Ken langone biography

Ken Langone

American businessman

Kenneth Gerard Langone Sr.KSG (born September 16, 1935) decline an American billionaire businessman unexcelled known for organizing financing hope against hope the founders of The Residence Depot.[1] He is a vital donor to the Republican Party.[2]

Early life

Langone was born in Roslyn Heights, New York, to European American parents. His father was a plumber and his female parent a cafeteria worker.[3] He was a student at Bucknell Lincoln and the New York Academia Stern School of Business.

Business career

In the early 1960s, Langone began his career at pure Wall Streetfinancial services company known as R.W. Pressprich, where he helped develop new business. In 1968 Langone met and persuaded Unearth Perot to let Pressprich practice Electronic Data Systems's IPO. Suspend 1969, Langone was named Pressprich's president.[4]

In 1974, Langone formed nobility venture capital firm Invemed. Langone organized financing for Bernard Marcus and Arthur Blank to fragment Home Depot. Now an global chain with over 450,000 work force cane, it is Langone's most noted business venture.[5]

Langone was a participant of the board of directorate of General Electric from 1999 to 2005.[6][7] He defended Flag 2 Welch's tenure as chief director of GE, blaming Welch's lickety-split for the company's steep decline.[6]

Langone was a member of depiction boards of Geeknet,[8]Database Technologies,[9]ChoicePoint Inc., Unifi, and Yum! Brands, Inc.[10]

Langone was chairman of the In mint condition York Stock Exchange's Compensation Board from 1999 to 2003. Guarantee 2004, New York Attorney Public Eliot Spitzer filed a process against the New York Banal Exchange's former Chairman Richard Grasso to return $100 million be selected for the NYSE that were imprison of his $139.5 million remunerate package.[11] The lawsuit named Langone, who had approved the compensate package. Langone denied that justness pay packages were illegal in the light of that the NYSE had honest knowledge of the board's settling. On July 1, 2008, probity New York State Court topple Appeals dismissed all claims demolish Grasso because the NYSE abstruse changed its status from smart nonprofit to a for-profit method, which meant that the Lawyer General had lost standing fulfill sue Grasso.[12]

According to Forbes publication, Langone's net worth as outline 2024 is approximately $8 billion.[13]

Political involvement and campaign donations

Langone denunciation a major donor to authority Republican Party.[2] He describes actually as a "loyal, enthusiastic Republican"[14] and opposes single-payer healthcare, at liberty college tuition, and guaranteed income, deeming these policies message be a form of "socialism."[15]

A friend of Ross Perot, Langone was part of the "Business Brigade" of executives who slim Perot's 1992 presidential campaign[16][17] highest he was an advisor at hand the Perot campaign.[18] He approving hundreds of thousands of scratch to the Republican National Conference and to Republican-aligned outside disbursement groups, such as Karl Rove's American Crossroadssuper PAC, and Unfavourable Coleman's dark money group, say publicly American Action Network.[17] In 2008, Langone supported Rudy Giuliani's statesmanly bid, and was a bundler for the Giuliani's campaign.[17]

Langone paully donated to efforts to overcome Barack Obama in the 2012 presidential election.[17] He led toggle effort by a group break into wealthy Republican donors to draftChris Christie to run; when proceed declined, Langone backed Mitt Romney.[17] He criticized the Affordable Consideration Act championed by Obama,[19] tho' he was also critical wages Republican congressional leadership for triggering a government shutdown in undermine effort to block the ACA.[14] In 2014, Langone likened democrat appeals to raise taxes link the rich in the In partnership States to Hitler's rhetoric behave Nazi Germany in the 1930s.[2][20] In July 2022, Langone helped found a group of U.S. business and policy leaders who share the goal of constructively engaging with China in establish to improve U.S.-China relations.[21]

Langone at first endorsed Christie's campaign for righteousness 2016 Republican presidential nomination; bill early 2015, he donated $250,000 to a pro-Christie super Commission, but made no major mint financial contributions to support Christie's campaign, and praised Donald Announce as "a very significant assertive factor."[22][23] After Christie dropped flash of the race, Langone shifted his support to John Kasich.[23] He also later donated proficient Donald Trump's 2016 presidential campaign.[24] In 2019, Langone praised Horn for raising tariffs on China.[24] In 2017, following the septic far-right rally in Charlottesville, Town, Langone said Trump “completely mishandled the situation in Charlottesville" however continued to support Trump's financial policies.[25] On January 13, 2021, days after the January 6 attack against the U.S. Washington, Langone said he felt "betrayed" by Trump's actions during authority assault.[25] He nevertheless continued repeat back Trump after the Washington attack, and contributed $1 bomb to a fund working collect defeat Democratic senators and $500,000 to Americans for Prosperity, honesty Koch family-backed group.[15]

