It's been a rough stretch for every banking CEO, and Goldman Sachs chief Lloyd Blankfein is no exception. While he did very well for himself in 2007—he took home a total of $67 million—he opted to forgo a bonus in 2008, and the $465 million in Goldman stock he owned at the beginning of 2008 was worth just $127 million by the end of the year. This probably explains why Blankfein's charitable contributions for 2008 fell off a cliff, too. In 2007, the Lloyd & Laura Blankfein Foundation handed out more than $1.5 million to more than three dozen charity groups. In 2008, the number dropped to $643,000. Almost every non-profit took a haircut: In 2007, for example, Blankfein and his wife gave more than $240,000 to Ethical Culture-Fieldston; in 2008, the number fell to just $45,000. But there were also a number of charities that were dropped altogether, such as the Robin Hood Foundation, which collected $390,000 from the Blankfeins in 2006 and $500,000 in 2007, but got zilch in 2008. The really grim news? Blankfein's foundation was only reporting contributions through January 2008, when the financial crisis was just beginning, which suggests much bigger drop-offs are yet to come. A look at the Blankfeins' contributions from 2006, 2007 and 2008 after the jump.
A handful of news outlets have been reporting that Michael Bloomberg is officially the "most generous living man in America," having given away a total of $235 million over the course of 2008, according to The Chronicle of Philanthropy. Bloomberg didn't come in No. 1 on the list, though. As NY1 tells it, "Bloomberg actually ranked ninth overall on the list. He was topped by eight others who died last year and gave greater amounts away in their wills." We're guessing this news will come as a big surprise to the still-living couple that came in at No. 3, Pete Peterson and his wife, Joan Ganz Cooney. [NY1, NYT]
Monica Noel, the wife of disgraced hedge fund manager, protested this week to the Post that she and her husband aren't really all that rich, notwithstanding the $500 million her husband's firm is estimated to have collected just by steering clients to invest with Bernie Madoff: "You write [that] our five daughters were brought up in the lap of luxury in their Greenwich estate. We don't live in an estate. We live in a normal house that was a cottage on two acres." That the "cottage" is just one of five properties that the Noels call home—there's also an apartment on Park Avenue, homes in Southampton and Palm Beach, and a "tropical retreat" in Mustique—Monica's claim doesn't seem to hold much water. But you wouldn't mistake the Noels for heavy-hitting philanthropists, at least judging by the couple's charitable donations in recent years. In 2006 (the last year for which info is available), the Walter and Monica Noel Family Foundation handed out a grand total of $169,000, most of it distributed in amounts of $250 or $500 to organizations like Americares, the YMCA of Greenwich, and the International Rescue Committee. After the jump, the complete list of non-profit groups that benefited from Noel's lucrative relationship with Bernie Madoff.
You won't get a massive apartment for $2.5 million, but you can stamp your name on one of the city's most prominent landmarks for that amount. Two plaques attached to the famed fountain in Washington Square Park were unveiled today. They're dedicated to Larry and Bob Tisch, the late fathers of Jon, Andrew, Laurie, Steve, and Jim Tisch. Sounds like the Tisch family got a pretty good deal. Poor Steve Schwarzman had to cough up $100 million for a plaque the same size outside the New York Public Library! [Curbed]
One things we learned from BlackBook's interview with "executive/heiress" Ivanka Trump: that one of the causes she's particularly passionate about is her brother Eric's foundation. Who knew The Donald's youngest son from his marriage to Ivana was "dedicated to improving the lives of children battling life-threatening or debilitating medical conditions"? The Eric Trump Foundation has a website, which you can peruse here. A look at the Events section might explain why it was on Ivanka's mind: The foundation's annual golf outing is taking place this afternoon at the Trump National Golf Club in Westchester.
With his brother Donald, Si Newhouse controls Advance Publications, the publishing empire that owns Condé Nast, a long list of newspapers, and countless other media assets. It's a business he inherited from his father. And it's made him one of New York's richest men for decades now, with a net worth estimated by Forbes earlier this year at $8.5 billion. A reclusive figure, Newhouse rarely speaks with reporters or attends events, preferring his top editors (like Anna Wintour, Graydon Carter, David Remnick) and executives (Chuck Townsend, Richard Beckman, David Carey) to talk to the media and soak up the limelight instead. But it's the low-key mogul, of course, who takes home the big checks, which he spends on art (his Picasso collection is reportedly enormous) and donating money to various philanthropic concerns. Which causes exactly?
