Forbes: the legendary name in finance journalism. Synonymous
with wealth, grand excess, glamour, and fun as well as style,
insight, gossip, and hard-nosed reporting, the media empire and the
family behind it form a remarkable story that has never been told.
Now, in The Fall of the House of Forbes, veteran journalist Stewart
Pinkerton reveals the hidden machinations, disastrous decisions,
and personal foibles of a century-old dynasty that rose to
glittering heights and crashed just as spectacularly.
Writing from an insider's perspective and first-hand sources
developed over his twenty years as a writer and editor at Forbes,
Pinkerton takes us to the ritualized formal lunches inside the
mansion-like headquarters at 60 Fifth Avenue in Manhattan; the
lavish advertiser parties on board the family yacht, The
Highlander; the sybaritic private life of Malcolm Forbes and the
family's increasing discomfort with its patriarch; and the glory
days of the magazine, with its news-making stories, high-rolling
expense accounts, and bar-setting standards for anyone who aspired
to wealth and its trappings. But as the media business changed,
Forbes was slow to react, and found itself burdened by Malcolm's
immense personal expenses, Steve Forbes's bumbling, self-financed
presidential campaigns, and the family's hubris and hesitation in
the face of reality. A series of devastating business decisions and
an internecine struggle for power forced the sale of the Faberge
eggs, the vintage toy collection, the homes, the private island,
the yacht, and finally the sale of 40% of the company itself to
outside investors...a collapse of shocking speed after decades of
unsurpassed success.
A compelling narrative account of a powerful family's
dysfunction, The Fall of the House of Forbes is a parable of
capitalism at its best and worst, and a metaphor for the current
state of digital turmoil in media.
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