|Sanford I. Weill
||March 16, 1933
New York City, New York, U.S.
|| US $ 1.1 billion (Aug 2016)
||Joan H. Mosher (m. 1955)
Jessica Weill Bibliowicz
Sanford I. “Sandy” Weill (; born March 16, 1933) is an American banker, financier and philanthropist. He is a former chief executive and chairman of Citigroup. He served in those positions from 1998 until October 1, 2003, and April 18, 2006, respectively.
Weill was born in the Bensonhurst section of Brooklyn, New York, to Polish Jewish immigrants, Etta Kalika and Max Weill. He attended P.S. 200 in Bensonhurst. He also attended Peekskill Military Academy in Peekskill, New York, then enrolled at Cornell University where he was active in the Air Force ROTC and the Alpha Epsilon Pi Fraternity. Weill received a Bachelor of Arts degree in government from Cornell in 1955.
Weill’s middle initial of “I” is not an abbreviation for anything. He has said:
Weill married Joan Mosher on June 20, 1955. The couple lives in Greenwich, Connecticut. They have two adult children, Marc Weill (formerly married to news anchor E. D. Hill) and Jessica Weill Bibliowicz, and four grandchildren.
Weill, shortly after graduating from Cornell University, got his first job on Wall Street in 1955 – as a runner for Bear Stearns. In 1956, he became a licensed broker at Bear Stearns. Rather than making phone calls or personal visits to solicit clients, Weill found he was far more comfortable sitting at his desk, poring through companies’ financial statements and disclosures made to the U.S. Securities and Exchange Commission. For weeks his only client was his mother, Etta, until Joan persuaded an ex-boyfriend to open a brokerage account.
Building Shearson (1960–1981)
While working at Bear Stearns, Weill was a neighbor of Arthur L. Carter who was working at Lehman Brothers. Together with Roger Berlind and Peter Potoma, they formed Carter, Berlind, Potoma & Weill in May 1960. In 1962 the firm became Carter, Berlind & Weill after the New York Stock Exchange brought disciplinary proceedings against Potoma.
In 1968, with the departure of Arthur Carter, the firm was renamed Cogan, Berlind, Weill & Levitt (Marshall Cogan, Arthur Levitt), or CBWL jokingly referred to on Wall Street as “Corned Beef With Lettuce”. Weill served as the firm’s Chairman from 1965 to 1984, a period in which it completed over 15 acquisitions to become the country’s second largest securities brokerage firm. The company became CBWL-Hayden, Stone, Inc. in 1970; Hayden Stone, Inc. in 1972; Shearson Hayden Stone in 1974, when it merged with Shearson Hammill & Co.; and Shearson Loeb Rhoades in 1979, when it merged with Loeb, Rhoades, Hornblower & Co.
With capital totaling $250 million, Shearson Loeb Rhoades trailed only Merrill Lynch as the securities brokerage industry’s largest firm.
American Express (1981–1985)
In 1981, Weill sold Shearson Loeb Rhoades to American Express for about $930 million in stock. (Sources differ on the precise figure.) In 1982, he founded the National Academy Foundation with the Academy of Finance to educate high school students. Weill began serving as president of American Express Co. in 1983 and as chairman and CEO of American Express’s insurance subsidiary, Fireman’s Fund Insurance Company, in 1984. Weill was succeeded by his protégé, Peter A. Cohen, who became the youngest head of a Wall Street firm. While at American Express, Weill began grooming his newest protégé, Jamie Dimon, the future CEO of JPMorgan Chase.
Before Citigroup (1986–1998)
Weill resigned from American Express in August 1985 at age 52. After an attempt to become the CEO of BankAmerica Corp. (and “take over” Merrill Lynch, according to a Jamie Dimon interview in 2002), he persuaded Minneapolis-based Control Data Corporation to spin off a troubled subsidiary, Commercial Credit, a consumer finance company. In 1986, with $7 million of his own money invested in the company, Weill took over as CEO of Commercial Credit. After a period of layoffs and reorganization, the company completed a successful IPO.
