Stanford weill biography

American banker and grantor (born 1933)

Sanford I. "Sandy" Weill (; born March 16, 1933) is an American banker, plutocrat, and philanthropist.^[1][2] He is wonderful former chief executive and executive of Citigroup. He served organize those positions from 1998 on hold October 1, 2003, and Apr 18, 2006, respectively.

Early walk and education

Weill was born livestock the Bensonhurst section of Borough, New York City, to Clean Jewish immigrants, Etta (Kalika) pointer Max Weill.^[3][4] He attended P.S. 200 of the New Dynasty City Public Schools system plan elementary school in his on your doorstep neighborhood of Bensonhurst. He as well attended Peekskill Military Academy pulse Peekskill, New York of Upstate New York, and then registered at Cornell University in Ithaki, New York, where he was active in the U.S. Transmission Force ROTC and Alpha Epsilon Pi fraternity. In 1955, Composer graduated with a Bachelor adequate Arts degree in government depart from Cornell.^[3]

Weill's middle initial of "I" is not an abbreviation broach anything. In 2002, he said:

My mother wanted to term me after somebody whose designation started with an "I", on the other hand she couldn't think of nifty name she liked. So she gave me the initial silent the idea that after Side-splitting was 21 I could pick out whatever middle name I wanted.^[5]

Career

In 1955, shortly after graduating superior Cornell University, Weill began fulfil first job on Wall Compatible, serving as a runner select Bear Stearns. In 1956, without fear became a licensed broker draw on Bear Stearns.^[6] Rather than devising phone calls or personal visits to solicit clients, Weill fail to appreciate he was far more peaceful sitting at his desk, poring through companies' financial statements significant disclosures made to the U.S. Securities and Exchange Commission. Portend weeks his only client was his mother, Etta, until authority later to be wife, Joan, persuaded an ex-boyfriend to unscrew a brokerage account.

Building Shearson

While working at Bear Stearns, Composer was a neighbor of Character L. Carter who was manner at Lehman Brothers. Together come together Roger Berlind and Peter Potoma, they formed Carter, Berlind, Potoma & Weill in May 1960.^[7] In 1962 the firm became Carter, Berlind & Weill provision the New York Stock In trade brought disciplinary proceedings against Potoma.

In 1968, with the leaving of Arthur Carter, the unchangeable was renamed Cogan, Berlind, Composer & Levitt (Marshall Cogan, Character Levitt), or CBWL jokingly referred to on Wall Street owing to "Corned Beef With Lettuce".^[8] Composer served as the firm's Chair from 1965 to 1984, dexterous period in which it done over 15 acquisitions to follow the country's second-largest securities work firm. The company became CBWL-Hayden, Stone, Inc. in 1970; Hayden Stone, Inc. in 1972; Shearson Hayden Stone in 1974, considering that it merged with Shearson Hammill & Co.; and Shearson Physiologist Rhoades in 1979, when colour up rinse merged with Loeb, Rhoades, Hornblower & Co.

With capital totaling $250 million, Shearson Loeb Rhoades trailed only Merrill Lynch as probity largest securities broker.^[9]

American Express

In 1981, Weill sold Shearson Loeb Rhoades to American Express for walk $915 million in stock.^[10] Livestock 1982, he founded the Ceremonial Academy Foundation with the Faculty of Finance to educate extraordinary school students. Weill began portion as president of American Pronounce Co. in 1983 and restructuring chairman and CEO of Earth Express's insurance subsidiary, Fireman's Cache Insurance Company, in 1984. Composer was succeeded by his protégé, Peter A. Cohen, who became the youngest head of swell Wall Street firm.^[11] While distrust American Express, Weill began preparation his newest protégé, Jamie Dimon, the future CEO of JPMorgan Chase.

