xfdfx THE-O'REILLY-FACTOR-04
<Show: THE O'REILLY FACTOR>
<Date: June 26, 2009>
<Time: 20:47>
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<Tran: 062604cb.256>
<Type: Show>
<Head: Eerie Similarities Between Elvis, Michael Jackson>
<Sect: News; International>
<Byline: Laura Ingraham, Stuart Varney>
<Guest: Jeanne Wolf>
<Spec: Elvis; Michael Jackson; Deaths>
INGRAHAM: In the second Personal Story segment tonight, the eerie similarities between Michael Jackson and Elvis Presley. The King of Pop and the King of Rock both achieved global megastar status, their music popular among all age groups and races.Of course, they both lived lives of excess and both died early deaths. And who can forget when Jackson married Elvis's daughter? Joining us now for a look at how their lives might have mirrored each other, entertainment reporter Jeanne Wolf, West Coast editor for Parade magazine.
Jeanne, I was reading through the 1998 memoir of Michael Jackson. And he wrote this about Elvis Presley. He said, People thought that if I kept living in seclusion the way I was, I might die the way he did. The parallels aren't there as far as I'm concerned, and I was never much for scare tactics. Still, the way Elvis destroyed himself interests me, because I don't ever want to walk those grounds myself.
Reading that today, it was just bizarre.
JEANNE WOLF, WEST COAST EDITOR, PARADE MAGAZINE: Well, you know how many of us have -- have observed cautionary tales and gone on to live them?
You know, Michael Jackson really didn't have very many people to model himself against. Like Elvis, and I don't want to be too flip about these comparisons, because among things, they were both two of the most unique individuals that ever lived. Two of the greats that were hard to imitated and everyone tried to imitate.
But, Michael Jackson didn't have role models to model his life by. There are few people on the planet who, you know, who experienced the kind of super stardom. And more than record sales it was the kind of mesmerizing power they both had over people, each in a different way. I mean, the sort of hysterical crushes that people got on them, men and women. The tears, the emotion. The connection to people.
INGRAHAM: Jeanne, what's odd about this, though, what's so odd about these stories is, as with Elvis, and maybe more so with Michael Jackson, who are the real friends? I mean, who was acting as a true friend? When I screw up, my friends tell me, believe me. And that's when you can tell a true friend. When they say, Look, you are headed down a really bad path here. Wake up, grow up, get help. Who are those friends for him?
WOLF: I don't think either one of them had enough of those good friends. And, if in both of their cases it seems that when their so-called friends or advisors spoke out, they found themselves gone.
When you are elevated to the level of royalty -- and it's more than a joke, that Elvis was the king and Michael was the King of Pop -- you live by -- you think you can live by different rules. There really are no rules. People around you want to be near the charisma, the fame, the money. They want to please you. And both...
INGRAHAM: How about wanting to do the right thing? I mean, where are these people who are wanting to do the right thing for this man, who is obviously in horrible shape.
WOLF: When you have a spoiled child -- when you have a spoiled child and you adore that child and you're currying his favor, you may or may not always do the right thing. And if you try -- if you try to speak up and you find out that you're in disfavor, maybe, you know, love is not rational. Whether it's love for your boss or love for an icon. It's not controllable.
INGRAHAM: Jane, we're almost out of time, though, but the Lisa Marie Presley marriage. What was the deal with that? I mean, there are so many things written. You know, I never know what to believe when I see these things written. Obviously, that is a key connection between Elvis and Michael.
WOLF: You know, it's unexplainable. And there are many things in Elvis' life, and certainly that episode in Michael's life, that if you put it in a novel or put it in a movie, Laura, you'd say to me, Hey, Jeanne, tone that down. You know, he's never going to marry her daughter.
The status comparison is going to be to find out they both died young and they both had a self-destructive streak that matched their excess and matched their genius. I hate these comparisons, and I'll miss them both.
INGRAHAM: And there would have been a lot more great music, probably, from both of them.
