TITLE

Making Rags Out of Riches

AUTHOR(S)
Zweigenhaft, Richard L.
PUB. DATE
February 2004
SOURCE
Extra!;Feb2004, Vol. 17 Issue 1, p27
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The day after entrepreneur Laurence A. Tisch died, the "New York Times" announced his death with a note on the front page that stated "Laurence A. Tisch, Self-Made Billionaire, Dies." Ten paragraphs into the lengthy obituary, the writer noted that Tisch's parents, who owned a factory, had given him an entrepreneurial boost when he was of 23 years. In 1946, Tisch's parents entrusted him with $125,000 to invest. This small head start from his parents, the equivalent of $1,187,125 in 2003 dollars didn't seem to undermine the obituary writer's opening claim that Tisch was a "self-made billionaire." Presumably, he meant that Tisch started out only as a millionaire, but was able to parlay that million into a billion. The portrayal of Tisch's financial success as a rags-to-riches story is typical of the way media eulogize corporate leaders. Associated Press informed its readers that he had only $20 in his pocket, though the New York Times claimed he had $40. In either case, it seems that his life was a true Horatio Alger story.
ACCESSION #
12225607

 

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