If They Didn’t Do It for the Money, How Did They Get So Rich?

‘We’re not doing this to make money.’

–David Hering, board member of Alwyn Court, a landmark
apartment building in Manhattan now wrapped in a six-story
advertisement for FamilyWonder.com. (New York Times,
4/16/00)

‘I’m not in this for money.’

–Barrie Dolnick, author of The Executive Mystic, a
former ad man, now a psychic and consultant who helps CEOs channel
their ‘intuitive power.’ (CNN, 3/3/98)

‘I’m not in this for the money.’

–Benno Schmidt, on his decision to quit as president of Yale
University to head Edison Schools, the latest for-profit
‘educational’ venture from Chris Whittle, founder of Channel One.
Edison raised over $122 million in capital when it went public in
1994. (60 Minutes, 11/14/99)

‘I didn’t go into DrKoop.com to make money. I did it to
change the way that medicine is practiced.’

–Former U.S. surgeon general Dr. C. Everett Koop, who, as the
chairman of and major shareholder in DrKoop.com, holds more than $47 million in
stock at the company’s initial public offering. Of DrKoop.com’s
several marketing alliances, its deal with Quintiles Transnational
Corp. is typical: DrKoop.com agreed to declare Quintiles ‘the
world’s leading clinical organization’ in exchange for payment for
each person enrolled in a clinical trial from the Koop Web site.
(New York Times, 9/4/99)

‘We’re not doing it for the money.’

–Shelley Archambeau, senior VP of e-commerce at Blockbuster, on
the video-rental company’s alliance with America Online. Over the
next three years, AOL will invest $80 million in the retailer’s Web
site and the two companies will promote each other in stores.
(Billboard, 11/13/99)

‘I never cared about money . . . it’s just a
by-product.’

–Billionaire and ‘leveraged buyout king’ Ted Forstmann. His
company, Gulfstream Aerospace, sells top-of-the-line jets to
executives for $40 million apiece. (CNN Business Unusual,
4/25/98)

‘We’re not doing it for the money.’

–Broadcom Corp. co-founder Henry Samueli on his company’s
initial public offering. After the IPO, shares owned by Samueli and
co-founder Henry Nicholas were worth a total of $1.2 billion.
(Orange County Register, 5/19/98)

‘I’m not in this for the money. This is all about building
jobs . . .’

–Nick Grouf, chair and CEO of PeoplePC, who launched his
computer company with 50 employees and $65 million in venture
capital. Grouf sold his previous business, Firefly, to Microsoft
for at least $30 million–all in an attempt to, in his words,
‘democratize technology.’ (San Francisco Chronicle,
2/5/00)

From Stay Free! (#17). Subscriptions: $19 (3
issues/3yrs.) from: Box 306, Prince Street Station, New York, NY
10012.

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