B12 Solipsism

Spreading confusion over the internet since 1994

The Lunatic, the Lover & the Poet – A Planned wine bar for 736 W Randolph Street

 Corkage

Corkage

Hmm. More wine drinking options in the West Loop are always good…

Thomas Powers, a sommelier, former director of Chicago-based KDK Restaurants Inc. (Jerry Kleiner’s defunct company) and the onetime owner of long-closed Harvest on Huron, plans to open a wine bar focused on American vintages on Randolph Street’s restaurant row.

Mr. Powers has signed a lease at 736 W. Randolph St. to open the Lunatic, the Lover & the Poet. It will sit across the street from Haymarket Pub & Brewery and Au Cheval, adding yet another element to the increasingly popular West Loop nightlife scene. Expected opening is late 2014.

Mr. Powers and his business partner, who declined to be named, have raised half of their needed $2 million investment from a group of about 40 individual investors. They have not yet hired a chef but have secured a beverage director, whom Mr. Powers declined to name.

He’s looking for a chef to build out a mostly small-plates menu featuring salumi, cheeses, oysters and a few entrees.

The 6,900-square-foot, two-story former warehouse is raw space. Mr. Powers’ plan is to build out the 1,700-square-foot first floor with 40 to 50 seats, 20 bar seats and 10 seats in a lounge.

 

(click here to continue reading Former Kleiner associate planning wine bar for Randolph Street – Crain’s dining blog – Crain’s Chicago Business .)

Written by Seth Anderson

July 28th, 2014 at 8:12 am

Hay Bales Was Explored at Flickr

Hay Bales

East of Austin somewhere on 290, headed towards Bastrop. I was sitting in the passenger seat, my sister was driving, and somehow I was able to focus enough at 65 mph…

Allegedly, each bale of hay is worth several hundred dollars, but I haven’t yet fact checked that assertion.

Written by Seth Anderson

July 26th, 2014 at 8:31 am

Posted in Photography

Tagged with ,

James Brown and the Making of ‘Get On Up’

I hope this is a good film, because James Brown was an amazing performer, and a complicated cat…

“I was sitting right there,” says Mick Jagger, pointing at a row of seats in the famous first balcony at New York’s Apollo Theater. He is remembering how, as a young fan back in England, he had worn out the grooves on his copy of James Brown’s 1963 album, “Live at the Apollo.” Then, he says, he watched from the balcony in 1964 as the Hardest-Working Man in Show Business performed his splits and spins and dropped to his knees begging and screaming “Please Please Please.”

Fifty years later, Mr. Jagger is back at the Apollo, speaking in the historic space where “Get On Up: The James Brown Story”, which he co-produced with Brian Grazer, would have its premiere in a couple of days. It hits theaters Aug. 1.

“It was daunting, of course,” Mr. Jagger says of having to follow the future Godfather of Soul in one of his most amazing performances. Keith Richards has said it was a big mistake to even try. Mr. Jagger’s perspective: “At that age you don’t care. You don’t think. You just do it.”

Mr. Boseman worked with choreographer Aakomon Jones to learn Brown’s signature moves, including the one-legged sideways slide step that “we called the good foot,” the actor says.

It also didn’t hurt that one of the film’s producers happened to be among a handful of people on earth who has had as long and storied a performing career as James Brown.

“I would say that Mick Jagger sort of produced the philosophy behind how to approach the performances,” says Mr. Boseman. “He was adamant about the amount of intensity that James Brown brought to a performance and [Mr. Jagger] always tried to match himself. He drove that point home.”

The two also discussed what Mr. Boseman calls Brown’s “good face,” which his audience saw, and the “bad face” that the famously strict to the point of abusive band leader turned on his backing musicians.

Mr. Jagger says “We talked about how there are two people you’re playing really—James Brown the person and there is James Brown the performer. They’re not the same James Brown.”

