BOSTON FINANCIER PURCHASES CONTROL OF F.B.O. STUDIOS, ran the headline in a Hollywood trade paper in February of 1926, and the news sent shock waves through the business end of the film industry.
Hollywood studio chiefs in the mid-20s were almost all immigrants, men such as Carl Laemm le of Universal, Louis B. Mayer and Marcus Loew of MGM, and Adolph Zukor of Paramount, men who had started with arcades, nickelodeons, or small theaters and grown up with the business. Before Joseph P. Kennedy, no one had come from Wall Street and simply bought himself the presidency of a studio. “A banker?” said Marcus Loew, summing up their surprise. “I thought this business was for furriers.”
The tall, sandy-haired, 37-year-old Kennedy also presented a sharp physical contrast to the other…