Peter Lowy & Co Aren’t Afraid To Compensate Themselves

Peter Lowy is a major player in Jewish Los Angeles and a major philanthropist.

From the Australian website Crikey:

The Lowys say they’ve deserved their $300 million in cash over two decades to run Westfield. Shareholders might disagree, and there’s a course of action if they do.

…Westfield chairman Frank Lowy came up with a ripper yesterday.

When challenged on the question of why Lowy family members have been paid more than $300 million in cash over the past 20 years — as opposed to Kerry and James Packer not taking a single dollar from public companies — the reply was as follows:

“For my labour I expect to be paid an amount that reflects my service.”

He then made the following statement on behalf of his boys, Westfield’s joint managing directors Peter and Steven Lowy, who pocketed about $18 million between them in 2012:

“I rarely speak for Peter and Steven, but on this occasion I can assure you that this is the only basis on which we are prepared to continue to provide our services to the group.”

HERE’S ANOTHER STORY FROM AUSTRALIA:

Betty was playing in Frank Lowy’s yard when she was about eight when a fight erupted. “What would you know?” Peter Lowy, the son of the other shopping centre tsar, screamed. “You’re adopted. You came from a home.”

Betty ran up the stairs to her mother and father. Betty says. “I just looked at Dad and screamed, ‘Am I adopted? Peter said I am adopted’.”

Saunders shrugged and said: “Yes you are.” He turned and continued his conversation.

” I didn’t care,” Betty says. “I was just pissed off that I lost the argument with Peter. I thought nothing off it then. They were my parents and it changed nothing.”

Others would bring it up later, when $1.1 billion was on the line.

About Luke Ford

I've written five books (see Amazon.com). My work has been followed by the New York Times, the Los Angeles Times, and 60 Minutes. I teach Alexander Technique in Beverly Hills (Alexander90210.com).
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