Tom Perkins: The Captain Of Capitalism

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

(CBS)  He has moved on, though. Today, he's a member of the board of Rupert Murdoch's News Corp., and there are few pleasures that money can buy that he denies himself, or that he doesn't like to show off.

"Let's go through the Tom Perkins litany. You used to own the world's most expensive sports car collection," Stahl says.

"The best. Maybe the most expensive," he says.

"Okay. You currently own a Bentley, a $450,000 Porsche Carrera GT, an Aston Martin, the Maltese Falcon, and a second yacht. Who needs two yachts? Well, we won't go into that. You own a 900-year-old, moated estate in England," Stahl says. "And I'm only telling what we know about. So you do like to show off?"

"Guilty as charged," Perkins admits.

"Analyze that for us. Why do you have to have the biggest and the first, and…what is that?" Stahl asks.

"You know, I'm no psychiatrist. But it probably comes from my childhood and the attitude of my parents," Perkins says.

An only child, Perkins grew up during the Depression, which he says devastated his father, and distorted his mother’s priorities. "My mother wanted things in life that my father couldn't provide -- that were bought by money," Perkins explains. "The fact that we didn’t have any money was very, very evident always in my life."

"Because she talked about it all the time. She made it clear," Stahl remarks.

"She talked about it all the time," Perkins says,

And so he cares about money and he likes to spend it. His latest project is his very own sports submarine, which he’ll park on the forward deck of the Maltese Falcon. If you got it, flaunt it -- and poke fun at yourself, as he does when he dresses up his yacht with flags and pennants, each of which -- in sailor-speak -- represents a letter of the alphabet.

"What does it say?" Stahl asks.

"Yeah. Lesley, starting from the bow it says -- it really says this: 'Rarely does one have the privilege of witnessing vulgar ostentation displayed upon such a scale,'" Perkins explains.

"So you’re saying it yourself before anyone else can say it," Stahl remarks.

"Before anybody else can say it," Perkins admits. "I’ve said it."

"Self protection here," Stahl says.

---

But there's no protection against boredom when it comes to Tom Perkins and his toys: in February, he put the Falcon up for sale. The asking price: $180 million. He says the allure of the mega-yacht was in the building of it, and in overcoming its technical and esthetic challenges. But once he did that, he says he began to yearn for a new project, and now he thinks he's found it, converting a Navy mine sweeper hull into a 140-foot boat that can carry and service his new sports sub.

[mayamy]

I think this story is one of the most blatantly skewed that I''ve seen in a long time. Leslie''s entire "spin" on the story was about his ego, lack of humility, etc. I didn''t see one instance of this in his actual behavior. In fact, she tried to net him into admitting his ego; which he admitted in a very un-egotistical way. I think this piece was ridiculous. While I also think that the number of extraordinarily expensive "toys" he has is also ridiculous, this piece missed the boat on good journalism.

[mistered45]

Leslie''s report was so focused on Mr. Perkin''s "toys" and spending that she failed to recognize the wealth and countless jobs that he and his peers created. I think Leslie should travel to Washington and expose the congressmen and the billions they have wasted on "pork".

[mcrico-2009]

I found Leslie''s report on Mr. Perkin''s very biased. I felt that as citizen of this democratic nation he has the right to buy whatever he chooses to buy with his hard earned money. I woundered how Ms. Leslie would feel if I a second grade teacher in an inner city school would start questioning her on how she spends her money on jewels, designers gowns etc. I think she lost the mark on this report which is one more reason why I choose to skip your show when she is on.

[edoardo09]

To 60 Minutes:

I love it and have loved it since community college days in the 70s, when the prof gave us extra credit for watching and writing a brief summary of the show to bribe us into being aware of current events. thanks for all of your years of effort.

I respect all of the staff, but am concerned with the recent interviews by Leslie Stahl of Sarkozy and Tom Perkins. Sarkozy was somewhat skittish and I don''t think Leslie really had him on the ropes about his wife, but why, why with all of the important issues facing France and Sarkozy does the status of his marriage rate as "the must ask question?" In my optinion it appeared meddling and senseless. Tonight''s interview with Tom Perkins was another instance of Leslie asking why "he had to have the biggest, most expensive things..." referring to his yacht? Why not ask him about what makes him tick? It would be infinitely more interesting as opposed to badgering him about how much the yacht cost? $100m, $300M...The ultra rich spend their money...that''s what they do with it. Everyone knows this.

