Billionaire Who Wasn't

This book is a biography of Charles Francis (Chuck) Feeney, one of the world's billionaires in the twentieth century. Its 337 pages are a quick read, a fascinating story about a self-made American who gave away most of his fortune to various charitable endeavors. It would make a great case study for a business school, and I would guess that many professors will immediately adopt it as a classroom assignment.Chuck Feeney's early education was at Catholic elementary and high schools in New Jersey and New York. After high school in 1948, Feeney enlisted in the Air Force and was stationed in Japan for four years. After discharge, he attended Cornell University's famous School of Hotel Administration. He financed his college education partly from the G. I. Bill and partly from selling sandwiches to students. After graduation he went off to explore Europe, briefly attending a French university. While there he started a shoestring business selling liquor to sailors on American warships. He and a Cornellian partner, Robert Miller, took orders and accepted payment, then arranged to have the liquor delivered, duty-free. They bout out an unsuccessful competitor, thereby obtaining the name: Duty Free Shoppers (DFS). By 1965 business was good, but there were problems with part of the business strategy. American law changed so the duty free allowance was reduced from five bottle per family member to one bottle per family, effectively ending the rationale for the liquor business. Also, the automobile business turned out to be more complicated and less profitable than predicted. Fortunately, the duty free retail stores opened in Hawaii and Hong Kong selling liquor and luxury goods to Japanese tourists was booming. By 1977, Feeney, Miller and their two other partners were wealthy. Feeney created a foundation in 1982 to give away most of his wealth, conservatively estimated at 500 million dollars. This philanthropy was kept secret until 1996, when the foundation sold its share of DFS for $1.6275 billion cash to the French luxury goods company. LMVH. The foundation, now Atlantic Philanthropies, was giving money all over the world: Ireland, Australia, Vietnam, and Cuba, among others.While the author's tale is a fascinating history of the DFS's path to great wealth, and of Feeney's many charitable endeavors, the biography provides little insight to many aspects of Feeney's early life. His life to 1956 is covered in a scant ten pages. He had twelve years of Catholic school education, two years at the prestigious Regis High School in New York City. What influence did the Catholic religion and education have on his life? His philanthropy is attributed more to reading Andrew Carnegie than any Catholic influence. What experiences did he have in the Air Force, when he spent four years in Japan? What were his studies at the Cornell hotel school? Was there any training or discussion of the major business issues that came up later? What about the ethical issue of tax avoidance? The secrecy with which DFS conducted is business is attributed to his Air Force experience with classified information. Were the practices of business secrecy a part of the college curriculum? DFS was found to have accounting, legal and tax problems in 1965. Did the college curriculum cover accounting and cost controls, or issues of international law? Feeney is a big fan of Cornell University, and has contributed generously to it. What influence did Cornell campus life have? No mention of his fraternity is made in the book.Considering Feeney's later-life fame, I would guess that further disclosures will be made: this great man's life will attract further study, provided Mr. Feeney will cooperate with other biographers.

What a beautiful person chuck Feeney is.This is the most inspiring book I have read so far. This book was more motivating and inspirational to me than books such as the `Secret' by Rhonda Byrne. Here's a real `existing' role model we can all look up to. He did it, and so can we. He is a living proof that helping others in unselfish ways is possible. He is living proof that that there is good on Earth, and being good is not only possible but feasible.This is the story of Chuck Feeney, born into a poor family. Not having enough funds to pay for his college education, Feeney joins the Air Force, and is stationed in Japan. There he realizes the profit making potential of duty-free sales. He starts selling duty-free goods to soldiers, such as tobacco and alcohol, and to make the story short, ends up owning duty-free shops across the world. Within a few years he becomes a billionaire. He is ranked as the 23rd richest man in the United States by Forbes magazine.Feeney was not happy with his billions. He did not like the life of excess lived by the rich. `How many shoes do you need?' he would often ask. He did not like the competition between the rich in owning luxury goods. For example, a yacht is never big enough; someone else will have a bigger one. Someone else will have a bigger mansion.Feeney was also worried for his children. Kidnapping was prevalent at the time, and Feeney did not want to live his life surrounded by bodyguards and in fear for his family. So one day, he secretly flies to the Bahamas and donates all his profits to his newly established charity organization.Many find it hard to part from a few dollars. Feeney parted with billions. All the proceeds from Feeney's company went straight to his charity foundation. Unlike Bill Gates (whom I also admire for his philanthropy), Feeney gave away his whole fortune without announcing it. No one ever knew of Feeney's philanthropy, not even his partners. His name is not on any library, University, or building. Feeney gave secretly. He believed that your left hand should not know what your right hand is doing when it comes to charitable donations. Feeney is a man who gives not for selfish reasons such as recognition and fame, but to help make a change in people's lives.Feeney did not feel guilty about making money, but he felt guilty keeping it. He felt his money should not be for the sole purpose of giving him and his family pleasure, but for giving pleasure to the world.Feeney also helped solve the IRA (Irish Republican Army) problem together with Bill Clinton, and opposed the war in Iraq. He did not vote for Bush in 2004, and marched against the war of Iraq in the streets of London in 2004. He also felt that the US was unfair to Vietnam, and flew several times to Vietnam offering anonymous help.Chuck Feeney is a great man, and his story should be an inspiration to all of us. This book should be read by everyone, and should be required reading in schools and universities. If one man can make such a difference, how much can we all do together? For one thing, we would end world hunger and poverty!This book made me realize that ending world poverty is not such a farfetched dream: all it takes is a humble heart, like the one Chuck Feeney has!Money can be the root of all evil. Money does corrupt, and in excess corrupts absolutely. But money can also end all of the world's suffering. It is a two edged sword. One edge will bleed the world to death; the other edge will bring an end to suffering.I have chosen how I want to hold my sword. Have you?

The story of Chuck Feeney is both fascinating and inspiring. O'Clery's tells the tale of a scrappy, inventive entrepreneur who does a marvelous amount of good in the world, devoting his life to giving his fortune to high performing philanthropic institutions.The writing, however, is not on par with the best biographies or business tales. We lack the window into Chuck Feeney's soul that some other biographers are able to bring out of their subjects. We never really understand what makes Chuck tick, which is partly due to Chuck's own lack of introspection--he was never able to articulate to anyone else while giving was so important to him so referred them to articles. The book also seems to lack balance, glossing over Chuck's divorce from his first wife and the angry, depressed outbursts he would have prior to this separation.The book also offers detailed play-by-play reviews of several of DFS's key transactions and tells the story of several philanthropies that Chuck funded, how he selected them, and how they executed. Particularly the DFS stories remind me of The Barbarians at the Gate or Too Big To Fail, which dramatize business events. Unfortunately, these two analogies are much better written stories than the DFS stories in this book. Even as a professional financial investor I found myself skimming and skipping to avoid the chronological droll that plagues this book.The book is still worth a read given the amazing story of Chuck Feeney, but it will not be the best book you've ever read.