Word: joe
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Dates: during 1960-1969
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...early as 1926, Joe Kennedy set up a trust fund for Rose and the children then born. Another was created in 1936, and still another in 1949. The latter trust fund is the vehicle through which Kennedy settled portions of his wealth on his 28 grandchildren. The three trust funds and the Joseph P. Kennedy Jr. Foundation are the chief instruments of capital conservation. At the end of 1968, the foundation had assets of $22.1 million, and it disbursed $1.6 million, almost entirely for research in mental retardation...
When John F. Kennedy became President, it was disclosed that his personal holdings under the family trust funds were $10 million. The $500,000 gross gave him, after taxes, slightly over $100,000 a year to spend. Like the Boston Yankees from whom he learned so much, Joe Kennedy, in creating the trusts for his children, took precautions, stipulating that control over the principal should pass at stated age intervals. Before his death, the President, on his 45th birthday, had received one-half of the principal held in trust for him, with the remaining half under the discretionary control...
...management of the Kennedy fortune is Thomas J. Walsh, 45, an accountant and tax expert who has been employed by the family since the 1950s. In the hands of skillful men like Walsh, the heirs have no real cause for money worries. There will continue to be, in Joe Kennedy's terse public accounting, "enough." But enough for what? Surely enough to support generations of Kennedys in comfort. But when it comes to maintaining their political ascendancy and using money as effectively as the founder, the future is shadowed by doubt...
...singular strength of Joe Kennedy's wealth, as he applied it to satisfying his own and his children's ambitions, was its concentration and independence. He had no firm or board of directors to whom he owed an accounting. Awed associates watched as he closed business deals by writing checks totaling millions of dollars. Now the managers and trustees are bound to spend money cautiously. The interests of grandchildren must be protected. It will not be so easy to plow millions into a particular political cause...
...many years ago, an enormously successful businessman who had built a corporation from scratch reflected on the career of his friend Joe Kennedy: "Joe was a pure capitalist, not the Wall Street kind. The Wall Street establishment has a bias on the bull side. Joe didn't. He never took responsibility for building or running anything. But he had money sense. He knew what to use his money for-how to have fun with it. Joe bought all those houses. He made all those movies. He understood about buying himself positions in government-London, for example. And he knew...