It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
JAMES PACKER'S retreat from public life this year is a sign of the deep emotional impact of losing part of the great wealth he inherited from his late father, Kerry, says a new book on one of Australia's most powerful businessmen.
The author, Paul Barry, portrays Mr Packer as more attached to the trappings of wealth than his father and as a man who measures his self-worth in dollars.
Barry's Who Wants to Be a Billionaire? The James Packer Story also contrasts his subject with other business leaders affected by the global financial crisis such as the retailing pioneer Gerry Harvey.
''As his share price headed south, Harvey admitted cheerfully he was down to his last billion but didn't care a bit, because he never thought he'd have a billion to lose,'' the book says. ''But James was suffering because he took money so seriously.''
Barry says the value of Mr Packer's assets dropped by $4 billion at the depth of the global financial crisis, prompting him to withdraw from public view, take up smoking again, put on weight, and become depressed.
Money ''was what drove him, what he lived for, what had always served as the scorecard of his success,'' Barry writes in the book, an extract of which will be published in tomorrow's Good Weekend magazine.
"James falls in love with people and takes them into his inner circle because he thinks they can make him rich," says the former PBL executive.