http://www.nytimes.com/2012/08/08/nyregion/a-billionaire-philanthropist-struggles-to-go-broke.html if only I had the billions... Peace, Marc
Hmmm, he became worth $7.5 billion by founding his business of duty-free airport shops, selling out in 1984, and investing. 1) He must have been one hell of an investor, because no way his company was worth anything like $7 billion when he sold it. 2) As a corollary to #1, see how it works with this "job creation" thing? Most of this guy's wealth was not made creating jobs. It was made by owning investments. 3) So cutting the tax rate of this "job creator" after 1984 wouldn't have created any jobs, except that eventually he would have more money to give away (which might or might not be given away for U.S. projects)
per wiki... The concept of "duty free shopping"—offering high-end concessions to travelers, free of import taxes—was in its infancy when, along with Miller, Feeney founded DFS on November 7, 1960. DFS began operations in Hong Kong (where it retains its corporate headquarters), later expanding to Europe and other continents. DFS' first major breakthrough came in the early 1960s, when it secured the exclusive concession for duty-free sales in Hawaii, allowing it to market its products to Japanese travelers. DFS eventually expanded to off-airport duty-free stores and large downtown Galleria stores, and became the world's largest travel retailer. In 1996, Miller's and Feeney's interests were acquired by Louis Vuitton Moët Hennessy (LVMH), the French luxury goods group, for $1.63 billion.
Hmmm that doesn't square with the previous account that he cashed out in 1984, but either way the point remains.
Depending on what his investments were, he could have very well created jobs by investing in companies that use the capital raised through selling stock to expand.
I don't think he 'cashed out.' It appears that his portion became owned by the charitable foundation and therefore received all the profits that he was previously entitled to.
1. two girls at once 2. buy multiple sports teams 3. three girls at once 4. stripper camp (think of it as finishing school for the world's best strippers) 5. bunch of charity work
If we're counting that way Susie the school teacher is a job creator, since her checking account is used to make loans that help companies expand. So is Bob the city worker and Laurie who delivers for the Postal Service.
When I was in England a couple of years ago an ex-pol had a 7-way. No really, he hired 6 hookers and found a damn big bed. The English are different than us -- prostitution is legal there -- so it wasn't really a scandal, more like a source of amusement. And of wonder, since the guy was in his 60s as I recall.
Nelson Rockefeller knew what he was doing...kind of: "Nelson thought he was coming, but he was going.” That was one quip following the news that Nelson Rockefeller—New York’s four-term governor, former vice-president of the United States, and the most prominent scion of America’s most famous wealthy family—had succumbed to a heart attack at the age of 70, while in his midtown townhouse with his 25-year-old assistant, Megan Marshack. Preferred joke: How did Nelson Rockefeller die? Low blood pressure: 70 over 25. http://nymag.com/news/features/scandals/nelson-rockefeller-2012-4/
When asked how he wanted to go, my old man used to reply, "Shot by a jealous husband, on my 100th birthday!"
old joke... I hope I go quietly in my sleep like my grandfather....(long pause) not like the 3 other people in the car with him
Heard that story on NPR this morning. Here's the highlight, IMO. The 1 percent really are different. Rich people who live in neighborhoods with many other wealthy people give a smaller share of their incomes to charity than rich people who live in more economically diverse communities. When people making more than $200,000 a year account for more than 40 percent of the taxpayers in a ZIP code, the wealthy residents give an average of 2.8 percent of discretionary income to charity, compared with an average of 4.2 percent for all itemizers earning $200,000 or more.
Yes Doctor thanks, what I also found of interest is that you have the ability to check the charitable donation rate in your own community.
Hey John: in order to further address your #1...you are indeed provent correct!!! page 312-313...the Billionaire who Wasn't...by Conor O'Cleary When Healy took over, Atlantic Philathropies had assets worth $3.5 billion. In 1999 unrealized gains from investments had soared to $1,675 billion on a base of $400 million...General Atlantic Parters showed average rate of return of 51%, three times higher than the 17% average return over 20 years for venture capital firms. Out of 80 investments General Atlantic Partners only had 3 losses...