(click here to continue reading James Brown and the Making of ‘Get On Up’ – WSJ.)

and I happened to run across these James Brown Youtuberies yesterday, so I’m sharing them for your edification. The man could dance…

 The film took a while to make…

But a primary reason the project “was pushed off year after year,” Mr. Grazer says, was pinpointed by James Brown himself. Though Brown had given his blessings to Mr. Grazer’s film he remained skeptical, telling the producer: “You’ll never find somebody to play me.”

He was right. And though Wesley Snipes and Eddie Murphy reportedly were considered for the role, the part had not been cast by 2006 when, following Brown’s death that year, rights to his story were returned to the Brown family estate.

For Mr. Grazer, the film was a labor of love. A self-described James Brown fanatic, he grew up in the San Fernando Valley listening to his music. “When I was in high school, I was in a car club and I just played James Brown over and over and over again on my 8-track,” he says.

“`You wanna know how hardworking I am?”” Mr. Grazer remembers Brown saying. “Then he told me a story about how once he was dancing and he stepped on a nail on stage. The nail went right through his foot, bled through his shoe and he kept on going.”

That fired Mr. Grazer’s determination to make his film.

(click here to continue reading James Brown and the Making of ‘Get On Up’ – WSJ.)

but they want the young’uns to go see it too:

With the film ready to open in theaters, the filmmakers are hoping to repeat the success of Mr. Taylor’s, “The Help,” which grossed close to $170 million domestically on a reported budget of $25 million, slightly less than “Get On Up.”

While test screenings have shown that “Get On Up” currently appeals to “a 40-plus audience,” Mr. Grazer says, “I want kids to see it.” To get them into theaters he has tapped into friends in the hip-hop community whom he met during the production of his 2002 film “8 Mile.”

“Eminem, Snoop Dogg, Dr. Dre, ODB from the Wu-Tang Clan, Kanye, those guys worship James Brown, who really is the progenitor of hip-hop. They were all influenced by him and they all feel that some of their funk has come from James Brown. I want kids to see where the music comes from.”

To help get the word out, Mr. Grazer says he hopes to enlist his friends Jay Z and Justin Timberlake to help promote the movie.

“A lot of my friends, and Brian’s friends as well, said it was impossible to make a film about James Brown,” says Mr. Jagger.

(click here to continue reading James Brown and the Making of ‘Get On Up’ – WSJ.)

Like I said, I hope this turns out to be the biopic that The Hardest Working Man In Showbiz deserves.

Written by Seth Anderson

July 25th, 2014 at 2:13 pm

Posted in Film,Music

Tagged with ,

Photo Republished at The Biggest Box Office Bombs of the Modern Era | American News

My photo was used to illustrate this post

The Biggest Box Office Bombs of the Modern Era. #6, John Carter. Photo Credit – Flickr User – Seth Anderson.

click here to keep reading :
The Biggest Box Office Bombs of the Modern Era | American News

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Written by eggplant

July 22nd, 2014 at 3:33 pm

Posted in Links

Tagged with , ,

Lemon Daiquiri was uploaded to Flickr

2 oz rum, .75 oz Simple Syrup (made with Demerara Sugar), .75 oz of lemon squeeze. Mint garnish.