It's been a rough few months for Lehman Brothers CEO Dick Fuld. Many harbor doubts the bank will survive as an independent firm for much longer; clients have been abandoning Lehman in droves; and Fuld has been aggressively trying to raise money, a process that hasn't been easy although he may have found a savior in a Korean bank as of this morning. No matter what the outcome, though, it's clear Fuld's golden reputation has been tarnished. Several of his deputies have been forced out. Last week he announced another round of layoffs that will cut the payroll by 1,500 jobs. So who doesn't dislike Dick at this moment? The beneficiaries of the Kathy and Richard S. Fuld Family Foundation are presumably standing by his side, just as long as he makes good on all the donations he's promised. After the jump, what Fuld did with the $1.8 million he donated to charity for the most recent year publicly available, including the Museum of Modern Art ($379,960) and Middlebury College ($477,500). We're guessing, though, that Lehman doesn't have too many developmentally disabled employees in the mailroom. Fuld's smallest donation? A $100 check to Special Olympics of Connecticut.
Donna Karan no longer controls the company that bears her name: LVMH purchased the company in 2001 for $643 million, leaving her with an estimated $400 million fortune. She remains the company's creative director, of course, but she also keeps busy with philanthropic work. Last year the Queens-born designer shelled out $2.7 to various causes, including the $1 million to the Spirituality for Kids Foundation, which teaches Kabbalah to kids in schools. (Naturally, Madonna's also a big donor.) A fan of all sorts of new-age fads (she's expressed her fondness for "therapeutic screaming" and past life regressions in the past), Karan also has a soft spot for Tibet. Her Karan Weiss Foundation (which reflects the name of her late husband) contributed $200,000 to The Norbulingka Institute, which is dedicated to preserving Tibetan culture, and $20,000 to the International Tibetan Medical Association. The entire list—including her token $1,000 contribution to Bill Clinton's Global Initiative and the $59,000 she gave to pal Russell Simmons' foundation—after the jump.
Very little has ever been revealed about the business dealings of Jeffrey Epstein, the shadowy money manager who will be spending the next 16 months or so in a Palm Beach jail cell after pleading to soliciting an underage prostitute in late June. Long described as "mysterious" and "reclusive," the only client of his who has been confirmed over the years has been Leslie "Les" Wexner, the billionaire founder of Limited Brands. Epstein once boasted to a reporter that he wouldn't even consider taking on a client who didn't have a billion dollars or more in the bank. You can now add a new billionaire to the list of Epstein associates: Leon Black, the co-founder of Apollo Management. Black recruited Epstein to serve on the board of his charitable organization, the Leon D. Black Foundation. Listed on the non-profit's IRS returns alongside Leon and his wife, Debra: Epstein's name and the address of the waterfront home where Epstein was accused of carrying out his sexual misdeeds with minors. More on this jaw-dropping revelation below.
Harvey Weinstein has had trouble coming up with box office hits as of late (and has had to contend with speculation that his film company may not remain independent for much longer), but he's not exactly in the poor house. He's got a lavish townhouse in the Village and a massive spread in Connecticut. And he's diversified into cable channels, magazines, websites, bars, and fashion companies. Does he give back to the community? Not so much! At least not when it comes to writing checks in honor of his mother and late father, Miriam and Max, for whom his previous film company, Miramax was named (and which he sold to Disney for about $80 million in 1993). Last year, the Max Family Foundation, which is controlled by Harvey and his brother Bob, handed out $96,000. When you subtract the foundation's legal and accounting expenses, though, the Weinsteins' charitable contributions total just $64,000. Documentation after the jump!
Henry Kravis announced this week that his private equity powerhouse, KKR, plans to go public by the end of the year, a move that will probably end up making him substantially richer than he already is. (He was worth $5.5 billion in 2007, according to Forbes.) What does Henry do with his riches? He buys expensive homes for one thing, like the manse in Palm Beach he purchased in 2006 for $50 million (and which didn't even come with an oceanfront view). No, modesty and humility has never Kravis' strong suit. This is, after all, a man who once lived in a house where his chef could pipe the smell of freshly-baked croissants and coffee into the guestrooms to gently wake them up in the morning. (Sure beats that Dream Machine clock-radio you've been using for the past decade!) But Kravis also directs a fair amount of cash to charity with his third wife, Marie-Josee. In 2006, the couple handed out $5.9 million to a long list of art, culture, and educational institutions. The David Saltzman-led Robin Hood Foundation took home $1 million, as did Rockefeller University. The smallest contribution? The $200 the Kravises gave to Project Angel Food, which feeds people homebound by HIV/AIDS. The full list of donations by the Marie-Josee and Henry R. Kravis Foundation after the jump.
