Connect with us

Entertainment

John Wayne lost his fortune twice, both times in a way you could lose, too – My Blog

If all-powerful movie star John Wayne can lose his life savings not once but twice to people he trusted, what chance do you have?In a Watchdog tradition, every December I profile a prominent American who got snookered, looking for clues to how to make sure the same financial tragedy doesn’t happen to us.I started in 2019 with my personal hero, Benjamin Franklin, who as a 19-year-old printer believed a British governor’s promises to set him up in a London print shop. Franklin never got a penny.

In 2020, I wanted to know if circus master P.T. Barnum actually said a sucker is born every minute. Turns out a competitor said that about him. Barnum said a customer is born every minute. Barnum lost half a million dollars in a failed clock factory scam. He filed for bankruptcy.
Last year, I studied the life of Dallas founder John Neely Bryan, Dallas’ first known white resident who also served as the town’s chief promoter. He didn’t get scammed. No, he did the scamming. He promoted Dallas as a great city to come and stay, but when travelers arrived they were stunned to see two small log cabins and a population of about 12. To lessen the sting, he offered every visitor free whiskey, bear meat and honey.Manager for the starsJohn Wayne’s final financial unraveling began with a 1965 shopping trip to the Neiman-Marcus store in Dallas. But I’ll get to that.
Let’s start during World War II when Wayne hired Bo Roos to be his business manager.“With his hair slicked straight back, his mouth full of straight white teeth and his perfect tan, Roos was pure Hollywood,” write Randy Roberts and James S. Olson in their book John Wayne: American, which served as the basis for this story.

The husky blue-eyed man whose name was pronounced Boo was quick to smile and make a new friend. He gave off the aura of a European aristocrat. His car contained one of the very first mobile phones.His clients included stars Joan Crawford, the Andrews Sisters and Marlene Dietrich, who recommended him. They were friends who drank together, went fishing and hunting and swapped stories. Wayne assumed Bo would protect his millions, maybe even make it grow.
Bo once said, “I’ve been called a gambler. … I’m only good for the client who wants action for his money.”John Wayne may have been great as a Hollywood cowboy, but when it came to his money, he...John Wayne may have been great as a Hollywood cowboy, but when it came to his money, he couldn’t shoot straight. Here he is in True Grit, for which he won an Academy Award.(Archives / AP)
Wayne first figured something was wrong when one of the investments Bo made for him attracted a slew of bounced checks and foreclosure notices. Wayne chewed him out, and Bo promised to improve Wayne’s cash flow.The losses didn’t stop. Bo invested $700,000 in Panama. Wayne lost it plus a million more in that scheme.As a major film star in the 1950s, he was broke. He found out when he and his wife ran up a $3,500 bill at Saks Fifth Avenue in New York. He told the clerk to charge it to Bo.Three months later Wayne got an overdue notice.“Bo!” he shouted, but it sounded like Boo. “Could you please pay the bill? I look like a [blankety] deadbeat.”He sent his trusted secretary, Mary St. John, to Bo’s office, to check on his portfolio.“Roos tried to stall her,” the authors write, insisting she come back at a more convenient time. But Mary was tenacious, demanding access to the file. When she saw it she was shocked. It was almost empty.A few days later Wayne met with him and asked, “Bo, exactly how much money do I have?”“Well Duke,” he said, using Wayne’s nickname, “not a great deal of cash.”“Just tell me how much money I could raise if I had to.”“That’ll take a couple of weeks,” Bo said.When they met again, Bo still couldn’t answer.Wayne slammed his fist on Bo’s desk and shouted, “I’ve given you a [blankety blank] fortune over the years. It’s a simple question.”Without looking him in the eye, Bo confessed. “It’s all gone.”Accountants who later checked the books declared that Bo didn’t steal it. He lost it through “gross mismanagement.”Wayne wasn’t the only one. Like Wayne, Red Skelton didn’t check his financial statements, schedule in-person meetings and personally inspect investments. That was their undoing.An arbitrator advised Wayne not to go to court because the publicity about his don’t-ask-questions style would make him look like a “complete ignoramus.” Plus, Bo was bankrupt, too.“Just forget about it and start all over,” he advised.A second timeWayne wanted a manager whom he could trust. He decided to go with his son-in-law Don LaCava. His job: Invest conservatively and don’t lose money.On that fateful 1965 trip to Dallas, Wayne, who treasured his annual Neiman-Marcus catalog, spent $30,000 at that store and others.When the bill came, his son-in-law chewed him out: “How could you spend so much money? You don’t have this kind of money in the bank. How am I supposed to pay these bills?”Wayne reminded he had given him millions. “There better well be money in the bank to pay these bills.”LaCava had invested in bad real estate, dry oil wells and more.Wayne fired him.It was getting to be a thing.Bo’s 1973 obituary in The New York Times mentioned “his cold blue eyes and pencil mustache,” but not that he lost his clients millions. Although there was a brief mention of ventures “not all of which were successful.”With both men, the No. 1 movie star didn’t check his financial statements, schedule in person meetings and personally inspect investments. Do you?John Wayne made about 200 movies, and he was usually paid handsomely. But he didn't watch...John Wayne made about 200 movies, and he was usually paid handsomely. But he didn’t watch his money managers like a hawk, and they left him with birdseed.(Archives / AP)

Related Topics:

Entertainment

Justin Baldoni Responds to Bombshell Blake Lively Lawsuit

In a surprising turn of events in the entertainment industry, actor and director Justin Baldoni has addressed the recent lawsuit filed by actress Blake Lively. The legal battle has become a hot topic among fans and media alike, stirring discussions about celebrity relationships, professional ethics, and the implications of such lawsuits in Hollywood.

### Background of the Lawsuit

Blake Lively, known for her roles in popular series such as “Gossip Girl” and movies like “A Simple Favor,” has made headlines not only for her acting career but also for her high-profile marriage to actor Ryan Reynolds. The lawsuit reportedly stems from a conflict regarding alleged contractual obligations and personal disputes related to an upcoming project that both actors were involved in. Details of the suit indicate it revolves around claims of breach of contract and defamation, which have raised eyebrows in the industry.

### Justin Baldoni’s Response

Responding to the ongoing situation, Baldoni, who is recognized for his roles in “Jane the Virgin” and his directorial work, expressed his thoughts on social media. “I believe in the power of dialogue and resolution,” Baldoni stated in his post. He emphasized the importance of addressing conflicts in a constructive manner, stating, “This industry is filled with passionate people, and sometimes passions lead to misunderstandings. I hope we can all find a way to resolve this amicably.”

In his response, Baldoni also highlighted the significance of mental health, reinforcing that navigating legal disputes can take a toll on the individuals involved. He encouraged fans to be supportive rather than speculative, urging them to focus on the positive aspects of the artistic community rather than sensationalism.

### Industry Reactions

The news of the lawsuit and Baldoni’s response have generated mixed reactions across social media platforms. While many fans have rallied behind both actors, showing support and understanding, others have expressed concerns about the potential fallout from such legal disputes in an industry already facing scrutiny for various ethical concerns.

Industry insiders have noted that lawsuits in Hollywood are not uncommon but underscore deeper issues related to relationships between collaborators and the pressures of fame. Several celebrities have come forward expressing a desire for more transparency and communication within the industry to avoid such conflicts.

### Conclusion

As the situation unfolds, both Justin Baldoni and Blake Lively have their supporters, and the outcome of this lawsuit remains uncertain. For now, the entertainment industry watches closely, hoping for a resolution that not only reflects mutual respect but also encourages healthier collaborations in the future. In an age where public perceptions can shift rapidly, the importance of handling disputes with grace and dignity is more crucial than ever.

The legal proceedings will likely continue to attract attention, and audiences are left to wonder what this means for future collaborations in Hollywood. As fans await further developments, the emphasis lies on understanding and the potential for growth from this challenging chapter in both actors’ careers.

Continue Reading

Entertainment

The perfect reply comes from 76-year-old Susan Sarandon, who has faced criticism for her appearance

One of the most recognizable actors of all time is Susan Sarandon. The actress is admired for her unflinching self-assurance and capacity to hold her own on screen.

She decided to educate them after they began to criticize her choices.

Hollywood veteran Susan Sarandon is still going strong after a successful career. She rose to fame as an actress thanks to her portrayal of Janet Weiss in the venerable musical The Rocky Horror Picture Show in 1975.

