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|networth = {{decrease}} '''$1 billion <small>(Est. 2003)</small>'''
|networth = {{decrease}} '''$1 billion <small>(Est. 2003)</small>'''
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'''Leon Levy''' (September 13, 1925 – April 6, 2003)<ref name=nyt>[http://www.nytimes.com/2003/04/08/nyregion/leon-levy-philanthropist-is-dead-at-77.html "Leon Levy, Philanthropist, Is Dead at 77"] obituary by Douglas Martin in ''[[New York Times]], 8 April 2003</ref> was an American investor, financier and philanthropist.
'''Leon Levy''' (September 13, 1925 – April 6, 2003)<ref>{{cite news |first=Douglas |last=Martin |authorlink= |coauthors= |title=Leon Levy, Philanthropist, Is Dead at 77 |url=http://www.nytimes.com/2003/04/08/nyregion/leon-levy-philanthropist-is-dead-at-77.html |work=[[New York Times]] |publisher= |date=April 8, 2003 |accessdate= }}</ref> was, according to ''Forbes'' magazine, a "Wall Street investment genius and prolific philanthropist," who helped create both mutual funds and [[hedge funds]].<ref>Forbes Magazine, [http://www.forbes.com/home/2003/04/07/cz_rl_0407levy.html "Leon Levy Dies At 77"], obituary</ref> He co-founded the [[mutual fund]] manager [[Oppenheimer Holdings|Oppenheimer & Co. Inc.]] in 1959. There he started dozens of mutual funds that, at his death, had grown to manage more than $120 billion. In 1982 he sold Oppenheimer to the U.K.'s [[Mercantile House]] for $162 million and co-founded Odyssey Partners, a private investment partnership. It grew to be a $3 billion hedge fund before it was dissolved in 1997.


==Early years==
Levy's financial philosophy stressed common sense and the psychology of investors. He studied at [[Townsend Harris High School]] and was strongly influenced by his father, a well-known economist and business executive who taught him the role corporate profits play in charting the economy's direction. To honor his father, he founded the Jerome Levy Economics Institute at Bard College.
Levy studied at [[Townsend Harris High School]] and then [[Economics]] at [[City College of New York]]. After serving in the U.S. Army, he began working as a research analyst. He was strongly influenced in his business approach by his father, Jerome Levy, an economist and business executive who taught him the role corporate profits play in charting the economy's direction.<ref name=forbes />


==Oppenheimer==
When he died in his late seventies, he was estimated to be worth a billion dollars, though his personal wealth might have been substantially higher were it not for his philanthropic interests.<ref>''The Spectator'', September 3, 2008, [http://www.spectator.co.uk/print/the-magazine/investment/2056671/kings-of-wall-street.thtml "David Craig on Jack Nash and Leon Levy, a remarkable pair of trailblazing New York hedge fund managers"]</ref> In the last year of his life, Levy commuted up the Hudson River from New York City to teach a class at Bard College, Contemporary Developments of Finance, in which he focused on his belief that investing is as much a psychological as it is an economic act.
In 1951, Levy joined [[Oppenheimer Holdings|Oppenheimer & Co.]], which was at the time a [[broker-dealer]] and financial services manager for institutional clients, where he formed the first Oppenheimer [[mutual fund]].<ref name=forbes /> By the early 2000s, the Oppenheimer Group had some 60 funds, worth more than $120 billion. Levy is generally believed to be one of the first Wall Street leaders to understand the future growth of the mutual fund industry, characterized by some as a "Wall Street investment genius."<ref name=forbes>[http://www.forbes.com/home/2003/04/07/cz_rl_0407levy.html "Leon Levy Dies At 77"], obituary, ''[[Forbes (magazine)|Forbes]]'', April 7, 2003</ref>


