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Oracle chief buys Hawaiian island

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Aloha! Some people have got it all??

1 ( +2 / -1 )

Cant fault the guy though the "Occupy" movement surely will. He built something from nothing and is now #6 richest in the world. That is what I love about capatilism! Smarts + Hard work + LUCK = Success!!

Of course, had he been starting up now in the US (or France) things would be totally different.

Well done Ellison, WELL DONE!! I am on your heels, only 36.999 billion to go.

0 ( +3 / -3 )

I don't believe large amounts of coastline should be privately owned. A coastline is something everyone should have unfettered access to enjoy, and the government should ensure that.

0 ( +2 / -2 )

Thanks, okimike67, for dragging politco-economics into this! I have many friends in the electronics business who might differ on who was most responsible for Oracle's success and particularly on the share of profits thereof derived - dedicated engineers with Masters and PhD's working long hours with nothing in mind but creation. Sure, they get their $50,000 or $100,000 a year, but $36 billion? Assuming someone lives to be 100 years old and somehow manages to work 365 days a year, 24 hours a day for that entire duration (leap days off, of course), the hourly compensation turns out to be a bit over $41,000. Sometimes "capatilism" doesn't make sense at all.

Still, your comment is somehow connected to Lana'i and its history as a pineapple plantation. Profits were key, workers were kept at pay just adequate enough to keep them, and they were discarded as fast as technology could replace them. Sounds like Oracle. Wikipedia notes:

Utilizing large mechanized production and importing large numbers of foreign workers which were paid at indentured servitude levels, Dole managed to reduce the price of his pineapples to such a level that it drove every other producer out of the business which didn't fall into line with his scheme.

1 ( +1 / -0 )

Cant fault the guy though the "Occupy" movement surely will.

I believe that this guy is also a major fundraiser for the Dems. I could be wrong, but then again, at that income level, there really isn't a difference between a Dem and a Rep.

Good for him if he can afford to buy the island. But the question I have, does the state charge him for the upkeep of the island in terms of fixing the roads and other public utilities? I assume that the other residents on the island pay taxes that are owed to the county of Lana'i and to the state. But in affect they live on private land. So if they pay, why should they? Or when people move there, is part of their agreement if they rent or buy is that they are responsible for utilities on their own.

I am sure that the rest of the residents don't live on the 2% of free land. Amazes me that in 2012, we still have feudal land lords.

-1 ( +1 / -2 )

biggest loser in the USA at present, as far as i can tell.

he is making an ostentatious display of his wealth in an attempt to assuage his ego

because he got TROUNCED in the lawsuit against google.

i find him to be a disgusting individual who represents everything that is wrong with capitalism.

0 ( +1 / -1 )

ubikwit Jun. 22, 2012 - 02:36AM JST. i find him to be a disgusting individual who represents everything that is wrong with capitalism.

Person like Elliosn who who made made billions achieved it through the work of others. Yes, some privileges come with handling wealth responsibly. Would you feel bad Ellison had one less Lambourghini so 10 working class kids could graduate college without horrendous debt? Or so their mothers could have free annual mamograms after age 40? Hmmmm let me think about this...

What if Ellison had no Lambourghinis and had to settle for a nice Mercedes so the kids of the people who made these riches possible had equal opportunity? Who’s money is it anyway when these big-shots are making 10’s of millions per year? No, they don't earn it. They ‘get’ it, they possess it, and they own it.

1 ( +2 / -1 )

He represents capitalism in a great and positive way. He bought the island as an investment. He is planning on building resort hotels and golf courses. This in turn creates jobs for unemployed degenerates like you.

If his resort generates millions of dollars of income, it's not because of the work of others, it's because he had the money to build something that creates jobs and incomes for everyone, and it was HIS money and HIS ideas that allowed it to happen.

0 ( +3 / -3 )

Peanut, MEGA thumbs up!

This occupy mentality that all rich people are evil and their money really belogs to the "Workers" has me scratching my head adn VERY concerned. America was always lauded as the bed of creation where even the lowest on the economic pole could rise to fame and fortune. In fact, almost all of the mega rich have come from simple backgrounds.

One might think that this would be a motivation for the simpletons that are "Occupy" but they just want something for nothing.

I say to them, if you want everybody equal move to France or better yet, N. Korea. Wait, even there there are rich people, its just that they didnt earn it.

I have a company that is quite successful. Could I have reached the position where I am at with NO help from my employees? NO! Does that mean that they "deserve" to make the same as me? NO!! Does that mean that they should be happy that I had the initive, insight, fortitude, guts, balls, detemination, hard work, sweat, and yes LUCK, to get it off the ground so that they could have a job? YES!!!!!!! And should the people that serve my employees (carpenters, farmers, drivers, gas stations, conbini, car manufactures.......) be happy that my employees have a job which generates income for them to spend on their service/product? YES!!!!!!!!!!!!