In 1987, he acquired Gulf Insurance. The next year, he paid $1.5 billion for Primerica, the parent company of Smith Barney and the A. L. Williams insurance company. In 1989 he acquired Drexel Burnham Lambert‘s retail brokerage outlets. In 1992, he paid $722 million to buy a 27 percent share of Travelers Insurance, which had gotten into trouble because of bad real estate investments.
In 1993 he reacquired his old Shearson brokerage (now Shearson Lehman) from American Express for $1.2 billion. By the end of the year, he had completely taken over Travelers Corp in a $4 billion stock deal and officially began calling his corporation Travelers Group Inc. In 1996 he added to his holdings, at a cost of $4 billion, the property and casualty operations of Aetna Life & Casualty. In September 1997 Weill acquired Salomon Inc., the parent company of Salomon Brothers Inc. for over $9 billion in stock.
In April 1998, Travelers Group announced an agreement to undertake the $76 billion merger between Travelers and Citicorp, and the merger was completed on October 8, 1998. The possibility remained that the merger would run into problems connected with federal law. Ever since the Glass–Steagall Act, banking and insurance businesses had been kept separate. Weill and John S. Reed bet that Congress would soon pass legislation overturning those regulations, which Weill, Reed and a number of businesspeople considered not in their interest.
To speed up the process, they recruited ex-President Gerald Ford (Republican) to the Board of Directors and Robert Rubin (Secretary of Treasury during Democratic Clinton Administration) whom Weill was close to. With both Democrats and Republican on their side, the law was taken down in less than two years. Many European countries, for instance, had already torn down the firewall between banking and insurance. During a two-to-five-year grace period allowed by law, Citigroup could conduct business in its merged form; should that period have elapsed without a change in the law, Citigroup would have had to spin off its insurance businesses. Weill’s office holds a wood etching of him engraved with the words “The Shatterer of Glass–Steagall”. Weill denies that the repeal of Glass–Steagall played a role in the recent financial crisis.
In 1998, Weill was the recipient of FinancialWorld Magazine‘s CEO of the Year Award, and received the same honor from ChiefExecutive Magazine in 2002.
In 2001, Weill became a Class A director of the Federal Reserve Bank of New York. Class A directors are those elected by Federal Reserve member banks.
In 2002, the company was hit by the wave of Wall Street managerial restructuring that followed the stock market downturn of 2002. Charles Prince replaced Weill as the CEO of Citigroup on October 1, 2003.
In 2003, Citigroup repurchased $300 million worth of shares from Weill. It was reported among the $1.967 billion of “treasury stock acquired” in the Citigroup consolidated statement of changes in stockholders’ equity. The average price Weill received for his shares was $47.14.
Advocate for bank break-up
On July 25, 2012, Weill apparently reversed course on the financial supermarket. “What we should probably do is go and split up investment banking from banking, have banks be deposit takers, have banks make commercial loans and real estate loans, have banks do something that’s not going to risk the taxpayer dollars, that’s not too big to fail,” Weill said on CNBC. “If they want to hedge what they’re doing with their investments, let them do it in a way that’s going to be mark-to-market so they’re never going to be hit.”
In 2004, Citigroup agreed to pay $2.65 billion to settle a class-action suit brought by investors over its role in the WorldCom scandal. Citigroup’s Salomon Smith Barney had issued optimistic research reports on WorldCom and, at the same time, helped it raise money by selling its securities.
After receiving $263.9 million from Citigroup for his 5.6 million shares, Citigroup and Smith Barney employees were encouraged to contribute up to 25% of their pay to purchase shares in Citigroup stock through the Capital Accumulation Plan.Employee funds which were voluntarily used to purchase Citigroup stock were restricted from being sold while they remained in the CAP plan. On June 1, 2009, the day Smith Barney employees (and their restricted stock) were released into the joint venture Morgan Stanley Smith Barney the stock had fallen to $3.71, a 92% discount to the price Weill received from the company.
