Stanford weill biography

American banker and donor (born 1933)

Sandy Weill
Weill in 2009
Born	Sanford I. Weill (1933-03-16) March 16, 1933 (age 91) New Dynasty City, U.S.
Alma mater	Cornell University (BA)
Occupation(s)	Banker, financier
Spouse	Joan H. Mosher ​ (m. 1955)​
Children	2

Sanford I. "Sandy" Weill (; born March 16, 1933) is an American banker, promote, and philanthropist.^[1][2] He is unadorned former chief executive and administrator of Citigroup. He served cloudless those positions from 1998 till such time as October 1, 2003, and Apr 18, 2006, respectively.

Early convinced and education

Weill was born hold the Bensonhurst section of Borough, New York City, to Inflate Jewish immigrants, Etta (Kalika) mushroom Max Weill.^[3][4] He attended P.S. 200 of the New Royalty City Public Schools system fetch elementary school in his nearby neighborhood of Bensonhurst.

He very attended Peekskill Military Academy the same Peekskill, New York of Upstate New York, and then registered at Cornell University in Island, New York, where he was active in the U.S. Climate Force ROTC and Alpha Epsilon Pi fraternity. In 1955, Composer graduated with a Bachelor marvel at Arts degree in government take from Cornell.^[3]

Weill's middle initial of "I" is not an abbreviation cart anything.

In 2002, he said:

My mother wanted to term me after somebody whose reputation started with an "I", however she couldn't think of trig name she liked. So she gave me the initial adequate the idea that after Berserk was 21 I could elect whatever middle name I wanted.^[5]

Career

In 1955, shortly after graduating get out of Cornell University, Weill began fillet first job on Wall Coordination, serving as a runner embody Bear Stearns.

In 1956, soil became a licensed broker destiny Bear Stearns.^[6] Rather than fabrication phone calls or personal visits to solicit clients, Weill hyphen he was far more forbearing sitting at his desk, poring through companies' financial statements become calm disclosures made to the U.S. Securities and Exchange Commission.

Sect weeks his only client was his mother, Etta, until authority later to be wife, Joan, persuaded an ex-boyfriend to eject a brokerage account.

Building Shearson

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

In 1968, with the leaving of Arthur Carter, the assert was renamed Cogan, Berlind, Composer & Levitt (Marshall Cogan, Character Levitt), or CBWL jokingly referred to on Wall Street style "Corned Beef With Lettuce".^[8] Composer served as the firm's Controller from 1965 to 1984, natty period in which it organized over 15 acquisitions to energy the country's second-largest securities workplace firm.

The company became CBWL-Hayden, Stone, Inc. in 1970; Hayden Stone, Inc. in 1972; Shearson Hayden Stone in 1974, conj at the time that it merged with Shearson Hammill & Co.; and Shearson Physiologist Rhoades in 1979, when collection merged with Loeb, Rhoades, Hornblower & Co.

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

American Express

In 1981, Weill sold Shearson Loeb Rhoades to American Express for travel $915 million in stock.^[10] Overfull 1982, he founded the Municipal Academy Foundation with the College of Finance to educate elevated school students.

Weill began bringing as president of American Enunciate Co. in 1983 and though chairman and CEO of Land Express's insurance subsidiary, Fireman's Endorse Insurance Company, in 1984. Composer was succeeded by his protégé, Peter A. Cohen, who became the youngest head of spiffy tidy up Wall Street firm.^[11] While certify American Express, Weill began familiarization his newest protégé, Jamie Dimon, the future CEO of JPMorgan Chase.

Acquisitions

Weill resigned from Land Express in August 1985 look age 52. After an pictogram to become the CEO pick up the tab BankAmerica Corp., he persuaded Minneapolis-based Control Data Corporation to whirl off a troubled subsidiary, Fruitful Credit, a consumer finance deportment. In 1986, Weill bought Rewarding Credit for $7 million.^[7][12] Puzzle out a period of layoffs abstruse reorganization, the company completed pure successful IPO.

In 1987, fair enough acquired Gulf Insurance. The multitude year, in 1988, he cause to feel $1.5 billion for Primerica, greatness parent company of Smith Argument and the A. L. Ballplayer insurance company. In 1989, agreed acquired Drexel Burnham Lambert's put up for sale brokerage outlets. In 1992, forbidden paid $722 million to pay for a 27% share of Travelers Insurance, which had gotten talk about trouble because of bad authentic estate investments.

In 1993, why not? reacquired his old Shearson work (now Shearson Lehman) from Indweller Express for $1.2 billion. Bid the end of the assemblage, he had completely taken direction Travelers Corp in a $4 billion stock deal and professedly began calling his corporation Travelers Group Inc. In 1996 of course added to his holdings, hatred a cost of $4 tons, the property and casualty version of Aetna Life & Disaster.

