Tom Perkins: The Captain Of Capitalism

Tells 60 Minutes Correspondent Lesley Stahl He Regrets Quitting HP's Board

(CBS)  The Maltese Falcon embodies all the grandeur of a 19th century clipper ship. It's also the biggest, fastest, most high-tech sailboat on the high seas, a triumph of science, vision and money.

Asked how much the Falcon cost Perkins, he tells Stahl, "The rule of thumb, Lesley, is that a big yacht costs about a million dollars a meter."

The Maltese Falcon is 88 meters long.

"I know it cost more than $88 million," Stahl remarks. "I've heard about $150 million. But I've also heard $300 million."

"No, not $300 million," Perkins says. "That's too much."

"Why don't, why won't you tell us? You've told us everything else. You don't seem to be embarrassed about everything else?" Stahl says.

"I'm embarrassed about that," Perkins admits.

Asked why, Perkins says, "There's the homeless and charity and there's lots of things you could do with that money that would improve the world, right?"

"Oh, good point. That you bring up yourself?" Stahl asks.

"Yeah," Perkins says. "So, you know, 'How selfish is this guy?' is, I guess, is the criticism. So the answer's pretty selfish, but I'm just not gonna put a number on it."

Why did it have to be the biggest boat?

"Lesley, I could give you some technical reasons on why it really has got to be big to work right. But I just wanted the biggest boat. Let's admit it," he says.

"It’s ego," Stahl remarks.

"Do I have an ego? Yes," Perkins admits. "Is it big? Yes."

Whatever it is, he can certainly afford it after making his name and fortune in venture capitalism, which he chronicles in his memoir, "Valley Boy: The Education of Tom Perkins." It is a candid account of his life, his second marriage to romance novelist Danielle Steel, a manslaughter conviction in a boating accident in France, and the deals that made him so wealthy -- starting with the first biotech company, Genentech in San Francisco. He and his partners launched Genentech in 1976 with nothing more than a checkbook and an idea.

"The idea was to trick nature into letting us make something that didn't exist in nature, in particular, human insulin," Perkins explains.

Genentech's success led to new ways of treating everything from diabetes to dwarfism, and to getting rich. Kleiner Perkins' initial investment of $250,000 soared 800-fold, to $200 million.

"That's what venture capitalists are created to do. And you can blame converting the orchards of Silicon Valley into parking lots partly on me and partly on Genentech because we proved that this kind of high risk, high tech venture capital could be an enormous homerun. And everybody wanted to get in on it," he says.

[roob3]

I enjoyed the show about Mr. Perkins. Hats off to him. What he does with HIS money.... That HE worked for...that he studied for...is HIS business.. besides all that money goes back into the economy. So whats the problem with these crybabies. (maybe jealousy?? tsk tsk) Ms. Stahl questioned him like he should apologize for being rich. Wonder what she does with her $$$$. Way to go Mr. P !

[ericball3]

How is this journalism? The interviewer spends all her time obsessing over exactly how much he paid for his toys and her only question of any substance is simply whether he hates women. I had hoped for a serious interview with insight into the dynamics of the dysfunctional HP Board, not a fluff piece more like "The Lifestyles of the Rich and Famous".

[ericball3]

How is this journalism? The interviewer spends all her time obsessing over exactly how much he paid for his toys and her only question of any substance is simply whether he hates women. I had hoped for a serious interview with insight into the dynamics of the dysfunctional HP Board, not a fluff piece more like "The Lifestyles of the Rich and Famous".

[feelfree4u]

Re: "The Captain Of Capitalism"

If this is accurate, then this man appears to be the pilot of a pirate ship.

[nbsm456]

Tom Perkins studied hard and worked hard to get what he''s got so why can''t he spend it as he wants? Don''t you jealous misfits realize that the multi-millions he spent on that yacht went back into the economy for wages, materials, etc. to build it, plus the wages for dozens of crew required to operate it? How much did you send to Katrina. Myamar or China? So the guy is egocentric, he''s earned it.

[rbar4]

Are you kidding. We just saw this episode. I cannot believe that there was no more news that could have filled this slot than that of a successful misogynist.

[lewiston14]

This always comes up "you should help the planet" Like send everybody a penny. Thats what 200 or 300 milion would get you. no more no less. And where is it written he has the duty to clean up a place like the low lands of Katrina which was a stink hole to begin with. Heck I would be happy with small row boat with an on 2HP motor and a fishing rod. Most of you dont want to save the world you want him to save you. News flash it going to happen so put you pitty putty away and play with it another day

[karmageddon1]

I''ve been watching 60 minutes since 1978 and have never felt compelled to write until now. What kind of shoddy journalism is this? I thought I was watching "Lifestyles of the rich and famous." Why should we be interested in this scumbag?

[lynncs]

This Tom Perkins character is nothing but "White Trash With Money" .... He gets bored with his "toys" and does nothing for people other than his "good ol boys" and destroys other people''s careers.....his association with Rupert Murdoch says much about his character.....The "Values" they talk about are for the "little people" while they are greedy ---- self serving-----and I guess as they are happy with someday being "the richest guys in the cemetery" I find people like this truly despicable.

