$1.4 billion 12%
LAST YEAR: $1.25 billion
RESIDENCE: Los Angeles
SOURCE OF WEALTH: Investments
THE MONEY: Former Wall Street financier saw weak performance of educational companies outpaced by gains in other investments. Reported to have had at least $800 million invested through Los Angeles Dodgers owner Guggenheim Partners.
BUZZ: Made headlines in February when Fortune magazine reported Securities and Exchange Commission was investigating his relationship with Guggenheim Partners. It reportedly examined whether he was violating lifetime ban from securities industry by managing Guggenheim investments. No charges have been filed. Participated in $35 million funding round for L.A. biotech firm Kite Pharma in early May. Educational firm Knowledge Universe, closely held with brother Lowell, has struggled and has been hit with credit downgrades due to high debt and poor earnings. Continues to pursue interests in philanthropy, education and medical research. His medical think tank FasterCures was vocal in pushing for new government drug development center, which was created by Obama administration in 2011. Penned Wall Street Journal editorial last year calling for greater government investment in bioscience. Began career at Drexel Burnham Lambert in 1969, engineering issuance of high-yield bonds, better known as “junk bonds” – slang he hates – for noninvestment grade companies. Indicted for securities fraud in 1989; pled guilty to six felony counts, served 22 months in prison and paid $200 million in fines.
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