Refreshing summer libation…

embiggen by clicking
http://flic.kr/p/nXF1ij

I took Lemon Daiquiri on July 07, 2014 at 06:58PM

and processed it in my digital darkroom on July 08, 2014 at 12:02AM

Written by eggplant

July 7th, 2014 at 5:58 pm

Seem Never Satisfied was uploaded to Flickr

Macro closeup via Olloclip lens

embiggen by clicking
http://flic.kr/p/odufFG

I took Seem Never Satisfied on July 05, 2014 at 04:57PM

and processed it in my digital darkroom on July 05, 2014 at 09:57PM

Written by eggplant

July 6th, 2014 at 12:26 am

Caught in Your Symmetries was uploaded to Flickr

Hipstamatic macro with an Olloclip lens

embiggen by clicking
http://flic.kr/p/nW5HeR

I took Caught in Your Symmetries on July 01, 2014 at 01:45PM

and processed it in my digital darkroom on July 05, 2014 at 09:58PM

Written by eggplant

July 6th, 2014 at 12:26 am

Sleazy Walgreen considers headquarters move

Walgreens Coming Soon
Walgreens Leaving Soon

As we’ve discussed previously, we don’t know how this is considered acceptable behavior. Are the shareholder pressures on Walgreen Co. really so intense that the board would consider this drastic move to shave a few pennies off of their operating costs? Really? Maybe they should look to fire management, and find more competent oversight. Oh wait, Walgreen Co. CEO Greg Wasson was paid $13,700,000 last year. How about returning some of that to shareholders instead? Not to mention, per Walgreens “Net earnings for fiscal 2013 ended Aug. 31 determined in accordance with GAAP were $2.5 billion”. I guess that’s not enough. More, more, more…

The nation’s largest drugstore chain is considering a move that would allow it to significantly cut its tax bill and increase profits. But it’s being painted by critics as un-American for looking to make money for shareholders through financial engineering at the expense of the communities that it grew up in. Walgreen is considering a so-called corporate tax inversion, in which an American company is able to incorporate abroad by acquiring a foreign company. The buyer, in effect, becomes a subsidiary of a foreign parent.

The average person who pays taxes cannot take advantage of the tax loopholes exploited by corporations, and they don’t think it’s fair, said Klaus Weber, associate professor of management and organizations at Northwestern University’s Kellogg School of Management.

“I do think people now more than before care because of rising issues of income inequality and justice and the fact that large companies have come under more scrutiny,” Weber said. “People expect corporations to fulfill their citizen duties as taxpayers like everyone else.”

While several U.S. companies have moved to lower-tax countries since 2012, Walgreen has caught the attention of taxpayer groups and unions that have criticized the potential tax maneuver. They have blasted Walgreen for contemplating fleeing the United States even though it benefits from government insurance programs. Nearly one-quarter of Walgreen’s $72 billion in sales in its last fiscal year came from Medicaid and Medicare, according to a report by Americans for Tax Fairness and Change to Win Retail Initiatives, a union-backed group.

“It is unconscionable that Walgreen is considering this tax dodge — especially in light of the billions of dollars it receives from U.S. taxpayers every year,” Nell Geiser, associate director of Change to Win Retail Initiatives, said in a statement. “Walgreen should show its commitment to our communities and our country by staying an American company.”

(click here to continue reading Walgreen considers headquarters move – chicagotribune.com.)

Hit the Jackpot
Hit the Jackpot

Walgreen Co. is busily calculating the cost of moving corporate infrastructure, relocating executives and staff, and the very real risk of losing their Medicaid/Medicare cash cow, not to mention the also very real risk of consumer boycott to save a few percentage points of tax revenue. Sleazy, no? And ironic, since Medicaid and Medicare is responsible for about 21% of our national budget. Why should Walgreen’s get any of taxpayer money for it when they refuse to pay in?

In honor of Tax Day
Things Walgreens Is Opposed To

Would shareholders care if Walgreen Co. was kicked out the the S&P 500? Probably, but Walgreens executives will get handsomely paid either way.

[The CtW Investment Group] said an inversion could hurt Walgreen’s stock price.

“Reincorporation carries risk of removal from the S.&P. 500 and other stock indices,” it said, citing the examples of Ace and Transocean, which were removed from the index after they moved to Switzerland. It added that some investors like big pension funds could be required to sell shares of the company if it were not included in the S.&P. 500-stock index.

If Walgreen reincorporated in Switzerland, where Alliance Boots is based, the influence of shareholders could be diminished, CtW said. Swiss law gives shareholders less protection, CtW said, making it harder for investors to seek remedies through courts in the event of fraud or a dereliction of board duties.

CtW also said it was sensitive to the brewing political debate about inversions. In recent months, several senators and President Obama have proposed legislation that would curtail the practice. No new laws are yet in place, but there is a belief on Wall Street that the window for such deals could close soon.

“In addition to the concerns outlined above, we fear that there could be political and reputational risks following an inversion, which would pose a clear contradiction with Walgreen’s quintessentially American brand,” CtW wrote. “Accordingly, we strongly urge you to end the controversy over Walgreen’s potential

(click here to continue reading Walgreen Shareholder Opposes Potential Deal to Reincorporate Abroad – NYTimes.com.)

