Word: kennedyism
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Dates: during 1960-1969
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As 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...
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...
Yet the heirs may sometimes be hard pressed. At his death, Bob Kennedy left campaign debts and expenses of more than $3,000,000, which his estate could not pay. Edward M. Kennedy has raised money to repay these debts, and other members of the family have made contributions. A...
The key man in the day-to-day 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...
The 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...