Getty

"According to his later account, Getty considered the Nancy Taylor prospect promising, but knew that older and better-established operators would be able to outbid him. Accordingly, he persuaded a bank to send one of its executives to bid in his name, without revealing his identity. Some of the wildcatters assumed that the banker must be bidding for one of the major oil companies, which would be prepared to top all offers. Others owed money to the bank and were therefore unwilling to bid against its representative. Thanks to his ruse, Getty recounted, all of his potential competitors sat out the auction, allowing him to obtain the lease for the pittance of $500. That, at least, is how Getty told the story. Independent evidence suggests that the other wildcatters passed on Nancy Taylor simply be¬ cause it seemed a poor prospect. Perhaps Getty embellished the story over the years, but there is no question that he struck oil on the property. He then sold it to a refiner, reaping $11,850 as his 30 percent share of the profit.21"

"Getty took pride in getting the better of an English peer when he acquired Sutton Place, a lavish estate outside London. The property included 60 acres of parkland, as well as a Tudor mansion with 14 principal bedrooms and a hall reputed to be the largest in Great Britain. In 1959, British landowners were reeling under tax rates as high as 98 percent. Sutton Place’s owner, the Duke of Sutherland, was further strained by the expense of operating his grossly overstaffed farms. Capitalizing on the duke’s predicament, Getty picked up the property for £50,000 (ft 140,000 at then-prevailing exchange rates). The sum represented less than half the price paid by the duke 40 years earlier."

"Even in the context of huge transactions, Getty could be amazingly careful with his money. In one instance, a longtime friend offered $17.5 million in cash for New York’s Pierre Hotel, which Getty had bought for $2.35 million. Agreeing that the price was fair, Getty contacted his lawyer to draw up terms. Notwithstanding the large gain he stood to realize, Getty insisted that his friend pay for the cable. While dictating the terms to his attorney, Getty inserted a clause releasing himself from the sale if a higher offer materialized within 90 days. He then used his friend’s unsolicited bid to shop the hotel around for a better price. In the end, a superior bid emerged; there is no record that Getty reimbursed the original, disappointed bidder for the cost of the cable.18"

"In his youth, his penchant for reading Playboy magazine nourished him with Getty's ideas, who said there was a sure formula for achieving financial success: "Get up early, work hard, and drill for oil.""

"Getty used to say, "When you don't have money, you always think about it and when you do have it, you only think about it.""

"The meeting went on until 1:35 A.M., and Tisch, whose reputation for integrity and Wall Street savvy had brought him to Getty’s atten- tion, began to wonder about Getty’s focus. Getty had met Tisch just a few weeks earlier and had already begun to rely on his commonsense approach to the situation, but it quickly became clear that Tisch wasn’t there to further Getty’s agenda. As always, Tisch was there to do the right thing for all the shareholders. The board reconvened at 1:45 a.m. Tisch told Getty he should de- mand that Pennzoil increase its bid to $120 a share. Pennzoil had to offer enough money to eliminate any lingering doubts about whether the price was a fair one. If the board approved a low bid, directors could face litigation by angry shareholders. On the other hand, Tisch saw no point to Sid Petersen’s proposal that the Getty company should buy back its own shares. If we’re voting for a self-tender just because we’re upset at Pennzoil and Mr. Getty, that’s not a valid reason,” Tisch told the board. Ad- dressing Getty, he said, “You may have suits if you do this by threat, and you should discuss this with your attorneys.” The threat was that, once the standstill was over, Getty and Williams would vote out op- posing directors, but the board couldn’t take the legal risk of accept- ing a deal that Goldman Sachs hadn’t deemed fair. “If someone challenges this transaction,” Tisch told him, “we will say you forced us, Mr. Getty.” “I have done nothing unethical!” Getty said. This is not ethics. You have not given the board the opportunity to seek a fair price, Tisch said. “A small ten-dollar sweetener. Some- thing to satisfy this board.”"