If you talk to Donald Trump, he'll happily tell you he's worth $6 billion. No one really believes that figure, of course. Forbes estimated his net worth at $3 billion in 2008. And Tim O'Brien, the New York Times reporter who wrote the 2005 book TrumpNation and devoted an entire chapter to debunking estimates of Trump's riches, pegged the figure at $150 million. (The suggestion that Trump was not, in fact, a billionaire led The Donald to file a libel suit against O'Brien and his publisher for $5 billion.) Presumably even O'Brien would concede Trump is worth more than $150 million these days, what with all those deals to license his name to developments from Denver to Dubai and lines of steak, water, clothing, cologne, and motor oil. (Okay, we made that last one up.) When it comes to the Donald J. Trump Foundation, however, it may not be in his best interest to exaggerate. Because if he really was worth $6 billion, he'd also be one of the cheapest men in the city. Trump handed out just $850,000 last year, the equivalent of someone worth $1 million giving away a total of $141. It's progress, though! The figure is triple what he gave away in 2003.
JPMorgan chief Jamie Dimon doesn't exactly have a rep as the most sympathetic guy. He's long been known to berate employees, he once got physical with a former colleague, Deryck Maughan, and he's been just as blunt with the press. ("What do I think of our competitors? I hate them! I want them to bleed!" he once exclaimed when asked about his competition.) More recently, he made news after he told Citigroup CEO Vikram Pandit to "stop being such a jerk" on a conference call. So it might come as some surprise that he's a wee bit more generous than Goldman CEO Lloyd Blankfein when it comes to writing checks to charity. Dimon handed out $1.8 million last year (compared to Blankfein's paltry $1.5 million), including a $1 million gift to the University of Chicago and $120,000 to Columbia's National Center on Addiction and Substance Abuse. The full report after the jump.
It's been more than ten years since Seinfeld went off the air, but Jerry Seinfeld still rakes it in: It's been estimated he collects as much as $60 million a year from reruns, DVD sales, and the occasional stand-up gig. Of course, he and wife Jessica know how to spend that money, too. But in addition to their many extravagances (huge apartment in the Beresford, massive estate in East Hampton, hundreds of Porsches), the couple donates a good chunk of change to charity. So which charities are the beneficiaries of the esteemed Seinfeld Family Foundation? Jerry's largest donation was to Scholarship America ($950,905). But he also handed over some cash to other causes near and dear, like the Comedy Cures Foundation ($1,000) and a non-profit that teaches chess to public high school students ($500). Have a look for yourself at the $3 million the Seinfelds handed out in 2006 after the jump.
You didn't think Dan Loeb had a heart, did you? Not withstanding the hedge fund mogul's rep for writing vicious letters to CEOs and otherwise terrifying underperforming management teams, Loeb likes to give a couple of bucks to charity from time to time, too. At least he was good for $778,615 in 2006. Where did the money go? He gave 100K to the Jewish Enrichment Center and 75K to the Michael J. Fox Foundation. The public radio station WNYC wasn't as lucky: The billionaire gave the non-profit $100. The one-time ladies' man does, however, seem to have a bit more sympathy for young anorexic women: Loeb made out a check for $250 to the National Eating Disorder Association. The entirety of his charitable activities for 2006 after the jump.
Diane von Furstenberg and husband Barry Diller—who collected $295 million in salary and stock in 2007 as the chairman of IAC—have never had any problems spending money. Look no further than Diller's $200 million boat, EOS, one of the most expensive sailing ships in the world. But some of the money goes to charity, not just hyper-luxurious ocean vessels! The legendarily temperamental media mogul seems to have a softer side, contrary to popular opinion. Below, details on the Diller-von Furstenberg Family Foundation, which seems to be considerably more legitimate than the Diller-von Furstenberg marriage itself.
It's good to be Lloyd Blankfein: In 2007, the Goldman Sachs chief collected $68.5 million in cash and stock, monies he plowed into the real estate market with the purchase of an apartment at 15 Central Park West for $27 million and a ten-acre home in the Hamptons for $41 million. But he also gave a few bucks to charity, too! After the jump, the nitty gritty details from the Lloyd and Laura Blankfein Foundation, including his astonishingly generous $262 gift to the American Stroke Association.
Former Bear Stearns chief Jimmy Cayne has had a lousy few months, hasn't he? It was while Cayne was frittering away his days on the golf course that the investment bank imploded, of course, and the firm was later sold off for pennies on the dollar to Jamie Dimon's JP Morgan. Thousands of people lost their jobs, the Bear name has since been relegated to the dust bin of Wall Street history, and there's even been chatter that Cayne could face criminal charges in connection with the firm's demise. Then there's the humiliation of watching his personal fortune go up in smoke: Once worth more than $1 billion, Cayne now has less than 10% of that to his name these days. (Embarrassingly, Cayne's little nephew—who he broke into the business—is worth more.) Not that anyone is feeling sorry for Jimmy and his wife, Pat, now that they'll be forced to think twice before ordering up a $5,000 bottle of 1959 Château Margaux the next time they visit Le Bernardin. But those reveling in the schadenfreude, though, haven't considered the people who are really going to suffer: Jewish orphans! After the jump, everything you wanted to know about the James E. Cayne and Patricia D. Cayne Charitable Trust.