On March 24, 2009, Citigroup employees who participated in the ailing company’s stock purchase plan filed a suit in district court, charging that the financial services firm concealed its exposure to toxic subprime-related and other derivative products. The suit sought class action status.
Weill served as a Cornell Trustee for many years, and in 1998 he endowed Cornell’s medical school, now known as the Weill Cornell Medical College. As chairman of the Board of Overseers of Weill Cornell Medical College and an emeritus member of the Board of Trustees of Cornell University, Weill orchestrated a $400 million donation to Cornell, of which he and his wife personally contributed $250 million. In June 2007, he endowed the Weill Institute for Cell and Molecular Biology at Cornell, housed in a new life science building named Weill Hall. On September 10, 2013, Joan and Sandy Weill and the Weill Family Foundation announced a $100 million gift to Weill Cornell. Weill is Chairman of the Board of Overseers of Weill Cornell Medical College and Weill Cornell Graduate School of Medical Sciences, having joined the board in 1982 and becoming chair in 1995. Weill Cornell established the first American medical school overseas in Doha, Qatar, in 2001. This was made possible through a special partnership between Weill Cornell and the Qatar Foundation for Education, Science and Community Development. Weill Cornell’s inaugural class in Qatar graduated in 2008. Weill also serves on the Board of Governors of Sidra, a 380-bed speciality teaching hospital was scheduled to open in 2014 in Qatar. Sidra is supported by a $9 billion endowment from the Qatar Foundation. In addition, he is a Trustee of New York-Presbyterian Hospital; a Trustee of Hospital for Special Surgery; and a member of the Executive Council of the University of California, San Francisco Medical Center.
In May 2003, he received the Baruch Medal for Business and Civic Leadership, presented by Baruch College for his work in public education and his accomplishments in business.
Long a proponent of education, Weill instituted a joint program with the New York City Board of Education in 1980 that created the Academy of Finance, which trains high school students for careers in financial services. He serves as Founder and Chairman of the National Academy Foundation (NAF), which oversees more than 60,000 students in 500 career-themed academies of finance, hospitality and tourism, information technology and engineering, in 41 states, as well as the District of Columbia. Ninety-seven percent of NAF’s students graduate, with eighty percent going on to post-secondary education – often as the first in their families to attend college. New York Governor Andrew Cuomo appointed Weill as a member of his New York Education Reform Commission. Weill has received honorary degrees from Howard University, Hofstra University, University of New Haven, The New School, and Sonoma State University.
He is also the Chairman of the Board of Carnegie Hall and is an avid champion of classical music in the United States. Since 1986, one of the three performance halls in Carnegie Hall has been named after Weill and his wife, Joan and Sanford I. Weill Recital Hall. The 1997 recipient of the New York State Governor’s Art Award, Weill has been Chairman of the Board of Trustees of Carnegie Hall since 1991. For Weill’s 70th birthday, Carnegie Hall raised a record $60 million in one evening thru a generous $30 million match by Weill and his wife for the Weill Music Institute, which established broad-reaching music education programs. Weill is also chairman of the Green Music Center Board of Advisors at Sonoma State University and a director of the Lang Lang International Music Foundation.
In September 2006, Joan and Sanford Weill Hall was dedicated at the University of Michigan. The building is home to the Gerald R. Ford School of Public Policy. Weill donated $5 million towards the construction of the building and an additional $3 million to endow the position of the dean of the school.
Joan and Sanford Weill have been co-chairs, of the annual “Louis Marshall Award Dinner“, for most of the past decade (2000–2010).
In 2002, the Joan Weill Adirondack Library and Joan Weill Student Center were dedicated at Paul Smith’s College.
The Weills are recipients of the 2009 Carnegie Medal of Philanthropy Award.  Sanford I. Weill was the 2015 recipient of the Carnegie Hall Medal of Excellence.