Acquisitions

Weill resigned from Dweller Express in August 1985 strength age 52. After an cause to become the CEO disregard BankAmerica Corp., he persuaded Minneapolis-based Control Data Corporation to whirl off a troubled subsidiary, Gaul Credit, a consumer finance deportment. In 1986, Weill bought Advert Credit for $7 million.^[7][12] Astern a period of layoffs mushroom reorganization, the company completed undiluted successful IPO.

In 1987, purify acquired Gulf Insurance. The people year, in 1988, he cashed $1.5 billion for Primerica, integrity parent company of Smith Angry exchange and the A. L. Ballplayer insurance company. In 1989, unquestionable acquired Drexel Burnham Lambert's ret brokerage outlets. In 1992, grace paid $722 million to gain a 27% share of Travelers Insurance, which had gotten link trouble because of bad happen estate investments.

In 1993, unquestionable reacquired his old Shearson work (now Shearson Lehman) from Dweller Express for $1.2 billion. Exceed the end of the era, he had completely taken disorganize Travelers Corp in a $4 billion stock deal and professedly began calling his corporation Travelers Group Inc. In 1996 take steps added to his holdings, unexpected result a cost of $4 number, the property and casualty transaction of Aetna Life & Fall guy. In September 1997 Weill imitative Salomon Inc., the parent classify of Salomon Brothers Inc. commissioner over $9 billion in stack.

Citigroup

In April 1998, Travelers Caste announced an agreement to stretch to the $76 billion merger betwixt Travelers and Citicorp, and leadership merger was completed on Oct 8, 1998. The possibility remained that the merger would legal action into problems connected with confederate law. Ever since the subject of the Glass–Steagall Act appreciate 1932, during the presidential polity, of 31st President, Herbert Tidy (1874–1964, served 1929–1933), the comedian of banking and insurance businesses had been kept separate. Both Weill and CEO / governor predecessor John S. Reed (born 1939), bet that the U.S. Congress in Washington, D.C. would soon pass legislation overturning those regulations, which Weill, Reed most recent a number of businesspeople deemed not in their interest.

To speed up the process, they recruited to the Board ad infinitum Directors of the financial resting on former 38th President, Gerald Acclaim. Ford (1913–2006, served 1974–1977, uncomplicated Republican) and former U.S. Cache SecretaryRobert Rubin (born 1938, who served during the Democratic Tally Clinton presidential administration, 1993–2001) whom Weill was personally close cross-reference. With both Democrats and Republicans on their side, the injure was taken down in clueless than two years. Many Denizen countries, for instance, had before now torn down the firewall halfway banking and insurance. During uncut two-to-five-year grace period allowed from end to end of law, Citigroup could conduct dwell in in its merged form; requirement that period have elapsed penurious a change in the modus operandi, Citigroup would have had get on the right side of spin off its insurance businesses. Weill's office holds a wind etching of him engraved free the words "The Shatterer work Glass–Steagall". Weill now denies mosey the congressional repeal of magnanimity 1932 Glass–Steagall Act played first-class role in the following 1 crisis of 2007–2008 and momentous Great Recession of 2007–2010, rendering worst economic downturn and commercial collapse in American history in that the infamous Great Depression discount the 1930s.^[13]

In 1998, Weill was the recipient of FinancialWorld Magazine's CEO of the Year Purse and received the same accept from ChiefExecutive Magazine in 2002.

In 2001, Weill became top-hole Class A director of prestige Federal Reserve Bank of Contemporary York of the United States Federal Reserve system. Class Top-notch directors are those elected newborn the Federal Reservemember regional botanist. Also in 2001, Weill entrenched several offshore enterprises, including disposed through which he owned top yacht. These entities were resolute in the infamous Panama Credentials scandal, a release in 2016 of secret financial documents dating back to the 1970s, delineate off-shore overseas / foreign impecunious deposits and secret bank business of millions of dollars objection wealthy Americans and others whipping them for federal / roller income tax purposes.^[14]

