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| {{Short description|American businessman and socialite (born 1929)}} | |||
| ⚫ | '''Edward Reynolds Downe Jr.''' (born 1929) is an American |
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| {{BLP sources|date=May 2018}} | |||
| ⚫ | '''Edward Reynolds Downe Jr.''' (born 1929) is an American businessman and socialite. | ||
| ==Biography== | == Biography == | ||
| ⚫ | Downe graduated from the ]'s ] in 1952. He worked in a variety of capacities at two Virginia newspapers before joining ]. In 1954, he left True to become an editor at the rival magazine ]; he later moved into advertising at Argosy. In 1966, Downe purchased ], a newspaper insert similar to ]. He founded ] in 1967.<ref name="Kleinfield">{{Cite news| issn = 0362-4331| last = Kleinfield| first = N. R.| title = Living Poolside, and Wanting More; Insider-Trading Charges and the Southampton Summer Set| work = The New York Times| access-date = 2017-12-05| date = 1992-06-16| url = https://www.nytimes.com/1992/06/16/nyregion/living-poolside-wanting-more-insider-trading-charges-southampton-summer-set.html}}</ref> Through this company he went on to acquire magazines including ], and ].<ref name="ford">{{Cite news| issn = 0362-4331| title = Charlotte Ford Wed to Edward Downe Jr.| work = The New York Times| access-date = 2017-12-05| date = 1986-09-01| url = https://www.nytimes.com/1986/09/01/style/charlotte-ford-wed-to-edward-downe-jr.html}}</ref> Downe eventually sold Downe Communications to the ], a Jacksonville, Florida based oil and insurance conglomerate for approximately $9 million.<ref name="Kleinfield" /> | ||
| ⚫ | Downe divorced his first wife, Naomi Susan Campbell, in 1977.<ref name="Kleinfield" /> Downe married heiress Charlotte Ford (mother of ]) on his 57th birthday, August 31, 1986.<ref name="ford" /> | ||
| ⚫ | Downe graduated from the ]'s ] in 1952. He worked in a variety of capacities at two Virginia newspapers before joining ]. In 1954, he left True to become an editor at the rival magazine ]; he later moved into advertising at Argosy. In 1966, Downe purchased ], a newspaper insert similar to ]. He founded ] in 1967.<ref name="Kleinfield">{{Cite news| issn = 0362-4331| last = Kleinfield| first = N. R.| title = Living Poolside, and Wanting More; Insider-Trading Charges and the Southampton Summer Set| work = The New York Times| |
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| Downe Communications acquired majority cotrol of Bartell Media, which owned the MACFADDEN WOMEN'S GROUP with 6.5 million monthly circulation, five of the major movie magazines, the 3 major detective magazines, sport and pegeant magazine, as well as the MacFadden hardcover book and paperback publications division. | |||
| ⚫ | == Insider trading == | ||
| In 1968 Downe Communications, Inc. was represented by Carter, Berlind & Weill and Smith Barney in an initial public offering. And by Merril Lynch in a secondary in 1972. Also in 1968 Mr. Downe was named consumer publications man of the year awarded by the Magazine Industry Newsletter. | |||
| ⚫ | In 1992, the ] charged that in the mid- to late-1980s Downe and associated exchanged inside information in order to make illegal stock trades.<ref>{{Cite news| issn = 0362-4331| last = Gilpin| first = Kenneth N.| title = Oppenheimer Broker Offers Guilty Plea to Perjury Count| work = The New York Times| access-date = 2017-12-05| date = 1992-09-18| url = https://www.nytimes.com/1992/09/18/business/oppenheimer-broker-offers-guilty-plea-to-perjury-count.html}}</ref> | ||
| ⚫ | == Irish cottage controversy == | ||
| His mail order company, Madison House, subsequently became the foundation of the mail order division of Downe Communications. In the late 1960's he acquired on of the half dozen major American mail order companies, Greenland Studios, along with its 160,000 squre-foot, state of the art mail order facility located in Opa Locka, Florida, which in addition to its own, also provided mail order fufillment for many national companies, including Braniff Airlines, American Airlines, Continental Airlines, Best Western Hotels, etc. | |||
