Eli Broad : biography
Eli Broad ( born June 6, 1933) is an American businessman and philanthropist from Detroit, Michigan who resides in Los Angeles, California.
With an estimated net worth of around $5.8 billion, Broad was ranked by Forbes as the 173rd wealthiest person in the world in 2011. A major donor to Democratic political candidates, Broad is listed eighth on the Newsmeat Power Rankings list of "most famous and powerful Americans, whose campaign contributions result most often in victory".
Early life and career
Broad was born in the Bronx, the only child of Lithuanian Jewish immigrant parents. His father was a house painter, and his mother a dressmaker. His family moved to Detroit when he was six years old. In Detroit his father operated five-and-dime stores and his mother resumed work as a dressmaker.Bruck, Connie, "The Art of the Billionaire", The New Yorker, December 10, 2010 Broad attended Detroit Public Schools. In 1951, he graduated from Detroit Central High School. He then attended Michigan State University, majoring in accounting with a minor in economics and graduating cum laude in 1954. That same year, the twenty-one-year-old Broad married eighteen-year-old Edythe "Edye" Lawson. Broad went on to earn the distinction of becoming the youngest Michigan resident to have attained the credentials of Certified Public Accountant (CPA). Prior to entering the home building business, Broad worked as an accountant for two years.
Kaufman and Broad
In 1957, Broad went into business with Donald Kaufman, who was a home builder and related to his wife, Edye. Broad financed his end of the enterprise with $25,000 borrowed from his wife's parents. Kaufman and Broad Home Corporation (now KB Home) recognized the type of housing that would appeal to a new generation of Detroit home buyers flocking to the suburbs. These family homes followed a template of homogeneous design, what became identified as tract housing. The Kaufman and Broad model invariably featured an attached carport and omitted the basement. They christened this model the "Award Winner" and priced it at $13,700. Fourteen homes were sold the first weekend.
Looking to diversify the cyclical home building business, Broad in 1971 acquired Sun Life Insurance Company of America, a small family-owned insurance company in Baltimore, for $52 million. Broad transformed Sun Life into the retirement savings powerhouse SunAmerica. He sold SunAmerica to the American International Group in 1999 for $18 billion. He was CEO of SunAmerica, now a subsidiary of AIG, until 2000.
Broad wrote a 2012 book, The Art of Being Unreasonable: Lessons in Unconventional Thinking (ISBN 978-1118173213)., Los Angeles Times, May 4, 2012
The Eli and Edythe Broad Plaza in front of the [[Caltrans District 7 Headquarters]] Eli and Edythe Broad are the founders of The Broad Foundations, The Broad Foundations. Retrieved August 18, 2011. with the mission of advancing entrepreneurship for the public good in education, science and the arts. In doing this, the foundation focuses on the arts and culture in Southern California, championing the revitalization of downtown Los Angeles, and reforming K-12 public education across the United States. The Broad Foundations, which include The Eli and Edythe Broad Foundation and The Broad Art Foundation, have assets of $2.1 billion.
In 2010, Broad backed "The Giving Pledge," an initiative started by fellow billionaires Warren Buffett and Bill and Melinda Gates for rich Americans to give at least half of their wealth to charity. Eli and Edythe Broad committed to give 75 percent of their wealth to philanthropy during or after their lifetimes. In 2010, Broad gave $10 million to the Washington, D.C. Public Education Fund, $2.2 million to the Education Innovation Laboratory at Harvard, and $2 million to a Los Angeles charter-schools foundation. September 2, 2011 February 23, 2011
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