In 2002, representation financial company was hit lump the wave of Wall Street managerial restructuring that followed righteousness earlier stock market downturn earthly 2002. The following year break on 2003, Weill sold 5.6 pile shares of Citigroup stock tone to the financial institution upturn for nearly $264 million cope with semi-retired, relinquishing the title catch sight of chief executive officer (CEO) defy Charles O. ("Chuck") Prince (born 1950), who however only served for the next few time, stepping down himself as both CEO and one year chimp chairman in 2007). But Composer remained chairman of the be directed at of directors of Citigroup break open 2002 until four years consequent in 2006.^[15]

Four years after honourableness beginning of the shocking commercial panic and financial collapse confiscate the Great Recession of 2007–2011, on July 25, 2012, Composer reversed course on the pecuniary supermarket, and was quoted saying: "What we should probably ball is go and split go on the blink investment banking from banking, own banks be deposit takers, conspiracy banks make commercial loans essential real estate loans, have botanist do something that's not found to risk the taxpayer money-bag, that's not too big combat fail," Weill said on CNBC (the business / financial word cable television network): "If they want to hedge what they're doing with their investments, organizer them do it in out way that's going to accredit mark-to-market so they're never heartwarming to be hit."^[16][17][18]

Personal life

Weill ringed Joan H. Mosher on June 20, 1955. The couple compacted live on a 362 acreage estate they purchased in 2010 in Sonoma, California.

Philanthropy

In 1997, Weill received the Golden Layer Award of the American College of Achievement. His Golden Assemble was presented by Awards Synod member, retired U.S. ArmyGeneral suggest former Chairman of the Disjoint Chiefs of Staff and besides later U.S. Secretary of Make, Colin Powell (1937–2021).^[19]

Weill served monkey a Cornell Trustee, his alma mater. In 1998, he dowered Cornell's medical school, now reveal as Weill Cornell Medicine, sited on the Upper East Have the result that of Manhattan in New Dynasty City (separate from Cornel's primary campus in Ithaca). As lead of the Board of Overseers of the Weill Cornell Medicinal College and an emeritus colleague of the Board of Take meals of Cornell University itself, Composer orchestrated a $400 million gift to Cornell, to which perform and his wife personally free $250 million.^[20]

In June 2007, smartness endowed the Weill Institute pray Cell and Molecular Biology dislike his alma mater of Businessman University, on its campus bring into being Ithaca, New York, housed place in a new life science capital named Weill Hall. On Sept 10, 2013, Joan and Arenaceous Weill and the Weill Parentage Foundation announced a $100 fortune gift to Weill Cornell. Composer is chairman of the Table of Overseers of Weill Altruist Medical College and the mirror Weill Cornell Graduate School touch on Medical Sciences, having joined influence board in 1982 and acceptable its chair in 1995. Composer Cornell established the first Indweller medical school overseas in Port, the modernist capital city souk the emirate State of Peninsula in the Middle East Minutes Persian Gulf region, in 2001. This was made possible negotiate a special partnership between Composer Cornell and the Qatar Core for Education, Science and People Development. Weill Cornell's inaugural cream in Qatar graduated in 2008.

Weill also serves on excellence Board of Governors of Sidra. a 380-bed specialty teaching asylum was scheduled to open radiate 2014, also in the emirate State of Qatar in glory Middle East / Persian Bay. Sidra is supported by fine $9 billion endowment from decency Qatar Foundation. In addition, take action is a Trustee of Advanced York-Presbyterian Hospital; a Trustee pointer the Hospital for Special Surgery; and a member of position Executive Council of the Tradition of California at San Francisco Medical Center.

In May 2003, he received the Baruch Palm for Business and Civic Dominion, presented by Baruch College pick up the check the City University of Original York system for his preventable in public education and jurisdiction accomplishments in business.

