Even billionaires need to budget.
Inside look at a billionaire's budget
Larry Ellison's spending worries his accountant
Even billionaires need to budget.
That's the message delivered to Oracle Corp. founder Larry Ellison, one of the world's richest men, by his personal financial adviser in a series of e-mails obtained by The Chronicle.
In the e-mails, which stem from a recent shareholder lawsuit against the technology titan, Ellison's accountant, Philip Simon, warns the billionaire about his habitual runaway spending. Like a concerned parent, Simon chides Ellison for overextending himself on a new yacht, on his America's Cup team and on his new houses in Woodside and Malibu.
"I'm worried, Larry ..." Simon wrote to Ellison in a 2002 e-mail. "I think it's imperative that we start to budget and plan."
According to documents unsealed by a judge in the shareholder lawsuit, Ellison habitually pushes his credit limit of more than a billion dollars to its maximum to finance his yachts and homes. And that's not even counting some $20 million a year he burns through in miscellaneous lifestyle expenses.
http://www.sfgate.com/cgi-bin/articl...NG62H06991.DTL
Larry Ellison's spending worries his accountant
Even billionaires need to budget.
That's the message delivered to Oracle Corp. founder Larry Ellison, one of the world's richest men, by his personal financial adviser in a series of e-mails obtained by The Chronicle.
In the e-mails, which stem from a recent shareholder lawsuit against the technology titan, Ellison's accountant, Philip Simon, warns the billionaire about his habitual runaway spending. Like a concerned parent, Simon chides Ellison for overextending himself on a new yacht, on his America's Cup team and on his new houses in Woodside and Malibu.
"I'm worried, Larry ..." Simon wrote to Ellison in a 2002 e-mail. "I think it's imperative that we start to budget and plan."
According to documents unsealed by a judge in the shareholder lawsuit, Ellison habitually pushes his credit limit of more than a billion dollars to its maximum to finance his yachts and homes. And that's not even counting some $20 million a year he burns through in miscellaneous lifestyle expenses.
http://www.sfgate.com/cgi-bin/articl...NG62H06991.DTL
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