In 1982, he sold his share of Oppenheimer to Mercantile House Holdings PLC, a publicly owned British corporation, for $162 million and co-founded, with partner Jack Nash, Odyssey Partners, a private investment partnership.<ref name=forbes /> Odyssey grew to be a $3 billion hedge fund before it was dissolved in 1997.
==Philanthropy==
Levy's philanthropy began in the 1950s, when he established the Jerome Levy Foundation. Levy and his wife Shelby White grew to be well known for their philanthropic efforts, which amounted to more than $200 million before his death. They donated $20 million to the [[Metropolitan Museum of Art]] for the construction of the new Leon Levy and Shelby White Court, a gallery hosting the largest selection of [[Hellenistic]] and [[Ancient Rome|Roman]] artwork ever exhibited at that museum.<ref>[http://www.metmuseum.org/Works_of_Art/installation_gr.asp The Leon Levy and Shelby White Court at the Metropolitan Museum of Art]</ref> When completed, the gallery will host a number of pieces from Levy and White's substantial art collection, which also includes art from the Near East. Since 1997, they have also given more than $6 million to 133 scholars for the publication of archaeological excavations that had previously been completed but never published. The projects funded by their program, the Shelby White-Leon Levy Program for Archaeological Publications, include excavations at some of the highest profile archaeological sites throughout Greece and the Middle East, including [[Knossos]], [[Aphrodisias]], [[Kition]], [[Ras Shamra]], [[Sarepta]], [[Gerizim|Mt. Gerizim]], [[Ekron]], [[Lachish]], [[Tel Megiddo|Megiddo]], [[Jerusalem]], [[Pella]], [[Jerash]], the [[Dead Sea|Dead Sea Plains]], [[Assur]], [[Nineveh]], [[Nuzi]], and [[Tepe Hissar]]. They have also been generous benefactors to [[Christ's College, Cambridge]], the New York Botanical Garden, Rockefeller University, and the Institute for Advanced Study, among many other organizations.


==Jerome Levy Institute==
As mentioned, Levy founded the Levy Economics Institute of Bard College in 1986 as a tribute to his father. He contributed to its development over the years and served as chairman of the Institute's Board of Governors.
Levy founded, in 1986, in honor of his father, the Jerome Levy Economics Institute at [[Bard College]]. The Institute's stated objectives are "to serve the wider policymaking community in the United States and the rest of the world by enabling scholars and leaders in business, labor, and government to work together on problems of common interest." Levy served as chairman of the Institute's Board of Governors and was a life trustee and leading donor to Bard College.<ref name=about>[http://www.levyinstitute.org/about/ About] the Jerome Levy Institute</ref>


The Levy Institute has established itself as sponsor of extensive work in Keynesian and [[Post Keynesian economics|post-Keynesian]] economics.<ref>[http://ideas.repec.org/p/lev/levppb/ppb_78.html The War on Poverty After 40 Years] by Stephanie Bell and [[Chartalism|L. Randall Wray]], The Levy Economics Institute of Bard College, 2004</ref>
He was the life trustee and leading donor to Bard College.


In 1995, the [[Hotel Employees and Restaurant Employees Union]], Local 100, of New York, in a letter addressed to the executive director of the Jerome Levy Institute, accused Odyssey Partners of engaging in "slash-and-burn management" and "financial opportunism", which, according to the Union, was in "striking contradiction [to] the goals and work of the Jerome Levy
==Foundation and controversy==
Institute."<ref name=letter>[http://www.mail-archive.com/pen-l@galaxy.csuchico.edu/msg06136.html Letter to the Executive Director of the Jerome Levy Institute] by the Hotel Employees and Restaurant Employees Union, Local 100, 1 September 1995</ref> Since Leon Levy and his partner Jack Nash each owned about 9% of Smith and Wollensky's Steakhouse in New York City, the Union also accused them, as part-owners, of being responsible for the business employing worker "without a contract for a year", "violat[ing] labor laws by threatening employees" and "threatening or disciplining employees for union activity."<ref name=letter />
The Leon Levy Foundation, created from Levy's estate in 2004, established the Philip J. King Professorship at Harvard University to support a scholar who will use an interdisciplinary approach to advance the understanding of ancient civilizations in the Near East and the Mediterranean.

==Leon Levy Foundation==
The Leon Levy Foundation, created from Levy's estate in 2004, established the Philip J. King Professorship at Harvard University to support a scholar who will use "an interdisciplinary approach to advance the understanding of ancient civilizations in the Near East and the Mediterranean."