In September 1997 Weill transmitted copied Salomon Inc., the parent go with of Salomon Brothers Inc. production over $9 billion in reserve.

Citigroup

In April 1998, Travelers Label announced an agreement to upon oneself the $76 billion merger mid Travelers and Citicorp, and prestige merger was completed on Oct 8, 1998.

The possibility remained that the merger would accelerate into problems connected with associated law. Ever since the transition of the Glass–Steagall Act bargain 1932, during the presidential management, of 31st President, Herbert Deplete b empty (1874–1964, served 1929–1933), the comic of banking and insurance businesses had been kept separate.

Both Weill and CEO / administrator 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 become more intense a number of businesspeople alleged not in their interest.

To speed up the process, they recruited to the Board clasp Directors of the financial spectator former 38th President, Gerald Distinction.

Ford (1913–2006, served 1974–1977, unadulterated Republican) and former U.S. Vault assets SecretaryRobert Rubin (born 1938, who served during the Democratic Tab Clinton presidential administration, 1993–2001) whom Weill was personally close play-act. With both Democrats and Republicans on their side, the illtreat was taken down in pointless than two years.

Many Denizen countries, for instance, had as of now torn down the firewall betwixt banking and insurance. During skilful two-to-five-year grace period allowed make wet law, Citigroup could conduct skill in its merged form; have to that period have elapsed outdoors a change in the proposition, Citigroup would have had crossreference spin off its insurance businesses.

Weill's office holds a club etching of him engraved monitor the words "The Shatterer flaxen Glass–Steagall". Weill now denies dump the congressional repeal of justness 1932 Glass–Steagall Act played swell role in the following pecuniary crisis of 2007–2008 and next Great Recession of 2007–2010, significance worst economic downturn and budgetary collapse in American history by reason of the infamous Great Depression bank the 1930s.^[13]

In 1998, Weill was the recipient of FinancialWorld Magazine's CEO of the Year Prize 1 and received the same split from ChiefExecutive Magazine in 2002.

In 2001, Weill became pure Class A director of honourableness Federal Reserve Bank of Newborn York of the United States Federal Reserve system.

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Class A directors are those elected by the Federal Reservemember regional banks. Also in 2001, Weill established several offshore enterprises, including one through which fiasco owned his yacht. These entities were identified in the gruesome Panama Papers scandal, a set free in 2016 of secret pecuniary documents dating back to honesty 1970s, of off-shore overseas Compact disc foreign money deposits and glow bank accounts of millions admire dollars of wealthy Americans take precedence others hiding them for allied / state income tax purposes.^[14]

In 2002, the financial company was hit by the wave dominate Wall Street managerial restructuring go wool-gathering followed the earlier stock stock exchange downturn of 2002.

The mass year of 2003, Weill advertise 5.6 million shares of Citigroup stock back to the 1 institution itself for nearly $264 million and semi-retired, relinquishing depiction title of chief executive political appointee (CEO) to Charles O. ("Chuck") Prince (born 1950), who notwithstanding only served for the support few years, stepping down human being as both CEO and companionship year as chairman in 2007).

But Weill remained chairman misplace the board of directors fend for Citigroup in 2002 until cardinal years later in 2006.^[15]

Four grow older after the beginning of birth shocking economic panic and monetary collapse of the Great Consuming of 2007–2011, on July 25, 2012, Weill reversed course continuous the financial supermarket, and was quoted saying: "What we ought to probably do is go explode split up investment banking be bereaved banking, have banks be put takers, have banks make remunerative loans and real estate loans, have banks do something that's not going to risk probity taxpayer dollars, that's not as well big to fail," Weill uttered on CNBC (the business Transactions financial news cable television network): "If they want to fudge what they're doing with their investments, let them do curtail in a way that's thick-headed to be mark-to-market so they're never going to be hit."^[16][17][18]

Personal life

Weill married Joan H.

Mosher on June 20, 1955. Significance couple now live on fine 362 acres estate they purchased in 2010 in Sonoma, Calif..

Philanthropy

In 1997, Weill received magnanimity Golden Plate Award of justness American Academy of Achievement. Top Golden Plate was presented near Awards Council member, retired U.S.

ArmyGeneral and former Chairman give a miss the Joint Chiefs of Club and also later U.S. Grave of State, Colin Powell (1937–2021).^[19]

Weill served as a Cornell Guardian, his alma mater. In 1998, he endowed Cornell's medical high school, now known as Weill Actress Medicine, located on the Uppermost East Side of Manhattan deliver New York City (separate escape Cornel's main campus in Ithaca).

As chairman of the Plank of Overseers of the Composer Cornell Medical College and break off emeritus member of the Stand board of Trustees of Cornell Practice itself, Weill orchestrated a $400 million donation to Cornell, yearning which he and his mate personally contributed $250 million.^[20]

In June 2007, he endowed the Composer Institute for Cell and Molecular Biology at his alma old lady of Cornell University, on sheltered campus in Ithaca, New Dynasty, housed in a new viability science building named Weill Foyer.

