Synopses & Reviews
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 insiders 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 familys 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 Malcolms immense personal expenses, Steve Forbess bumbling, self-financed presidential campaigns, and the familys 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 familys 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.
Review
"Interesting reading...insightful...breezily written."— Kirkus Reviews
"Insider Pinkerton bares all: B.C.'s boldness, Malcolm's man-chasing, Jim Michaels' tyrannically brilliant editing, and the failure of the distracted grandsons to stem the decline." — Paul Steiger, editor-in-chief, ProPublica
"Forbes used be an important source of of business and finance insights, bristling with capitalist attitude, puncturing stuffed shirts, and breaking major news. But it's become increasingly trivial, unreliable, and irrelevant. With wit, depth and eyewitness authority, veteran journalist Stewart Pinkerton tells the astonishing story of how this happened. Here's all the dirty laundry—shocking and darkly comic." — David McClintick, author of Indecent Exposure
Synopsis
A Forbes insider’s riveting true-life business thriller reveals the hubris, greed, personal quirks and awful decisions that helped bring down a media iconIn this no-secret-left-uncovered look at the rise and fall of the Forbes family, veteran financial journalist Stewart Pinkerton, who worked there for 20 years, brings to life the often incredible machinations and foibles of a century-old media dynasty that rose to glittering heights and crashed just as spectacularly.
This is the first book that takes us to the ritualized formal lunches inside the mansion-like headquarters building at 60 Fifth Ave in New York, the lavish advertiser parties on board the family yacht, The Highlander, through the glory days of the ad-stuffed magazine edited by the legendarily irascible Jim Michaels, to the devastating family split over digital strategy that ultimately led to investors, including the rock musician Bono, removing the family from day-to- day control. It offers telling new details of the often-outrageous behavior of motorcycleriding, hot-air ballooning, Liz Taylor-squiring, Malcolm Forbes and his shy, sometimes bumbling son Steve, the erstwhile presidential candidate, and a hopelessly divided family unable to protect the family jewels.
About the Author
STEWART PINKERTON is former Managing Editor of Forbes Magazine and former Deputy Managing Editor of The Wall Street Journal.