Steve Feinberg | |
---|---|
Chair of the Intelligence Oversight Board | |
In office August 16, 2018 –January 20, 2021 | |
President | Donald Trump |
Preceded by | Neal S. Wolin |
Succeeded by | Vacant |
Chair of the President's Intelligence Advisory Board | |
In office May 12,2018 –January 20,2021 | |
President | Donald Trump |
Preceded by | Shirley Jackson Jami Miscik |
Succeeded by | Sandy Winnefeld |
Personal details | |
Born | New York City,U.S. | March 29,1960
Political party | Republican |
Spouse | Gisella Sanchez |
Children | 3 daughters |
Education | Princeton University (AB) |
Stephen Andrew Feinberg (born March 29,1960) is an American businessman and investor active in hedge fund management and private equity. [1] He is the co-founder and Chief Executive Officer (CEO) of Cerberus Capital Management. As of July 2024,his net worth is US$4.8 billion. [2] In 2017 Cerberus also owned DynCorp,which is a major national security contractor with the US government,charging billions for overseas military and police training. [3] On May 11,2018,U.S. President Donald Trump named Feinberg to head the President's Intelligence Advisory Board. [4]
Feinberg was born to a Jewish family [5] [6] and raised in The Bronx,New York. When aged eight,his family moved to Spring Valley,New York, [7] a suburb of New York City. His father was a steel salesman. [7] He graduated with an A.B. in politics from Princeton University in 1982 after completing a 94-page long senior thesis titled "The Politics of Prostitution and Drug Legalization." [8] [9] While a student at Princeton,Feinberg captained the tennis team and joined the Reserve Officers' Training Corps. [7]
After graduating from college,Feinberg worked as a trader at Drexel Burnham in 1982 and later at Gruntal &Co. [10]
In 1992,at the age of 32,Feinberg co-founded Cerberus Capital Management with William L. Richter. [10] At the time the firm had $10 million under management;its assets under management have since grown to over $60 billion in 2024. [11] [12] In 1999,the firm hired former vice president Dan Quayle as a chairman of Cerberus Global Investment. [13] In 2006,the firm hired former United States Secretary of the Treasury John Snow,who serves as a chairman of Cerberus. [14]
In May 2011,Feinberg stated that he believed residential mortgage-backed securities may present "a real opportunity for continued investment for quite a period of time" [15] and that there were opportunities in buying assets from European banks.
Feinberg has been critical about the pay received by private equity executives,stating,"In general,I think that all of us are way overpaid in this business. It is almost embarrassing." [16] He has also noted in comments made in 2011 that smaller private equity fund sizes may be better for investor returns:"If your goal is to maximize your return as opposed to assets under management,I think you can be most effective with a big company infrastructure and a little bit smaller fund size." [16]
Feinberg has been described as "secretive" in The New York Times . [17] In 2007,Feinberg told Cerberus shareholders,"If anyone at Cerberus has his picture in the paper and a picture of his apartment,we will do more than fire that person. We will kill him. The jail sentence will be worth it." [18]
Cerberus is the parent company of DynCorp,which is a major national security contractor with the U.S. government. [3]
Feinberg is a major Republican donor. [19] In 2016,he served on the Trump Economic Advisory Council during Donald Trump's presidential campaign,donated nearly $1.5 million to pro-Trump PACs,and co-hosted a $50,000 per person Republican National Committee and Trump fundraising dinner alongside other financiers. [20] [21] In February 2017,the New York Times reported that President Trump will assign Feinberg a role in the White House leading a review of the US intelligence agencies. [22]
Together with his spouse,Feinberg contributed $715,600 to Donald Trump's 2020 presidential campaign. [23]
He is a member of The Business Council in Washington,DC,an association of chief executive officers from a broad range of companies who meet several times a year for high-level policy discussions. [24] [25]
Feinberg reportedly made $50 million in 2004. He splits time between his homes on Manhattan's Upper East Side and Greenwich,Connecticut with his wife Gisela (née Sanchez). [7]
The Carlyle Group Inc. is an American multinational private equity,alternative asset management and financial services corporation based in the United States with $426 billion of assets under management. It specializes in private equity,real assets,and private credit. It is one of the largest mega-funds in the world. In 2015,Carlyle was the world's largest private equity firm by capital raised over the previous five years,according to the PEI 300 index. In the 2024 ranking however,it had slipped to sixth place.
DynCorp,formally DynCorp International,was an American private military contractor. Started as an aviation company,the company also provided flight operations support,training and mentoring,international development,intelligence training and support,contingency operations,security,and operations and maintenance of land vehicles. DynCorp received more than 96% of its more than $3 billion in annual revenue from the U.S. federal government. The corporate headquarters were in an unincorporated part of Fairfax County near Falls Church,Virginia,while the company's contracts were managed from its office at Alliance Airport in Fort Worth,Texas. DynCorp provided services for the U.S. military in several theaters,including Bolivia,Bosnia,Somalia,Angola,Haiti,Colombia,Kosovo and Kuwait. It also provided much of the security for Afghan president Hamid Karzai's presidential guard and trained much of the police forces of Iraq and Afghanistan. DynCorp was also hired to assist recovery in Louisiana and neighboring areas after Hurricane Katrina. The company held one contract on every round of competition since receiving the first Contract Field Teams contract in 1951.