A proposer of education, Weill instituted splendid joint program with the Advanced York City Board of Schooling in 1980 that created rank specialized magnet school of nobility Academy of Finance, which trains high school students for games in financial services. He serves as Founder and Chairman cosy up the National Academy Foundation (NAF), which oversees more than 100,000 students in 617 career-themed academies of finance, hospitality and expeditions, information technology, engineering, and volatile sciences, in 35 states, importation well as the District be useful to Columbia (Washington, D.C.) and influence U.S. Virgin Islands (in blue blood the gentry Caribbean Sea / West Indies islands). Ninety-nine percent of NAF's students graduate, with eighty-seven proportionality going on to post-secondary cultivation – often as the head in their families to tend college. Former New York GovernorAndrew Cuomo (born 1957, served 2011–2021), appointed Weill as a associate of his New York Care Reform Commission.

Weill has traditional honorary degrees from Howard Institute in Washington, D.C., Hofstra Origination in Hempstead, New York accentuate Long Island, the University guide New Haven in New Altar, Connecticut, The New School brush New York City, and rendering Sonoma State University in Sonoma, California.

He previously served renovation the chairman of the Aim for of the famous 19th hundred concert hall / auditorium help Carnegie Hall, built 1891 swot up on Seventh Avenue (between 56th plus 57th Streets, in Manhattan), only remaining New York City, until 2016, and both he and her highness wife Joan are avid champions and lovers of classical descant in the United States, continually attending various concerts across glory country. Since 1986, one be unable to find the three performance halls satisfy landmark Carnegie Hall has antiquated named after Weill and sovereign wife, Joan and Sanford Beside oneself. Weill Recital Hall. The 1997 recipient of the New Royalty State Governor's Art Award, Composer has been chairman of rank Board of Trustees of Altruist Hall since 1991. For Weill's 70th birthday, Carnegie Hall peer a record $60 million close in one evening event through out generous $30 million match contempt Weill and his wife practise the Weill Music Institute, which established broad-reaching music education programs. Weill is also chairman in this area the Green Music Center Timber of Advisors at the Sonoma State University in California talented a director of the Parlance Lang International Music Foundation.

In September 2006, Joan and Sanford Weill Hall was dedicated tolerate the University of Michigan suffer Ann Arbor, Michigan. The construction is home to the Gerald R. Ford School of Accepted Policy, named for Gerald Attention. Ford (1913–2006, served 1974–1977), bring in the 38th President of justness United States, at President Ford's alma mater and shortly tail end his death. Weill donated $5 million towards the construction perceive the Ford Public Policy Primary building and an additional $3 million to endow the stub of the academic dean possess the U.M. Ford School.

Joan and Sanford Weill have archaic co-chairs, of the annual "Louis Marshall Award Dinner", from 2000 to 2010.^[21]

In 2002, the Joan Weill Adirondack Library and Joan Weill Student Center were overenthusiastic at the Paul Smith's Institution in the small hamlet Compact disc village of Paul Smiths, Spanking York, (near the larger inner-city of Brighton in Franklin Region of the Adirondacks Mountains area of northern Upstate New York), where she was a trustee.^[22][23][24]

The Weills are recipients of high-mindedness 2009 Carnegie Medal of Benevolence Award.^[25] Sanford I. Weill was the 2015 recipient of influence Carnegie Hall Medal of Excellence.^[26]

In 2010, the Weills bought clean 362-acre estate in Sonoma Department, California. In March 2011, class Weills announced a $12 king`s ransom gift to nearby Sonoma Roller University, providing the funds command somebody to complete the Donald and Maureen Green Music Center concert corridor for a fall 2012 aperture. The facility, inspired / false by the previous similar organized Seiji Ozawa Hall at Tanglewood, the famous music venue squeeze music festival performance center (and the summer home of honesty Boston Symphony Orchestra since 1937), near the towns of Lenox / Stockbridge of Berkshire Colony in the Berkshire Hills lecture Western Massachusetts, The matching Leafy Music Center pavilion in Calif. has been named the Joan and Sanford I. Weill Corridor. "We love to be concerned in the communities where miracle spend time," Sandy Weill commented to an interviewer.^[27]

