Steve Fossett

[MetroSheriff]

Furthermore, does it really count as a record if it is only something that, due to prohibitive cost, could only be attempted by a billionaire? I think not.

Hey Steve, if u r going to burn your money, why not do some good with it. If u have that much free time...get a job.

 

[MetroSheriff]

Besides, your same argument could be used for Rutan and Yeager..But would you say it about them? Most every achievement is a team effort, but he is the one whose life is on the line up there, and initiated the the effort.

Uhhh, I think Yeager was an Air Force Captain knocking down about 52 bucks a month. Now the Air Force, yeah there is a DEEP pocket.

Rutan is quite a guy and has done alot in the feild of aero enginerring, but to be put in a league with Yeager might be a bit of a stretch.

Just my $.02

 

[414Flyer]

Uhhh, I think Yeager was an Air Force Captain knocking down about 52 bucks a month. Now the Air Force, yeah there is a DEEP pocket.

Rutan is quite a guy and has done alot in the feild of aero enginerring, but to be put in a league with Yeager might be a bit of a stretch.

Just my $.02

I was referring to 86 when Rutan/Yeager flew around the world. That took a lot of money and sponsorship and I dont think anyone here would denigrate that achievement.

What achievement these days, besides some japanese guy eating 50 hot dogs, is going to be done without deep pockets.

SO what is the guy is rich? Big freakin deal. And why does he need to get a job now? Hell if i made some good money to where I could stop working and live an adventurous life, count me in. I certainly would not be sitting on my ass either.

 

[MetroSheriff]

My apologies...I get you now. Jenna Yeager. I thought u meant General Yeager and the X-1 Project. I will get back under my rock till next time. lol

 

[Chairman]

Let me inlighten you on the glider or perlan project. Again Fossett is the money behind someone elses idea. However when it comes down to it he wants to be named as PIC on all of his adventures. Fossett has less that 100hrs in gliders. Not quite enough experience to take it to space. Good thing a 3000hr glider pilot and former NASA test pilot who actually knows what is going on will be going on the trip with him to babysit.

No one makes a million dollars honestly.
- William Jennings Bryan (1860-1925)

 

[Timebuilder]

>>That's funny, Capitalist News Network (aka CNN) said the same thing.

No, THAT'S funny! The only thing capitalistic about CNN is its owner, and since he had already made his money, he was able to become a liberal socialist, wherein he encourages government to spend OUR money instead of HIS money. A true scocialst would be giving all of his money to the state, so it can be "fairly" distributed under Marxist-Lennonist theory. Ted is without a doubt a "limousine liberal", and is only a capitalist where he alone is concerned.

The Steve Fossett baloon trip proves an essential element of capitalism: the rich, or I should say, those with money to spend, create all of our jobs. Steve paid out a great deal of money to fund these attempts, and it all found its way into the pockets of working families. My company has all but one of its jets because of wealthy individuals, just like Netjets (Warren Buffett and similar individuals), or Delta stockholders, etc.

As we celebrate July 4th, we need to remember that the freedom of our capitalist society is what is most hated by the terrorists, and that it is one of our greatest assets. As a wealthy man, Fossett provides untold millions to a host of charitable causes. His "job" is to think, spend, invest, inspire, and live the American Dream. Did he "waste" money on this attempt?

No. He spent money, and a lot of people are better off today because he did spend it. Thanks, Steve.

Happy 4th.

 

[Chairman]

Well I will tell you about Fossett's good will and charitable causes. During the week of september 11th the Chicago board of trade shut down, which Mr. Fossett holds seats on. These seats are leased to trading companies. During the period of which the CBOT (Chicago Board of trade) was shut down all seat holders gave rebates to the leasor as a patriotic symbol. All accept for Fossett who refused to do so. In fact the threatened to go to court over the issure. Before you assume that he normally gives millions away you should think again.

 

[Timebuilder]

..so let me make certain I fully understand.

Because he didn't go along with what the others were doing, he has lost all credibility for the millions he donates to private charity every year, just as does virtually every member of his economic strata in America?

Are you certain that the value of those rebates was kept by him, or did he make other donations which met or exceeded that value through other outlets?

The fact is that our onerous tax system is set up in such a way that I don't even have to look at his returns to be all but certain that a great deal of money, likely more than you and I together will make in our lifetimes, gets sent to charities every year by Steve Fossett. I'll bet there's a lot more to the CBOT story, too.

 

[Chairman]

I am sure there is more to alot of the stories, but since a friend of mine personally worked with him over the past 10 years I will say I might have a bit more first hand information on this subject and as to what he actually donates each year.

 

[flydog]

Just to give you an insight into how corporate and rich folk charity giving works here is the low down

Typically these donations are not cash gifts but the money is paid into an annuity or a management account that then pays the charity on a series of scheduled payments that may be tied to the profit of the fund. For example one can put $1,000,000 into an account in the name of a charity. The individual making the donation takes a $1,000,000 tax deduction for the current tax year. The money can be traded or invested by the individual making the donation and the profits can be taken out and pocketed while the charity receives regular payment over say 20 years. Once the charity has withdrawn $1,000,000 over 20 yrs the account may still have $1,000,000 or more in it at which point the individual can withdraw the initial investement

This accomplishes several things. It cuts almost $500,000 in tax liability and defers it for sometime in the future. It allows the individual making the donation the ability to invest the entire amount donated and make a return that in Fosset's case is probably over 80% a year and as an aside provides monthly income payments to the charity making the initial deduction legal.

The entire deal is governed by an agreement with the charity and is entirely legal. This is the same way that Bill Gates donated a billion dollars to education a while back.

So as you see by donating $1,000,000 Steve Fosset can actually provide himself with an after tax net income exceeding the inital $1,000,000 on the first year and over $500,000 per year after that.