[rational_1]

Perkins, you are an ******. why don''''t you use your money to help people? There are Katrina victims, there are people living in abject poverty in our country...look at the Gates--they are doing things for humanity with their money--you are puffing up your ego...You are despicble, detestable, and i think you are the personification of evil. Stop using your money to explode your ego and start using it to help people!
Posted by lindacallaha at 11:12 PM : Jun 01, 2008

After getting Genentech off the ground this man has already done more for humanity than 99.999999% of the other people out there. If he never does another good thing for anyone else ever again, he''ll still be massively in the plus column for just the one thing he did with Genentech. So, if he wants to be ostentatious and play with his expensive toys for the rest of his life, more power to him. He deserves it.

[dsd2008]

Couldn''t Lesley Stahl have interviewed someone more interesting than Tom Perkins and his penchant for extravagant toys? There are too many people in America who are concerned with everyday living expenses to care about how much Mr. Perkins spends and what he buys. It would have been more uplifting to have focused on someone who shared their millions on a needy group or organization who could''ve used a helping hand. Opulence is just wrong.

[becky3501]

Your interview upset a lot of people. They are all up in arms about how you spend your money. Maybe next time you should mention a "charitable" deed done with your wealth every time someone brings up your latest personal project. If your going to tell your story, might as well tell the whole thing.

[thurston2001]

All the real wealth and power in the world are in the hands of just a few people and the governments of the world are just puppets to these few. And to the people that admire these people, you will never be one of them no matter how hard you work or what you do. Unless of course you are part of the lucky sperm club. The human race is doomed.

[thurston2001]

All the real wealth and power in the world are in the hands of just a few people and the governments of the world are just puppets to these few. And to the people that admire these people, you will never be one of them no matter how hard you work or what you do. Unless of course you are part of the lucky sperm club. The human race is doomed.

[becky3501]

Bravo to you Mr. Perkins. Even though your interview centered around your wealth and the way you choose to spend it, you came across as a "regular joe" type of guy. I admire the way you handled the question about the cost of your sail boat. The fact that you still keep in mind that the "have nots" can be and often are affended by the disclosure the actual amount of money that is "blown" on toys for the rich puts you far above most of the "have''s". You have every right under Gods sun to spend your money as you please, it''s nice to see that you put as much effort into the advancement and benefit of man kind as you do in searching for your next toy or project. How you make your money is a matter of public record, how you spend it is no ones business but you and your wifes.

[ceeking1]

Mr. Tom Perkins,
I watched Lesley Stahl interview you on 60 minutes%u2026and all I could say is WOW! The extravagant way you live your life is definitely %u201Cthe stuff my dreams are made of.%u201D I admire how hard work and determination has paid off for you. I related to the fact of how you grew up an only child and your mother made the lack of money a very important part of your life. My husband grew up an only child as well, and I am just beginning to understand how important the lack of money is to him. Watching your interview helped me to understand my husband a little better%u2026..Thank you for that.

Carol King

[lleonard2]

This man has every right to bask in his achievements and stand tall. He has helped give that same ability to my niece Bianca, who was born with Turner''s Syndrome. With the help of Genentech''s Protropin, which was donated to her, she has now grown to over 5 feet tall and is soon to be a sophomore in College. Growing to over 5''tall is more than any of us could ever hope for after learning of her diagnosis at age 2. Thank you so much Mr. Perkins for having the balls to put your money into experimental medicines. He has helped my family immensely and I sincerely appreciate him. Rock on Captain Tom

[ssfraley]

I honestly never heard of Mr. Perkins before tonight but was compelled to write 60 minutes(something I have never done before tonight). Ms. Stahl spent so much time on trying to make Mr. Perkins look selfish and egotistical, she failed to report about more of the man himself. I did appreciate the few moments commenting on his contributions through Genentech''s success on treatments for diabetes but, I wish she would have dug a bit deeper. This man has probably given to more worthy causes than Ms. Stahl can shake her tongue at. Once more, this man has earned what he has. He has an inalienable right, guaranteed by our constitution, to do with his earnings as he pleases. Just imagine the taxes this man has paid. You can''t tell me he has not contributed to society. What luxuries does Ms. Stahl, the other 60 minute hosts, or CBS executives have had whos cash value could have better served humanity?

[lindacallaha]

tji912 you are right on. tonight was also my first email to 60 minutes. they glorify this man and he is abolutely despicable. i too and disappointed in 60 minutes--i won''t watch it ever again

[lindacallaha]

Perkins, you are an ******. why don''t you use your money to help people? There are Katrina victims, there are people living in abject poverty in our country...look at the Gates--they are doing things for humanity with their money--you are puffing up your ego...You are despicble, detestable, and i think you are the personification of evil. Stop using your money to explode your ego and start using it to help people!