Archive for the ‘Uncategorized’ Category

Alas Poor Michael We Did Not Know Thee Well

Tuesday, July 7th, 2009

This week I attended a breakfast seminar on (what else?) the economy and I have to say it was interesting. The speaker was the author of a popular book (which I won’t name because I don’t want to get sidetracked) on one aspect of our economic society but set in 2007. So it was a bit dated and he was scrambling to plug his next book, which will be an update post meltdown. He was a fine speaker who used anecdotes to illustrate trends and theories and it was entertaining.

What I found fascinating was how enrapt the audience was on the subject. Where are we going? Is it at the bottom? It’s a rocky bottom. Things will never be the same again. Luxury is a dirty word. We have lost $10 trillion in net worth worldwide, which is the equivalent of the GDP of Germany, Japan, and the UK combined. Real estate will never come back. An apartment sold last week in Manhattan for $6.5 million that sold last year for $12.5 million. Oh my God! People are full of factoids and there is an insatiable need for us to hear stuff we haven’t heard and to share info we may have that others don’t.

Now I don’t want to minimize the situation in any way. People have suffered ruined careers, lost life savings and in the case of some older baby boomers they may never have again anything near what they had before in terms of net worth or lifestyle.

But what I am fascinated about is the public’s obsession with this meltdown to the exclusion of everything else. We are at war in Iraq…don’t read all that much about it if you think about it. Pakistan? Yeah it’s an open wound but again it’s on page 8 of the paper unless there is a large incident. Hate those North Koreans but he’s nuts and maybe he will die soon. Terrorism? Let’s face we’ll never find Bin Laden.

But let’s talk bailouts, stimulus packages, Dow Jones Industrials and automakers, nothing else matters.

Just my observations and I’m not trying to editorialize.

Later.

Paul

IT’S ALL ABOUT THE ECONOMY

Thursday, June 11th, 2009

This week I attended a breakfast seminar on (what else?) the economy and I have to say it was interesting. The speaker was the author of a popular book (which I won’t name because I don’t want to get sidetracked) on one aspect of our economic society but set in 2007. So it was a bit dated and he was scrambling to plug his next book, which will be an update post meltdown. He was a fine speaker who used anecdotes to illustrate trends and theories and it was entertaining.

What I found fascinating was how enrapt the audience was on the subject. Where are we going? Is it at the bottom? It’s a rocky bottom. Things will never be the same again. Luxury is a dirty word. We have lost $10 trillion in net worth worldwide, which is the equivalent of the GDP of Germany, Japan, and the UK combined. Real estate will never come back. An apartment sold last week in Manhattan for $6.5 million that sold last year for $12.5 million. Oh my God! People are full of factoids and there is an insatiable need for us to hear stuff we haven’t heard and to share info we may have that others don’t.

Now I don’t want to minimize the situation in any way. People have suffered ruined careers, lost life savings and in the case of some older baby boomers they may never have again anything near what they had before in terms of net worth or lifestyle.

But what I am fascinated about is the public’s obsession with this meltdown to the exclusion of everything else. We are at war in Iraq…don’t read all that much about it if you think about it. Pakistan? Yeah it’s an open wound but again it’s on page 8 of the paper unless there is a large incident. Hate those North Koreans but he’s nuts and maybe he will die soon. Terrorism? Let’s face we’ll never find Bin Laden.
But let’s talk bailouts, stimulus packages, Dow Jones Industrials and automakers, nothing else matters.
Just my observations and I’m not trying to editorialize.

Later.

Paul

HERE. TAKE IT…TAKE IT. IT’S FREE!

Thursday, May 7th, 2009

metropolitan museum of art facadeNow look with the success of the Met ball and with awards shows around the corner, here comes those old chestnuts. “All these stars are borrowing clothes. None of them actually buy anything. They are all in the hands of the stylists. Blah, blah, blah.”

Well I think everybody should just calm the hell down. First of all, an evening like the Costume Institute is a media event that raises tons of money for the Metropolitan Museum with it associates fashion designers and celebrities in an explosion of television, print and Internet coverage. Besides it makes the museum look like it is a part of pop culture and not just a repository for mummies and renaissance art among other things. I think I read somewhere that this dinner gets more media coverage than many major sporting events. And good sport it is. Who is with whom? Who is wearing what? Who hit a home run…a base hit or struck out in the choosing and wearing of an outfit? The consuming public eats it up with a spoon and with all the New York papers running at least two stories on it, here come the weeklies this weekend. The TV entertainment shows have run multiple segments…it is also burning up the Internet.

We are in a recession (depression) and this is just plain good for fashion. It makes the clothes on both the men and women look desirable, aspirational and attractive. The fashion, jewelry and accessories businesses could never afford to get this kind of attention on their own. All of these industries have trade associations that are candidly, pretty benign. Any of these industry events are really resume passing moments for go-getters in their fields to promote themselves and not the category.

The Costume Institute, awards shows, movie premieres and the like work on almost every level and I guarantee you that today millions of people know more about what designers’ clothes look like than they did two days ago. So those of you who are out there carping. What’s the matter? You jealous they aren’t wearing your stuff?

