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  • It's a wonderful life

    http://www.washingtonpost.com/wp-dyn...05390.html?g=0

    Pricey real estate deals in Dubai raise questions about Azerbaijan's president

    DUBAI, UNITED ARAB EMIRATES -- Even by the standards of a city that celebrates extravagance, it was a spectacular shopping spree: In just two weeks early last year, an 11-year-old boy from Azerbaijan became the owner of nine waterfront mansions.
    The total price tag: about $44 million -- or roughly 10,000 years' worth of salary for the average citizen of Azerbaijan. But the preteen who owns a big chunk of some of Dubai's priciest real estate seems to be anything but average.
    His name, according to Dubai Land Department records, is Heydar Aliyev, which just happens to be the same name as that of the son of Azerbaijan's president, Ilham Aliyev. The owner's date of birth, listed in property records, is also the same as that of the president's son.
    Officials in Baku, the capital of Azerbaijan, declined to comment on how the president's son -- or at least an Azerbaijani schoolboy with the same birth date and the same name as the son's -- came to own mansions on Palm Jumeirah, a luxury real estate development popular with multimillionaire British soccer stars and others with cash to burn. Ilham Aliyev's annual salary as president is the equivalent of $228,000, far short of what is needed to buy even the smallest Palm property.
    Azer Gasimov, the president's spokesman, declined to discuss the Dubai real estate purchases. "I have no comment on anything. I am stopping this talk. Goodbye," he said when contacted by telephone and told about the names on the property records. Gasimov did not respond to requests for further comment sent by fax, e-mail and cellphone text message.
    Azerbaijan, a former Soviet republic blessed with plentiful oil and gas reserves yet blighted by widespread poverty outside its glitzy capital, has long had a reputation for corruption. But the Dubai purchases, which have not been reported before, could provide a rare concrete example of just how much money the country's governing elite has amassed and of the ways in which at least part of this wealth has been stashed overseas.
    Problem for Washington

    The transactions sharpen a dilemma that has shadowed Washington's relations with Azerbaijan for years: how to reconcile the United States' security and energy interests in the oil-rich Caspian Sea nation with what the State Department, in a report last year on human rights around the world, described as the "pervasive corruption" of its increasingly authoritarian regime.
    Azerbaijan has sent troops to support U.S. democracy-building efforts in Afghanistan and Iraq but at home has retreated steadily from democratic practices, according to diplomats and experts on the region. Transparency International, in a 2009 survey of global corruption, ranked Azerbaijan among the worst at 143 out of 180 nations.
    In addition to recording nine properties owned by Heydar Aliyev, the now-12-year-old schoolboy, Dubai's Land Department also has files in the names of Leyla and Arzu Aliyeva. President Aliyev has two daughters with the same names and roughly the same ages. Their exact dates of birth could not be established, but various reports indicate Leyla's birthday is the same as that of the Azerbaijani woman who figures in the Land Department records.

  • #2
    It really is a wonderful life or buy and hold?

    http://www.latimes.com/news/nation-a...,2910138.story









    Grace Groner’s one-bedroom Lake Forest house was also left to the school. It will house students who receive scholarships from her foundation. (Chris Walker / Chicago Tribune / March 3, 2010)

    A hidden millionaire's college gift

    Grace Groner leaves $7 million to her Illinois alma mater. Few friends knew of her wealth.

    By John Keilman
    March 6, 2010
    Reporting from Chicago

    Like many people who lived through the Depression, Grace Groner was exceptionally restrained with her money.

    She got her clothes from rummage sales, walked rather than buy a car. And her one-bedroom house in Lake Forest, Ill., held little more than a few plain pieces of furniture, some mismatched dishes and an old television.

    Her one splurge was a small scholarship program she had created for Lake Forest College, her alma mater. She planned to contribute more upon her death, and when she died in January at 100, her attorney informed the college president that the gift had added up.

    "Oh, my God," the president said.

    Groner's estate, which stemmed from a $180 stock purchase she made in 1935, was worth $7 million.

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    • #3
      Re: It really is a wonderful life or buy and hold?

      Originally posted by cjppjc View Post
      ...
      Groner's estate, which stemmed from a $180 stock purchase she made in 1935, was worth $7 million.
      That's some "buy and hold" strategy...;)

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      • #4
        Re: It's a wonderful life

        I would love to know the name of the stock.

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        • #5
          Re: It's a wonderful life

          In 1935 she bought three $60 shares of specially issued Abbott stock and never sold them. The shares split many times over the years, Marlatt said, and Groner reinvested the dividends.