In spring, 2006, the Leon Levy Foundation pledged $200 million to [[New York University]] for the creation of the Institute for the Study of the Ancient World, "a center for advanced scholarly research and graduate education, intended to cultivate cross-cultural study of the ancient world, from the western Mediterranean to China."<ref>[http://leonlevyfoundation.org/category/programs/ancient-world/institute-for-the-study-of-the-ancient-world/ About the Institute for the Study of the Ancient World], Leon Levy Foundation, </ref> The donation created controversy among many academics and caused the resignation from NYU’s Center for Ancient Studies —which is not affiliated with the new institute— of NYU professor [[Randall White]], who was concerned about ethical problems in receiving donation from a foundation whose benefactor has sometimes been associated with questionable practices in antiquities collection and trafficking.<ref>[http://nyunews.com/2006/04/03/17/ "$200 million donation spurs controversy"], ''Washington Square News'', 3 April 2006</ref> Several scholars outside NYU, especially from [[Bryn Mawr College]], the [[University of Pennsylvania]] and the [[University of Cincinnati]], also commented negatively on NYU's acceptance of the donationt.<ref>[http://www.thecrimson.com/article.aspx?ref=512517 "Donor at Center of Artifacts Storm Academics question ethics of philanthropists Levy and White’s acquisitions"] by Patrick S. Lahue, ''[[The Harvard Crimson]]'', 6 April 2006</ref><ref>[http://www.thecrimson.com/article.aspx?ref=512543 "Improprieties Highlight Need For Ethics In Archaeology"], by James C. Wright, ''[[The Harvard Crimson]]'', 7 April 2006</ref> Other scholars supported the institute and its donation. Professor James McCredie, of the Institute of Fine Arts, NYU's graduate teaching and advanced research center for art history, wrote a letter to Provost David McLaughlin endorsing the project. It was signed by IFA's seven professors of ancient art and architecture.<ref> [http://www.nyunews.com/vnews/display.v/ART/2006/04/06/4434c0b8c9c7b "Fine Arts Profs Support White's Gift"] by Jenna Marotta, ''Washington Square News'', 6 April, 2006</ref>

Peter Watson and Cecelia Todeschini's ''The Medici Conspiracy: The Illicit Journey of Looted Antiquities--From Italy's Tomb Raiders to the World's Greatest Museums'' (2006) lays out the dynamics of the [[Illicit antiquities|illegal trade]] in [[antiquities]], where Leon Levy and Shelby White appear as practitioners of unethical practices in collecting them.

In 2009, the Conservation Center at New York University’s Institute for Fine Arts (IFA) announced it has received a $1 million grant from The Leon Levy Foundation to "advance graduate training in archaeological conservation." The grant created 15 Leon Levy Fellowships at the Institute that would "support promising students enrolled in the Center’s four-year training program."<ref>[http://www.nyu.edu/about/news-publications/news/2009/04/30/nyus_institute_of_fine_arts.html "NYU's Institute of Fine Arts Receives $1 Million From the Levy Foundation for Student Fellowships in Archaeological Conservation"], New York University pres release, April 30, 2009</ref>

==Philanthropy==
Levy and his wife Shelby White donated $20 million to the [[Metropolitan Museum of Art]] for the construction of the Leon Levy and Shelby White Court, a gallery hosting the largest selection of [[Hellenistic]] and [[Ancient Rome|Roman]] artwork ever exhibited at that museum.<ref>[http://www.metmuseum.org/Works_of_Art/installation_gr.asp The Leon Levy and Shelby White Court at the Metropolitan Museum of Art]</ref> The gallery hosts a number of pieces from Levy and White's substantial art collection, which also includes art from the Near East.


