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Wednesday, December 6, 2006

$$ billions - for the children

When The Oregonian praises public spending increases "for the children", here's what it's really about: sending profits from their over-charged local advertisers to New York - for these children.

In 2003 Si Newhouse's grandson, S. I. Newhouse IV appeared as himself in the HBO film "Born Rich". He low-balled the privately-owned Newhouse media empire (that includes The Oregonian) as being worth at least $20 billion.
The heir to the Johnson & Johnson pharmaceutical empire, Jamie Johnson, points his documentary lens in the direction of some privileged children who stand to inherit millions in the not-so-distant future. Johnson manages to pry revelations from heirs with some famous last names - Trump, Newhouse, Bloomberg and Vanderbilt, to name a few. They speak frankly about money, family pressure and their often extravagant lifestyles. (Netflix)
A Netflix reviewer terms the movie " ... a fairly laid-back documentary about young heirs to large fortunes. It's mostly interviews and some shots of the rich kids in their natural habitat. Not surprisingly, some kids harbor some smirking reactionary views - especially a hostility to the working class and massive senses of entitlement."

Read a short transcript of stars' comments from 60 Minutes Australia headlined "Poor little rich kids". S. I. Newhouse IV: "It would be a low estimate, very low estimate for me to say $20 billion."

Read a short interview headlined "With a little help from his filthy rich friends" with the filmmaker, Johnson & Johnson heir Jamie W. Johnson from Forbes.com. Forbes: S.I. Newhouse IV said he lives in constant fear of being cut out of his father's will. Was that common? Johnson: It's a serious fear these kids have.

Read a review from New York Magazine headlined "Richie Rich". In his first film, Jamie Johnson - heir to the Band-Aid fortune - skewers his fellow trustafarians. No wonder they’re no longer talking to him.

Part 6 in a series: "Getting to know The Oregonian's owners"

3 comments:

Anonymous said...

Yes, the profits of The Oregonian go out of state to people who have no vested interest in Oregon other than ad revenue.

But when you are so stinking rich, I guess you don't have much care about how high the taxes are in this little colony. As long as it produces FOR YOU.

A question for the producer of this blog: So far it is mostly informational; not much comment, when will we see comment that synthesizes the information into a narrative?

The Oregonion said...
This comment has been removed by the author.
The Oregonion said...

For now, the synthesis comes together in 2 topics you can follow by clicking in the sidebar:

1. The Multiple-Standard Syndrome inside management crisis

2. The PERS-dispute / union organizing campaign

Over time, the historical aspects of this subject will be established on the blog for reference.

Increasingly, the blog will involve current events either in the fictional arcs or other satire. When the Legislature convenes Jan. 8 there will be plenty to parody.

Meanwhile, there will continue to be 1-2 new posts just about every day. Thanks for hanging in there.

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