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Book Nook provides readers with insights into the world of books. Vick Mickunas takes you into the center of the publishing world with the latest book buzz, book reviews, and exclusive chats with authors..Home > Blogs > Book Nook > Archives > 2009 > April > 16 > Entry
Now the world is really flat…
Tom Friedman the best-selling author of books like The World is Flat probably has a bit of a headache today. He is married to Anne Bucksbaum. She is an heiress to the General Growth fortune.
In case you aren’t familiar with General Growth, they own shopping malls all over the country and they just filed the largest real estate bankruptcy in American history:
“The big losers in the company’s decline include its founding Bucksbaum family. As of March 23, chairman John Bucksbaum and other family interests held more than 2.6 million shares, according to a regulatory filing.”
“Bucksbaum was replaced as chief executive in October. The company also replaced chief financial officer Bernard Freibaum, who had been struggling with debts of his own. Freibaum sold almost 3 million shares in October to repay margin calls — demands for repayment of borrowing — and he was left with $3.4 million of margin debt, the company reported in October.” (The Washington Post-April 16, 2009)
““General Growth’s filing also marks a humbling of the Bucksbaum family, which made a family grocery business in Marshalltown, Iowa, into a powerhouse of retail shopping in the Midwest. The family still holds about a 25 percent stake in the company, and John Bucksbaum, an avid cyclist, remains its chairman after having served as its chief executive.” (The New York Times-April 16, 2009)
I attended high school in Des Moines with several members of the Bucksbaum clan. They lived rather simply then. Their houses were not mansions. They went to public schools. Anne Bucksbaum is very smart and she is a truly nice person. I’m saddened to hear that the family finances have fallen so far.
Vick Mickunas
Permalink | Comments (3) | Post your comment | Categories: booms and busts
Comments
By downsized
April 17, 2009 8:22 PM | Link to this
Fortunes lost and gained. Anne, Glenn and the rest are lovely people. Specifically, Anne has endured hardships unendurable to most people. Everything she has is deserved and been earned. A true American success story of the best kind. I don’t know of the rest. Some playboys. Others elevated beyond their entitlement. Another saga of the new American depression. Good fellows or not, they join the rest of us in paradise lost.By Alice
April 16, 2009 7:15 PM | Link to this
Vick, you might enjoy this funny review from 2005: http://rolocroz.com/junk/friedman.htmlBy Mark from St Paul
April 16, 2009 3:40 PM | Link to this
I’m sure this has nothing to do with the recent populist streak running through Friedman’s bleatings.