On this day in 1965, after just 3 days The Rolling Stones decide to engage Allen Klein as their co-manager along with long term manager Andrew Loog Oldham.

In 1966 Klein bought out Loog Oldham. This was the start of what Richards later called an expensive education. For now everything was tickerty boo (i.e. good). Klein began to work his magic for the Stones. Klein’s magic was to wring more money out of the record label for the artists.

The first time he had managed to do this was with Bobby Daring. The story is that he ran into Darin at a party and said “How would you like to make $100,00?” When asked what Darin would have to do Klein said nothing. Klein reviewed Darin’s books and went after the record company. A $100,000 cheque was soon on its way to Darin.

At the start of their relationship both the Stones and Klein profited. So much so that Jagger had no hesitation in recommending Klein to The Beatles. However, Jagger began to have doubts about Klein’s honesty. When he asked Bill Wyman he did not like him Wyman told Klein truthfully that he did not trust him.

Eventually the Stones sacked Klein and the inevitable court case ensued. The settlement (giving rise to Richards’ expensive education quote) gave control of most of the pre-1970 Stone’s recordings to Klein. (Klein set up ABKCO to release the growing number of records he owned). After Klein The Stones ran their own affairs setting up Rolling Stones Records, their first album on their own label was Sticky Fingers.

Klein died on 4th July 2009 aged 77 of Alzheimer’s.

By the way if you are getting the impression that Klein was universally bad for music I should point out that Klein did inspire song writers. McCartney wrote “You never give me your money/You only give me your funny papers” about him and Lennon “Steel and Glass”.