My career has had 2 phases, first as a research scientist and second, since 1996, working with private foundations to raise money for research. A colleague at a foundation which I have worked with for the last 20+ years suggested I read this biography of Marjorie Merriweather Post (MMP, 1887-1973) since the foundation’s endowment originated in CW Post’s estate. My colleague’s father was MMP’s financial advisor.
This is a good readable biography of Mrs Post, the daughter of CW Post, who established Postum and built in it into a behemoth of American industry in the early 20th century. An only child, MMP was groomed to understand the business and while she could not be CEO in the 1920s, she was THE major stockholder, immensely wealthy, and involved in its transformation into General Foods Corp. She was by all accounts a very shrewd businesswoman who today would be running the company. The book covers her life in great detail-4 marriages, life as the Ambassadress to the USSR and Luxembourg, the mistress of several enormous houses, and the most admired of Washington DC hostesses. After a while I did get tired of the endless descriptions of clothes, jewelry, big houses, and parties. What I found most interesting was her philanthropy, her liberal outlook, her involvement in the running of Postum and General Foods, her genuine warmth and generosity to those in need.
MMP is invariably described as a great beauty. I found her to be average looking. The very rich are inclined to overrate themselves: a decent looking woman is “a great beauty”, someone who once made a joke “a great wit”. Until the Wall Street crash, MMP lived a life of Gilded Age grandeur. After the crash, while continuing her extraordinary lifestyle, she focused on using her money to benefit society. She proves my contention that a human being can only directly “consume” so much. After buying or building a big house in every city, having your own yacht and plane, collecting masses of art-well, you have to do something more with it all. So as far as I am concerned you may as well tax these vast fortunes from the get-go and turn the money to the benefit of society anyway, because that is what will happen in the end.
MMP built Mar A Lago. It saddened me to read that she very much wanted to leave it to the State of Florida, but the Gov shortsightedly thought it would be too expensive to run. She then discussed making it the Winter White House but these plans also ran aground. Donald Trump bought it. Given her liberal viewpoint, she would have turned in her grave.