The Watering Hole, Monday, October 13th, 2014: More Money than God

At billmoyers.com, I spotted an article by Sam Pizzigati, regarding the recent publication of the Forbes 2014 Billionaires list. An excerpt:

“…the richest of these 400 hold far more than that average. Take Larry Ellison, the third-ranking deep pocket on this year’s Forbes list. Ellison just stepped down as the CEO of the Oracle business software colossus. His net worth: $50 billion.

What does Ellison do with all those billions? He collects homes and estates, for starters, with 15 or so scattered all around the world. Ellison likes yachts, too. He currently has two extremely big ones, each over half as long as a football field.

Ellison also likes to play basketball, even on his yachts. If a ball bounces over the railing, no problem. Ellison has a powerboat following his yacht, the Wall Street Journal noted this past spring, “to retrieve balls that go overboard.”

Hiring that ball-retriever qualifies Ellison as a “job creator,” right? Maybe not. Ellison has regularly destroyed jobs on his way to grand fortune. He has become, over the years, a master of the merge-and-purge two-step: First you snatch your rival’s customers, then you fire its workers. In 2005, for instance, Ellison shelled out $10.6 billion to buy out PeopleSoft, an 11,000-employee competitor. He then proceeded to put the ax to 5,000 jobs.

Here’s the Forbes 2014 list. Note that the Koch Brothers are tied for 6th place – aww, they didn’t make #1? They must be spending too much money on Republican/Teabagger political candidates. And, of course, several members of the Walton family took 8th through 11th place. I have not perused much of the list, but I see that one of the other sugar daddies of the right, Sheldon Adelson is at #15, while evil left-winger George Soros is at #24. (In between is Wayne’s former ‘boss’ at Xerox, Carl Icahn, at #22.)

One of the “highlights” listed towards the bottom of one of the Forbes articles is this factoid that gave me pause:

“The oldest billionaire is David Rockefeller Sr. (# 190), age 99, with a net worth of $3 billion.”

Gardens at Rockefeller Estate - Hudson River in the background.  (photo by Jeff Goodell)

Gardens at Rockefeller Estate – Hudson River in the background. (photo by Jeff Goodell)

Now, we grew up in an area where the Rockefeller estate is about half-an-hour away, near the legendary “Sleepy Hollow” area. I have cousins on my father’s side who lived near the estate, and when we used to visit them when I was young, the drive took us along, and through, parts of the estate (one could tell by the tall fencing that seemed to hold the estate’s huge old trees back from the road, often on both sides.) So we always considered the Rockefeller family as sort of ‘neighbors.’ Despite his obvious personal flaws, i.e., not making Happy Rockefeller happy, at least Nelson D. Rockefeller was a fairly moderate Republican in the days when there really were moderate Republicans, several of whom could be respected regardless of one’s political affiliation. Of course, these days, Republicans like Nelson Rockefeller would be considered RINOs.

Another excerpt from Pizzigati’s article:

“This year, for the first time ever, Forbes has assigned a “self-made score” to every one of America’s richest 400. More than two-thirds of this year’s 400, Forbes claims, rate as “self-made,” Ellison among them.
[emphasis mine]Forbes doesn’t bother asking how those rich went about self-making their fortunes. We should. Our top 400, after all, haven’t just made monstrously large fortunes. They’ve made a monstrously large mess. To unmake it, we need to unmake them.”.

Amen to THAT, folks.

Oh, yeah, one more thing about the Forbes list: if you’re worth a mere billion dollars, you’re still not rich enough to make the list, as the minimum to qualify this year was $1.55 billion.

This is our daily open thread – feel free to discuss whatever you want.