Timed to coincide with Bono’s latest appearance at the World Economic Forum, Richard Tomlinson and Fergal O’Brien have published one of the all-time hatchet jobs in the now yawn-inducing Bono-is-ultra-rich-yet-wants-everyone-to-give-away-their-money-while-not-
talking-about-how-much-money-he-gives-away theme of profiles we’ve seen so often in recent years.
The article says nothing new, and frankly isn’t worth the time it took them to research and write it. It’s also not worth the time I’m about to spend in reply, but I won’t lose any sleep over a few lost minutes. So, here goes…..
Bono, Who Preaches Charity, Profits From Buyouts, Tax Breaks
The headline already tells you where this one is going. Actually, it tells you where it’s coming from: How dare someone preach charity and make money at the same time! You could replace the name “Bono” with almost anyone else who’s trying to do something good with the world, like Gates or Buffett.
“One,” a song about a love affair gone sour
Not really, but we’ll overlook the lack of lyrical awareness.
While Bono was making his appeal, U2 was racking up $389 million in gross ticket receipts
Here we go again with that same myopic attitude from the headline, the one where it’s not okay to make money and still care about the less fortunate.
Revenue from the Vertigo tour is funneled through companies that are mostly registered in Ireland and structured to minimize taxes.
Every smart business on earth tries to minimize taxes. Every smart individual, too. I make sure to take advantage of every deduction the law allows. I’m guessing the authors do, too.
“Bono’s campaigns reflect a great amount of concerns that U2’s audience also has, such as AIDS and malaria in Africa, and that can’t help but have a beneficial effect on record sales,”
In other words, U2 fans are a bunch of sheep that will buy anything the band sells us because we believe what the Great Leader says and does.
Bono declined to be interviewed for this article.
The Great Leader is wise.
a special RED line of clothing, cell phones and other merchandise and donating 40 percent of the profit they make
Actually, different companies are donating different percentages, but let’s not let a little research get in the way of a good story.
Bono’s own dealings haven’t always followed the altruistic ideals he espouses, says Richard Murphy, a Downham Market, U.K.- based adviser to the Tax Justice Network, an international lobbying group.
And Mr. Murphy is actually privy to the details of “Bono’s own dealings”?
Murphy points to the band’s decision to move its music publishing company to the Netherlands from Ireland in June 2006 in order to minimize taxes.
PR-wise, perhaps not the best move. But minimizing taxes is completely within the law. It’s no different than me taking advantage of the U.S. tax breaks that are afforded to a married couple with two kids.
“This is somebody who’s exceptionally rich taking the opportunity to shift his tax burden to somebody else, but then asking governments around the world to spend that tax take in the way that he would like,” Murphy says.
This is somebody who’s spent the past 8-9 years of his life trying to do something for people who would otherwise be ignored.
U2’s move to the Netherlands is wrong, says Dick Molenaar, senior partner at All Arts Tax Advisers, a Rotterdam-based tax consulting firm for artists and musicians. “Everybody needs to pay his fair share of taxation to the government, and therefore we have roads and education and everything,” he says.
U2 pays more than its fair share of taxes, Dick. And since when is a tax rate hike from 0% to 42% called a “fair share”?
Bono’s empire encompasses real estate, private-equity investments, a hotel, a clothing line and a chain of restaurants.
LOL! Norman Hewson’s eateries aren’t about to challenge McDonald’s anytime soon…..
In addition, Bono shares three homes with his wife and four children,
He actually owns more than that and … get this … he pays taxes on all of them!
Elevation’s first investment was a stake in two computer game companies, Edmonton, Canada-based BioWare Corp. and Los Angeles-based Pandemic Studios LLC. BioWare makes a war game called “Destroy All Humans 2.” Pandemic’s catalog includes a war game called “Mercenaries 2: World in Flames,”depicting a mercenary invasion of Venezuela.
And did you know that if you play “With or Without You” backwards, you hear satanic messages?
While Bono promotes charitable causes, he doesn’t disclose whether he personally gives any money to them and, if so, how much. These include Amnesty International, the Burma Campaign U.K., DATA, which stands for Debt, AIDS, Trade and Africa, the environmental group Greenpeace and ONE.
Again, just a little research would’ve helped with this paragraph. U2’s policy is to not reveal the donations it makes. This goes all the way back, long before they were super rich. Jack Healey told us about the “very nice” donation U2 made to Amnesty International way back in 1984, and how the band demanded that the donation not be revealed. And just last year, we learned that U2 made a “sizeable donation” to Careflight in Australia, as thanks for a 20-minute helicopter ride to the Queensland Sports and Athletic Centre. And you can be sure there’ve been dozens more quiet donations — both from the band and from the individuals — over the years.
Whether or not Bono gives money himself is immaterial to ONE
And should be immaterial to all of us. It’s none of our business, even if our job title includes the words “reporter” or “writer.”
Bono has not said how much, if any, of his money he gives to DATA, of which he is a board member.
….
Bono doesn’t invest his own money in RED
As the Great Leader has said, it would be a lot easier to write a check and be done with it. It costs a lot more to give your time for almost a decade now.
Bono’s public charitable activities date to 1985, when the band performed at the Live Aid concert in London
If you want to get technical about it, the charitable activities date to 1978, when U2 did a benefit show for the “Contraception Action Campaign” and another benefit for a group called “Rock Against Sexism.” But let’s not split hairs….
The details of U2’s money making are out of public view
Which is right where they belong.
When he’s not touring or lobbying for charities, Bono spends time on his investments. “He gets more out of a week than most people get out of a month,”McGuinness says. “It’s hard to keep up with him at times.”
I’m 99.9% certain that Paul McG.’s quote was about Bono’s crazy schedule, not about how much time he spends “on his investments.” Sloppy and irresponsible journalism…..
Bono has an undisclosed stake in Nude, a chain of three Dublin cafes founded in 1999 by his elder brother, Norman. Business is brisk at the Nude cafe on downtown Dublin’s Suffolk Street on a Friday in December.
When you add in that last sentence, it’s like you’re saying … “Bono is making money from these people eating food. Tsk-tsk.”
It will be just one more landmark in Bono’s burgeoning capitalist empire.
Oh, please.