David Rubenstein, Trinity ‘70 and member of the Board of Trustees since 2003, is spreading his wealth.
Rubenstein donated $10 million to the Lincoln Center for the Performing Arts in New York City, the New York Times reported Wednesday.
Rubenstein added to the center’s $1.2 billion redevelopment project, and the center will name its new visitors and ticket space on Broadway the David Rubenstein Atrium at Lincoln Center, the Times reported. The site will offer discounted tickets and free shows, and it is scheduled to open Nov. 24.
The donation was sparked by Rubenstein’s 60th birthday last month, according to the article, which reports that Rubenstein made $2.7 billion as managing director of The Carlyle Group. Estimating that he could live to about 81 years old, Rubenstein has decided to give his money away to causes he supports before he dies.
“My view is, if you have money, you can spend it, you can save it, or you can give it away,” Rubenstein said to the Times. “I bought all the things I need to buy.”
Since Rubenstein co-founded The Carlyle Group in 1987, the company has expanded to house offices in 20 countries with more than 1,290 investors from 72 countries. The Carlyle Group manages about $86.1 billion in assets, according to its Web site.
Along with his commitment to the Duke Board of Trustees, Rubenstein also serves on the boards of 30 other institutions—which he also supports financially, the article states.
In addition to using his wealth to underwrite scholarships and fund arts centers, Rubenstein has purchased several historical documents which he has loaned to American museums, including copies of the Declaration of Independence, the Constitution and the Emancipation Proclamation, according to the article.
“Being happy in life is not easy,” Rubenstien said in the Times. “I would give up all the money I have if I could be 50. You can always make money.”
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China’s sovereign wealth fund, presided over by a Duke trustee, is set to make a large investment in another trustee’s Los Angeles-based investment firm.
Trustee Bruce Karsh’s Oaktree Capital Management will soon get $1 billion from Trustee Gao Xiqing’s China Investment Corp., the Wall Street Journal reported Saturday.
In addition to being a trustee, Karsh, Trinity ‘77, is president of Oaktree and chairs the board of the Duke University Management Company, which manages Duke’s endowment. Karsh and his wife donated $20 million for undergraduate financial aid in 2008.
Gao, Law ‘86, has been a Board member since 2008 and is the general manager and chief investment officer of China Investment Corp.
The Journal reported that many hedge fund mangers have been traveling to Beijing to attempt to secure investments from China Investment Corp.
But Gao and Karsh may meet closer to the Gothic Wonderland this weekend, at the Board of Trustee’s October meeting. Both are members of the Board’s Business and Finance Committee.
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Duke parents bookend the Associated Press’s list of the top 10 highest-paid CEOs in the S&P 500 for 2008. The list is based on filings and estimates from Jan. 1 to April 20.
No. 1 Aubrey McClendon, Trinity ‘81, earned $112.5 million as CEO of Chesapeake Energy. Duke parent Jamie Dimon, CEO of JPMorgan Chase, closes out the top 10 with $35.7 million. McClendon and Dimon both have daughters currently enrolled at Duke; their eldest children also graduated from the University.
Both men are big bankrollers of the University, too: McClendon has given some $16 million to his alma mater, and Dimon donated $100,000 in 2006.
Despite his distinction, it might be difficult for McClendon to break out the bubbly. McClendon is auctioning 9,000 bottles of his prized wine collection. The first group fetched $2.2 million. The second sale is expected this month.
The move came after McClendon was forced to liquidate his shares in Chesapeake. He sold 94 percent of his holdings, valued at $2 billion, in accordance with margin calls after a steep decline in the stock’s price.
Seeking Alpha crunched a few numbers, and it seems McClendon made around $2,008,928 for every 1 percent his stock dropped.
In addition to stocks dropping, there also was some list movement from 2007 to 2008, when much of the financial industry was turned on its head during the deepening recession.
Merrill Lynch CEO John Thain, father of a graduating senior, was 2007’s No. 2. (Thain was at the top of USA Today’s analysis.) He earned $83 million that year, but resigned this January after his bank was taken over by Bank of America. Trustee John Mack, CEO of Morgan Stanley, was listed at No. 9 in 2007, with $41.7 million in compensation. But Mack, who remains both a Trustee and a CEO, saw his 2008 pay drop to $1.2 million for 2008.
Know of any other Duke affiliates at the top of the pay chain? Post a comment
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