Jeanne, we appreciate it.
And up next, money, money, money. The wild spending sprees that sent the multi-millionaire super star spiraling into crippling debt. We'll be right back.
(COMMERCIAL BREAK)
INGRAHAM: In the Back of the Book segment tonight, how could Michael Jackson, a guy who earned hundreds of millions of dollars over a 45-year career rack up almost $500 million in debt?
Joining us now from New York is FOX Business News anchor Stuart Varney. Stewart, Michael Jackson -- I want to start with the smart things that he did financially, because in 1985, he purchased that catalog of the Beatles' publishing rights, and he got it for a song. He got it for $45 million. Ten years later he told half of it for $150 million.
He did some things right early on. What happened?
STUART VARNEY, FOX BUSINESS NEWS ANCHOR: Yes, he did some things right, but then he got done in by wild spending, being on the losing end of big lawsuits, heavy-duty legal fees, and then there was the borrowed money. You could say to some degree Michael Jackson was a victim of the credit crunch.
After all he started borrowing a lot of money in the early 1990s. That was the time when he was paying out a lot in these lawsuits, these damages, and the result was that his performing career, his performing income, went down. He needed to borrow money. That money had to be repaid. The loans got larger.
And now fast-forward to the present day. Who is going to lend money to Michael Jackson? Clearly a major risk. Who's going to lend money to that kind of borrower at this particular time? He ended up, I believe, in the region of $400 to $500 million in debt. Essentially, on his death he was insolvent.
INGRAHAM: OK, Stuart, people watching this right now are struggling, a lot of people trying to tighten their belts in this economy. They see that mansion that he was renting. The ambulance comes out of that mansion. People see it from the overhead shot. And then they hear he's $400 million in debt.
What's not adding up about this scenario? Is this a $200 million credit line he got from the publishing catalog?
VARNEY: I believe that that mansion in Holmby that he was -- he was renting, he wasn't renting it. I believe the rent was paid by Phillip Anschutz at AEG, the promoter of his concert series. They were trying to get him in shape to go out on this concert series, and they'd rented this house for him. They'd rescued him from near penury in Las Vegas. That's my understanding.
So yes, he was living a high lifestyle, but it was on borrowed money. And he was really spiraling down in the final few months of his life. The crunch, the cash crunch was right upon him. It was right on him at the moment of his death.
INGRAHAM: What happens to the creditors now, Stuart? I mean, they're going to be fighting with each other to get any piece of the music that's still going to be sold. Obviously tons of music being sold, Michael Jackson's records rocketing up the chart today. Who's going to get that?
VARNEY: It's debatable. He is insolvent now, true, but over the years, it may be possible for that money to be recouped. After all he's got -- he's still got a half interest in the Beatles' music catalog. Every time you hear a song played, about one cent goes to the estate. That's a lot of money over the years from the Beatles songs.
You've got future music sales of Michael Jackson spiking as we speak. We're told that there are unreleased tracks. They should be worth a reasonable amount of money, plus his own music.
So there is going to be revenue coming in, but it's got to be shared out amongst all of these creditors. The key question, Laura, is where do the children stand in this? I don't know where they are in the pecking order. And that's a tragedy.
INGRAHAM: Yes, whether there's going to be any money left for them, I mean, that's the question mark. Even using his image, licensing rights, and his image and his name. I mean, that -- that could bring in a lot of money. And we always think about the children in these circumstances.
Stuart, it's great to see you. Thanks for being with us.
VARNEY: Thank you.
INGRAHAM: And that is it for us today.
The Factor continues 24/7 on BillOReilly.com. We hope you check that out. And also, please check out my radio show and my Web site, LauraIngraham.com. You can also follow me on Twitter. Go to Twitter/IngrahamAngle. Twitter/IngrahamAngle.
I'm Laura Ingraham, in tonight for Bill O'Reilly. Hope to see you again next time. Remember, the spin stops here. We're always looking out for you.
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