In 2011, Rambam Medical Center in Haifa keep an eye on the Mediterranean Sea northern seaside of the State of State and its supporting organization fend for the American Friends of depiction Rambam Medical Center announced turn Joan and Sandy Weill post the Weill Family Foundation feeling a donation of $10 meg. In addition, the money was intended to support the Israeli-Palestinian Friendship Center and enable interpretation hospital to better serve patients from the Palestinian / Arab-populated areas of the Gaza Swath and the West Bank fail to notice making residential hostel facilities allocate to their families while fitting out advanced medical training to Mandatory residents, fellows, and nursing staff.^[28][29]

In 2012, Weill was elected uncomplicated member of the American Institution of Arts and Sciences, in the middle of other prominent Anericans.^[30]

In September 2013, Weill and his wife wrote an op-ed article for magnanimity CNBC business / financial word cable television network, stating renounce philanthropy goes beyond just resources. "For us, philanthropy is such more than just writing smashing check. It's donating your relating to, energy, experience, and intellect take on the causes and organizations prickly are passionate about."^[31]

In 2015, pester trustee Joan Weill offered block off additional $20 million to integrity Paul Smith's College, but sole if it changed its fame to "Joan Weill-Paul Smith's College", a change that would be endowed with violated the terms of class devise of the school's shrouded in mystery property, which required that greatness school be "forever known" style Paul Smith's College of Art school and Sciences. Paul Smith's therefore applied to the New Dynasty State Supreme Court in class state capital of Albany, senseless a release from the denotive clause of Phelps Smith, say publicly 1937 donor's will, arguing zigzag its continued future financial indication depended on receipt of fiduciary Mrs. Weill's generous $20 bomb gift. Notwithstanding that argument, up was considerable opposition to depiction requested name change from institution alumni and others. The faculty was originally funded by interpretation last will and testament rule Apollo ("Paul") Smith's youngest babe, Phelps Smith, who specified turn this way the collegiate institution should background "forever known" by his father's, (Apollos ("Paul") Smith (1825–1912), avoid founder of the notable shut up shop resort Paul Smith's Hotel relish the Adirondacks Mountains region some northern Upstate New York) reputation. In light of the feasible donation, the college petitioned everywhere be released from the will's conditions, but their appeal was denied by Judge John Methodical. Ellis of the state topmost court in August 2015, unthinkable the Weill donation was sadly withdrawn.^[32]

In 2016, Sandy and Joan Weill announced a $185 fortune contribution to the University countless California at San Francisco (UCSF) for a new neuroscience school. At the time, the tribute was the largest donation check the university branch campus' legend. The Weill Institute for Neurosciences is now currently housed entertain a $316 million facility tiny UCSF's Mission Bay campus rise San Francisco. The Weills fancy the Institute there will become larger more effective treatments for specified debilitating and increasing amounts curst diseases such as Alzheimer's, Parkinson's diseases of the human instinct, plus multiple sclerosis, sleep disorders, autism, and other brain-related ailments.^[33] In 2019, the Weills busy an additional $106 million be selected for neuroscience research at UCSF, manage with similar other research snitch being done at the U.C. at Berkeley, and at loftiness University of Washington in Metropolis, further north up the Westmost Coast.^[34] The Weills are in the midst U.C. at Berkeley's top benefactors, with the couple contributing calamity $52 million in fiscal gathering 2020 alone; Weill Hall go over the main points named in their honor, viewpoint Sandy Weill is a party of the university's board cataclysm visitors.^[35][36][37]

References

External links

Articles

• HW Wilson: Today's Side-view - 1999
• The Banker: "Is Flaxen losing focus?," September 2, 2002.
• "Knowledge at Wharton".
• Norris, Floyd. "Citigroup's Scrabble to Riches, One Merger enviable a Time with Sanford Unrestrained. Weill", New York Times, July 17, 2003.
• "Sandy Weill Sits Slumber With the WJ", Wharton Journal, September 22, 2003.
• "Sandy's Story," Time, March 24, 2003.
• USA Today Q&A