In 2010, the Weills bought a 362-acre estate in Sonoma County, California. In March 2011, the Weills announced a $12 million gift to Sonoma State University, providing the funds to complete the Donald and Maureen Green Music Center concert hall for a fall 2012 opening. The facility, inspired by Seiji Ozawa Hall at Tanglewood, has been named the Joan and Sanford I. Weill Hall. “We love to be involved in the communities where we spend time,” Sandy Weill commented to an interviewer.
In 2011, Rambam Medical Center in Haifa, Israel and the American Friends of the Rambam Medical Center announced that Joan and Weill and the Weill Family Foundation made a donation of $10 million. In addition, the money was intended to support the Israeli-Palestinian Friendship Center and enable the hospital to better serve patients from Gaza and the West Bank by making residential hostel facilities available to their families while providing advanced medical training to Palestinian residents, fellows, and nursing staff.
In 2012, Weill was elected a member of the American Academy of Arts and Sciences.
In September 2013, Weill and his wife wrote an op-ed for CNBC stating that philanthropy goes beyond just money. “For us, philanthropy is much more than just writing a check. It’s donating your time, energy, experience, and intellect to the causes and organizations you are passionate about.”
In 2015, Joan Weill offered an additional $20 million to Paul Smith’s College, but only if it changed its name to Joan Weill-Paul Smith’s College, a change that would have violated the terms of the devise of the school’s real property, which required that the school be “forever known” as Paul Smith’s College of Arts and Sciences. Paul Smith’s applied to the New York Supreme Court for a release from the naming clause of the donor’s will, arguing that its continued financial survival depended on receipt of Mrs. Weill’s $20 million gift. Notwithstanding that argument, there was considerable opposition to the requested name change from alumni and others. The college was originally funded by the will of Paul Smith’s son, Phelps Smith, who specified that the institution should be “forever known” by his father’s name. In light of the potential donation, the college petitioned to be released from the will’s conditions, but their appeal was denied by Judge Ellis. 
In 2016 Sandy and Joan Weill announced a $185 million contribution to the University of California, San Francisco (UCSF) for a new neuroscience institute. The gift is the largest donation in the school’s history. The Weill Institute for Neurosciences will be housed in a $316 million facility to be built at UCSF’s Mission Bay campus. The Weills hope the institute will develop more effective treatments for such diseases as Alzheimer’s, Parkinson’s, multiple sclerosis, sleep disorders, autism, and other brain-related ailments.
This article has multiple issues. …
Sanford and Son is an American sitcom that ran on the NBC television network from January 14, 1972, to March 25, 1977. It was based on the BBC Television program Steptoe and Son.
Known for its edgy racial humor, running gags and catchphrases, the series was adapted by Norman Lear and considered NBC’s answer to CBS‘s All in the Family. Sanford and Son has been hailed as the precursor to many other African American sitcoms. It was a ratings hit throughout its six-season run.
While the role of Fred G. Sanford was known for his bigotry and cantankerousness, the role of Lamont Sanford was that of a conscientious peacemaker. At times, both characters would involve themselves in schemes, usually as a means of earning cash quickly in order to pay off their various debts. Other colorful and unconventional characters on the show included Aunt Esther, Grady Wilson, Bubba Bexley, and Rollo Larson.
In 2007, Time magazine included the show on their list of the “100 Best TV Shows of All Time”.
Sanford and Son stars Redd Foxx as Fred G. Sanford, a widower and junk dealer living at 9114 South Central Avenue in the Watts neighborhood of Los Angeles, California, and Demond Wilson as his son Lamont Sanford. In his youth, Fred moved to South Central Los Angeles from his hometown of St. Louis.
https://en.wikipedia.org/wiki/Sanford_and_Son [emphasis added]
junk – Cocaine; heroinjunkie – Addictjunkie kits – Glass pipe and copper mesh
Doug Warner is Co-Head of Weil’s global Private Equity practice. He represents private equity sponsors and hedge funds in connection with acquisitions, dispositions and financings. He also has extensive experience in leveraged buyouts and dispositions of both public and private U.S. and European companies as well as minority investments and infrastructure investments.