| ⚫ | In February 2009 the ] ran a story concerning US senator ]'s acquisition of his vacation home in ].<ref>http://www.courant.com/news/opinion/op_ed/hc-rennie0222.artfeb22,0,4471645.column {{Webarchive|url=https://web.archive.org/web/20090225133405/http://www.courant.com/news/opinion/op_ed/hc-rennie0222.artfeb22,0,4471645.column |date=2009-02-25 }} {{Bare URL inline|date=September 2022}}</ref> The article pointed out Dodd's close links to Downe, his disgraced former partner in buying the home.<ref>{{cite magazine| url=http://www.time.com/time/magazine/article/0,9171,975748,00.html | archive-url=https://web.archive.org/web/20081003053659/http://www.time.com/time/magazine/article/0,9171,975748,00.html | url-status=dead | archive-date=October 3, 2008 | magazine=Time | title=Business Ethics of the Rich and Famous? | date=June 15, 1992}}</ref> After paying an $11 million fine for his role in the scam, Downe later obtained a ] in the waning days of the ] administration. The controversial pardon was granted after Dodd lobbied Clinton on Downe's behalf. Dodd later acquired the interests of his partners after the pardon was granted. Dodd was also criticized for claiming the Roundstone home was worth less than $250,000 in Senate ethics filings; some observers estimated the likely value in excess of $1 million USD.<ref>{{cite news |url=http://blogs.telegraph.co.uk/news/tobyharnden/8697297/How_politics_works_Senator_Christopher_Dodd_and_his_cosy_Irish_cottage/ |archive-url=https://web.archive.org/web/20100112092606/http://blogs.telegraph.co.uk/news/tobyharnden/8697297/How_politics_works_Senator_Christopher_Dodd_and_his_cosy_Irish_cottage/ |url-status=dead |archive-date=2010-01-12 |title=How politics works: Senator Christopher Dodd and his cosy Irish cottage |first=Toby |last=Harnden |date=2009-02-24 |work=] |access-date=2012-05-07 |location=London}}</ref> | ||
| ==See also== | |||
| Subsequently, Downe acquired JOY'S LTD., one of two major mail order commemorative plate companies, and THE HAMILTON MINT, the second largest private mint in the United States, and the JULES JERGENSEN watch company. He also acquired the four FOUNDER'S MUTUAL FUNDS in Denver with $500 million under management. | |||
| * ] | |||
| ⚫ | == References == | ||
| Other divisions of Downe Communications were DOWNE LEISURE SERVICES which offered travel programs through Ladies' Home Journal, BOOKS AND PERIODICALS, INC., which created book programs which were sold by mail on a continuity basis, and LADIES' HOME JOURNAL NEEDLE & CRAFT which offered a wide selected by mail of products in those categories. | |||
| {{Reflist}} | |||
| {{Authority control}} | |||
| Downe Communications also owned six radio stations in major markets world, producing over 800 million copies of its publications. Also in 1974 Downe Communications, on a consolidated basis with Bartell Media, was on the Fortune 500 list. | |||
| Further, Downe was the first publisher to put an African-American woman on the cover of a major American magazine (Ladies' Home Journal, 1969) and the first magazine publisher to retain a woman as an advertising salesperson (in 1971). Education has been a Major part of his life, serving on the boards of the Allen' Stevenson church-hill schools in new york city, Long Island University, and has been for 25 years a non-paid adjunct professor, teaching in the fall and spring semesters at the Brooklyn Campus of Long Island University. He received an Honorary Doctorate from Long Island University in 1968. | |||
| He also served on the boards of the Howard Samual Center and CUNY chairman, and the board of the Thomas J Dodd Center at the university of Connecticut. He was a member of the visiting committee of the John F Kennedy school of Government and Harvard. | |||
| Downe Foundation and Mr. Downe made numerous contributions to charities and museums including the museum of modern art, the new museum, the Guggenheim museum and the metropolitan museum. Mr. Downe served on a number of charitable boards, he was chairman of the micro surgical research foundation, and then joins the Advisory Board, The Hospital Chaplaincy, Board of Directors of National Center for Learning Disabilities, Board of Trustees of South Hampton Hospital, New York. Advisory Council of the Professional Children's School of New York. Chairman for the Catholic Charities annual benefit for the Terence Cardinal Cooke Health Care Center. | |||
| Downe eventually sold Downe Communications to the ], a Jacksonville, Florida based oil and insurance conglomerate for approximately $9 million.<ref name="Kleinfield"/> | |||