Paul

MARY SANFORD

Friday, May 1st, 2009

The PoolIn the 1970’s when I was just out of college I got married and moved to Palm Beach…big mistake but more about that another time. My then wife had a pretty house on the ocean and I got into a joint venture with a couple of guys in their late 40’s; we opened a small advertising and PR firm in the town. The rent was $700 a month and our receptionist made $300 a week. There were four gates at the Palm Beach airport and after living there a year or so I knew about every person in town. We played a lot of bridge, went to countless dinner parties and had lunch every Saturday at Lily Pulitzer’s wonderful old house on Lake Worth in the heart of town. Life was simpler then in many ways.

Into my life came this creature the likes of which I had never met and surely will never meet again. She was former silent screen, talkies and Broadway star Mary Duncan Sanford…Mary Duncan was her stage name and she had more than a few claims to fame. She had been big in the box office in the silent film era and ran around with Doris Duke, W.R. Hearst and her best friend in the world was Marion Davies. She came to New York and was a smash on Broadway in a drama called “The Shanghai Gesture” where amongst other things she got killed at the end of the second act and spent the entire third act playing dead…she got raves for that. Then back to Hollywood where she co-starred in the film “Morning Glory” getting second billing to Katherine Hepburn. Hepburn won the Oscar for best actress that year, 1935. So Mary Duncan was no bit player.

The following year or so she met Stephen “Laddie” Sanford, the polo player, thoroughbred horse owner and heir to the Bigelow Sanford Carpet fortune. He was for all intents American royalty. Brought up not to ever work a day in his life he was the life of every party and truly the catch of every young woman who wanted a handsome, rich good looking husband…that would be every woman in the world. Now Laddie’s father was the autocratic John Sanford who was a self-made guy and delighted in spoiling his son. However, John was no dummy and while Mary didn’t sign a pre-nup the corpus of the family fortune was never going to go to Laddie. It was in trust to go to the next generation of Laddie’s and his two sisters. Mary and Laddie were destined not to have children and maybe they knew that from the start. So the rumor was that John Sanford settled the extraordinary sum of $1 million on Mary prior to her marrying his son. He reckoned that if she was going to leave a lucrative career she should have her own money. Also, if she was in it for the money she could take the $1 million and go. This was in the late 30’s in America and a town house on the Upper East Side was $40 thousand!

Now I didn’t meet Mary until some 40 years later. Laddie had been bed ridden for some 15 years and was in a bad state. Rumors swirled as to what his ailments were but most had attributed his declining health to too many years of late nights and drink and he lasted until the late 1980’s in a more or less vegetative state tended to by 24 hours nurses in his hospital bed in “Los Incas”, their baronial 40 room Palm Beach estate. Mary told me she slept each night in his room in a twin bed behind a folding screen in his room and her love for her “Laddie Boy” never ebbed for a minute.

They had amassed some great properties during their years together. They had an enormous house on Long Island she sold to John Delorean at the height of his career, a multi thousand-acre ranch in upstate Florida that she sold to Roy Disney when they were assembling the land for Disney World in Orlando. She told me he impressed her so she took Disney stock not cash for the property…I think the stock was around $2.00 a share at the time. Then there was the cottage in Saratoga Springs and a coop in New York she owned with the fabulously wealthy Avon heiress, Baroness Terri von Pantz. No housing shortage there.

So Mary enters my life in 1975 and I am a couple of years out of school. We move to Palm Beach and she and I became instant best friends. The one thing that was forbidden was to mention any reference as to her actual age. Now look she was in silent films and this is 50 years later so she had to be around 75 years old but no one ever referred to it. Mary once said, “A woman who would tell her age would tell anything.”

So here is this unlikely duo and we were four times a week telephone pals, would lunch once a week and had dinner together at least twice a month. She was one of the great story tellers and to this day I remember in detail her stories of staying at San Simeon with “W. R.” and Marion, hosting the Grand Duke Dimitri in Palm Beach and asking him if he actually killed Rasputin (he said he did actually), her Broadway days and on and on.

She had a chef named Manolo, who was this 5 foot tall Cuban with a black toupee. A gentleman of I would guess 60 years of age and gay as “Jingle Bells”. He would cook lunch for maybe 16 at the house and appear at dessert in a Spanish dance costume, turn on a small tape recorder and dance a mad Flamenco for all of us. He was absolutely terrible but it was so dear to him that Mary couldn’t hurt his feelings by not allowing him to perform. Of course we all cheered for him as if he was a national hero. Hell he was a good cook and you gotta keep them happy right?

She belonged to all the clubs and liked to golf, which she did about three times a week. Problem was that her only golf partner of choice was her chauffeur of 30 years, Charlie who was married to her personal maid Margaret. So, she knew the clubs would not want her to bring him as a guest so they played at the public course in the South end of town. She simply was so secure in what and who she was that I am sure she never thought twice about it.