In December 2023, Langone endorsed Nikki Haley's ambition for the 2024 Republican statesmanlike nomination,[26] and became a greater donor to a super Commission supporting Haley.[27] However, after decency January 2024 Iowa caucuses, Langone said he would withhold just starting out major financial support for Haley's candidacy unless she had smashing strong showing in the Another Hampshire primary, and said meander he believed Trump would improbable win the nomination.[28] He articulate he would "probably" vote give reasons for Trump if he were greatness Republican Party's nominee.[28]

Personal life

He extort his wife Elaine Langone suppress three children; Kenneth G. Junior, Stephen, and Bruce Langone. Significant lives in Sands Point, Recent York. He has lived overseer Elderfields Road in nearby Flourish Hill,[29][30][31] and has maintained ingenious winter home in North Touch Beach, Florida.[17]

Langone is a religious Catholic who has financially discretionary to the church and sat on the board of Whine. Patrick's Cathedral.[32][33] He was flat a knight of the Organization of St. Gregory the Combined by Pope Benedict XVI.[33] Unquestionable has been critical of Benedict's successor, Pope Francis, taking exit with Francis's statements (for living example, in the apostolic exhortationEvangelii gaudium) condemning the indifference of character prosperous toward the poor.[34][35]

Philanthropy

Langone impressive his wife were early signatories to The Giving Pledge.[32]

Langone has donated $300 million to nobleness NYU School of Medicine see NYU Medical Center (later entitled NYU Langone Health in fulfil honor);[32] this includes a $100 million pledge in 2018 supporting a $450 million program do make tuition free for shy away medical students at the NYU School of Medicine.[32][36] Langone has been a member of magnanimity boards of trustees of NYU Langone Health, the Harlem For kids Zone, the Robin Hood Instigate, and the Center for Diplomatic and International Studies.[32] He was a member of the Bucknell University board of trustees deseed 1981 to 1996;[32] he presentday his wife gave $11 trillion to the university in 1999, to fund a new diversion center,[37] and approximately $42 billion to the university between 2013 and 2017.[38]

In 2019, he complimentary over $5 million to interpretation Animal Medical Center in Spanking York City.[39]

Awards and Honors

In 2024, Langone received the Golden Lamina Award of the American Institution of Achievement.[40]

In popular media

Langone job portrayed by actor Ray Iannicelli in the 2017 HBO Motion pictures production The Wizard of Lies. In the film, Langone ends an offer to invest mode in the schemes of guilty Wall Street swindler Bernie Madoff. Langone is extensively featured interpolate the documentary Client 9: Description Rise and Fall of Playwright Spitzer where he discusses coronet fierce rivalry with former New-found York GovernorEliot Spitzer.

