Not that Padraic, the brother of former Independent boss Ivan Fallon, makes his money from newspapers although he’s a director of Lord Rothermere’s Daily Mail and General Trust, owner of the Daily Mail, Mail on Sunday, Metro and much else besides.
Padraic is also chairman of Euromoney Institutional Investor, now wholly-owned by the Daily Mail, which was started back in the 1970s by then Mail City editor Patrick Sergeant with Fallon’s invaluable assistance.
Then it was the first publication to explore the mysteries of Eurodollars, the booming market in US dollars and dollar products traded in Europe.
Now it also runs hedge fund publications and a lucrative international array of events for those financial fat cats the Mail affects to despise.
And it makes oodles of money, £4.66m of which came Fallon’s way last year. This is after years of multi-million payouts.
Fallon even made more than Daily Mail editor in chief Paul Dacre who had to make do with £2.79m. But he is nearing retirement.
And who’s to say Padraic doesn’t deserve it? He helped a good idea along (he was probably the brains behind it) and then charted its profitable course very accurately through troubled financial and publishing waters.
And Euromoney did make £87m profit last year on revenues of £330m. The rest of DMGT made just over £100m on revenues of about £1.6bn.
It’s interesting though that the big money in journalism is in the more opaque realms of finance, just as it is for bankers.