Senator Dick Durbin is troubled by this cowardly plan as well:

As Walgreen Co, the largest U.S. drugstore chain, edged closer to potentially moving its tax home base abroad, the senior U.S. senator from its home state said on Wednesday that he hoped the company would not take such a step.

Illinois Democrat Richard Durbin told Reuters in an interview that he spoke with a Walgreen lobbyist on Tuesday. “I told him I hope that the rumor’s not true,” Durbin said.

Durbin, the Senate’s second-highest ranking Democrat, said Walgreen, now based in a Chicago suburb, would be ill-advised to pursue an “inversion” deal with Switzerland’s Alliance Boots Holding Ltd.

“Because of their national reach, they are a uniquely American company, and I think it would really hurt their image if they decided to give up on this country and to head overseas to make a couple extra dollars,” he said.

(click here to continue reading Exclusive: U.S. senator warns as Walgreen weighs overseas tax deal | Reuters.)

When Thinking Leads To The Unthinkable
When Thinking Leads To The Unthinkable

and despite the Patriot Employer Tax Credit Act bill having a slim chance of passing through the reactionaries in the US House, Sen. Durbin is at least trying:

Sen. Richard Durbin said Monday he will introduce legislation this week that would close tax loopholes for corporations that take jobs out of the country.

Durbin announced the “Patriot Employer Tax Credit Act” at Wheatland Tube in the Back of the Yards neighborhood. He plans to introduce the measure Thursday, a spokeswoman said.

The proposal would give tax credits to companies “that provide fair wages and good benefits to workers while closing a loophole that allows corporations to claim tax savings for activities such as building a manufacturing plant overseas,” according to a news release from Durbin’s office.

To qualify for the credits, a company must maintain its corporate headquarters in the U.S., maintain the same number or increase the number of U.S. workers compared with the number overseas and provide health insurance benefits that comply with the Affordable Care Act.

(click here to continue reading Durbin bill would close tax loopholes for corporations sending jobs overseas – chicagotribune.com.)

Written by Seth Anderson

June 29th, 2014 at 6:40 pm

Across The Evening Sky All The Birds Are Leaving – Polapan Blue was uploaded to Flickr

fog, S. Michigan Avenue.

Polapan version

embiggen by clicking
http://flic.kr/p/o85ktZ

I took Across The Evening Sky All The Birds Are Leaving – Polapan Blue on June 26, 2014 at 07:38PM

and processed it in my digital darkroom on June 27, 2014 at 03:39PM

Written by eggplant

June 28th, 2014 at 8:33 am

Replacement Of Division Street Bridge Begins Monday

Division Street Bridge in need of repair
Division Street Bridge in need of repair

Per Chuck Sudo of the Chicagoist, the Division Street Bridge lost its race to collapse before being repaired…

Starting Monday crews will begin demolishing Division Street Bridge near Goose Island. The city will be replacing the 111-year-old Bascule Bridge with an interim span while building a permanent Bascule replacement. The bridge was originally built in 1903 and has served as an integral link across Goose Island for cars, bikes, pedestrians and trains over the years, but currently isn’t wide enough to accommodate the size and flow of modern traffic. The Division Street Bridge is one of several Bascule bridges that made the Landmarks Preservation Council of Illinois’ 2013 list of the 10 most endangered historic places in the state.

(click here to continue reading Replacement Of Division Street Bridge Begins Monday: Chicagoist.)

Per Historic Bridges, this bridge was last rehabbed in 1992, but as these photos demonstrate, the bridge is a little rickety.