Starting in 1997, the couple also gave more than $6 million to 133 scholars for the publication of works on archaeological excavations, which had been completed but never published. The projects funded by their program, the Shelby White-Leon Levy Program for Archaeological Publications, include excavations at some of the highest profile archaeological sites throughout Greece and the Middle East, including [[Knossos]], [[Aphrodisias]], [[Kition]], [[Ras Shamra]], [[Sarepta]], [[Gerizim|Mt. Gerizim]], [[Ekron]], [[Lachish]], [[Tel Megiddo|Megiddo]], [[Jerusalem]], [[Pella]], [[Jerash]], the [[Dead Sea|Dead Sea Plains]], [[Assur]], [[Nineveh]], [[Nuzi]], and [[Tepe Hissar]].
In spring, 2006, the Leon Levy Foundation pledged $200 million to New York University for the creation of the Institute for the Study of the Ancient World.<ref>New York University Press Release, [http://www.nyu.edu/public.affairs/releases/detail/1001 "Institute for the Study of the Ancient World to Be Created at NYU with $200 Million Gift"] March 21, 2006</ref>{{deadlink|date=February 2011}} <ref>[http://www.nyu.edu/academics/isaw.html NYU page on the [[Institute for the Study of the Ancient World]]]</ref> {{deadlink|date=February 2011}} The Institute is supposed to be an interdisciplinary research center of the ancient world, where the first full class of graduate students was expected to enter in the fall of 2008. The donation created controversy among some academics, causing the resignation from NYU’s Center for Ancient Studies—which is not affiliated with the new institute—of NYU professor [[Randall White]], who was concerned about ethical problems in receiving donation from a foundation whose benefactor has sometimes been associated with questionable practices in antiquities collection and trafficking.<ref>See Laura de la Torre, [http://nyunews.com/2006/04/03/17/ "$200 million donation spurs controversy"], ''Washington Square News'', April 3, 2006)</ref> Several scholars outside NYU, especially from Bryn Mawr College, University of Pennsylvania and University of Cincinnati, also commented negatively about NYU's acceptance of the gift.<ref>(See James C. Wright, [http://www.thecrimson.com/article.aspx?ref=512543 "Improprieties Highlight Need For Ethics In Archaeology,"] ''The Harvard Crimson'', April 7, 2006 and Patrick S. Lahue [http://www.thecrimson.com/article.aspx?ref=512517 "Donor at Center of Artifacts Storm Academics question ethics of philanthropists Levy and White’s acquisitions"] The Harvard Crimson, April 6, 2006)</ref> The recent publication by Peter Watson and Cecelia Todeschini, entitled ''The Medici Conspiracy: The Illicit Journey of Looted Antiquities--From Italy's Tomb Raiders to the World's Greatest Museums'' (2006) lays out the dynamics of [[Illicit antiquities|illegal trade]] in [[antiquities]], where Leon Levy and Shelby White appear as practitioners of unethical practices in collecting antiquities.


The Levys were benefactors to [[Christ's College, Cambridge]], the New York Botanical Garden, the Rockefeller University, and the Institute for Advanced Study. Among other organizations, they donated $20 million to the [[Metropolitan Museum of Art]] for a new Roman wing, $6 million to the[[Rockefeller University]] to fund a brain research center, $5 million for a new visitors' center at the [[New York Botanical Garden]] and $1 million to the [[American Civil Liberties Union]] to fund civil liberties "in a period of increased government surveillance."<ref name=forbes />
However, some scholars support the foundation and the institute. Professor James McCredie, of the Institute of Fine Arts, NYU's graduate teaching and advanced research center for art history, wrote a letter to Provost David McLaughlin endorsing the project. It was signed by IFA's seven professors of ancient art and architecture.<ref>Jenna Marotta, [http://www.nyunews.com/vnews/display.v/ART/2006/04/06/4434c0b8c9c7b Fine Arts Profs Support White's Gift] ''Washington Square News'', April 6, 2006.</ref>


==Publications==
==Publications==
In 2002, Levy published a memoir, written with Eugene Linden, called ''The Mind of Wall Street: A Legendary Financier on the Perils of Greed and the Mysteries of the Market'' (Perseus Book Group).
In 2002, Levy published a memoir, written with Eugene Linden, called ''The Mind of Wall Street: A Legendary Financier on the Perils of Greed and the Mysteries of the Market'' (Perseus Book Group).


