Dynasties of dysfunction

Photo composite of the Hogan family, the Grand Hyatt & the Hilton family (© Christopher Farina, Everett Kennedy Brown/epa/Corbis; Frazer Harrison/Getty Images)

The family that prays together stays together, it is said, but the family that does business together may be in serious jeopardy. Even though 80% of U.S. companies are family-owned, keeping them in the family has been shown to pose a serious threat to, well, family values.

Look at dynasties such as the Hiltons, Guccis, Spellings and Murdochs, and you'll see scandal, greed and jealousy elevated to high art.

Minyanville presents 10 dysfunctional family businesses that make the Corleones look cuddly. There's never been a better time to peek in on a clan that's even screwier than your own!

Continued: The Hiltons

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The Pritzkers: Hyatt's taxing tribe

The Pritzkers: Hyatt's taxing tribe - Grand Hyatt hotel © Everett Kennedy Brown/epa/Corbis

The Pritzker family fortune -- largely amassed from Jay Pritzker's founding of the Hyatt hotel chain and Robert Pritzker's Marmon Group -- has for decades been tied up in inheritance disputes and federal investigations. It's been said that the Pritzkers have exploited so many tax loopholes that their actual net worth is a mystery not just to the Internal Revenue Service but to many family members as well.

Earlier this year, Penny Pritzker, the daughter of Jay who for a time ran Superior Bank of Chicago, was reportedly being considered for commerce secretary by President Barack Obama. When she wasn't tapped, many speculated it was out of fear the extensive vetting process would uncover even more embarrassing tax planning. Read more on the litigious Pritzkers.

Continued: The Bronfmans

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The Bronfmans: Seagram slips away

The Bronfmans: Seagram slips away - Clarissa and Edgar Bronfman Jr. © Jamie McCarthy/WireImage.com

At its height, Seagram counted among its most popular alcoholic beverages Chivas Regal, Crown Royal, Martell, Absolut, Captain Morgan and Tropicana Pure Premium Original Orange Juice (because a screwdriver doesn't just make itself). But succession was so disorderly, egos were so outsized and so many mistakes were made that observers were left to wonder if the heir to the liquor dynasty was drunk.

And he was -- on the glitz and glamour of Hollywood. When Edgar Bronfman Jr. liquidated his family's stock in DuPont to chase his dreams in Tinseltown, his family and the business community alike were gobsmacked. Today, the dynasty is a shadow of its former self. Bronfman runs Warner Music, and the Seagram empire is controlled by outside interests. Read more at Minyanville.

Continued: Corporate family feuds (video)

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Corporate family feuds

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Published June 30, 2009

Minyanville.com

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