Economy tanks for celebrities too
Filed under: Columns, Economy, People
The grim economy is hurting even those golden beings we call celebrities, as meeting and convention organizers cut back on speaking fees.
Companies are keeping a tighter lid on costs for meetings, and in some cases opting to hold video conferences rather than in-person gatherings. That means less money for the big names paid to address corporate gatherings.
"Quite a few are being flexible when it comes to fees," said Chris Johnson, marketing director for Big Speak, a speaker's booking agency based in Santa Barbara, Calif., in an interview. He declined to be more specific.
Speaking is a lucrative sideline for the famous. For example, Donald Trump commands fees of $200,000 and above, according to the website of All American Speakers Bureau. That fee trumps -- pun intended -- the $50,000 estimated fee listed for Paul Volcker, one of President Obama's key economic advisers, and famed venture capitalist Jim Rogers. It also shows that the speakers market values celebrity over achievement as the casino company that bears the name of the star of NBC's The Apprentice recently filed for bankruptcy.
Groups, nonetheless, are eager to hear well-known people expound on the economy.
"People want to know the trends and when things will begin looking up," said Andrea H. Gold, president of Gold Star Speakers Bureau of Tuscon, Ariz., in an e-mail. "People want hope and tangible guidance. I always find economists and futurists of great interest, whatever the economic time."
Some business celebrities, including CNBC's Maria Bartiromo and Goldman Sachs Chief Investment Strategist Abby Joseph Cohen, do not list their fees on the All American website. Bartiromo's colleague Jim Cramer charges $50,000 plus for his speaking fees; the top estimated rate is for former SEC Chairman Arthur Levitt. All American Speakers did not return phone calls for comment.
"A few speakers have lowered fees to address some groups' tough budget situations," Gold said. "I can tell you that very few RAISED their fees this year, something that usually happens in a new calendar year. This may sound strange, but a few speakers have actually raised their fees in this market."
For now, celebrities will have to sing more loudly for their suppers.
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Reader Comments (Page 1 of 1)
3-11-2009 @ 4:22PM
Forrest Freedman said...
You mean people really pay to hear Donald Trump, a man who has already been bailed out, himself by the US Bankruptcy Courts, to find out what to do with their money. Like so many others, Trump fo8und financial success by borrowing as much as he could, from so many corporations, banks and investors, that when he teetered on the edge, the government and NYC felt they had have no choice but to "Trumpt" him out by way of a bail out when his corporation faced ruin. Hey let's just build a new casino in this terrible economy.
I don't know ehther he learned that from AIG, Enron, Bernie Madoff or the original Mr. Ponzie, but I guess you know where the Big Three Automakers paid for advice to secure government bail outs.
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3-13-2009 @ 11:00AM
Frankie said...
Trump is just a guy who's family was ,,,rich,,,,so dont make him out to be some poor person who came from rag's to rich's. You people can kiss his ,,ass,,, most of us don't have too....P.S. HE WOULD PUT HIS NAME ON AN OUTHOUSE IF HE COULD SQEEZE A BUCK OUT OF IT .
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3-11-2009 @ 6:13PM
Ed said...
Trumps are crooks.......I don't know why people listen to him
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3-11-2009 @ 6:26PM
Judy Lynn Clark Ferguson said...
When it comes to your finances you had better think. The Banks who received TARP are investing in foreign Countries and the Foreign Countries are reporting profit loses after receiving the money in December and January of this year. DON'T TRUST THEM, DON'T TRUST THEM, DON'T TURST THEM. Go to your nearest Hardware Store and purcash a SAFE and put it into your home along with calling a security company and have an alarm system put on your homes. These rockies took our money and securitized, derivatized, hedged, bet, and traded it like it belong to them. The Banks in America where nothing but Casino's for the Rich and Stupid. Thank Phil Gramm and President Clinton for the deregulation and Sub - Prime Lending. Former Senator Phil Gramm got of the Government Business and went into the lobbyist Busines where he had his American Clients to put their money in Swiss banks to defraud the United States Government IRS, where they evaded Income Tax. This is an act of Treason and he needs to go to Jail for his GREEDY Illegal Deeds and helping to threat the soverignty of this Country. I want Judicial Watch to jump on that.
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3-11-2009 @ 7:59PM
Andrea Gold said...
Looking in a broader light than just on Trump and on something more positive, I encourage all of you to really think about the positive value of meetings, celebrity or no celebrity. Many incredibly talented speaker and trainer resources exist "out there," who can positively address bottom-line profitability and also boost the morale of those dealing with unusual financial business and life challenges. Meetings bring networking, new partnerships, joint ventures, trust, education, motivation, team building and much more. They also bring jobs to the many vendors involved. Let's just say, since this is a site for financial focus, the value of speakers and meetings is...priceless!
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3-11-2009 @ 10:51PM
KB said...
Talk about treason.....Haliburton - owned by our former V.P. Darth Vader, has billions - alas, probably trillions of dollars of contracts paid for by our government. They don't pay a DIME of income taxes on that money - why? - because they have moved their HQ to the Caymen Islands - oh, they haven't really moved, they just have a post office box there where their checks get sent - their offices are still on U.S. soil - if anyone should be in jail it's Bush and his V.P. (or co-president) - I think the back taxes for the monies they've been paid would help this economy quite a bit...and, I feel quite free to say that now that their out of office!
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