Tuesday, October 18, 2016

The `New York Times'' Mexican Billionaire Connection Revisited Again: Part 4

New York Times Owner and Philip Morris International Director Slim’s Inherited Wealth

Much of the big money that New York Times Owner Slim used to gain control of his lucrative privatized telecommunications monopoly in Mexico (which—prior to 1990--had been a nationalized, publicly-owned utility company of the Mexican government) and to purchase his New York Times stock was originally “derived from selling cigarettes” to people in Mexico—where 15% to 20% of male deaths and 5% to 10% of female deaths in 2000 were thought attributable to smoking and an estimated 60,000 people died of tobacco-related illnesses in 2010—and his tobacco industry investment profits. As The New Yorker magazine (6/1/09) article also noted, his Cigatam tobacco industry company investment “provided Slim with a critical ingredient for amassing a fortune: steady cash flow.”

Yet some of the money that Mexican Billionaire Slim originally used to invest in his Mexican tobacco industry companies was apparently derived from the wealth he inherited from his father. As Sherry Ricchiardi noted in her 2009 “A Dubious Benefactor” article in the American Journalism Review [AJR], “his father, Julian Slim Haddad, moved to Mexico in 1902 and made a fortune as a merchant and in real estate” and “when he died, Julian Slim left his six children well heeled.” As long ago as 1922, for example, Carlos Slim’s father was apparently worth over 1 million Mexican pesos and apparently owned at least 11 valuable Downtown Mexico City real estate properties.

(end of part 4

No comments: