Posted in music on August 14, 2006

Elevation Partners

"Forbes Inc....announced Monday that it had sold a minority stake in its key media properties to Elevation Partners, a $1.9 billion private equity fund with offices in New York and Menlo Park, Calif. It is the first time that the 89-year-old, family-owned company had sold a major stake to an outside investor. Elevation, which counts U2 front man Bono as a co-founder and partner..." [FORBES]

"For a man who won popular support when he castigated the Irish government for its failure to spend our tax in the way that he saw fit, Bono now finds himself standing in a lonely place. Last week the rock-star-turned-campaigner was exposed for taking part in a decision that will deliberately reduce the amount of tax that he and his business partners in U2 will contribute from next year onwards." [U2 Achtung]



Tags: U2

Comments (7)

Don't worry, Forbes and will continue to pay their employees poorly. No wonder they constantly advertise on Craigslist.

Posted by Anonymous | August 14, 2006 5:24 PM

i want to strangle bono. that motherfucker

Posted by cruelite | August 14, 2006 6:33 PM

It's not necessarily a selfish thing for U2 and their manager to take that step to reduce the amount of tax they'll pay. What if they spend the additional after-tax income on charitable causes?

"Forbes and will continue to pay their employees poorly."

Elevation Partners bought a MINORITY stake. Presumably the Forbes family holds all of the other shares, so Bono will have no say in how the company is run.

Posted by Bono's advocate | August 14, 2006 6:49 PM

The rest of the world sticks their money in Swiss Banks, can you tell me the difference? if his royalties were made in Ireland, then it would be one thing, the whole world pays their royalties. were my taxes go from zero to 42% overnight, i would do what i could to minimize the impact. Holland met the .7% of GNP mark for assistance to Africa, Ireland will not.

He's a beautiful man doing great work, his business and personal dealings are all above board in spite of what any fool with a keyboard reports. Give him a break!

Posted by Sammi Fredenburg | August 15, 2006 5:16 AM

It worries me that his people at The Clarence Hotell are refusing guests admission to the hotells bar at 10:30 on a Sunday evening . Somebody somwhere doesnt need the cash. I had three wealthy Norweigans with me , and everybody gasping for a pint. God be with the days when the Clarence was one of the few places U2 could get into(dressed as the were "punks") , now they refuse sorber norweigan buisnessmen...

Posted by Maurice Tobin | August 15, 2006 5:18 AM

Drugs,Alcohol & Gang Prevention Program, We trail local and around the world doing this, We are looking for Finacal Donations to keep this going...

Posted by Gary Wagner | June 30, 2010 11:55 PM

We have seen this before when someone speaks out about everyone doing their fair share and then tries to avoid paying taxes on their own business income (Al Gore). Pretty shameful.

Posted by TurboTax Canada | February 19, 2013 10:44 PM

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