Thelma and Louise was one of the movies she later starred in, for which she won praise from critics. For her performance in the movie, she was nominated for an Academy Award for Best Actress. For her performance in Dead Man Walking, the actress ultimately received an Academy Award.

The actress has always valued her body and taken great pleasure in expressing herself through her sense of style. She has a rather direct demeanor and is forthright about the causes she supports.

The actress’ decision to show up to a red carpet event wearing a white jacket and a black bra was criticized by some. A reporter criticized her outfit as being “totally inappropriate.”. ”.

But the actress chose to use an image rather than try to defend herself verbally. She shared an old photo in which she was only wearing underwear and flaunted her figure. Because a picture speaks a thousand words, Sarandon successfully silenced those who questioned what was “appropriate” for her and what wasn’t.

The actress puts her priorities first rather than worrying about getting older. She remarked in a chat, “When your sense of time has an ending and isn’t finite, like how it feels when you’re young. ” According to the speaker, “When you understand that time is precious—you tend not to waste energy on the small stuff and only to surround yourself with people who are vital, curious, brave, and adventurous. ”.

Sarandon responded, “If you want to age gracefully, probably laugh a lot, get the recommended amount of exercise, eat well, and stay out of the sun would be the main things,” when asked how she manages to stay so young-looking. But according to the actress, maintaining your appearance also calls for a talented makeup and hair team.

Without a doubt, Susan Sarandon is exceptional! The actress stays on her course and ignores those with negative things to say about her. Please let us know in the comments what you thought of her response to the critics.

Continue Reading

Entertainment

MILEY CYRUS STUNNED IN A VERY CHIC GUCCI DRESS WITH A DARING LEG SLIT THAT WENT ALL THE WAY TO HER WAIST DURING HER GRAMMY ACCEPTANCE SPEECH AND APPARENTLY SHE ‘WASN’T WEARING ANY UɴᴅᴇƦᴡᴇᴀƦ’

Miley Cyrus had the crowd roaring when she closed out her Grammys acceptance speech with a cheeky remark about ‘forgetting’ her underwear.
She did so while rocking a very racy Gucci dress with a daring leg slit that climbed to her waist.But now the singer, 31 — who is now a two-time Grammy winner — is insisting that it was only a joke.Miley took to X (formerly Twitter) on Monday to write: ‘PS I was only kidding…. I had on matching custom @gucci panties [HEART-EMOJI]’She then thanked Gucci’s creative director Sabato De Sarno for the ‘head to toe chocolate custom couture’ that’s earned her a ton of attention online.In the same X post, Miley fawned over Mariah Carey, Meryl Streep and Mark Ronson — the trio of stars who presented her with her first-ever Grammys on Sunday night.

Miley Cyrus had the crowd roaring when she closed out her Grammys acceptance speech with a cheeky remark about ‘forgetting’ her underwear – and now she’s clarifying that it was just a joke.

Miley took to X (formerly Twitter) on Monday to write: ‘PS I was only kidding…. I had on matching custom @gucci panties’

While accepting the Record Of The Year trophy, Miley rocked a very racy Gucci dress with a daring leg slit that climbed to her waistShe included photos from the show that showed Meryl handing Miley her Record Of The Year trophy as well as Miley hugging her team, who joined her on stage.

She wrote that the third photo in her post ‘sums up’ her relationship with her Flowers co-writer Michael Pollack and producers Kid Harpoon and Tyler Johnson ‘perfectly.’The image showed Miley in front of the mic accepting their award while Pollack, Harpoon and Johnson stood idly behind her.‘You 3 wanting me to do all the talking until I start talking….’ she teased.Miley was one of the biggest winners of the night as she earned the coveted Record Of The Year and Best Pop Solo Performance for her hit track Flowers.Along with setting social media ablaze with her underwear joke, Miley also got fans talking about her father Billy Ray Cyrus, who she left out of her Record Of The Year acceptance speech.”This award is amazing,’ she began. ‘But I really hope that it doesn’t change anything because my life was beautiful yesterday. Not everyone in the world will get a Grammy, but everyone in this world is spectacular…

‘So please don’t think that this is important, even though it’s very important, right guys? ‘[I want to thank] everyone that’s standing on this stage right now Tom, Tyler, Michael and Greg.

Continue Reading

Trending