Thomas Middelhoff’s tale of hubris resonated beyond the corporate world
title of a book presented on August 20th by Thomas Middelhoff, the former boss of Bertelsmann, a media conglomerate, once feted from Berlin to Hollywood. It is not an admission of legal guilt, for Mr Middelhoff still feels his three-year prison sentence for tax evasion and breach of trust was overly harsh. But he committed the seven deadly sins in a biblical sense, he says, which is why he feels he deserved time behind bars and the loss of his fortune, reputation, health and marriage.
His reward—a bonus of €45m—was the start of the undoing of his personal finances. Greed, he says, led him to invest in dodgy real-estate funds and tax-avoidance schemes. In 2002 he was forced out of Bertelsmann after clashing with the Mohn family, who own the company, over his plans to take the firm public. Eager for a second act as a German business tycoon, in 2005 he took the helm of KarstadtQuelle, which later became Arcandor, then Germany’s biggest retailer.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Love Island’ Exec Producer Simon Thomas Promoted At ITV America & Tasked With Finding “Noisy” FormatsEXCLUSIVE: Love Island exec producer Simon Thomas has been promoted at ITV America and has been tasked with finding more “noisy” formats for the production company. Thomas, who was previously SVP, …
Read more »
Thomas shares Tour Championship lead despite low-key startJustin Thomas missed two short putts in a mediocre even-par 70 on the first day ...
Read more »
German businesses continue to underperform in August: PMIGermany's private sector continued to struggle in August as a manufacturing...
Read more »
Why Kirsten Dunst Stands By Calling Brad Pitt Kiss 'Gross' (Exclusive)It's been 25 years since Kirsten Dunst starred in 'Interview with the Vampire' -- and her opinion of the film (and her kiss with Brad Pitt) hasn't changed at all.
Read more »
Grace Potter Announces New Album ‘Daylight’ With Soul-Baring ‘Love Is Love’Hear Grace Potter open the book on her personal life in vulnerable new song “Love Is Love”
Read more »
30 Things I Learned Before Turning 30Taylor Swift reflects on all the things she's learned leading up to her 30th birthday.
Read more »