Doug’s clients include: Centerbridge; Credit Suisse; CVC; DLJ Merchant Bank; EQT; Eton Park; J.C. Flowers; Lee Equity; Oak Hill Capital; the Public Sector Pension Investment Board, Snow Phipps Group and TPG.
Douglas ‘Sandy’ Warner (born June 9, 1946 as Douglas Alexander Warner III but widely known as “Sandy”) is an Americanbanker who joined Morgan Guaranty Trust Company of New York out of college in 1968 as an officer’s assistant and rose through the ranks to become chairman of the board of J.P. Morgan & Co. Inc. in 2000. Among his many accomplishments, Warner may be best known for spearheading the 2000 sale of J P Morgan & Co. to Chase Manhattan Bank for $30.9 billion.
Douglas Alexander Warner III was born on June 9, 1946 in Cincinnati, Ohio as the elder son to Douglas Alexander Warner Jr. and Eleanor (Wright) W. Warner. He has a brother, Gordon, and a sister, Marjorie. Warner came from money, growing up in the high-toned suburb of Indian Hill in a family with local social standing. For example, Warner’s father served as a trustee of the Cincinnati Music Hall Association and Art Museum and chaired the United Appeal one year. Warner’s grandfather (and namesake) ran his own insurance firm and was active in local golfing circles. Grandmother Warner was the daughter of a wealthy Cincinnati entrepreneur named J. Stacey Hill, who was the president of a then-prominent thousand-room Cincinnati hotel named Hotel Gibson.
In 1960 Warner’s family shipped the 14-year-old Warner 500 miles away from his home in Ohio to The Hill School, a college-preparatory boarding school in Pottstown, Pennsylvania (it admitted only boys at the time); Warner’s father had graduated from the same school in 1937. While a student at The Hill, Warner played junior hockey 1960-61, junior varsity (JV) hockey 1961-62, and varsity hockey 1962-64. Warner graduated from there in 1964, the same year as Academy Award-winning producer/director Oliver Stone.
Education and career
From The Hill School, Warner applied to Yale University, the same school attended by his father and uncle. In 1964, Warner entered Yale University at the age of 18 as a pre-med student. At age 18, Warner was of draft age but most likely held a 2-S (college deferment) Selective Service System classification as a student at Yale University. During his time at Yale, Warner became friends with the future President George W. Bush through then-Yale ice hockey player Roland W. Betts – now owner of the multimillion-dollar Chelsea Piers Sports & Entertainment Complex. This friendship would prove valuable as President Bush later named Warner as a financial adviser to President-elect Bush’s transition team in 2000.
At the peak of the Vietnam war upheaval in the United States in May 1968, Warner graduated from Yale University with a B.A. degree and intended to go to Yale medical school after leaving Yale undergraduate. Without a college deferment, Warner most likely would have been classified as 1-A, that is to say, classified as available immediately for military service. For example, President Bush was classified as 1-A on Bush’s graduation from Yale in May 1968 and was accepted into the Texas Air National Guard at the height of the ongoing Vietnam War.
With the Vietnam war and Yale medical school choices facing Warner, Warner looked to a third option based on advice from his father, an insurance man from Cincinnati, Ohio. Warner’s father advised Warner to go into business to develop some “breadth” and subsequently Warner entered the management training program at Morgan Guaranty Trust Company in New York City. At that time, Morgan Guaranty Trust Company was a wholly owned subsidiary of J.P. Morgan Chase & Co. (formerly J.P. Morgan & Co. Incorporated). Over the next seven years, Warner rapidly advanced from officer’s assistant (1968–1970), through assistant treasurer (1970–1972) and assistant Vice President (1972–1975), to Vice President in 1975.
On May 13, 1977, Warner married Patricia G. Grant and produced four children, Alexander, Katherine, Michael, and Alice (deceased), and now, along with Patricia’s brother Thomas, are residents of Locust Valley, N.Y.
