Larry King started working as a janitor and gopher at a Miami Beach
radio station in 1957. He first went on the air when one of their
announcers quit without notice.
2. Even though
Larry King was doing better and better at his
career in the 1960s he was terrible at managing his money. He often got
calls at the radio station from creditors looking for payments. Page 80
3. When he was 37
Larry King lost his job and was couple hundred
thousand dollars in debt. By May 1972 he only had $42 left in cash and
no job. Page 107
4. Feeling depressed King spent all the money he had at the race
track, except for the $2 he would need to pay the valet, while having
lunch with a friend. He found one particular horse he liked and made
several bets on the race. He won and collected $8,000.00. With his
winnings he paid his child support for an entire year, bought 20 cartons
of cigarettes, and stocked his refrigerator. Page 109
5. Larry King was making $100,000 a year in radio when he was
approached by Ted Turner of CNN who offered him a 3 year contract paying
$200,000 in year one, $225,00 in year two, and $250,000 in year three.
6. By 1989
Larry King was making about $800,000 a year. His contract
was up and Ted Turner offered him $1.5 million per year. Page 164 He
would eventually be paid a base salary of $7 million a year, with stock
options and other bonuses that can bring him an additional $7 million.
7. Larry King lost $2.8 million in a Ponzi scheme run by Bernard
Madoff. Page 240
King established a $1 million scholarship program for aspiring
journalists from disadvantaged backgrounds.