Somebody's Lunch
Somebody’s Lunch

Division Street Bridge
Division Street Bridge

Division Street Bridge
Division Street Bridge

Circumstantial Evidence - Panatomic X

Circumstantial Evidence – Panatomic X

Division Street Bridge is still Standing
Division Street Bridge is still Standing

String and Steel Melodies
String and Steel Melodies

More history:

Crossing the North Branch Chicago River Canal onto or off of Goose Island, this is one of the very first highway bascule bridges built in Chicago, constructed just a couple years after Cortland Street. Given the influence that Chicago’s development of the bascule bridge had on bridge construction nationwide, this prototypical example of a Chicago type trunnion bascule bridge is nationally significant and its preservation should be given a paramount level of priority.

 Roemheld & Gallery of Chicago were both the designers and builders of the bridge. This bridge is similar to bridges like Cortland Street, but it has one very unusual and distinctive characteristic which sets it aside from these other bridges. The overhead sway/portal bracing for this bridge is composed of simple plate steel with decorative designs on them that includes an upside-down “Y” design with a circle around it that is used in Chicago to refer to the three branches of the Chicago River. The symbol became an officially designated symbol appearing in Chicago’s municipal code as the “Municipal Device.” Easy to miss unless you are looking for it, the symbol can be found on buildings and structures throughout the city including on a few other bridges. This Division Street Bridge however is the only bridge in the entire city that includes this design in its overhead bracing. The bridge is different from the other early bascule bridges including the bascule bridge in sight of this one also on Division Street, which have a more intricate network of built-up sections of v-laced and latticed steel for bracing. The plates with the Municipal Device symbol on this bridge are an interesting and decorative element that adds a lot to the bridge.

(click here to continue reading Division Street North Branch Canal Bridge (Division Street Eastern Bridge) – HistoricBridges.org.)

Written by Seth Anderson

June 27th, 2014 at 10:23 am

Posted in Chicago-esque

Tagged with , , ,

Congress Hotel in the Fog was uploaded to Flickr

Another entry into the "Building Signs Not As Obnoxious as the Trump Stamp" series

embiggen by clicking
http://flic.kr/p/nQhxDS

I took Congress Hotel in the Fog on June 22, 2014 at 08:51PM

and processed it in my digital darkroom on June 27, 2014 at 02:44AM

Written by eggplant

June 27th, 2014 at 9:08 am

Chicago wins George Lucas museum

Chicago at Night
Chicago Museum Campus at Night

In case you hadn’t heard…

“Star Wars” creator George Lucas has selected Chicago over Los Angeles and San Francisco as the future home of his collection of art and movie memorabilia, according to a spokeswoman for the museum.

The museum’s board Wednesday is expected to vote on a name change — from the Lucas Cultural Arts Museum to the Lucas Museum of Narrative Art — and destination.

Pending approval by the Chicago Plan Commission, Lucas’ institution would be built on what are now parking lots between Soldier Field and McCormick Place and would open in 2018. Architectural renderings will be presented to city officials in early fall, according to a statement from the museum.

(click here to continue reading Chicago wins George Lucas museum – chicagotribune.com.)

 The clouds in july are mostly in the plain

Soldier Field

Our first question about the proposal has already been answered, will there be lawsuits against this private museum being placed on the lakeshore? Yes:

Still, the museum has drawn opposition from open-space advocates, such as Friends of the Parks.

Among the 14 “basic policies” of the Lakefront Plan of Chicago, adopted by the city council in 1973, is that “in no instance will further private development be permitted east of Lake Shore Drive.” And the Lakefront Protection Ordinance says that the plan commission’s decisions “shall be made in conformity with” those policies.

“We will do what it takes and that very well may be a lawsuit,” Friends of the Parks President Cassandra Francis said. “We are in coalition-building mode, but we are very optimistic, based on discussions, that we will have a broad group of organizations joining us” in opposing the lakefront location for the museum.

Our second question: are there public funds being used for the George Lucas Megalomania Museum? Apparently, no, at least at first:

Under Emanuel’s plan, the two Chicago Park District-owned parking lots would be leased to the museum for $1, which is similar to arrangements other large cultural institutions have with the Park District.

But unlike other museums, the Lucas museum would not receive taxpayer subsidies to cover a portion of its operations, a top mayoral aide has said.

The parking lots would be moved underground at Lucas’ expense, the city has said.

