Stephen Feinberg’s profile picture

Stephen Feinberg

Co-founder and CEO, Cerberus Capital Management
Stephen Feinberg’s profile picture
Net worth 2018: $1.59 Billion
Residence: New York, New York
Country: United States
BirthDay: 29 March 1960
Sigh: Aries
Children: 3
Education: Bachelor of Arts / Science, Princeton University
BIOGRAPHY

Stephen Feinberg was bornon 29 March 1960 in New York, New York, United States, is Co-founder and CEO, Cerberus Capital Management. Stephen Feinberg is #1489 in List Billionaires People In The World. During his 20-plus-year stint at Cerberus Capital Management, private equity investor Stephen Feinberg has generated some excellent returns -- and some abysmal PR. In 2013, the company attracted attention for its stake in Freedom Group, which manufactured the Bushmaster rifle used in the Sandy Hook massacre. In 2009, Cerberus suffered the bankruptcy of Chrysler Group, which it had bought two years earlier. Feinberg's more recent moves have not been so fraught: Cerberus, which employs former Treasury Secretary John Snow and former Vice President Dan Quayle, oversaw the successful merger of supermarkets Safeway and Albertsons in 2015. In February 2017, it was reported that Feinberg was in talks with the Trump administration to review US intelligence agencies.

NET WORTH STATISTIC
2015

$1.3 Billion

2016

$1.1 Billion

2017

$1.2 Billion

2018

$1.59 Billion

TIMELINE
Stephen A. "Steve" Feinberg (born March 29, 1960) is an American financier, who is active in hedge fund management and private equity. He is known for turning around struggling businesses and making them profitable. He is co-founder and Chief Executive Officer of Cerberus Capital Management.Feinberg was born to an American Jewish family and raised in The Bronx, New York. When aged eight, his family moved to Spring Valley, New York, a suburb of New York City. His father was a steel salesman. He attended Princeton University and graduated with a degree in politics in 1982. While there, he captained the tennis team and joined the Reserve Officer Training Corps.After graduating from college, Feinberg worked as a trader at Drexel Burnham in 1982 and later at Gruntal & Co..In 1992, at the age of 32, Feinberg co-founded Cerberus Capital Management with William L. Richter. At the time the firm had $10 million under management; its assets under management have since grown to over $30 billion in 2016. In 1999, the firm hired former Vice President Dan Quayle as a Chairman of Cerberus Global Investment. In 2006, the firm hired former United States Secretary of the Treasury John Snow, who serves as a Chairman of Cerberus.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" 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." 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."Feinberg has been described as "secretive" in The New York Times. 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."Through Cerberus, Feinberg also ownes DynCorp, which is a major national security contractor with the U.S. government.Feinberg is a major Republican donor. 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. 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.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. Feinberg reportedly made $50 million in 2004. His lifestyle is notably less extravagant than his peers in private equity. He splits time between his homes on Manhattan's Upper East Side and Greenwich, Connecticut with his wife Gisela (née Sanchez).
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