Printer Friendly
The Free Library
14,558,467 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

Rich Examples.


THE tallies are in for the 2001 rankings of the richest people in town, and L.A.'s elite have generally gotten much wealthier over the past year. The combined net worth of the 50 richest Angelenos, at $75 billion, is up almost 20 percent from the year-ago level. Not too shabby considering the economic slowdown and stock market selloff sell·off  
n.
The sale or disposal of a relatively large number of stocks, bonds, or commodities that often causes a sharp decline in prices.

Noun 1.
.

Of course, not everyone came away a winner. Gary Winnick Gary Winnick was a founder of Global Crossing Limited, a telecommunications company providing worldwide computer networking services. He was CEO from the company's inception, 1997, until 2002. , for example, lost almost half his personal fortune over the past year. But that fortune had mushroomed almost as quickly, and he's still worth more than $2 billion. So he's pretty well set. Some other tech-oriented moguls also suffered steep downturns. Idealab's Bill Gross disappeared completely from the list, as did Winnick's former partners David Lee David Lee may refer to:
  • David Lee (physicist), (b. 1931) a Nobel Prize winning physicist
  • David S. Lee (business), (b. c1938) CEO of eOn Communications Corporation
  • David Lee (Baltimore Colts), (b. 1943) former Baltimore Colts punter
  • David Lee (politician), (b.
 and Barry Porter George Barrington Porter, known as Barry Porter (7 June 1939 – 3 November 1996) was a British lawyer and Conservative Party politician.

Porter was first elected at the 1979 general election as Member of Parliament (MP) for Bebington and Ellesmere Port.
, although the latter two just barely missed the cut.

And while there were a few others who suffered more modest setbacks, most of L.A.'s wealthiest residents enjoyed solid returns. Those invested in energy-- Marvin Davis Marvin H. Davis (August 31, 1925 in Newark, New Jersey – September 25, 2004 in Beverly Hills, California) was American industrialist and philanthropist. He made his fortunes as the chairman of Davis Petroleum and at one time owned 20th Century Fox, Pebble Beach, the Beverly  and Selim Zilkha--hit gushers.

While having so many mega-wealthy people in town may seem like something to crow about, the pragmatic value for Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850.  as a whole depends to a large degree on these moguls' desire to "give back" to their community.

Defining "community" in Los Angeles can be a tricky matter, and even more so for its wealthiest residents. These are people with global visions, and a global lifestyle to boot. But while they may consider their "community" to be the entire world, or their particular industry group, rather than Los Angeles, the wealthiest Angelenos as a group have been and continue to be tremendously generous benefactors to a number of worthwhile causes.

So what does that mean for Los Angeles, where the needs are considerable, even monumental in some areas of town?

Mayor Richard Riordan Richard J. Riordan (born May 1, 1930) is a Republican politician from California, U.S. who served as the California Secretary of Education from 2003–2005 and as Mayor of Los Angeles from 1993–2001. Riordan ran for Governor of California unsuccessfully in 2002. , seemingly more impassioned with each passing day as his term nears an end, has been trying to call more attention to the plight of L.A.'s poor. He's lashing out at county supervisors and nonprofit agencies, he's conducting inner-city bus tours with Antonio Villaraigosa Antonio Ramon Villaraigosa (born Antonio (Tony) Ramon Villar, Jr. on January 23, 1953) is the mayor of Los Angeles, California. He is the first Latino mayor of Los Angeles since Cristobal Aguilar in 1872. , his likely predecessor.

Predictably, some of his efforts have been met with defensiveness and scom. "If he's so concerned about our neighborhoods, why doesn't he ride his bike around here instead of through the South of France South of France south n the South of France → le Sud de la France, le Midi ," one activist quipped last week.

Such comments suggest that enjoying the fruits of one's labor and good fortune somehow demonstrates a lack of concern for the poor, or lack of commitment to help them. That kind of either-or thinking is simple minded, and wrong.

Riordan and fellow mogul Eli Broad, while never denying themselves the good life, are consistently demonstrating their personal commitment (in time and money) to making Los Angeles a better place to live and work.

No local mogul has better demonstrated a civic commitment to Los Angeles than Broad. Whenever there's something big percolating, whether it's the Democratic National Convention, a bid to bring back NFL football or getting the Disney Concert Hall back on track; there's Broad leading the charge.

And it's not mere lip service, either. Just last month Broad committed to donating $10 million for local school reform efforts. He put op $23 million to establish the Broad Center for Biological Sciences at Caltech. And now he's chairing a committee that is investigating the feasibility of developing a 110-acre biomedical bi·o·med·i·cal
adj.
1. Of or relating to biomedicine.

2. Of, relating to, or involving biological, medical, and physical sciences.
 campus near the County-USC Medical Center in Boyle Heights. (See story on page 4 of this issue.)

Now, if the other wealthy residents of Los Angeles, even those who see themselves as global citizens, were to demonstrate even a fraction of that commitment, this place could truly emerge as a world-class city of the 21st century.
COPYRIGHT 2001 CBJ, L.P.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:contributions of Eli Broad, Richard Riordan
Comment:Rich Examples.(contributions of Eli Broad, Richard Riordan)
Publication:Los Angeles Business Journal
Article Type:Brief Article
Geographic Code:1USA
Date:May 21, 2001
Words:618
Previous Article:A Child's Murder Charge Indicts Us All.(Nathan Brazill)(Brief Article)(Editorial)
Next Article:LABJ forum.(opinions on George W. Bush's proposed tax cuts)(Brief Article)
Topics:



Related Articles
Can Mayor's Aide Keep Convention P1anning on Track?(Noelia Rodriguez)(Brief Article)(Statistical Data Included)
Broad Settles In Westwood, And Riordan Could Follow.(Eli Broad moves to new office, may share with Mayor Richard Riordan)(Brief Article)
Rich and Powerful Find Friends in Own Neighborhood.(Brief Article)
BRIEFLY; PANEL TO REVIEW JOB APPLICANTS.(News)
RIORDAN BIRTHDAY INCLUDES POLITICAL ADVICE FROM BUSH.(News)
WEALTH PURCHASES PRIVILEGE IN MALIBU.(Viewpoint)
TIPOFF : FULL KEVLAR JACKET: CLINTON IN CALIFORNIA.(VIEWPOINT)
LBUSD GAINS REWARDED.(News)
Broad's fabulous wealth backs fabulous renewal visions.(Real Estate Awards--The Downtown Renaissance)
Riordan & Broad.(January 24-30)

Terms of use | Copyright © 2009 Farlex, Inc. | Feedback | For webmasters | Submit articles