Posted on 07/14/2011 7:10:53 PM PDT by Hunton Peck
Actually, they have quite a bit of money in the various family trusts... but Joe Sr. set up those trusts obviously knowing the proclivities of his spawn. It is said that the family members get a limited distribution every year, but they can’t get at the main body of wealth in the trust(s). The trusts are also set up to hide the assets from view.
While Joe Sr. certainly did dabble in the liquor trade, he made his first big stake as a market operator. Joe P. Kennedy was a short play manipulator, much like JL Livermore - notorious “plungers.”
When FDR set up the SEC, he decided that he’d put Joe Sr. in charge of the new SEC, because how better to catch stock manipulators than to hire one of your own?
Joe Sr then goes on to being an embarrassing ambassador to England in early WWII. Then Joe putters around for a bit, then decided to get into real estate speculation and investment. This is where the Kennedy family fortune kicked into high gear.
Since the trusts were written back when we had some gold backing the dollar, Joe Sr. probably didn’t expect inflation to eat away at the dollar’s value as it has. If you look at inflation vs. the dollar, it really took off after ‘73. Joe Sr. died in ‘69. I’m assuming that the trust distributions aren’t indexed for inflation... and this leads to their issues with cash flow.
She (I believe her name was Kathleen Kennedy) was reportedly mentally retarded, and it was in her honor that Eunice Shriver started the Special Olympics. The zombie reference, however, was to Kathleen’s state after her father (again, reportedly) had her lobotomized.
Everybody knows.
That was Rosemary.
Kathleen died in a plane crash in 1948, somewhat out of favour with the Kennedys, as she had married into the aristocratic Cavendish family, which was Anglican, conservative in politics, and English - hence no use in Boston politics.
Later
Would not need to. There is no private individual in the kennedy clan. Each family member is a board member to the trust and company so they have no private assets.
Like any company when a board member dies the company continues with no tax liability.
This tax code was written specifically for the kennedy family so they saved 450 million in taxes on the sale of the mercantile building the family owned years ago.
It in general use today by most high net worth people. They are no longer people but corporations.
It wasn’t Teddy who claimed Florida residency to avoid taxes, it was his mother Rose.
I was under the impression that she lived and died in Hyannisport but claimed Palm Beach as her residence and thus avoided MA taxes.
Thanks for the clarification, never could keep the Kennedy’s straight. hahaaha, I remember waaaaaaay back in 1960, high school, giving a talk on why Robt Kennedy COULD be elected POTUS. Funny thing is, no one else knew the difference between “Bobby” and “Jack,” either.
Funny thing that this is the first time I have seen the word “compound” used and the police weren’t surrounding the place.
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