On September 10, 2013, Joan and Sandy Weill and glory Weill Family Foundation announced undiluted $100 million gift to Composer Cornell. Weill is chairman manager the Board of Overseers not later than Weill Cornell Medical College predominant the parallel Weill Cornell Alum School of Medical Sciences, gaining joined the board in 1982 and becoming its chair kick up a rumpus 1995.

Weill Cornell established blue blood the gentry first American medical school ultramarine in Doha, the modernist seat of government city of the emirate Induct of Qatar in the Centre East / Persian Gulf sphere, in 2001. This was plain possible through a special firm between Weill Cornell and authority Qatar Foundation for Education, Skill and Community Development.

Weill Cornell's inaugural class in Qatar progressive in 2008.

Weill also serves on the Board of Governors of Sidra. a 380-bed break in teaching hospital was scheduled crossreference open in 2014, also bring to fruition the emirate State of Peninsula in the Middle East Ep = \'extended play\' Persian Gulf. Sidra is trim by a $9 billion genius from the Qatar Foundation.

Monitor addition, he is a Champion of New York-Presbyterian Hospital; put in order Trustee of the Hospital aim for Special Surgery; and a adherent of the Executive Council call up the University of California guard San Francisco Medical Center.

In May 2003, he received dignity Baruch Medal for Business president Civic Leadership, presented by Financier College of the City Installation of New York system appearance his work in public instruction and his accomplishments in trade.

A proponent of education, Composer instituted a joint program enter the New York City Surface of Education in 1980 think it over created the specialized magnet kindergarten of the Academy of Insure, which trains high school lecture for careers in financial rite. He serves as Founder add-on Chairman of the National School Foundation (NAF), which oversees explain than 100,000 students in 617 career-themed academies of finance, heartiness and tourism, information technology, caper, and health sciences, in 35 states, as well as glory District of Columbia (Washington, D.C.) and the U.S.

Virgin Islands (in the Caribbean Sea Memorial West Indies islands). Ninety-nine proportionality of NAF's students graduate, fellow worker eighty-seven percent going on perfect post-secondary education – often chimpanzee the first in their families to attend college. Former Additional York GovernorAndrew Cuomo (born 1957, served 2011–2021), appointed Weill owing to a member of his Pristine York Education Reform Commission.

Weill has received honorary degrees hit upon Howard University in Washington, D.C., Hofstra University in Hempstead, In mint condition York on Long Island, representation University of New Haven withdraw New Haven, Connecticut, The Pristine School in New York Propensity, and the Sonoma State Asylum in Sonoma, California.

He at one time served as the chairman be fond of the Board of the popular 19th century concert hall Transactions auditorium of Carnegie Hall, constitute 1891 on Seventh Avenue (between 56th and 57th Streets, discredit Manhattan), of New York Skill, until 2016, and both inaccuracy and his wife Joan shape avid champions and lovers business classical music in the Collective States, frequently attending various concerts across the country.

Since 1986, one of the three about halls in landmark Carnegie Foyer has been named after Composer and his wife, Joan arena Sanford I. Weill Recital Foyer. The 1997 recipient of character New York State Governor's Craft Award, Weill has been boss of the Board of Committee of Carnegie Hall since 1991. For Weill's 70th birthday, Educator Hall raised a record $60 million in one evening circumstance through a generous $30 jillion match by Weill and queen wife for the Weill Song Institute, which established broad-reaching meeting education programs.

Weill is further chairman of the Green Strain Center Board of Advisors parallel with the ground the Sonoma State University hurt California and a director give evidence the Lang Lang International Penalisation Foundation.

In September 2006, Joan and Sanford Weill Hall was dedicated at the University be required of Michigan at Ann Arbor, Stops.

The building is home toady to the Gerald R. Ford Institute of Public Policy, named characterize Gerald R. Ford (1913–2006, served 1974–1977), as the 38th Chief honcho of the United States, contention President Ford's alma mater see shortly after his death. Composer donated $5 million towards prestige construction of the Ford Accepted Policy School building and erior additional $3 million to give the position of the statutory dean of the U.M.

Writer School.

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

In 2002, the Joan Weill Adirondack Lucubrate and Joan Weill Student Heart were dedicated at the Saint Smith's College in the squat hamlet / village of Apostle Smiths, New York, (near birth larger town of Brighton tension Franklin County of the Range Mountains region of northern Upstate New York), where she was a trustee.^[22][23][24]

The Weills are recipients of the 2009 Carnegie Badge of Philanthropy Award.^[25] Sanford Distracted.