==Later life==
When he died in his late seventies, Leon Levy was estimated to be worth approximately one billion dollars, though his personal wealth might have been substantially higher were it not for his philanthropic interests.<ref>[http://www.spectator.co.uk/print/the-magazine/investment/2056671/kings-of-wall-street.thtml "David Craig on Jack Nash and Leon Levy, a remarkable pair of trailblazing New York hedge fund managers"], ''[[The Spectator]]'', 3 September 2008</ref> In the last year of his life, Levy was commuting up the [[Hudson River]] from New York City to teach a class at Bard College, Contemporary Developments of Finance, in which he focused on his belief that investing is for people as much a psychological as an economic act.
==References==
==References==
{{Reflist}}
{{Reflist}}
Line 45: Line 61:
*[http://www.whitelevy.org The Shelby White-Leon Levy Program for Archaeological Publications]
*[http://www.whitelevy.org The Shelby White-Leon Levy Program for Archaeological Publications]
*[http://www.forbes.com/finance/lists/54/2002/LIR.jhtml?passListId=54&passYear=2002&passListType=Person&uniqueId=QTYC&datatype=Person Forbes.com: Forbes 400 Richest in America 2002]
*[http://www.forbes.com/finance/lists/54/2002/LIR.jhtml?passListId=54&passYear=2002&passListType=Person&uniqueId=QTYC&datatype=Person Forbes.com: Forbes 400 Richest in America 2002]
*[http://www.findarticles.com/p/articles/mi_m1093/is_6_41/ai_53449474 "Challenge: How vulnerable is Wall Street?"] interview with Levy, Nov-Dec, 1998
*[http://www.findarticles.com/p/articles/mi_m1093/is_6_41/ai_53449474 "Challenge: How vulnerable is Wall Street?"], Leon Levy interview, Nov-Dec, 1998


{{Persondata <!-- Metadata: see [[Wikipedia:Persondata]]. -->
{{Persondata <!-- Metadata: see [[Wikipedia:Persondata]]. -->

Revision as of 14:03, 13 February 2012

Leon Levy
Born(1925-09-13)September 13, 1925
DiedApril 6, 2003(2003-04-06) (aged 77)
NationalityAmerican
Alma materCity College of New York
Occupation(s)Mutual fund manager
Hedge fund manager

Leon Levy (September 13, 1925 – April 6, 2003)[1] was an American investor, financier and philanthropist.

Early years

Levy studied at Townsend Harris High School and then Economics at City College of New York. After serving in the U.S. Army, he began working as a research analyst. He was strongly influenced in his business approach by his father, Jerome Levy, an economist and business executive who taught him the role corporate profits play in charting the economy's direction.[2]

Oppenheimer

In 1951, Levy joined Oppenheimer & Co., which was at the time a broker-dealer and financial services manager for institutional clients, where he formed the first Oppenheimer mutual fund.[2] By the early 2000s, the Oppenheimer Group had some 60 funds, worth more than $120 billion. Levy is generally believed to be one of the first Wall Street leaders to understand the future growth of the mutual fund industry, characterized by some as a "Wall Street investment genius."[2]

In 1982, he sold his share of Oppenheimer to Mercantile House Holdings PLC, a publicly owned British corporation, for $162 million and co-founded, with partner Jack Nash, Odyssey Partners, a private investment partnership.[2] Odyssey grew to be a $3 billion hedge fund before it was dissolved in 1997.

Jerome Levy Institute

Levy founded, in 1986, in honor of his father, the Jerome Levy Economics Institute at Bard College. The Institute's stated objectives are "to serve the wider policymaking community in the United States and the rest of the world by enabling scholars and leaders in business, labor, and government to work together on problems of common interest." Levy served as chairman of the Institute's Board of Governors and was a life trustee and leading donor to Bard College.[3]

The Levy Institute has established itself as sponsor of extensive work in Keynesian and post-Keynesian economics.[4]

In 1995, the Hotel Employees and Restaurant Employees Union, Local 100, of New York, in a letter addressed to the executive director of the Jerome Levy Institute, accused Odyssey Partners of engaging in "slash-and-burn management" and "financial opportunism", which, according to the Union, was in "striking contradiction [to] the goals and work of the Jerome Levy Institute."[5] Since Leon Levy and his partner Jack Nash each owned about 9% of Smith and Wollensky's Steakhouse in New York City, the Union also accused them, as part-owners, of being responsible for the business employing worker "without a contract for a year", "violat[ing] labor laws by threatening employees" and "threatening or disciplining employees for union activity."[5]

Leon Levy Foundation

The Leon Levy Foundation, created from Levy's estate in 2004, established the Philip J. King Professorship at Harvard University to support a scholar who will use "an interdisciplinary approach to advance the understanding of ancient civilizations in the Near East and the Mediterranean."

