Obviously one of the qualifications for being a billionaire is not good parenting skills. The Forbes list of the world’s billionaires does include some great fathers and role models. However, these bad billionaire dads on the list who are leaving their children more than just money – – they are leaving them a legacy of deceit, illegal activities, schemes, fraud, manipulation and appalling behavior.
Everything is bigger in Texas so it makes sense that bad billionaire dad’s would commit bigger crimes if they live in Texas. Allan Stanford is charged with operating a Ponzi scheme in at least 140 countries. At the height of his business, the Stanford Foundation was managing $51 billion and putting more money in Stanford’s pocket than a Texas size oil well could hold. Unfortunately this bad billionaire dad could not teach his kids how not to get caught when laundering money and operating a Ponzi scheme. Stanford is currently in prison waiting for his trial to begin in September.
Bad billionaire dad Marc Rich taught his kids that living the life of luxury in Europe, as the worst fugitive financier, was far more appealing than accepting a pardon by President Bill Clinton. Marc Rich spent 30 years as the most powerful oil trader in the world by selling out friends and using enemies to make money. He is wanted for millions of dollars in tax evasion, the largest case in the United States. At 75, Rich taught his kids that doing business with Iran while it was holding American hostages was just good business. In addition, selling oil for Iranian ayatollahs to Israel and apartheid South Africa is okay as long as they do not find out. This bad dad may have billions to bequeath his children; however, the lessons he taught them about being selfish and deceitful speak volumes about his parenting skills.
This man of steel is no super hero. He taught his daughter that spending millions for her wedding was far more important than cleaning up the leaking radioactive waste leaking from an underperforming steel mill. Instead of cleaning up the mess his company made, he fired over 400 employees, left the toxic waste oozing into a harbor and closed the plant. However, Mittal still had time to throw his daughter a wedding that outshined that of the royal newlyweds. The workers at the wedding should feel blessed that they were not treated as slave labor working in deplorable, life-threatening conditions as the coalminers in Mittal’s mines.
This bad billionaire father probably played Risk with his children to teach them how he learned to support an illegal totalitarian military regime that committed human rights violations so he could bottle water and sell it for outrageous prices. That is exactly what Stewart Resnick does with his Fiji Water. While many people pay the over-inflated prices to sip Fiji Water, the citizens of this third world country live in deplorable conditions with unsanitary water. Resnick can show his children and grandchildren how to hire a great advertising team to spin a more positive light on the situation and throw a little money at it to make it more glossy. However, the POM Wonderful owner may not be able to do that with the Federal Trade Commission and it’s allegation of false and deceptive advertising regarding the pomegranate drink.
More from this contributor:
Help! My Parents Are Being Financially Stubborn
5 Things to Take on Vacation to Save Money
The 4 Steps to Take if You Are the Victim of Financial Fraud