That’s positive news, and different than how the Chicago Children’s Museum fiasco played out. 

I haven’t yet seen the plans, so I still wonder if the proposed museum will shrink the available green space along the lakeshore? If I’m reading the description correctly, the museum will take over 17 acres of asphalt parking, and put a 5 acre museum building and 12 acres of new green space. That sounds ok to me, but then I’m not a Chicago Bears tailgating maniac. Friends of the Park make a good point too: the land may be a parking lot now, but parking lots are easily converted to grassy knolls, much easier than removing a building once it is built.

Cassandra Francis, President of Friends of the Parks says:

Although the proposed site is now used as a parking lot, its future reversion to parkland is possible. Once a building is in place, it is forever precluded from being public open space.

9 great movies
Film History

For the record, I haven’t watched a Star Wars film in 25 years or more, but perhaps there will be other items of narrative film history of interest.

Written by Seth Anderson

June 25th, 2014 at 9:03 am

Templeton Rye Old Fashioned with mashed cherries was uploaded to Flickr

Rainier cherries, to be precise. 2 ozs of Templeton Rye poured over a mash of Angostura Bitters, sugar and 4 (pitted) cherries. Mashing the cherries with a muddler turned the whiskey reddish, and delicious.

embiggen by clicking
http://flic.kr/p/nMmZdE

I took Templeton Rye Old Fashioned with mashed cherries on June 22, 2014 at 02:43PM

and processed it in my digital darkroom on June 22, 2014 at 09:26PM

Written by eggplant

June 23rd, 2014 at 5:05 pm

Planned Fulton Market district to get $42M from city

 Fulton Market Lineup

Fulton Market Lineup

Update on the still-in-proposal-stage plan for making a Fulton Market Historical District…

The city plans to allocate more than $42 million to improve parts of the West Loop included in its proposed Fulton Market Innovation District, a plan being pushed by the mayor as a way to encourage yet corral the neighborhood’s explosive growth.

The investments will kick off with the construction of a $500,000 gateway arching over Fulton Market at Halsted Street to welcome visitors to a proposed historic market district honoring the meatpacking companies and food wholesalers that have been operating there for a century.

The bulk of the $42.6 million allocation of public money, about $16 million of which is still pending approval from the city’s Department of Transportation, would go to infrastructure improvements like street paving and sidewalk repairs along Kinzie, Fulton Market, Randolph and Lake streets. Most of the money will come from the existing tax increment financing district, set up in 1998, though an estimated $10 million proposed for rebuilding Lake Street would be a mix of local, state and federal funds.

 …

Mayor Rahm Emanuel, who spearheaded the innovation district plan, said the driving force for it was the surge in real estate deals that followed the 2012 opening of the $38 million Morgan Street CTA station.

“When we make these investments, they spur a series of private-sector economic development and opportunities for the city and growth,” Emanuel said. “And here, which is unique, you’ve got to do it in a way that strikes a balance between the history, and the preservation of that, while you embrace the change that is occurring simultaneously. And I think we’ve come up with that equitable balance.”

Designating the area an “innovation district,” a growing trend in cities, highlights the mix of traditional manufacturing, tech companies, social scene and transit access that has become important to attracting a young, creative workforce. Some of the employers coming to the area, including Google, SRAM, Uber, Brooklyn Bowl and Soho House, are expected to add 2,385 jobs, according to figures provided by the mayor’s office.

“It is and represents a new direction of the city’s economy,” said Andrew Mooney, commissioner of the city’s Department of Planning and Development. While the city has other emerging “innovation centers,” the restaurant-rich Fulton Market area is unique because of its historic and current connection to food, and the fact that it is not linked to a university.

(click here to continue reading Chicago Tribune – Top Business – Planned Fulton Market district to get $42M from city.)

Nothing Ever Stays The Same
Nothing Ever Stays The Same

Also, first time we’ve heard of this plan:

The city also announced a new public bike station it has planned for the lower level of an 83,000-square-foot former meatpacking building under redevelopment at 210 N. Green St., where New York-based WeWork plans to open a collaborative workspace next year.

