Day: June 12, 2016

52 years later, the CJ apologizes to a young man named Ali

Muhammad Ali
In 1967.

“We took what in today’s light is an oddly hostile approach on the specific issue of Ali’s name, which did little to help race relations in a turbulent time.”

— The Courier-Journal, in an unsigned editorial this morning, belatedly apologizing for the newspaper’s waiting so long to use Muhammad Ali’s adopted name, after he rejected the one given at birth: Cassius Clay.

The editorial followed a New York Times article Thursday, pointing out this failing on the part of many papers, the Times included. The Louisville paper’s apology is certainly welcome. But was it prompted by the Times story? Or was it already in the works?

Worth noting: In a search this week, the first “Ali” reference Boulevard could find in the CJ’s online database was a page-one story in 1969, five years after he’d chosen the new name. But that’s incorrect; “Ali” appears the year he adopted it — 1964 — although editors didn’t take it seriously until many years later.

‘This place will never be the same. This little corner, anyway’

Yesterday morning was the first time Cave Hill Cemetery allowed the public to visit Muhammad Ali’s grave, the day after he was buried there. Here are excerpts from some of the first accounts.

It would have looked like any unremarkable rectangle of fresh sod had people not been snapping photos. A few brought flowers, one left a tiny set of boxing gloves. A man unfurled an Islamic flag and laid it alongside the grave. His headstone will be simple when it’s installed, in keeping with Muslim tradition. It will be inscribed with just one word: Ali (Associated Press).

From midnight until well after dawn, Louisville Police Det. Tom Hodgkins sat alone in his car atop an embankment deep in the heart of Cave Hill. There in the dark, with his engine turned off and windows rolled down, the only sound he could hear was a splashing fountain just down the hill. “If I said I didn’t go down there and spend a little time with the champ, I’d be lying,” Hodgkins said. “This place will never be the same. This little corner, anyway” (Courier-Journal).

In Glenview Trust Co.’s board, a portrait of many lives enriched

Discretion is everything in the wealth management world. That’s why the court challenge around the Glenview Trust Co.‘s launch 15 years ago grabbed such unwelcome headlines — before it got settled, of course, for $525,000. That controversial start apparently didn’t dent eventual success at the firm, which is akin to a large family office. Its motto: “enriching life.”

Today, Glenview — named for the posh community where the company is located east of Louisville — says it’s the commonwealth’s biggest independent trust company, working exclusively for individual investors. Glenview now represents more than 500 wealthy families, with a combined $6.5 billion in assets.

Its pitch: “Glenview Trust is a local, closely-held company with employee ownership, our professionals act and think differently. We are not accountable to a headquarters in a distant city, which allows us to effectively and efficiently accommodate our clients’ unique situations.”

Glenview has 40 employees, including nine attorneys. How much does it earn servicing those 500-plus families? That’s hard to estimate without knowing the firm’s fee schedule. Industrywide, fees vary widely, often stair-stepping down as account values rise. But applying a relatively low 0.5%, that would generate $33 million a year.