed email conversations between the big spender and his hair-tearing accountant, detailing the lavish spending that goes with the lavish lifestyle of a billionaire CEO. The argument being that the share sale was simply an effort to get back toward being in the black (if $300m in personal debt can be considered such a thing).

The San Francisco Chronicle has a detailed account.

02 Feb 2006