>On Feb 11, 2007, at 10:15 AM, Michael McIntyre wrote:
>
> > If you're rich and want to work, why bother to work for money?
>
>The upper class used to think that way, or so it seems to me - rich
>men might work in publishing, or write poetry, and women had their
>charity projects. That doesn't look to be true anymore; like I said
>the other day, socialites now want to give the impression of working,
>to the point where even the largely useless Tinsley Mortimer has a
>handbag line. My working theory of this transition is that the old
>WASP ethic of "stewardship" and "service" has been replaced by the
>arriviste ethic of profit maximization.
>
>Doug
Yah. I'd read an article in the biz press regarding Donald Trump Jr. and other children of wealthy people holding real estate seminar which generated buzz around here, but little interest. We got three or four invitations -- b/c they apparently sent invites to every business owner in the area. Why people in marketing communications or web design would want to go to a real estate seminar was a mystery to people interviewed in the article. At any rate, the accompanying piece in the paper was on children of scions who, as Carrol pointed out, didn't always go into business:
Chip Off The Ol' Block (At Least Some Of The Time)
Donald Trump Jr.'s upcoming appearance in Tampa raises a significant question: Does a famous last name and a family legacy in business always portend success? The answer: not always. A trip to the library turned up some examples of biz kids who turned out to be whiz kids - along with stories of heirs who didn't rise to the challenge.
Successful Scions
John D. Rockefeller Jr.: John D. Rockefeller's son was the largest shareholder in Chase National Bank, now JPMorgan Chase. He developed Rockefeller Center, the New York landmark, during the Great Depression. Known for philanthropic and conservation efforts. His father was an American industrialist who founded Standard Oil, the industry giant that was broken into four companies because the government branded it a monopoly. Became major philanthropist later in life.
James Ingram Merrill: Charles E. Merrill's son made his mark in letters, not business, as a renowned poet and playwright. Won Pulitzer Prize in 1977 for "Divine Comedies." His father was a Florida-born stockbroker who co-founded Merrill Lynch and introduced millions of middle-class Americans to the stock market.
Donald J. Trump Jr. and Ivanka Trump: Donald J. Trump's two oldest children are following in their father's footsteps: both are involved in real estate and development through the family business, and Ivanka also appears on "The Apprentice." Their father is the son of a successful businessman himself - his father Fred Trump developed apartment properties in New York - is known for his real estate empire and his relentless self-promotion. He presides over the boardroom in "The Apprentice," NBC's reality TV show.
Relative Disappointments
William Clay "Bill" Ford Jr.: Henry Ford's great-grandson became CEO of Ford Motor Co. in 2001. He stepped down this past year as the company's financial problems mounted after a record $12.7 billion loss for 2006. His great-grandfather founded Ford Motor Co., pioneered the assembly line production technique, and was credited with producing the world's first mass-market automobile, the Model T.
John E. du Pont: Eccentric du Pont family heir committed his fortune to pursuits such as ornithology and stamp collecting; also an avid supporter of Olympic wrestling. He was convicted of killing wrestler Dave Schultz in 1996; original charge of first-degree murder was later lessened to third-degree murder by reason of insanity. DuPont remains one of world's largest chemical companies, having produced such products as nylon and Teflon.
http://www.tbo.com/news/money/MGBQLL84LXE.html
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