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          • #6
            Re: It's a wonderful life

            $7 million but, 6 feet under

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            • #7
              Re: It's a wonderful life

              She had a wonderful life.

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              • #8
                Re: It's a wonderful life

                Originally posted by cjppjc View Post
                She had a wonderful life.
                Agree. She lived to the age of 100.

                That suggests to me that, among other things, she managed to avoid a lot of stress creating complexity in her life. Show me how many other people with $7 mill [or a lot less] can say that...;)

                ...I'm gonna soak up the sun
                While it's still free
                I'm gonna soak up the sun
                Before it goes out on me
                Don't have no master suite
                I'm still the king of me
                You have a fancy ride, but baby
                I'm the one who has the key

                It's not having what you want
                It's wanting what you've got...

                --Sheryl Crow, Soak Up the Sun, from C'mon, C'mon; 2002--

                Comment


                • #9
                  Re: It's a wonderful life

                  Sad story. What an unhappy life. Saving money only made sense under the gold standard.

                  Much better now to borrow as much money as you can and then spend it before you die. Trust me.

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                  • #10
                    Re: It's a wonderful life

                    GRG55 - Am I the first to notice?

                    Now, that is a REALLY fancy bunker top you have there. Are we to assume that the life in a country bunker, chickens, pigs and a cow, did not work out and now you have returned to the "City"?

                    Comment


                    • #11
                      Re: It's a wonderful life

                      Originally posted by GRG55 View Post
                      Agree. She lived to the age of 100.

                      That suggests to me that, among other things, she managed to avoid a lot of stress creating complexity in her life. Show me how many other people with $7 mill [or a lot less] can say that...;)
                      Agree. Some time ago, I told my (future) wife one of my guiding principles was that -- it's not having money that matters, it's the lack of money.

                      So we lived (and continue to live) far below our means. A decent life, but we try not to be extravagant. And so, as we see many neighbors, friends and family struggle with debts they should have never taken on, we're able to walk through this and still sleep at night. We do try to help where we can.

                      But as has been commented before, I think there is some fundamental reevaluation going on in the American character. I don't think it's fully taken root yet, but the age of conspicuous consumption may finally be coming to an end.

                      And good riddance...

                      Comment


                      • #12
                        Re: It's a wonderful life

                        Originally posted by jpatter666 View Post

                        ...So we lived (and continue to live) far below our means.

                        Living far below our means has been a cornerstone for us as well. In return you get real freedom - I've let go a few of my employers. It's nice to be in a position to do so.

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                        • #13
                          Re: It's a wonderful life

                          Originally posted by GRG55 View Post
                          Agree. She lived to the age of 100.

                          That suggests to me that, among other things, she managed to avoid a lot of stress creating complexity in her life. Show me how many other people with $7 mill [or a lot less] can say that...;)
                          I'd feel less stressed with $7 million in the bank too. And I'm willing to risk the moral hazards.

                          I agree, many people with that kind of money tend to have stressed out crazy lives. Not at all what someone would imagine. I do work for more than a few of these types. I see the inside of their homes and a lot of personal goings on. Complexity is a nice way to put it.

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                          • #14
                            Re: It's a wonderful life

                            I'd just like to point out that $180 in 1935 was still a lot of money.

                            According to the BLS CPI calculator - it is equivalent to over $2800 today.

                            Given the era especially, a lot of money.

                            Always keep that in mind when considering long dated investments like those people who turned $5000 in Warren Buffet circa 1964 to $250M+ equivalent of today.

                            Comment


                            • #15
                              Re: It's a wonderful life

                              Originally posted by Chris Coles View Post
                              GRG55 - Am I the first to notice?

                              Now, that is a REALLY fancy bunker top you have there. Are we to assume that the life in a country bunker, chickens, pigs and a cow, did not work out and now you have returned to the "City"?
                              You have an eagle eye Chris.

                              The "new" avatar is indeed of "the city"...in fact it's an old picture of the cherry blossoms outside the flat I used to lease in Kensington, London. Back here in Canada, today we experienced the first of our usual series of spring snow storms. I think perhaps I was longing to be back in the U.K...especially now that it's getting cheaper for us colonials. :cool:

                              The picture of the Bunker Ag Centre was badly out of date. Unfortunately recent progress is mostly indoors...plumbing, wiring, insulation, concrete floor slabs, etc...and not very photogenic. Once I have some decent updated pics I'll update the avatar. ;)

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