The 3,100-square-foot bike station, which aims to accommodate bike commuters with locker rooms and showers as well as bike storage, will be privately operated by WeWork as a business and use no public funds, though the mayor brokered the arrangement, city officials said.

 Sounds good, more biking amenities is good news for the City, imo, especially when one of the options of becoming a WeWork member is “Free Beer”1

Fulton Market Food & Liquors - mural
Fulton Market Food & Liquors – mural

and still some current property owners are whining about not being able to sell their historic buildings to developers who will then raze the building, and replace the 19th century brick structure with a drab condo building with architecture inspired by Home Depot. Viva capitalism!

The land use plan, which will be adopted as policy by the planning department this summer, does not overtly change zoning but imposes guidelines for how parts of the proposed district — bordered by Halsted, Ogden, Randolph and Hubbard Streets — should be developed.

The most controversial part of the plan calls for portions of Fulton Market and Randolph Street to be given historic landmark status to preserve the character of storefronts that are the last remnants of the city’s food-manufacturing past. The neighborhood’s three major community groups — the Randolph/Fulton Market Association, the West Central Association and the West Loop Community Organization — have all formally opposed the landmark proposal, saying they’re concerned about the restrictions that would prevent demolition of some buildings and dictate the design of all.

Footnotes:
  1. I’m not kidding, look []

Written by Seth Anderson

June 23rd, 2014 at 12:52 pm

Sting: My Children Won’t Inherit My Wealth

Iota Eta Sigma
Iota Eta Sigma

Words I didn’t expect to type in the 21st C.E., “Good for Sting!”. If only Sam Walton had been as insistent upon his progeny finding their own way, or Donald Trump’s father…

Sting’s children cannot expect to inherit his multimillion-pound wealth, the rock star has said, joining the ranks of the super-rich who have claimed that passing on their vast fortunes to their offspring could do more harm than good.

The 62-year-old musician, who is estimated to be worth £180m and has three sons and three daughters, said he did not want “to leave them trust funds that are albatrosses round their necks”.

“They have to work,” he told the Mail on Sunday’s Event magazine . “All my kids know that and they rarely ask me for anything, which I appreciate. Obviously, if they were in trouble I would help them, but I’ve never really had to do that. They have this work ethic that makes them want to succeed on their own merit.”

Sting insisted there would in fact not be a huge fortune left for his children, who are aged between 18 and 37.

“I told them there won’t be much money left because we are spending it,” he said. “We have a lot of commitments. What comes in we spend, and there isn’t much left.”

(click here to continue reading Sting: My Children Won’t Inherit My Wealth – Business Insider.)

I Will Ransom Them From The Power of the Grave
I Will Ransom Them From The Power of the Grave

Speaking of estates, a couple years ago, my parents mentioned that they’ve executed their will, splitting their estate three ways between my brother, my sister and me, with my sister getting 34%. We are lucky in that we get along well, and that the amount we are talking about is certainly less than $2,000,000…

Some other wealthy folks of note also doing the right thing:

Bill Gates, the world’s richest man, has said that his children could not expect to inherit the vast majority of his estimated $76bn fortune.

“They won’t have anything like that. They need to have a sense that their own work is meaningful and important,” he has been quoted as saying. “You’ve got to make sure they have a sense of their own ability and what they’re going to go and do.”

Simon Cowell, the music mogul whose son Eric was born earlier this year, has said he will most likely leave his estimated £225 million fortune for charity, explaining: ““I don’t believe in passing on from one generation to another.”

British celebrity chef Nigella Lawson has said she was “determined” that her children should have no financial security as “it ruins people not having to earn money”.

Anita Roddick, the Body Shop founder, left her entire £51m fortune to charity after describing leaving money to one’s own family as “obscene”.

…And John Roberts, the chief executive of white goods retailer ao.com, has said he will not pass his estimated £500m wealth to his children, in order that they could have normal lives and a sense of achievement.

Written by Seth Anderson

June 23rd, 2014 at 10:10 am

Posted in News-esque

Tagged with ,