Friday, May 07, 2010

Why I never liked Bono (U2)

It could be that wailing, over-the-top vocal style. It could be that rock-star-aspiring-for-sainthood image. Or it could be:
"For love of money, money, money,
money, money, money, money, money, money, money, money,
And the fever getting higher
Desire

As Minyanville columnist Jeff Macke writes: "Goldman Sachs shouldn't be the only thing we're angry at."

According to Macke, Bono...
The pious rocker, African Debt Reliever, One-plugging hipster/poet (“don’t believe in riches but you should see where I live”) used some of the downtime he had from saving the world to co-found Elevation Partners with a long-time Silicon Valley stallion, Roger MacNamee. According to BusinessWeek and Bloomberg, Elevation raised $1.9 billion then sunk about 25% of that into Palm (PALM). But only suckers and Germans buy controlling interest in a failing phone company via common shares, not rock gods and one-time stock gods like Bono and MacNamee.

The result of this investment into Palm preferred shares, while suckers were putting their money into ordinary shares, is that the ordinary investors lost 65% of their investment, while Elevation partners and Bono "paid themselves hugely, and made $25 million."

Macke continues:
"Does that make Bono Satan? Yes. It’s also a ridiculously sleazy, poorly executed, self-serving financial deal that victimized pension funds and shareholders (some of whom may have lost their house! as a result) to the benefit of a self-righteous pop star and his super rich buddy. But it took place thousands and thousands of miles from Wall Street. That means one thing -- the hatred directed toward Wall Street must be redirected toward the real enemy: everyone with more than $50, but especially pompous rock stars whose next album is rumored to be a spoken-word acceptance speech for his long-expected Nobel Peace Prize.

She's the dollars, she's my protection
Yeah, she's a promise in the year of election
Oh sister, I can't let you go
Like a preacher stealing hearts at a traveling show
For love of money, money, money,
money, money, money, money, money, money, money, money,
And the fever getting higher

Desire (Yeah!)
Desire
Desire
Desire
Alright

Money
Desire
Desire
Alright

And you thought it was a woman he was singing about?
 

1 comment:

Fr. Dave said...

I lost any latent respect for him when he flew his hat (he had left it behind) back from Rome first class.