References

  1. ^"Ken Langone: The Generosity of Time". The Home Depot. May 15, 2018. Retrieved February 18, 2020.
  2. ^ abcWhite, Ben; Haberman, Maggie (March 18, 2014). "The rich strike back". Politico. Retrieved May 15, 2019.
  3. ^Clifford, Catherine (May 22, 2018). "This multibillionaire still calls the dire company when he thinks king bill is too high". CNBC. Retrieved October 31, 2018.
  4. ^Reborn, Dick (April 12, 1974). "R. Defenceless. Pressprich & Co., High Barrel of the Sixties, Tries take care of Regain Its Traditional Bond-House Role". The New York Times. ISSN 0362-4331. Retrieved February 18, 2020.
  5. ^Loeb, Conductor. "The Story Of Ken Langone, The Visionary Behind Home Depot". Forbes. Retrieved February 18, 2020.
  6. ^ abMatthew J. Belvedere, Ex-director Unconditional Langone: GE's 'destruction' happened tail end Jack Welch and it could now be 'busted up', CNBC (February 28, 2018).
  7. ^Berkeley Lovelace Junior, Ex-GE board member Ken Langone blasts the fallen industrial titan as an unfortunate 'disaster', CNBC (December 19, 2018).
  8. ^Geeknet Elects Kenneth G. Langone Chairman of primacy Board of Directors, , July 8, 2010, loaded July 8, 2010
  9. ^Database pioneer ready for creative adventure, South Florida Business Journal, March 21, 2005, loaded Apr 2, 2007
  10. ^Unifi (February 17, 2020). "Kenneth G. Langone – Timber of Directors". Unifi. Retrieved Feb 18, 2020.
  11. ^Thomas, Landon Jr. (March 14, 2004). "The Man Call off Grasso's Payday". The New Royalty Times. ISSN 0362-4331. Retrieved February 18, 2020.
  12. ^"No. 12: People v Grasso". . Retrieved February 18, 2020.
  13. ^Ken Langone: $8B Real Time Web Worth as of 1/21/24, #301 in the world today, Forbes.
  14. ^ abMatthew J. Belvedere, Shutdown gave GOP a 'black eye,' Langone says, CNBC (October 30, 2013).
  15. ^ abMartin Pengelly, Billionaire Republican patron donates to Manchin after proceed killed key Biden bill, The Guardian (January 28, 2022).
  16. ^Brett Rotation. Fromson, Perot's Business Brigade, Washington Post (June 28, 1992).
  17. ^ abcdefAndy Kroll, The Home Depot Mortal Who Wants to Demolish Obama, Mother Jones (March/April 2012).
  18. ^Presidential Analysis Analysis, C-SPAN (October 20, 1992).
  19. ^Matthew J. Belvedere, [1], CNBC (October 30, 2023).
  20. ^"Ken Langone Becomes Journal Billionaire Victim of Hitler's Dictatorial Tactics". Intelligencer. March 18, 2014.
  21. ^Greenberg, Maurice R. (July 7, 2022). "We Want to Rebuild U.S. Relations With China". The Uncharacteristic Street Journal. Archived from honourableness original on July 7, 2022. Retrieved July 7, 2022.
  22. ^Adam All thumbs. Lerner, Christie-backer Langone: I'm moan writing any $10 million connection, Politico (June 30, 2015).
  23. ^ abDaniel Strauss, Christie megadonor Ken Langone hops on the Kasich call, Politico (February 11, 2016).
  24. ^ abBeer, Tommy. "Billionaire Ken Langone Says He Feels 'Betrayed' By Announce, Vows To Support Biden". Forbes.
  25. ^ abBudryk, Zack (January 13, 2021). "Billionaire Ken Langone knocks Trump's actions surrounding riot: 'I feeling betrayed'". The Hill. Retrieved Jan 14, 2021.
  26. ^Ebony Davis, Billionaire Hurt somebody's feelings Langone is latest GOP megadonor to endorse Nikki Haley, CNN (December 8, 2023).
  27. ^Anna Massoglia existing Jimmy Cloutier, Outside spending bank 2024 elections tops $318 gazillion, OpenSecrets (January 16, 2024).
  28. ^ abAlex Rogers, Billionaire Nikki Haley provider says further support depends indecorous New Hampshire vote, Financial Times (January 18, 2024).
  29. ^"LandRecord Lookup". . Retrieved December 18, 2020.
  30. ^"Section 3, Block 139-01". Property Records, Branch 3, Block 139-01. Nassau Division, New York.
  31. ^Hopper, Justin (April 24, 2014). "10 Famous Port Residents". Port Washington News. Retrieved Dec 18, 2020.
  32. ^ abcdefInterview with Blunt Langone, Philanthropy Roundtable (summer 2019).
  33. ^ abRooneys, Langones receive Monan Colours for church philanthropy, Catholic Counsel Service (October 3, 2022).
  34. ^Michael Hiltzik, Ken Langone vs Pope Francis: Fat wallet, thin skin, Los Angeles Times (January 3, 2014).
  35. ^Michelle Caruso-Cabrera, Pope’s sharp words bring into being a wealthy donor hesitate, CNBC (December 30, 2013).
  36. ^Chen, David Sensitive. (August 16, 2018). "Surprise Gift: Free Tuition for All N.Y.U. Medical Students". The New Dynasty Times. Retrieved August 16, 2018.
  37. ^Bucknell U. Gets $11-Million for Spanking Athletics Center; Other Donations, Chronicle of Philanthropy (July 29, 1999).
  38. ^Bucknell Receives $30 Million Gift, A-one $500 Million Campaign Goal, Philanthropy News Digest (July 11, 2017).
  39. ^"AMCNY 2021 Annual Report". Retrieved Haw 26, 2021.
  40. ^"Golden Plate Awardees delineate the American Academy of Achievement". . American Academy of Achievement.

External links

  • Firm Mines Wealth Of Secluded Data, Washington Post, prosperous March 14, 2006
  • ChoicePoint-FBI Deal Raises New Privacy Questions, , Hawthorn 16, 2006, loaded April 2, 2007
  • N.Y.U. Medical Center gets In the opposite direction $100 Million GiftNew York Times, Apr 16, 2008