In 1983, at age 37, Warner was transferred to London, England and was named Senior Vice President. First, Warner was in charge of United Kingdom and Scandinavian banking operations and then became the head of oil and gas lending for the region. In becoming the general manager of the London office and Morgan’s senior executive in the United Kingdom in 1986, Warner received extensive experience in U.S. and international corporate finance.
In 1987, Warner was promoted to Executive Vice President and returned to New York city to take charge of North American and South Americancorporate finance and, later that year, of the entire group worldwide.
In 1989, Warner became Managing Director of the Morgan Guaranty Trust Company and elected president and a director in 1990. After rising through the ranks in various positions in London and New York City, Warner succeeded Dennis Weatherstone in 1995 as Morgan’s youngest CEO ever at age 49. From 1995 to 2000, Warner served as chairman and chief executive officer. In 1999, Warner was ranked 14th of the “25 Highest Paid Banking Executives in 1999” with a total compensation for the year of US$9,916,151. In 2000, Warner was mentioned as a possible candidate for President Bush’s Treasury secretary along with Enron head Kenneth Lay and a few others. However, Warner was elevated to chairman of the board of J.P. Morgan Chase & Co., The Chase Manhattan Bank and Morgan Guaranty Trust Company of New York, NY in 2000 and served there until his retirement on September 7, 2001. Instead, President Bush named Warner as a financial adviser to President-elect Bush’s transition team in 2000.
2000 merger and retirement
Warner may be best known for spearheading the sale of J P Morgan & Co. to Chase Manhattan Bank through its then CEOWilliam Harrison for $30.9 billion.
In retirement, Warner is a director of Anheuser-Busch Companies, Inc. and Motorola, Inc., a member of the Board of Counselors of The Bechtel Group, Inc., chairman of the Board of Managers and the Board of Overseers of Memorial Sloan-Kettering Cancer Center, serves as the Chair of the General Electric Audit committee, and serves on both the General Electric Nominating committee and Corporate Governance and Management Development and Compensation committee.Warner is a member of the Business Council, a trustee of the Pierpont Morgan Library, and a member of the Committee to Encourage Corporate Philanthropy (CECP). In between such retirement, Warner enjoys golf, skiing, and shooting as a member of Seminole Golf Club Seminole Golf Club, Links Club, River Club, Meadowbrook Club (Long Island, New York), Augusta National Golf Club, and Wequetonsing Golf Club(Harbor Springs, MI).
Warner was recently selected for a coveted six-year term on the Yale Corporation, Yale University’s governing body.
Analysts say that Mr. Warner was a key figure throughout the 1980s and 1990s in the transformation of J.P. Morgan from a commercial bank to an investment banking firm. For example, J.P. Morgan was the first commercial bank since the 1930s to be granted the power to underwritedebt and equity securities. Under Warner, the firm ended lifelong job security as a result of a 1998 restructuring. One of his biggest cultural marks on J.P. Morgan was the creation of the “House Arrest” group, a dozen or so senior executives who met monthly to discuss management issues.
• A loyal Hill SchoPhilanthropyol Annual Fund donor, Warner funded the Douglas A. Warner Chapel Program Fund in honor of his father, the late Douglas A. Warner Jr. ’37. Warner has also served The Hill School as a term and corporate trustee. Warner gave $100,000 to have the ice hockey rink replaced.
• Warner is a member of the Business Council, a trustee of the Pierpont Morgan Library, and a member of the Committee to Encourage Corporate Philanthropy (CECP).
In 1998, Warner was an invited Gordon Grand Fellow lecturer at Yale University, and in 2001, he was awarded the Leadership Award from The Hill School. As an alumnus of The Hill School, Warner had proven himself “to be an exemplary leader and true role model for students in his vocation.”
Douglas Alexander Warner III, ’68 B.A.
During his thirty-three-year career in banking and financial services, Douglas Warner rose to be chair of J.P. Morgan Chase & Co., having begun his career there upon graduating from Yale.