That is capitalism. You want equality go TRUE socialism (you will find NONE). The "quasi" socilistic states have/are failing because with no incentive there is no drive = failure!

Ellison was a co-founder of a very successful company. There can be debate on his "contribution" to the success but no denying the success. ALOT of people made ALOT of money on what he adn his partners CREATED!! Laud the success and try to see that you are fortunate to exist in a society where you too can be successful. That is unless you are of a mental or physical mindset that you just deserve to be handed something adn be equal to those that DO SOMETHING. This mindset will just drive out the people willing to invest (FOR A RETURN) their time and money to generate jobs. ANd then there will be less jobs, less disposable income, less companies, less jobs, less money, less disposable income.........

-4 ( +0 / -4 )

Somehow I don't think much more resort development is in the works. Castle & Cook was already losing $20-30 million a year on its two luxury hotels and golf courses, and didn't have much luck selling its luxury home sites, either. Building more will probably not seem an attractive strategy, and any such plans risk the vehement opposition of the long-time residents of the island.

Incidentally, ownership of beachfront land in Hawaii comes with restrictions--the beach itself (up to a certain distance from the shore break) remains public land, and public access to the beach must always be maintained, even in areas built up with extensive luxury estates, etc. (and boy, some of those rich folk hate that requirement).

Mr. Ellison doesn't exactly have a reputation for working well with local communities, so despite Gov. Abercrombie's outward enthusiasm, I think the people of Lanai are right to be a little nervous about this turn of events...

1 ( +1 / -0 )

Stephen Knight Jun. 22, 2012 - 07:27AM JST. Mr. Ellison doesn't exactly have a reputation for working well with local communities, so despite Gov. Abercrombie's outward enthusiasm, I think the people of Lanai are right to be a little nervous about this turn of events...

Why would people in Lanai be nervous? Ellison is almost 68 years old and I doubt he will do anything to damage the environment. Heck, he does not have any history of abuse to the land anywhere.

0 ( +0 / -0 )

i find him to be a disgusting individual who represents everything that is wrong with capitalism.

@ ubikwit: You do realize that the Gov. of Hawaii is enthusiastic about this action. The same Dem Gov. who says that he remembers Obama when he was a baby there in the islands, and is a huge supporter. So this guy is just the same as any other. Whether Dem or GOP, if they are super-rich, they tend to think the same way.

Not that there is anything wrong with that. As others have said, he put his own money up, and made a profit. It's his money to spend. His resorts will bring jobs to the island. In case you may not have heard, outside of Honolulu, jobs are hard to find in Hawaii. So if wants to build let him. As people keep saying when they want to legalize drugs "at least they will generate tax revenue." Same with him building resorts, he will generate tax revenue. Him giving his money to charity is fine, but if he choses not to, then that is his right. As long as he is not going out and stealing it from people, who cares.

-2 ( +0 / -2 )

Peanut and OkiMike, very well said! Good on any entrepreneur who builds a successful business! And poo on the naysayers who begrudge them due to envy and socialist wealth-redistributive yearnings.

-1 ( +1 / -2 )

i mentioned the google case because it exposed the fact that ellison's business mentality is that of a predatory buy-out firm trying to capitalize on other's work by gaming the system. it would seem that the main reason he bough SUN as because he thought it would give him a chance to go after Google, which as a rather sophomoric ploy.

it was good to see him get shut down in the courts.

and i don't know enough about the environmental issues in hawaii to comment, but i generally don't have a pro-development attitude with respect to such natural preserves. maybe people need jobs, but all they're going to be doing is menial labor in the service of the wealthy after their island is converted to a resort.

0 ( +0 / -0 )

rich tech tycoon buying an entire island shouldn't surprise in this economy.

ellison, like zuckerberg, is an obama supporter. but he does have some brass cojones. at a silicon valley fundraiser for obama last year hosted by the .000001 percent (the heads of yahoo, twitter, facebook etc) ellison turned to the cipher who presently occupies the white house and calmly informed him that

"Everyone here (in this room) is replaceable, except this guy" - - - and he then pointed to Steve Jobs.

classic

-1 ( +0 / -1 )

he may be a rich tech tycoon and got a few laughs at obama's expense, but he certainly doesn't have any ideas to make the company he heads "oracle" (is that a faith-based name???) more competitive in their respective market.

instead, he attempts to sling insults at competitors (e.g., SAP) based on lies and deception, and file ludicrous law suits.

maybe he has found his true calling in the speculative real estate developer niche market.

he is a parasitical loser, and an embarrassment to the usa.

"oracle" doesn't have a long half-life, in my estimation.

0 ( +0 / -0 )

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