In spring, 2006, the Leon Levy Foundation pledged $200 million to New York University for the creation of the Institute for the Study of the Ancient World, "a center for advanced scholarly research and graduate education, intended to cultivate cross-cultural study of the ancient world, from the western Mediterranean to China."[6] The donation created controversy among many academics and caused the resignation from NYU’s Center for Ancient Studies —which is not affiliated with the new institute— of NYU professor Randall White, who was concerned about ethical problems in receiving donation from a foundation whose benefactor has sometimes been associated with questionable practices in antiquities collection and trafficking.[7] Several scholars outside NYU, especially from Bryn Mawr College, the University of Pennsylvania and the University of Cincinnati, also commented negatively on NYU's acceptance of the donationt.[8][9] Other scholars supported the institute and its donation. Professor James McCredie, of the Institute of Fine Arts, NYU's graduate teaching and advanced research center for art history, wrote a letter to Provost David McLaughlin endorsing the project. It was signed by IFA's seven professors of ancient art and architecture.[10]

Peter Watson and Cecelia Todeschini's The Medici Conspiracy: The Illicit Journey of Looted Antiquities--From Italy's Tomb Raiders to the World's Greatest Museums (2006) lays out the dynamics of the illegal trade in antiquities, where Leon Levy and Shelby White appear as practitioners of unethical practices in collecting them.

In 2009, the Conservation Center at New York University’s Institute for Fine Arts (IFA) announced it has received a $1 million grant from The Leon Levy Foundation to "advance graduate training in archaeological conservation." The grant created 15 Leon Levy Fellowships at the Institute that would "support promising students enrolled in the Center’s four-year training program."[11]

Philanthropy

Levy and his wife Shelby White donated $20 million to the Metropolitan Museum of Art for the construction of the Leon Levy and Shelby White Court, a gallery hosting the largest selection of Hellenistic and Roman artwork ever exhibited at that museum.[12] The gallery hosts a number of pieces from Levy and White's substantial art collection, which also includes art from the Near East.

Starting in 1997, the couple also gave more than $6 million to 133 scholars for the publication of works on archaeological excavations, which had been completed but never published. The projects funded by their program, the Shelby White-Leon Levy Program for Archaeological Publications, include excavations at some of the highest profile archaeological sites throughout Greece and the Middle East, including Knossos, Aphrodisias, Kition, Ras Shamra, Sarepta, Mt. Gerizim, Ekron, Lachish, Megiddo, Jerusalem, Pella, Jerash, the Dead Sea Plains, Assur, Nineveh, Nuzi, and Tepe Hissar.

The Levys were benefactors to Christ's College, Cambridge, the New York Botanical Garden, the Rockefeller University, and the Institute for Advanced Study. Among other organizations, they donated $20 million to the Metropolitan Museum of Art for a new Roman wing, $6 million to theRockefeller University to fund a brain research center, $5 million for a new visitors' center at the New York Botanical Garden and $1 million to the American Civil Liberties Union to fund civil liberties "in a period of increased government surveillance."[2]

Publications

In 2002, Levy published a memoir, written with Eugene Linden, called The Mind of Wall Street: A Legendary Financier on the Perils of Greed and the Mysteries of the Market (Perseus Book Group).

Later life

When he died in his late seventies, Leon Levy was estimated to be worth approximately one billion dollars, though his personal wealth might have been substantially higher were it not for his philanthropic interests.[13] In the last year of his life, Levy was commuting up the Hudson River from New York City to teach a class at Bard College, Contemporary Developments of Finance, in which he focused on his belief that investing is for people as much a psychological as an economic act.

References

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