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The Big Investment Lie by Michael Edesess

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4Taxes Down the Drain

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In January 1994, I spoke to a small gathering of the superrich at the behest of the Northern Trust Bank of Chicago. I was a speaker at their Family Financial Forum, which was held at an extremely opulent hotel in Dallas.

“Family Financial Forum” sounds like a nice little gathering, perhaps with tea and cakes, that you might have one evening at your local church or community center. But that’s not what this Family Financial Forum was. The average wealth of the families represented at this forum was $400 million. This was not your typical community group.

The wealthy were represented either by family members themselves ...

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