Word: money
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Dates: during 1960-1969
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...born in a Boston where, the Yankee hegemony notwithstanding, political and financial power was beginning to be possible for an Irishman. His grandfather had fled the potato famine in 1848; his father, Patrick J. Kennedy, became a saloon owner and Massachusetts state senator. Pat Kennedy had the money and savvy to send Joe to Boston Latin School and then across the river to Harvard, deep behind the Brahmin lines. Emerging from Harvard in 1912, Kennedy told friends that he would be a millionaire at 35-and he just made the deadline...
...always Joe Kennedy's emphatic wish that money never be discussed, at the family dinner table or in public. "It's just not an important enough matter to talk over," he said. His assessment was much too modest. Money underlies the family's unique position in American life, although money does not fully explain it. The Kennedy wealth, like the family's political capital, is both large and arcane. TIME asked Richard J. Whalen, Kennedy's biographer (The Founding Father), to take a fresh look at the fortune on the founder's death...
...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 keep his money away from "troubled places"-he had moved out of the politically troublesome liquor business in 1946-and he turned down deals that he formerly would have snapped...
...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 close friend of Ethel's, recalling the "extravagance of the ebullient life" that she, Bob and the children enjoyed, hints that income and outgo run a neck-and-neck race in her household as in the ordinary American...
...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...