Stephen Allen Schwarzman is an American billionaire businessman. He is the chairman and CEO of the Blackstone Group,a global private equity firm he established in 1985 with Peter G. Peterson. Schwarzman was briefly chairman of former president Donald Trump's Strategic and Policy Forum.
Julian Hart Robertson Jr. was an American hedge fund manager,and philanthropist.
Cerberus Capital Management,L.P. is an American global alternative investment firm with assets across credit,private equity,and real estate strategies. The firm is based in New York City,and run by Steve Feinberg,who co-founded Cerberus in 1992,with William L. Richter,who serves as a senior managing director. The firm has affiliate and advisory offices in the United States,Europe and Asia.
A private equity firm is an investment management company that provides financial backing and makes investments in the private equity of startup or operating companies through a variety of loosely affiliated investment strategies including leveraged buyout,venture capital,and growth capital.
Apollo Global Management,Inc. is an American asset management firm that primarily invests in alternative assets. As of 2022,the company had $548 billion of assets under management,including $392 billion invested in credit,including mezzanine capital,hedge funds,non-performing loans,and collateralized loan obligations,$99 billion invested in private equity,and $46.2 billion invested in real assets,which includes real estate and infrastructure. The company invests money on behalf of pension funds,financial endowments,and sovereign wealth funds,as well as other institutional and individual investors.
Schulte Roth &Zabel,LLP is a full service law firm with offices in New York City,Washington,D.C.,and London. The number of attorneys practicing at the firm globally is approximately 320 as of 2020,down from approximately 375 attorneys in 2013.
Carried interest,or carry,in finance,is a share of the profits of an investment paid to the investment manager specifically in alternative investments. It is a performance fee,rewarding the manager for enhancing performance. Since these fees are generally not taxed as normal income,some believe that the structure unfairly takes advantage of favorable tax treatment,e.g. in the United States.
Private equity in the 2000s represents one of the major growth periods in the history of private equity and venture capital. Within the broader private equity industry,two distinct sub-industries,leveraged buyouts and venture capital expanded along parallel and interrelated tracks.
Marc Lasry is a Moroccan American billionaire businessman and private equity manager. He is the co-founder and chief executive officer (CEO) of Avenue Capital Group. He was a co-owner of the NBA's Milwaukee Bucks basketball team from 2014 to 2023.
Gruntal &Co. was a boutique investment banking and brokerage firm based in New York City. Prior to its acquisition in 2002,the firm was among the oldest independent investment banking houses in the U.S. The firm was founded as Sternberger &Fuld in 1880 by Maurice Sternberger,who partnered Ludwig Fuld. Sternberger bought a seat on the New York Stock Exchange in 1881 for $20,000. They were joined in 1884 by a third partner,Samuel Sinn,and the firm became Sternberger,Fuld &Sinn,with an office at 52 Broadway in Lower Manhattan.
Thomas Joseph Barrack Jr. is an American private equity real estate investor and the founder and executive chairman of Colony Capital,a publicly traded real estate investment trust (REIT). Barrack has for decades been a close friend of and fundraiser for former U.S. President Donald Trump,representing him in television news appearances. He was senior advisor to Trump's presidential campaign and served as the chairman of his Inaugural Committee.
Robert B. McKeon was Chairman of New York-based Veritas Capital Management LLC,a private equity firm that he formed in 1992. He was also a founding partner of Wasserstein Perella &Co.,where he served as the Chairman of Wasserstein Perella Management Partners.
Two Sigma Investments,LP is a New York City-based hedge fund that uses a variety of technological methods,including artificial intelligence,machine learning,and distributed computing,for its trading strategies. The firm is run by John Overdeck and David Siegel.
Philip M. Bilden is an American businessman and private equity &venture capital investor. He was nominated by President Donald Trump to serve as the 76th United States Secretary of the Navy in January,2017,although he subsequently withdrew himself from consideration. He is a philanthropist and advocate for national security,the U.S. Navy,and cybersecurity.
Veritas Capital Fund Management,L.L.C. is a New York–based private-equity firm founded in 1992 that invests in companies providing critical products and services,primarily technology-enabled products and services,to government and commercial customers worldwide. The firm's first fund closed in 1998. They closed an eighth flagship fund in 2022;in all,Veritas has approximately $45 billion of assets under management. Veritas is led by Ramzi Musallam,the firm's Chief Executive Officer and Managing Partner.
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