Inside look at a billionaire's budget - Larry Ellison's spending worries his accountant

San Francisco Chronicle ^ | Tuesday, January 31, 2006 | Carrie Kirby

[Reeses]

...

At the bottom of a document that detailed Ellison's 2000 debt load, Simon had scrawled a rough accounting of Ellison's lavish spending, according to deposition testimony:

"1) Life Style -- annual $20m

2) Interest Accrual -- annual $75m

3) Villa in Japan -- $25m

4) New Yacht -- $194m -- over 3 yrs

5) America's Cup -- $80m -- over 3 yrs

6) UAD -- 12m over 3 yrs."

It's not clear what UAD refers to. Since this rough budget, Ellison has reportedly spent $200 million building a Japanese-style estate in Woodside, which includes a reproduction of a 17th-century Kyoto teahouse. He has also bought multiple properties in Malibu -- $180 million worth, by one report.

Where does it all go?

...

The documents obtained by The Chronicle certainly show that Ellison did not break any laws, but some experts say they are a symptom of an economy with larger and larger gaps between haves and have-nots.

[Reeses]

This article is part voyeur, part envy-fest. It is a sordid trip through the mind of a leftist. Envy is the driving force behind leftism. This article feeds a simmering rage in the narcissist, who will then support wealth confiscation from those richer than themselves. It also causes the rich to support higher taxes on working class income because they can present themselves as the "good" rich, helping to deflect envy.

Envy, one of the 7 deadly sins, is a very infectious and destructive emotion. If we can figure out how to sooth feelings of envy around the world, we can slow the march of higher taxes and intrusive big government.

Competent head shrinks reduce envy indirectly by taking apart the narcissist's false conceptions of personal greatness. If there is any way this could be done on a mass scale it would help address the world's most common mental disorder: leftism.

[WildWeasel]

A bit confusing article. I thought one of the left wing's big gripes about rich people is they don't spend it but save it in a bank thus hoarding the money and thus no jobs created.

A stupid argument and it flies in the face of someone complaining about how much Ellison is spending. Seems as though Larry is doing his part to keep the economy going.

[rellimpank]

--gee whiz--isn't Larry a political liberal?-

Somebody should give him a good biography of "malefactor of great wealth" Andrew Carnegie--

[layman]

At least he is spending his own money ... as opposed to the federal government which is spending our grand children's money.

[ShadowAce]

This article is part voyeur, part envy-fest.

I don't understand the envy part. He's spending that money--which means it goes to salesmen, workers, contractors, unions, etc. He's re-distributing his wealth just like they all want him to.

Now they're mad at him for it?

[Reeses]

Narcissists strike out in envious rage when their fragile self-view of personal greatness is challenged. Larry Ellison's self-made $17 billion refutes their personal second-coming-of-god beliefs. It does not matter if the narcissist has a life of luxury, or that others spend their money in ways that benefit them. What upsets them is that someone somewhere has it a little better. It's not fair! The number one solution to this anger is to regulate and tax those with more, which mostly means more regulations and taxes on those working hard to get ahead.

Envy is very contagious and can afflict entire geographic regions. If conservatives can come up with the solution to the sin of envy, we can solve the problem of leftism.