I remain a loyal 60 MINUTES fan, going on my 36th year.

Thank you

[raven12512]

I think Leslie Stahl should take a long vacation. Her last two interviews have been horrible. The direction of her interviews are meant for people like Brittany Spears, or Lindsay Lohan. I thought 60 Minutes was supposed to be a thought provoking, intelligent investigative news show, but now I feel like I am watching Entertainment Tonight or Current Affair. Please do something, it is agonizing to watch her interview someone. Her interviews seem to parallel the way the American media shows are headed, down the tubes of sensationalism. Please set a higher intellectual standard with your show.

[suesid58]

Ok so Tom Perkins'' yacht cost somewhere in the range of $200 million, and an elephant''s tusk goes for about $500. The elephants in Chad are being killed by people who are hungry, poor, and desperate. Mr. Perkins could save 400,000 elephants if he''d donate the price of his boat to feed the people who are killing them. He wouldn''t miss the money, and I''m thinkin'' maybe that empty space in his heart he seems to be trying to fill with expensive toys might just get a bit smaller.

[sandymboise]

And your point is...? Leslie Stahl''s interview with Tom Perkins was totally unfair to Mr. Perkins. There are countless individuals of wealth in the world whose lives are not unlike Mr. Perkins'' in the accumulation of wealth and trophy possessions. The point of this interview seemed to be an attempt to embarrass Mr. Perkins in public. Mr. Perkins was gracious and amiable to Ms. Stahl''s pointless confrontation about the yacht and his spending habits. The report of incidents involving the HP women executives seemed an afterthought and was poorly woven into the story. Ms. Stahl''s attempt at "gotcha" journalism "got" no one but her.

[kiba1]

L. Stalhl should have asked Mr. Perkins why he got so upset in the board meeting? Or, What was his opinion on HP''s-vision, direction etc.? The interview was really about a man who up-ended a female exec. that lost her freakin mind. He has a lot of money and he should be able to spend it the way he wants....I''m sure he gives plenty to just causes...As anyone would with all that money.

[wpmallow]

Why is the yacht registration British?

[ssmithnc99]

I was a bit confused by the idea you were attempting to convey in your profile of Tom Perkins. Were you simply pandering to his ego and power in an attempt to get into his good graces (and finances) or was the show bought by Mr. Perkins and the broadcast actually just an hour long infomercial for conspicuous consumption.
I%u2019m sure that watching the show across the country there were hundreds of thousands of folks like me who prior to the show were focused on unimportant things like how to keep a roof over our families heads. Now we can all rest, relieved to know that Tom Perkins had $300million to buy himself the biggest yacht in the world to compensate and feed his ego.

[bptsj]

Tom Perkins made it sound as if venture capital started in Silicon Valley with him. Ever hear of Fairchild and Arthur Rock? That was a decade before Tom Perkins time.

I was surprised at how shallow he came across. I thought it was sad indeed.

[twin90s]

I never heard of Mr Perkins and though I agree that the cost of the ship is outrageous, I would guess that the software that he developed for running her has applications that would be useful in other places.
I loved her design and the idea that there is someone who would spend tons of bucks to cherish her and not let her get old and rot. His accomplishments far outweigh mine in this world and I''m sure the footprints he leaves on this earth will far outlast mine.

[faith4me2-2009]

I wonder where Mr Perkins family is from originally. I know the name is English but I am curious where he grew up and parents etc.

[mavillcr]

Thank God for William Buffett and Melinda & Bill Gates!

[crezo]

I can not believe 60 minutes would do a story like this . This is an outrage that this man has all this money and is selfish with it. How can one man be so egotistical. This man does not even care about the people starving or that can not even support themselves. He staed that he was poor growing up, if that is true why does he not give some of his money back to the community.

I found this man to be arrogant, selfish and not very responsible with his money. He acts like a 5 year old.

How dare 60 minutes give this man time to show off his wealth to the world. They should be trying to fcus on news worthy stories rather then people who want to flaunt what they have.

I can not stand Rich selfish people who blow their money on *** when there are so many people in this world who struggle just to get a roof over their heads and a full belly each day.

You should be ashamed of letting this man on your program. i am ashamed for you. This is a sick man who does not deserve the money he has !!!!!!!

