Tuesday, July 01, 2008

How seven self-made titans financed their success

In the late 1930s, Kerkorian offered to look after famous female aviator Pancho Barnes' cattle in return for flying lessons. During World War II, he took a job with the Royal Air Force transporting planes from their Canadian factory to England at $1,000 per month--an especially treacherous journey, as the planes weren't designed to withstand the long trip or the harsh weather over the North Atlantic. With savings from his wartime job, Kerkorian purchased Trans International Airlines for $60,000 in 1947. (It is unclear as to whether he needed additional financing.) He later sold it to Transamerica for $104 million in stock, used to fuel further investments.

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