| ⚫ | Downe divorced his first wife, Naomi Susan Campbell, in 1977.<ref name="Kleinfield"/> Downe married heiress Charlotte Ford (mother of ]) on his 57th birthday, August 31, 1986. |
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| ⚫ | ==Insider trading |
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| ⚫ | In 1992, the ] charged that in the mid- to late- |
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| ⚫ | ==Irish cottage controversy== | ||
| In February 2009 the ] ran a story concerning US senator ]'s acquisition of his vacation home in ].<ref>http://www.courant.com/news/opinion/op_ed/hc-rennie0222.artfeb22,0,4471645.column</ref> The article pointed out Dodd's close links to Downe, his disgraced former partner in buying the home. | |||
| ⚫ | <ref>{{cite |
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| ⚫ | ==References== | ||
| <references/> | |||
| {{DEFAULTSORT:Downe, Edward Jr.}} | {{DEFAULTSORT:Downe, Edward Jr.}} | ||
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Latest revision as of 21:27, 2 December 2024
American businessman and socialite (born 1929) | This biography of a living person needs additional citations for verification. Please help by adding reliable sources. Contentious material about living persons that is unsourced or poorly sourced must be removed immediately from the article and its talk page, especially if potentially libelous. Find sources: "Edward Downe Jr." – news · newspapers · books · scholar · JSTOR (May 2018) (Learn how and when to remove this message) |
Edward Reynolds Downe Jr. (born 1929) is an American businessman and socialite.
Biography
Downe graduated from the University of Missouri's Missouri School of Journalism in 1952. He worked in a variety of capacities at two Virginia newspapers before joining True magazine. In 1954, he left True to become an editor at the rival magazine Argosy; he later moved into advertising at Argosy. In 1966, Downe purchased Family Weekly, a newspaper insert similar to Parade Magazine. He founded Downe Communications in 1967. Through this company he went on to acquire magazines including The Ladies' Home Journal, and The American Home. Downe eventually sold Downe Communications to the Charter Company, a Jacksonville, Florida based oil and insurance conglomerate for approximately $9 million.
Downe divorced his first wife, Naomi Susan Campbell, in 1977. Downe married heiress Charlotte Ford (mother of Elena Ford) on his 57th birthday, August 31, 1986.
Insider trading
In 1992, the Securities and Exchange Commission charged that in the mid- to late-1980s Downe and associated exchanged inside information in order to make illegal stock trades.
Irish cottage controversy
In February 2009 the Hartford Courant ran a story concerning US senator Christopher Dodd's acquisition of his vacation home in Roundstone, Ireland. The article pointed out Dodd's close links to Downe, his disgraced former partner in buying the home. After paying an $11 million fine for his role in the scam, Downe later obtained a pardon in the waning days of the Bill Clinton administration. The controversial pardon was granted after Dodd lobbied Clinton on Downe's behalf. Dodd later acquired the interests of his partners after the pardon was granted. Dodd was also criticized for claiming the Roundstone home was worth less than $250,000 in Senate ethics filings; some observers estimated the likely value in excess of $1 million USD.
See also
References
- ^ Kleinfield, N. R. (1992-06-16). "Living Poolside, and Wanting More; Insider-Trading Charges and the Southampton Summer Set". The New York Times. ISSN 0362-4331. Retrieved 2017-12-05.
- ^ "Charlotte Ford Wed to Edward Downe Jr". The New York Times. 1986-09-01. ISSN 0362-4331. Retrieved 2017-12-05.
- Gilpin, Kenneth N. (1992-09-18). "Oppenheimer Broker Offers Guilty Plea to Perjury Count". The New York Times. ISSN 0362-4331. Retrieved 2017-12-05.
- http://www.courant.com/news/opinion/op_ed/hc-rennie0222.artfeb22,0,4471645.column Archived 2009-02-25 at the Wayback Machine
- "Business Ethics of the Rich and Famous?". Time. June 15, 1992. Archived from the original on October 3, 2008.
- Harnden, Toby (2009-02-24). "How politics works: Senator Christopher Dodd and his cosy Irish cottage". The Daily Telegraph. London. Archived from the original on 2010-01-12. Retrieved 2012-05-07.