[jmanning85]

I completely enjoyed the story on Mr Perkins. I love the fact that he enjoys life to the fullest. That man has worked very hard for his money--it was not handed to him on a silver platter--he earned it. It is his money and he should be allowed to spend it has he sees fit with out answering or apologizing to anyone. Everyone in this country has the potential to do as well as Mr Perkins--if you are whining about not having enough money--do something about it. Don''t blame him for his having money and not you. Do I wish I had more money---of course, but I have enough to have a roof over my head, a couple of vehicles and for my daughter to have a wonderful education from Penn State. My husband and I work very hard for our money and enjoy spending it how ever we want. So----Good for you Tom Perkins--you keep enjoying life and spending your money how you see fit. As for all the crybabies out there--grow up!!

[pwcgoldfish]

Apparently a few of you didn''t watch the entire show or have selective hearing during the Tom Perkins interview. He clearly stated that he was embarassed to disclose the price of the S/Y Maltese Falcon. In addition he stated he grew up in the Great Depression and saw how it affected his family. He also admitted that he did have an ego.

There is an entire industry for yachting and chartering a yacht. The world''s rich & famous spend millions on yachts to own on their own or charter them for vacations, i.e. Rupert Murdoch, Tiger Woods, Paul Allen and Dan Rather. Ever read an issue of People magazine; it is always referring to hollywood stars chartering yachts during their vacation. I''ll even bet that Ms. Stahl has chartered a yacht before; she was just acting like she didn''t know what was going on.

Someday google the likes of: Carribean Yacht Charter, Rikki Davis Yachts, Churchill Yacht Partners or Yacht Charters and learn more about this pastime. I bet many of you will someday team up with friends and charter a yacht for a vacation--maybe even the Maltese Falcon is the yacht you may choose to charter for your vacation.

In the meantime -- Happy sailing Mr. Perkins---you''ve earned it.

[ast3484]

If we are lucky, maybe Tom Perkins will fall flat on that smug face of his. Shame on him for being so greedy and proud of it.

[janah3]

I was struck by the ironic contrast between a story about a man with mega millions who spends it to by "toys", with another tragic story about endangered elephants in africa being slaughtered for their ivory by poachers who need the money so they can eat. I would have liked to know what causes Mr. Perkins supports, if any, other than his own ego with all his money. We need more Bill Gates in the world.

[whitemaurice]

Thank you 60 Minutes for running this story on the egotistical Mr. Perkins. I am sure there will be a special place in the hereafter for him and his ilk. We all need to be reminded of the need to share our wealth and sometimes the best reminder is someone like Mr. Perkins, who seems to know end in his materialistic ways.

MJW
Whitby, Ont.

[lasabrosona]

Just another segment that drags us through a publicity stunt designed to promote another book that nobody wants. This is the second show where this technique is employed (Valerie Plame''s appearance is another example). Why not report on "Mexico''s Katrina" in the state of Tabasco, on our healthcare system, on the millions of displaced people in Iraq, and on and on...

[cestirling]

This ostentatious display of wealth is a prime example of the decadence of American culture. If the 60 minutes staff had done their research they would have discovered that Mr. Perkins and Genentech got their start by stealing information regarding Human Growth Hormone from an UCLA laboratory. UCLA settled their lawsuit against Genentech for a paltry few million dollars, probably less than the cost of one of the sails on his ship.

New York Times
Genentech Trial on Patent Ends With Jury Deadlocked
By ANDREW POLLACK
Published: June 3, 1999

[sudsyhp]

My God how quick are we to judge. All ye self righteous rise up!!! This article was not a life history. Like all journalism it zeroed in on something that would get attention. What made you jackasses instant experts on the man''s philanthropic efforts. By the way the millions put into the boat did not go to political campaigns, investment art or the like. The building of the boat produced wage paying jobs. Is there something so wrong about that? You can find plenty of less productive rich people to bash.

[jetranger7]

Wonder if Mr. Perkins would mind, if I asked him to pay-off my house that I owe on, I only owe about 70,000 left on it, but I''d sure like to have it paid for, if he didn''t mind ! Please !!!Just asking ! Never hurts to ask, does it ???

[gjflosi]

Tom Perkins needs to wrap up his ego for posterity. His inventiveness with that fabulous sailboat could be used to power ships. What a gift for the environment and all of mankind. I applaud his use of his money and time -- to be creative and involved. I hope he finds a wider application for his creativity and involvement.
Duly impressed with a well-turned ego,
Jody Flosi

[barbaraf4]

Ah, conspicious consumption....I wonder if he would adopt me.

