HEARING the news that singer Michael Jackson died owing money stopped me in my tracks. I thought that sort of thing didn't happen any more.

How could he die not just broke, but with half a billion dollars of debt?

I'd recently come to the conclusion that most pop stars now had voices from heaven and the minds of accountants. Jackson's recent contemporaries such as Beyonce's hubby, Jay-Z, or rapper P. Diddy (one of the richest under 40s in the US, according to Fortune magazine) are effectively musical entrepreneurs.

But Jackson, in ending his days broke, joins a long, sad tradition of ultimately impoverished entertainers. Florence Ballard springs to mind. She was one of the Supremes the trio who still stand as one of the most successful "girl groups" ever. She died depressed and insolvent, aged 32.

Ballard's sad tale typified a trend where the entertainment industry lures, exploits and finally short-changes the artist.

My own favourite story is of a man called Herbie Flowers. He was the bass player on David Bowie's hit Space Oddity. When Space Oddity became a worldwide hit for the second time, Flowers complained loudly in the music press that all he got paid for his work on the single was £10.

And maybe that story stirred Bowie himself because in 1997 the singer stunned the US credit markets when he securitised the royalties of his recordings the so-called "Bowie Bonds" were a brilliant move that ensured Bowie would never end his days broke like so many around him.

But the irony of Michael Jackson's story is that there is no evidence as yet that he was ripped off. Even though he came through the music industry at a time the early 1970s with the Jackson 5 where ripping off entertainers was still standard fare, it seems Jackson and his team were perfectly capable at making money.

In fact, Jackson had acquired a selection of shrewd investments, not least the Northern Songs catalogue a swathe of royalties relating to songs by the Beatles. Jackson bought the catalogue from none other than Robert Holmes a Court, the Australian tycoon who made his fortune in the 1980s and whose family is still worth an estimated $260 million.

Jackson's financial problem unlike those of Florence Ballard or Herbie Flowers was not the ability to bring in money. His issue was managing it.

Early reports from his estate suggest he simply spent more than he made that is he spent $20 million a year more than he earned, according to court documents back in 2005.

By 2009 he owed so much that he was planning to do a marathon 50 shows in London to clear his debts 50 shows where his fans would have wanted to see the Michael Jackson they remembered, pelvic thrusts and all. No wonder there are rumours that he had several doubles lined up for the dance routines.

It's a miserable finish with a simple message: you can't spend more than you make. You can sing, dance, sell millions of records it does not matter. If you spend more than you earn, the dismal science of economics will get you in the end.


James Kirby, The Age newspaper, Melbourne, AUS
June 28, 2009





Well, 100% Brit (and apparently proud of it) is being a bit over the top when he says 8 hours [of Outside outtakes]. I'd love to know the truth concerning what 100% Git really has ~ Reeves Gabrels, 2003

> If you spend more than you earn, the dismal science of economics will get you in the end.

Not if you snuff it before your creditors catch up with you.

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Doing some calculations regarding Herbie Flowers ...

10 British pounds in 1969 is the equivalent of $24 US. Using an inflation calculator, this is the equivalent of almost US $240 today.

That may not sound a lot but considering Bowie was a hit-less musician when the song was recorded, well, I am not sure. It is certainly far higher than what many session musicians get payed today ... at least in this country.



Well, 100% Brit (and apparently proud of it) is being a bit over the top when he says 8 hours [of Outside outtakes]. I'd love to know the truth concerning what 100% Git really has ~ Reeves Gabrels, 2003

I would love to live the high life and die with half a billion dollars of debt.

[IMG][/IMG]

Must spend this lot first!!!!

If dearest Herbie felt so aggrieved (i actually doubt he did) why would he do further sessions on Transformer, Diamond Dogs and play live in 74 and 77 with Bowie ??
Session men are aware of their rates and work accordingly.

Love On.
Craig

Yes I think "complained loudly in the music press" might be something of an exaggeration coming from an author who is recounting a story he got third hand (rather than reading an actual article at the time it was printed).

As I recall HF was a very affable chap who made bucketloads of money as a member of Sky. It was Gus Dudgeon and subsequently his estate, who "complained loudly in the music press" about the lack of money received from Space Oddity (though considering the number of hit albums he produced for Elton John you'd imagine he'd have a bob or two).

I think Herbie Flowers may have simply remarked upon his apparently low wage for that day's work and this James Kirby has got the wrong end of the stick. I remember HF commenting on making Transformer on which he played bass. He also volunteered to play the tuba, when they were going to get another session musician in to do it, because that way he'd get two session fees. He seemed quite happy about it.

BTW if anyone has a copy of Herbie Flower's album Plant Life I would be eternaly grateful for a copy. I've been looking for it for years.

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speaking of Michaels debt...

The irony could be that in the past few days people have downloaded his tracks like mad and it looks likely he is going to have loads of tracks in the top 20 EVERYWHERE!! the sales of these will probably take care of that debt.

Jackson is like the cliched character in a horror movie that accidentally opens the gate and lets the zombies in. He can be counted on to fuck up and mismanage everything. When you are trying to run a tight ship he will spend millions on toys, animals, rides, and balloons.

Everything Jackson purchased needed a huge crew to maintain it. When you need to keep everything clean and simple and smooth, Jackson would be a dingbat and a ditz. He is very much like LaToya except with talent.

Jackson spent millions on lawyers and lawsuits and court costs because he didn't have the common sense to stay out of bed with small boys.

In the end he couldn't even take his drugs with care and discretion.

Allegedly his mother's initial reaction on hearing of his death was to wonder what happened to the money he had hidden at the house.

If you read the excellent Michael Jackson: The Magic and the Madness by J.Randy Taraborrelli you'll see that his family (with the possible exception of Janet) have always regarded Michael as their meal ticket.

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