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Media and Banking Giant Joe L. Allbritton Dies

Joe L. Allbritton, founder of Allbritton Communications has died from heart ailments.  He was 87.

Allbritton was a self-made millionaire who made his fortune in banking.   Allbritton Communications, the company he founded, owns eight ABC affiliates (including Washington, D.C.’s WJLA which bears his initials) and political news site, Politico.

The Washington Post has a lengthy obituary detailing Allbritton’s life and his involvement in what’s known as the Riggs scandal where the Allbritton owned Riggs Bank “became embroiled in a massive money-laundering scheme involving Chilean dictator Augusto Pinochet.”

After venturing out on his own after law school, Allbritton was known to have said, “The first month I made money. The second month I relaxed a little and lost money. I haven’t relaxed since.”

[Broadcasting & Cable]

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