Monday, August 18, 2014

From the Inbox

From her corner office in New York’s Rockefeller Center, [Rebecca Patterson] the chief investment officer of Bessemer Trust Co. is putting $55.7 billion in client assets under geopolitical stress. ... 
Patterson joined Bessemer, the world’s third largest multi-family office, from JPMorgan Chase & Co. two years ago. The average family has $43 million in assets under supervision at Bessemer and the wealth of its founder, steel-mogul Henry Phipps and his descendants, remains the largest  ... 
Phipps founded Bessemer in 1907 to manage his wealth after selling his interest in Carnegie Steel to J.P. Morgan. The company is named after Henry Bessemer, the inventor of the steel-making process that was instrumental to the success of Carnegie Steel, according to Bessemer’s website. The closely held firm opened to other families in 1974 and now has about 2,200 clients, according to the website. It offers services including investments, estate planning and tax advice, and supervises $97.5 billion in total assets.


But Ferguson has also been home to dramatic economic changes in recent years. The city’s unemployment rate rose from less than 5 percent in 2000 to over 13 percent in 2010-12. For those residents who were employed, inflation-adjusted average earnings fell by one-third. The number of households using federal Housing Choice Vouchers climbed from roughly 300 in 2000 to more than 800 by the end of the decade. 
Amid these changes, poverty skyrocketed. Between 2000 and 2010-2012, Ferguson’s poor population doubled. By the end of that period, roughly one in four residents lived below the federal poverty line ($23,492 for a family of four in 2012), and 44 percent fell below twice that level. 

1 comment:

The New York Crank said...

Ah yes, it's the best of times and the worst of times – depending on who you are.

I'm still predicting a huge national upheaval if the one percent keep refusing to undo the status quo, and the people in power keep trying to quell the wide spread – shall we call it 'malaise?' – with tactics such as arresting members of the press and gunning down or gassing the unruly.

Moreover, I still insist that you shouldn't be surprised if we have public executions by guillotine (or their high tech equivalent) to satiate an enraged majority underclass, before civil equilibrium and civic virtue are restored again for a while.

Another slice of cake, anybody?

Yours very crankily,
The New York Crank