Word: kennedyism
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Dates: during 1960-1969
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The Kennedys are plausibly said to be unaware of exactly what they own and where it is: the income matters, not the capital. Informed estimates of the wealth cluster around $400 million, putting the Kennedys well down on the list of the nation's richest dynasties. The fortune is...
In his heyday in Wall Street and Hollywood, Kennedy was an aggressive, though never reckless in-and-out operator. By about 1949, however, he had decided against further risk-taking. Jack was looking beyond his safe seat in Congress, and so was his father. Joe Kennedy told his advisers to...
When Joe Kennedy moved from accumulation to preservation of capital, the safest bet seemed to be Manhattan real estate. To his delight, his shrewd broker, John J. Reynolds, the real estate counselor of the archdiocese of New York, made him vastly richer at minimum risk. Gradually, over the past seven...
The largest building block in the Kennedy fortune is Chicago's huge Merchandise Mart, the world's biggest commercial structure. Joe Kennedy acquired it in 1945 for just under $13 million, and turned what seemed a gigantic white elephant into a stupendous profit maker. It is now valued...
Kennedy began investing in oil in the late 1940s, principally to gain the tax break supplied by the oil depletion allowance. Kennedy's original partner, Tulsa Petroleum Engineer Raymond F. Kravis, remains a co-investor and an adviser on operations. He describes the Kennedy investment as "a big small...