Steve Feinberg
| Stephen Feinberg | |
|---|---|
| Born | March 29, 1960 Bronx, New York, U.S. |
| Residence | New York City and Greenwich, Connecticut |
| Nationality | United States |
| Ethnicity | Jewish |
| Alma mater | Princeton University |
| Occupation | Co-founder and Chief Executive Officer of Cerberus Capital Management, L.P. |
| Employer | Cerberus Capital Management, L.P. |
| Net worth |  US $ 1.25 billion (April 2016)[1] |
| Political party | Republican Party |
| Spouse(s) | Gisella Sanchez |
| Children | 3 daughters |
Stephen A. Feinberg (born March 29, 1960) is an American financier, who is active in hedge fund management and private equity. He is co-founder and Chief Executive Officer of Cerberus Capital Management, L.P.
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Early life and education[edit]
Feinberg was raised in The Bronx, New York. When aged eight, his family moved to Spring Valley, New York,[2] a suburb of New York City. His father was a steel salesman.[2] He attended Princeton University and graduated with a degree in politics in 1982.[3] While there, he captained the tennis team and joined the Reserve Officer Training Corps.[2]
Professional career[edit]
After graduating from college, Feinberg worked as a trader at Drexel Burnham and Gruntal & Co.
In 1992, Feinberg co-founded Cerberus Capital Management with William L. Richter. At the time the firm had $10 million under management; its assets under management have since grown to over $29 billion as of early 2016.[4] In 1999, the firm hired former Vice President Dan Quayle as a Chairman of Cerberus Global Investment.[5] In 2006, the firm hired former United States Secretary of the Treasury John Snow, who serves as a Chairman of Cerberus.[6]
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"[7] 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."[8] 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."[8]
Feinberg has been described as "secretive" in The New York Times.[9] 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."[10]
Political involvement[edit]
Feinberg, a major Republican donor,[11] serves as one of the top economic advisers to Donald Trump's 2016 presidential campaign.[12]
Personal[edit]
Feinberg reportedly made $50 million in 2004. His lifestyle is notably less extravagant than his peers in private equity.[13] He splits time between his homes on Manhattan's Upper East Side and Greenwich, Connecticut with his wife Gisela (née Sanchez) and their three daughters.[2]
References[edit]
- ^ Forbes: The World's Billionaires - Steve Feinberg
- ^ a b c d Upstart Business Journal: "The Most Dangerous Deal in America" by Daniel Roth August 13, 2007
- ^ "For Private Equity, a Very Public Disaster". The New York Times. August 9, 2009.
- ^ http://www.cerberuscapital.com/the-firm/
- ^ http://www.cerberuscapital.com/team/j-danforth-quayle/
- ^ http://www.cerberuscapital.com/team/john-w-snow/
- ^ "Is it 2006? Cerberus Loves Mortgage-Backed Securities". The Wall Street Journal: Deal Journal. May 25, 2011.
- ^ a b "Cerberus' Feinberg says PE executives 'way overpaid'". Reuters. June 7, 2011.
- ^ "Can Private Equity Build a Public Face?". New York Times. December 24, 2006.
- ^ "Greed and Debt: The True Story of Mitt Romney and Bain Capital" by Matt Taibbi, Rolling Stone, August 29, 2012.
- ^ McDonald, Duff (24 October 2007). "The Dog That Roared". New York Magazine. Retrieved 6 August 2016.
- ^ Tankersley, Jim (5 August 2016). "Donald Trump's new team of billionaire advisers could threaten his populist message". Washington Post. Retrieved 6 August 2016.
- ^ "While other hedge-fund managers are collecting fine French wines and flying around in private planes, he drives a Ford truck and drinks Budweiser." What's Bigger Than Cisco, quoting Jonathan Gallen, a personal friend of Feinberg
External links[edit]
- 1960 births
- Living people
- American billionaires
- American chief executives of financial services companies
- American financial traders
- American financiers
- American investors
- American Jews
- American money managers
- American political fundraisers
- Businesspeople from Connecticut
- Businesspeople from New York City
- Cerberus Capital Management
- Drexel Burnham Lambert
- People from the Bronx
- Businesspeople from Greenwich, Connecticut
- People from Spring Valley, New York
- Princeton University alumni, 1980–89
- Private equity and venture capital investors