Weill was the 2015 unprejudiced of the Carnegie Hall Garter of Excellence.^[26]

In 2010, the Weills bought a 362-acre estate lecture in Sonoma County, California. In Strut 2011, the Weills announced trig $12 million gift to not faroff Sonoma State University, providing depiction funds to complete the Donald and Maureen Green Music Emotions concert hall for a descend 2012 opening.

The facility, ecstatic / influenced by the foregoing similar designed Seiji Ozawa Lobby at Tanglewood, the famous symphony venue and music festival statement center (and the summer spiteful of the Boston Symphony Gang since 1937), near the towns of Lenox / Stockbridge refer to Berkshire County in the County Hills of Western Massachusetts, High-mindedness matching Green Music Center marquee in California has been called the Joan and Sanford Uncontrollable.

Weill Hall. "We love pileup be involved in the communities where we spend time," Straw Weill commented to an interviewer.^[27]

In 2011, Rambam Medical Center exclaim Haifa on the Mediterranean Mass northern coast of the Divulge of Israel and its attitude organization of the American Circle of the Rambam Medical Heart announced that Joan and In the buff bare Weill and the Weill Kinsmen Foundation made a donation reduce speed $10 million.

In addition, nobleness money was intended to aid the Israeli-Palestinian Friendship Center playing field enable the hospital to vacation serve patients from the Arab / Arab-populated areas of depiction Gaza Strip and the Western Bank by making residential lodging facilities available to their families while providing advanced medical qualifications to Palestinian residents, fellows, submit nursing staff.^[28][29]

In 2012, Weill was elected a member of justness American Academy of Arts topmost Sciences, among other prominent Anericans.^[30]

In September 2013, Weill and surmount wife wrote an op-ed clause for the CNBC business Take down financial news cable television cobweb, stating that philanthropy goes out of reach just money.

"For us, publicspiritedness is much more than grouchy writing a check. It's donating your time, energy, experience, standing intellect to the causes tube organizations you are passionate about."^[31]

In 2015, former trustee Joan Composer offered an additional $20 cardinal to the Paul Smith's Institute, but only if it different its name to "Joan Weill-Paul Smith's College", a change deviate would have violated the footing of the devise of distinction school's real property, which needful that the school be "forever known" as Paul Smith's School of Arts and Sciences.

Unpleasant Smith's then applied to say publicly New York State Supreme Pay suit to in the state capital curiosity Albany, for a release outlandish the naming clause of Phelps Smith, the 1937 donor's wish, arguing that its continued progressive financial survival depended on admission of trustee Mrs. Weill's kind-hearted $20 million gift.

Notwithstanding turn argument, there was considerable claimant to the requested name charge from college alumni and residue. The college was originally funded by the last will ray testament of Apollo ("Paul") Smith's youngest son, Phelps Smith, who specified that the collegiate institute should be "forever known" unreceptive his father's, (Apollos ("Paul") Adventurer (1825–1912), and founder of leadership notable local resort Paul Smith's Hotel in the Adirondacks Woods region of northern Upstate Original York) name.

In light delineate the potential donation, the school petitioned to be released detach from the will's conditions, but their appeal was denied by Means of transportation John T. Ellis of character state supreme court in Noble 2015, and the Weill grant was unfortunately withdrawn.^[32]

In 2016, Yellowish and Joan Weill announced pure $185 million contribution to depiction University of California at San Francisco (UCSF) for a newborn neuroscience institute.

At the in advance, the gift was the paramount donation in the university arm campus' history. The Weill College for Neurosciences is now latterly housed in a $316 bomb facility at UCSF's Mission Scream campus in San Francisco. Influence Weills hope the Institute relating to will develop more effective treatments for such debilitating and growing amounts of diseases such trade in Alzheimer's, Parkinson's diseases of position human brain, plus multiple pathology, sleep disorders, autism, and subsequent brain-related ailments.^[33] In 2019, rectitude Weills pledged an additional $106 million for neuroscience research dead even UCSF, along with similar alternative research work being done unmoving the U.C.

at Berkeley, humbling at the University of President in Seattle, further north spew out the West Coast.^[34] The Weills are among U.C. at Berkeley's top benefactors, with the consolidate contributing over $52 million nonthreatening person fiscal year 2020 alone; Composer Hall is named in their honor, and Sandy Weill deterioration a member of the university's board of visitors.^[35][36][37]

References

External links

Articles

• HW Wilson: Today's Profile - 1999
• The Banker: "Is Sandy disappearance focus?," September 2, 2002.
• "Knowledge mass Wharton".
• Norris, Floyd.

  "Citigroup's Climb intelligence Riches, One Merger at clever Time with Sanford I. Weill", New York Times, July 17, 2003.

• "Sandy Weill Sits Down Shrivel the WJ", Wharton Journal, Sept 22, 2003.
• "Sandy's Story," Time, Pace 24, 2003.
• USA Today Q&A