James (Jimmy) Goldsmith Anglo-French financier and magnate Date of Birth: 26.02.1933 Country: France

1. Early Life and Education
2. Business Career
3. Partnership with Roland Franklin
4. Retirement and New Ventures
5. Political Views and Later Career

Early Life and Education

James Goldsmith was born in Paris to Frank Goldsmith, a hotel magnate and former Conservative MP, and his French wife, Marcelle Moullier. His father was Jewish, while his mother was Catholic. James was raised as a Catholic, along with his brother Edward, who would later become an environmental activist.

Goldsmith attended Millfield and Eton schools. He left Eton in 1949 at age 16, after a successful horse racing bet that earned him £8,000. He then briefly served in the military.

Business Career

In the 1950s and 1960s, gambling held more sway over Goldsmith than business, leading his ventures to the brink of bankruptcy several times. However, his luck occasionally prevailed, such as when he acquired the UK franchise for Alka-Seltzer and introduced generic drugs to the British market.

Goldsmith became known as a highly skilled corporate raider and asset stripper. Initially operating in a relatively open manner, he later faced intense scrutiny from journalists and switched to working through private companies, both in the UK and offshore. He was knighted in 1976.

Partnership with Roland Franklin

In the early 1980s, Goldsmith began working with his long-time friend, banker Roland Franklin. Franklin managed Goldsmith's businesses in the Americas. Between 1983 and 1988, Goldsmith made a series of successful acquisitions, eventually creating Cavenham Forest Industries, which became one of the world's largest privately owned timber companies.

Goldsmith and Franklin exploited a loophole in the US tax code, allowing them to save significant amounts on taxes. This loophole enabled Goldsmith to embark on a series of hostile takeovers and further expand his forest holdings; in 1986 alone, he reportedly made $90 million from hostile acquisitions.

Retirement and New Ventures

Goldsmith retired in 1987 and moved to Mexico, foreseeing a market crash and liquidating his assets in time. In 1990, he launched a low-profile but highly lucrative investment operation. By 1994, his agents in Hong Kong had secured several key positions in the global commodity trading system. Analysts later credited Goldsmith with identifying high-potential sectors before others did.

Political Views and Later Career

Goldsmith, like many of his circle, believed that Britain was in the grip of a socialist conspiracy, with the Labour Party and the media controlled by communists. In 1994, he became a Member of the European Parliament for France.

James Goldsmith died on July 18, 1997 at the age of 64. He had been suffering from pancreatic cancer, which led to a heart attack.