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From the category archives:
Money Moguls
Sandy Weill is an American banker, financier and philanthropist. He is a former chief executive officer and chairman of Citigroup Inc. He served as the Class A Director of the Federal Reserve Bank of New York.
Weill founded the National Academy Foundation with the Academy of Finance to educate students that would graduate from High School. In addition Weill’s served times as president of American Express Co. and as chairman and CEO of American Express’s insurance subsidiary, Fireman’s Fund Insurance Company.
You can get his full profile “Here”
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Dan Gilbert talks to the Kauffman Foundation about entrepreneurialism, “creating” and his Detroit-based entrepreneurial academy Bizdom U.
This is one Money Mogul that you will definitely hear about being in the fore front of the reemergence of the city of Detroit. Check out the interview with him above and profile below…
Dan Gilbert is the Chairman and Founder of Quicken Loans Inc. and Rock Financial, as well as the majority owner of the National Basketball Association’s Cleveland Cavaliers.
Gilbert founded Rock Financial in 1985 with his younger brother, film producer Gary Gilbert, their childhood friend Lindsay Gross and Ron Berman. Dan was a first-year law student. Gilbert, then 23 years old, served as the Chief Executive Officer and Chairman. Rock Financial grew into one of the largest independent mortgage companies in the country. In May 1998, Gilbert took the company public. Initially a brick and mortar lender, the company launched “Rockloans.com” in January 1999, which quickly positioned itself as the leader in online retail mortgage lenders.
In December 1999, Intuit Inc. (makers of TurboTax and Quicken) purchased Rock Financial. The national web operation was renamed “Quicken Loans” and grew substantially as the leading provider of direct-to-consumer home loans on the Internet, offering mortgages in all 50 states. Gilbert remained at the company as its CEO. In July 2002, just 30 months from the sale of Rock Financial, Gilbert led a small group of private investors and purchased the Quicken Loans subsidiary back from Intuit. He continues to serve as the chairman of Quicken Loans Inc., which now consists of Quicken Loans, Rock Financial, One Reverse Mortgage and national title insurance and escrow provider, Title Source.
“Give what the greedy man wont and you’ll get what the greedy man wants.“
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Bill Gates hopes to solve some of the world’s biggest problems using a new kind of philanthropy. One topic of discussion that stuck out like a sore thumb was education and the lack of balance between those of high income vs. those of low income. Check out what he had to say at the 8:40 mark.
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Warren Buffett is rolling the dice in a failing U.S. market, but history shows that there is major opportunity in time of crisis. This is a big time deal, Warren’s company Brekshire Hathaway takes 100% ownership of rail road operator Burlington Northern by forking over a little sum of money; only $34 billion, its nothing to a boss.
You may not be ready to bet on the U.S. economic recovery, but according to Forbes Warren Buffett sure is.
The billionaire made a splash Tuesday when his investment firm, Berkshire Hathaway, announced a deal to take over railroad operator Burlington Northern Santa Fe. The cash-and-stock deal is worth $100 a share for the 77.4% of the company Berkshire didn’t already own, for a price tag near $34 billion.
Buffett called the deal an “all-in wager on the economic future of the United States,” but his enthusiasm couldn’t give Wall Street a lift Tuesday morning. The Dow Jones industrial average was down 71 points to 9,718 in the first 10 minutes of trading, the S&P 5007 points to 1,035 and the Nasdaq12 points to 2,038. Burlington Northern shares shot up 28.2%.
For the second-richest man in America, the Burlington Northern buy is just the latest investment in a high-profile American company. Buffett poured billions into preferred shares of General Electric and Goldman Sachs in late 2008–bets that looked questionable as the market continued to slide, but have paid off in a big way.
Elsewhere in corporate news Tuesday, Johnson & Johnson said it will try to save up to $900 million next year by cutting jobs and scaling back its management structure. The health care and consumer products giant said it will reduce its workforce by up to 7% in a move that could impact more than 8,000 workers. Shares were flat in early trading.
The Federal Reserve begins a two-day meeting in Washington Tuesday, but few expect any action on interest rates. Still, the closing statement at Wednesday’s meeting will be carefully parsed for any clues of future changes or slowdowns in the numerous liquidity facilities being run by the central bank.
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It’s not that often that you can get two moguls of this caliber in the same room for an interview together; whether its ego, schedules, or whatever there is always something forbidding this type of event. But here Gates (founder of Microsoft) and Jobs (founder of apple) discuss each others success and contributions to the information age as we know it, check it out!
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Who says that actors, rappers, ball players get to have all the fun? The truth is that some of the biggest rock stars are in the business world; and we like to call them A-List Executives. A true A-List Executive of the business world is Larry Ellison.
“Larry” Ellison is an American entrepreneur and the co-founder and CEO of Oracle Corporation, the World’s largest business software company. During the 1970s, Ellison worked for Ampex Corporation. One of his projects was a database for the CIA, which he named “Oracle”. He later founded Oracle in 1977, putting up a mere $2000 of his own money, under the name Software Development Laboratories (SDL). In 1979, the company was renamed Relational Software Inc., later renamed Oracle after the flagship product Oracle database.
He is currently listed on the Forbes list of billionaires as the fourth richest person in the world (as of March 11, 2009). Ellison is the third richest American, with an estimated net worth of $22.5 billion. Ellison owns 22.59% of Oracle Corporation; his shares are worth between 20 and 25 billion dollars.
Rest of post and pics of Ellison’s toys when you Read More…
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“Chains of habits are too light to be felt until they are too heavy to be broken.”
Warren Buffett
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Forbes pose twenty two questions for real estate tycoon Donald Trump, check it out:
Net Worth: $2 billion
Age: 63
Source of Wealth: Real estate
What’s the biggest business blunder you’ve ever made, and what did you learn from it?
Buying a yacht. It was an investment I couldn’t wait to get rid of.
What’s the one thing every first-time entrepreneur should know?
They should be prepared to go it alone–being an entrepreneur is not a group effort. It requires everything you’ve got.
What’s the last book or article you read that you’d recommend to other entrepreneurs?
Edward de Bono’s Six Thinking Hats thoroughly covers the process of thinking, and it’s a way to avoid blind spots if you are thinking alone. He coined the expression “lateral thinking,” and this book provides a comprehensive approach to using your brain in an efficient and effective way.
What one job should every person have to do at least once in their life?
Work in an emergency room, or observe one.
How do you know when to keep fighting or to cut bait?
That’s an instinct that can be developed, but it’s definitely an instinct that we all have. Paying attention to the signals is what is important–and heeding them.
Will/should the U.S. have universal health care?
That very much depends on how it is handled at the core level–which is extremely complex at this point. It’s not clear enough yet.
Rest of the interview when you Read More…
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“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.”
- Warren Buffett
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