For decades, the adage has hung over , scion of the $1.8 trillion Franklin Templeton fund dynasty. “Shirtsleeves to shirtsleeves in three generations,” the saying goes, describing the cyclical loss of family wealth. It’s a line, by Johnson’s own account, that her billionaire clan often invokes. Jenny Johnson is that third generation — the one that supposedly fritters away the business founded and built by the first two.