Word: forstmann
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Dates: during 1990-1999
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...charitable foundations. Earlier this month he donated $100 million in cash toward vaccinating children in the developing world. It was just one of numerous conspicuous gifts made in 1998. Among them: Armenian-American billionaire financier Kirk Kerkorian's $200 million in aid to earthquake-ravaged Armenia, and businessmen Ted Forstmann and John Walton's $100 million fund to subsidize private-school scholarships for inner-city students...
Today's givers match their money with their energy. Forstmann, who is chairman of Gulfstream Aerospace and a senior partner at a New York LBO firm he co-founded, spent a year canvassing the country, examining local school districts--the program will serve 40,000 students in 38 cities--and cajoling everyone from Michael Ovitz to Barbara Bush to join the fund's board of advisers. He got the idea for the venture after years of studying a similar financial-aid program in New York City. Nine out of 10 school kids who used money from the fund to attend...
...FORSTMANN LITTLE...
FOUNDED Teddy Forstmann, philanthropist and leveraged-buyout genius, and his partners at Forstmann Little & Co. began this get-together several years...
...INVITED If you are not the CEO of a huge and successful company, be the best at something significant or, if you can, buy a jet from Gulfstream, one of Forstmann's holdings. Those attending could as easily be somewhere else. They come because they have a good time...