Is Bono a total hypocrite?
When Ireland announced last spring that it would sharply curtail a lucrative tax break for musicians, painters, writers and sculptors, the shift posed a financial threat to U2, which has made the Emerald Isle its financial power base for nearly three decades. The Dublin-born-and-bred rockers built their fortune on hit songs and, in part, on Irish laws that forgive taxes due on royalties.
As of last year, U2 had amassed a net worth of 629 million euros — around $908 million — according to the annual “Rich List” of top earners in The Sunday Times of Britain. Royalties are the income that artists and athletes earn from recordings, performances, trademarks, brands, patents, copyrights, film rights, product endorsements, videos, films and the ever-extending commercialization of those assets — in short, the major portion of an artist’s or an athlete’s income.
Last June, with the Irish tax break about to shrink, U2 heeded the advice of its longtime business manager, Paul McGuinness, and moved its most lucrative asset — a song-publishing catalog with hits like “Where the Streets Have No Name” and “It’s A Beautiful Day” — from Mr. McGuinness’s firm, located near the Liffey River in Dublin, to Promogroup, which operates beside the elegant Herengracht canal in the heart of elegant, old Amsterdam.
Promogroup’s headquarters are in a maroon-brick town house built four centuries ago for slave traders and spice merchants. Mr. Favie did not respond to repeated requests for an interview. To date, his company has not filed any information on funds flowing through U2 Ltd., the Dutch entity that holds U2’s song catalog.
Dear George, Is knowing what you are talking about these days called being obsessed?
- Anonymous1 decade agoFavorite Answer
How exactly does any of the research you've provided show Bono or any of the members of U2 to be hypocrites?
Yes, Bono has money. After nearly 30 years of being the frontman to one of rock music's most influential and powerful bands I'm sure he's amassed quite a mound of cash. However, the last time I checked he wasn't the only wealthy rock star. And as far as their business ventures to protect their wealth, well I see that as smart business decisions.
Bono has never asked the world for a dime towards his cause or his charities. Bono is asking the world to support the idea that the wealthiest nations should drop the massive debt owed to them by the poorest nations. Bono's wealth multiplied five times wouldn't crack a dent in the monetary problems Africa is facing.
What Bono and his mates, along with manager Paul McGuinness did, was make an intelligent business decision. They took their money and their songs and acted in order to protect their wealth and their intellectual property. Seeing how The Beatles' songs have now been reduced to soda and sneaker commercials, I think it was a pretty smart move.
People just want to cast stones at Bono because he is so active in the public about his cause. This annoys a lot of people. Also, as well-loved and respected as U2 have been in their career, there are a lot of people who simply don't care for their music and never will.
However, I still feel your argument fails to show Bono as anything but a lucrative business man. It is his money, he can do with it as he pleases. I'm sure if you had his money, you'd be looking after it too.
- Anonymous1 decade ago
You know far too many details about this. Are you obsessed with Bono?
Dea gordonluck, Knowing what you're talking about is fine--as long as it's about stuff that MATTERS. Whether Bono is a hypocrite or not has no bearing on yours or anyone else's life. And if it does have an influence on someone's life, then THAT is what is sad because that person has no life.
- smolenLv 43 years ago
I trust Mrs Grohl. These mega wealthy individuals move on at us to side with our coins however individuals like him might quite simply donate no less than 2 thirds of theirs with out it having any end result on their existence. If matters such because the atmosphere are this type of predicament to them then why don't you aid through relocating out in their mansions and quit their flash automobiles and quit hireing or shopping personal planes to take them wherein they desire to head.
- 1 decade ago