Steve Feinberg | |
---|---|
Chair of the Intelligence Oversight Board | |
In office August 16, 2018 – January 20, 2021 | |
President | Donald Trump |
Preceded by | Neal S. Wolin |
Succeeded by | Vacant |
Chair of the President's Intelligence Advisory Board | |
In office May 12, 2018 – January 20, 2021 | |
President | Donald Trump |
Preceded by |
Shirley Jackson Jami Miscik |
Succeeded by | Sandy Winnefeld |
Personal details | |
Born | New York City, U.S. | March 29, 1960
Political party | Republican |
Spouse | Gisella Sanchez |
Children | 3 daughters |
Education | Princeton University ( AB) |
Stephen Andrew Feinberg (born March 29, 1960) is an American businessman and investor active in hedge fund management and private equity. [1] He is the co-founder and Chief Executive Officer (CEO) of Cerberus Capital Management. As of March 2019, his net worth is US$1.5 billion. [2] In 2017 Cerberus also owned DynCorp, which is a major national security contractor with the US government, charging billions for overseas military and police training. [3] On May 11, 2018, U.S. President Donald Trump named Feinberg to head the President's Intelligence Advisory Board. [4]
Feinberg was born to a Jewish family [5] [6] and raised in The Bronx, New York. When aged eight, his family moved to Spring Valley, New York, [7] a suburb of New York City. His father was a steel salesman. [7] He graduated with an A.B. in politics from Princeton University in 1982 after completing a 94-page long senior thesis titled "The Politics of Prostitution and Drug Legalization." [8] [9] While a student at Princeton, Feinberg captained the tennis team and joined the Reserve Officers' Training Corps. [7]
After graduating from college, Feinberg worked as a trader at Drexel Burnham in 1982 and later at Gruntal & Co. [10]
In 1992, at the age of 32, Feinberg co-founded Cerberus Capital Management with William L. Richter. [10] At the time the firm had $10 million under management; its assets under management have since grown to over $60 billion in 2024. [11] [12] In 1999, the firm hired former vice president Dan Quayle as a chairman of Cerberus Global Investment. [13] In 2006, the firm hired former United States Secretary of the Treasury John Snow, who serves as a chairman of Cerberus. [14]
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" [15] 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." [16] 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." [16]
Feinberg has been described as "secretive" in The New York Times. [17] 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." [18]
Cerberus is the parent company of DynCorp, which is a major national security contractor with the U.S. government. [3]
Feinberg is a major Republican donor. [19] In 2016, he served on the Trump Economic Advisory Council during Donald Trump's presidential campaign, donated nearly $1.5 million to pro-Trump PACs, and co-hosted a $50,000 per person Republican National Committee and Trump fundraising dinner alongside other financiers. [20] [21] In February 2017, the New York Times reported that President Trump will assign Feinberg a role in the White House leading a review of the US intelligence agencies. [22]
Together with his spouse, Feinberg contributed $715,600 to Donald Trump's 2020 presidential campaign. [23]
He is a member of The Business Council in Washington, DC, an association of chief executive officers from a broad range of companies who meet several times a year for high-level policy discussions. [24] [25]
Feinberg reportedly made $50 million in 2004. He splits time between his homes on Manhattan's Upper East Side and Greenwich, Connecticut with his wife Gisela (née Sanchez). [7]
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