[ffischer2]

Perkins is a sharp contrast to Inventor Dr. Forrest Bird, (Oct 8 60min). A truly hardworking and benevolent person, Birds accomplishments benefit us all. Compare him to this egotistical jerk who takes pride in his ego, his money, made at the expense of others, and all his %u201Cstuff%u201D. Dr. Bird has made money but has plowed it back into more inventions for society, a museum to educate and excite kids. Perkins flaunts his wealth by paying others to be inventive for his own amusement and self aggrandizing. What has he done for society to EARN the wealth he commands? I wish I had his money to share. I%u2019m angry because many creeps like Perkins, a member of the 1% of our population that hold and control more than 70% of the money that they %u201Cearn%u201D on the backs of the working class, choose to do little for the society that enabled them. Then they take tax breaks so they can make more $$! Perkins money %u201Cwas not handed to him on a silver platter--he earned it%u201D? You call *** people and sending them packing %u201Cearning%u201D a living? Yep, guess that%u2019s the American Way. I too am so thankful for people like Dr. Forrest Bird, Bill and Melinda Gates, and Warren Buffet (who is now campaigning to change the tax code to benefit the middleclass rather than wealthy).

[maggg1]

I can only speak for myself but I find this incredibly alluring.

[hypnotoad72]

sudsyhp True, it created jobs, but I bet he looked for the cheapest sub-subcontractors...

[zachy682]

Since he sold the yacht after the original broadcast, perhaps he was using "60 Minutes" to advertise the boat.

[zachy682]

Since he sold the yacht after the original broadcast, perhaps he was using "60 Minutes" to advertise the boat.

[tjl912]

Tonight I am sending my first email to 60 Minutes. I may have just watched this program for the last time. How dare they - when the world is full of tragedy - war, hurricanes, earthquakes, starvation, genocide, pollution, drugs, murder, homelessness, etc. again - how dare they glorify this man and his ostentatiousness? I''m disappointed in 60 Minutes running this story, not just once, but twice. Sickening.

[zachy682]

Since he sold the yacht after the original broadcast, perhaps he was using "60 Minutes" to advertise the boat.

[kombuis-2009]

I wish Mr. Perkins will help me pay my college loan than investing that money in the ocean where marine animals don''t actually need it that way.

[mckinley091]

Mr. Perkins if you see this comment I just want you to know I mean your corner life is too short not to enjoy. Just do me a favor just sail one for me.
Thank you Dee

[nbrown1378]

Mr Perkins, you need a project that will provide you the opportunity to redeem yourself, stimulate your interest and permit you to now utilize and develop your spiritual potential...I have just the project, and your genius, is needed.

Urban children are engaged in self destructive violence. My vision is to create an initiative, let''s call it The Perkins Urban Olympics, wherein bi-coastal competing teams of youth, east and west, will score points and earn rewards for themselves, and their communities, by reducing violence, and engaging in activities which will foster character, principles, and knowledge.

Their efforts will also be heralded with media accolades, which will form them into heroes, and role models, using youtube, and possible a reality show to create public allegiance to the project. A marketing division could be developed to create products specific to the initiative whose profits could be returned into the project.

Here is where you can place your considerable ego, and immortalize yourself in elevating the lives of angry and despairing urban
youth. I ask only for the children. Do you have the character and the ego to take on such a vision, before your time on earth is all but done Mr Perkins, or will you go out, playing with your toys ?

[e-mail]

[cooljazz4]

apparently some of the people who posted in November weren''t listening...

"...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..."

[hbciv]

I was channel surfing, and came across the Perkins interview tonight. In spite of long ago giving up on 60 Minutes as a legitimate NEWS source, I am nonetheless revulsed, though not surprised by your patent pandering to the grotesque excesses of capitalists. What a shame that someone such as he also revels in your platform of self-indulgence. How does Leslie Stahl live with herslf on an honest basis, if there be as much deep in her psyche? I know how she can delude herself by her own estimation of cloistered self-importance, but it''s hardly the stuff of a healthy human being. And your program content decisions are stunning though obvious. Why remotely consider anything of substance that might further confirm your dereliction of responsibility as journalists (previous cheerleading for the invasion of Iraq once more being vividly recalled) when you can dumb us down at the disconcerting, diverting altar of greed? Shame on you.

[scundy2]

Leslie Stahl is the second-luckiest person in the world -- she got to sail the Maltese Falcon.

- Steve Cundy
Reno, NV

[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!

[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

[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?

[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

[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

[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.

[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]

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.

[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.

[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.