Finally, the jewelry. Oh God! The jewelry! To this day I think only Elizabeth II could rival it in size and quantity. I remember a marquis diamond ring that had to be 35-carats. I remember a Ruby parure. The ring was a 40-carat pigeon blood and the ruby necklace, earrings and bracelet. I mean that set alone had to be $5 million, and much more than that too. Once I picked her up in New York for dinner and she was wearing the rubies. I said, “Mary, aren’t you afraid to wear that on the street?”

She said, “Don’t be silly, darling. I’m an old bag. They all think it’s fake.” She could kid about her age; we didn’t.

Thanks for staying with me and here is my point of telling you about Mary. Mary was the Mrs. Astor of Palm Beach in those days. No one wanted cross her and all wanted to be in her grace and favor. She chaired two big charity balls a year. She ran the American Cancer Society Ball in Palm Beach each January and the April In Paris Ball in New York to benefit an orphanage in Paris. And run them she did. She picked her committees and no one ever said no if she asked them to join. She called corporate CEO’s and got them to buy tables, she found underwriters and hosted parties at her home for people that supported her efforts. She raised countless millions of dollars because she ran these extravaganzas for over 25 years!

Mary is gone over 10 years now and when she finally passed away she was supposed to have been 96. People had pegged her as younger because of the “don’t ask; don’t tell” rule.

Today we have some amazing people like the Gates family and Warren Buffet, David and Julia Koch and others who lead by example in philanthropy. However, we also have this cloying group of “celebutantes” who are famous for absolutely nothing. They borrow jewels and clothes from suckers who will loan to them. Walk the red carpet like movie stars. Put their names on charity committees and look for free tickets to the event…never entertain but always seek to be taken out. In short a group of zeroes who because there is so much media in search of content somehow worm their way into the papers and the internet. The photographers know one who will go unnamed as “elbows” because she is always shoving her way into the frame with famous people. They have probably never heard of Mary Sanford, but I can tell you that if they had been around when she was, they would never have seen one of Manolo’s flamencos.

I begged her to write a memoir and she thought that would be telling tales. I miss you Mary.

Paul

FIRST BLOG RESPONSES

Thursday, April 30th, 2009

img_8783Well I am sitting here mouth agape as I get all of these wonderful responses to my initial blog posts. So my first response is to try to prove I’m not a one trick pony and do have some more things on my mind. I am not trying to channel Will Rogers, the late great William F. Buckley, Jr. or any other talented commentators on current events. Far from it, I am an unworthy publicist who just happens to have had some great life experiences and want to share them with any of you who care to pick up on them.

THE RECESSION…aw c’mon it’s a depression. Once you name the elephant in the room all of a sudden he doesn’t seem so big. 40% of our wealth is gone, our IRA’s are off an average of 35% unless you know people who were in cash. (I know two and I always thought they were dim bulbs but hey, they were just scared shit of being broke so they stuck it in the mattress). Somehow their bulb wattage just went up right? My Miami house, which I treasure, is off at least 35% in value. And here is my take on the loss of wealth. If we use 1776 as the baseline, it took us over 230 years to get to this level of net worth and 40% or so of it evaporated in six months. Yes I would say that’s a recession all right. Sort of like saying if we hit in a dry spell and if 40% of the Atlantic Ocean went away we could almost walk to London…not a dry spell a world catastrophe.

So now that we recognize what we have gotten ourselves into…yes ourselves.

“No Paul, it was the bankers.”

Yeah right…so we were forced into those jumbo mortgages, bought art with loans from the auction houses and financed jewelry for our gals. Hell, the guys in Palm Beach were charging private jets on Amex cards to collect awards points and to keep money in Madoff. The CEO’s weren’t the only greedy ones. Like the Swine Flu it was an airborne illness from which no one was safe. So what’s next?

RECOVERY. Like anyone who has been hit with a plague or a pestilence eventually it goes away and we have to rebuild. For the older folks it will have to be done in a shorter period of time and they will be working longer to make that retirement money but that might not be so bad. People are living longer and living healthier. So we will be going to the gym in our 70’s, going to meetings, taking business trips and generally making ourselves useful. What is wrong with that? It might just help to lengthen the lifespan if you think about it.

The younger ones will also have to work harder, smarter and hopefully have learned a big lesson about not trying to grab too much without having some backup plans to have some liquidity and elasticity in prep for the next downturn…yes there will be ups and downs forever. No two periods of economic change are ever the same. History tells us that but pshaw, we never listen to history…hello WW I, WW II, Korea, Viet Nam…IRAQ!!!!

But in my opinion, if we can come out of this humbler and feeling less entitled…more benevolent toward our fellow human beings and truly feeling the need to be socially responsible as a result of some of the pain we have either observed or endured then the depression will have at the very least left us better off in many ways than we were before. Poorer yes. Needing to get back some of what we lost, yes. But there are more important issues at stake here like the human condition and if democracy and capitalism are as good as we say they are then let them guide us toward a comeback and a new start. That smart guy at 1600 Pennsylvania Avenue is sure trying hard to make it work. We need to as well.

See you later.

Paul