Tuesday, August 08, 2006


Bono - through his Elevation financial group - is taking a share of Forbes media empire:

“It says that we are in the business of helping content creators in the traditional media world manage the transition imposed by the Internet,” he said. Bono was not directly involved in the Forbes meetings, but Mr. McNamee said that the singer was attracted to the magazine because it “has a point of view,” adding that Bono “drove this part of the discussion and likes the fact that there has been a consistent philosophy throughout its history.”

Unless we're wrong, that "consistent philosophy" has been to flatter and please the hyper-wealthy, so it's good news for the ultra-rich that Bono is happy to buy into that.

"Mr. McNamee", of course, is one of Bono's big chums in Elevation: he also has his own band, the Flying Other Brothers.

Jim McCabe, who brough this piece of Wall Street dealing to our attention, added his own perpsective:

it's nice to see Bono continue his sterling efforts on behalf of the most downtrodden souls on this planet. Without this dramatic humanitarian gesture the entire Forbes family faced homelessness & starvation. However, Bono & friends have rushed to help in their hour of need & have truly made poverty history. Incidentally, Bob Geldof said he would have helped out, but was tied up with his current tour of European bistros.

The New York Times isn't missing the potential for irony, either:

Of course, Bono’s investment in a magazine that celebrates wealth and consumption is bound to raise eyebrows. But Mr. McNamee said the stake in Forbes did not necessarily clash with his politics and his rhetoric, saying, “The way you solve poverty is giving people the tools to overcome it.” Bono could not be reached for comment.

Aha! So, that's the answer, then - give a starving man a fish, and he will eat for a day; teach a starving man to catch a fish, and he will eat for as long as there are fish; take out a subscription to Forbes for a starving man, and he will be able to make enough to support his family by arranging a leveraged buyout of underperforming stock and sweating the assets.

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