Word: j
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Dates: during 1960-1969
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Behind the Lines. Joe Kennedy had the fortune to be born in a Boston where, the Yankee hegemony notwithstanding, political and financial power was beginning to be possible for an Irishman. His grandfather had fled the potato famine in 1848; his father, Patrick J. Kennedy, became a saloon owner and Massachusetts state senator. Pat Kennedy had the money and savvy to send Joe to Boston Latin School and then across the river to Harvard, deep behind the Brahmin lines. Emerging from Harvard in 1912, Kennedy told friends that he would be a millionaire at 35-and he just made...
...enough matter to talk over," he said. His assessment was much too modest. Money underlies the family's unique position in American life, although money does not fully explain it. The Kennedy wealth, like the family's political capital, is both large and arcane. TIME asked Richard J. Whalen, Kennedy's biographer (The Founding Father), to take a fresh look at the fortune on the founder's death. His report...
When Joe Kennedy moved from accumulation to preservation of capital, the safest bet seemed to be Manhattan real estate. To his delight, his shrewd broker, John J. Reynolds, the real estate counselor of the archdiocese of New York, made him vastly richer at minimum risk. Gradually, over the past seven or eight years, Ken Industries and the Park Agency, Inc., have disposed of the family's holdings in Manhattan. The golden touch that Kennedy enjoyed in his dealings is illustrated by the largest single transaction in this slow, quiet process of liquidation. In 1943 Kennedy bought the property...
...management of the Kennedy fortune is Thomas J. Walsh, 45, an accountant and tax expert who has been employed by the family since the 1950s. In the hands of skillful men like Walsh, the heirs have no real cause for money worries. There will continue to be, in Joe Kennedy's terse public accounting, "enough." But enough for what? Surely enough to support generations of Kennedys in comfort. But when it comes to maintaining their political ascendancy and using money as effectively as the founder, the future is shadowed by doubt...
Arms for Athens. Such hopes are likely to be disappointed soon. After a long period of deliberation, President Nixon has appointed a new Ambassador to Greece, Career Diplomat Henry J. Tasca, who is awaiting Senate confirmation. More important, the Administration has decided in principle to resume the full arms aid to Greece that was suspended in 1967 to show U.S. displeasure at the military takeover...