Mortimer Zuckerman

Mortimer Zuckerman
Mortimer Benjamin Zuckerman
Born June 4, 1937 (1937-06-04) (age 74)
Montreal, Quebec, Canada
Alma mater McGill University,
Wharton School of the University of Pennsylvania,
Harvard Law School
Occupation Chairman of Boston Properties
Editor-in-chief of U.S. News & World Report
Owner of the New York Daily News
Net worth increase$2.0 billion[1]
Religion Judaism
Spouse Marla Prather (1996-2001)


Mortimer Benjamin "Mort" Zuckerman (born June 4, 1937)[2] is a Canadian-born American business magnate with interests primarily in magazines, publishing, and real estate. He is now a naturalized citizen of the United States.

In 2008, Zuckerman was the 147th wealthiest American[3] and, in 2007, the 188th[4] per Forbes. In 2006, he was ranked 382nd.[5] The increase was related to the sale in 2007 of 5 Times Square and 280 Park Avenue in New York, which together realized US$2.5 billion for his company, Boston Properties, Inc.[6]

He has been the publisher and owner of the New York Daily News since 1993 and, as of 2007, is the current editor-in-chief of U.S. News & World Report. He co-founded Boston Properties, Inc., in 1970 and serves as the chairman of the board and director.

Contents

Early life and education

Zuckerman was born in Montreal, Quebec, Canada to a Jewish family, and entered McGill University at the age of 16.[7] He graduated from McGill with a B.A. in 1957 and a BCL in 1961, although he never took the bar exam.[5] That same year, Zuckerman entered the Wharton School of the University of Pennsylvania, where he earned an M.B.A. degree with a distinction of honor. He also received an LL.M. degree from Harvard Law School in 1962.

Business career

After graduating, Zuckerman remained at Harvard Business School as an associate professor for nine years. He also taught at Yale University. Zuckerman spent seven years at the real estate firm Cabot, Cabot & Forbes, where he rose to the position of senior vice president and chief financial officer.[8]

In 1980, he purchased the literary magazine The Atlantic Monthly, where he was the chairman from 1980 to 1999. In 1999 he sold the magazine to David G. Bradley for US$12 million. Commenting on this sale and that of Fast Company magazine, which he sold for $365 million at the height of the tech boom in 2000, he quipped, "I averaged out."[5]

While he still owned Atlantic Monthly, in 1984, Mortimer Zuckerman bought U.S. News & World Report, where he remains its editor-in-chief.

Politics

In addition to his publishing and real-estate interests, Zuckerman is also a frequent commentator on world affairs, both as an editorialist and on television. He regularly appears on MSNBC and The McLaughlin Group and writes columns for U.S. News & World Report and the New York Daily News.

"While Zuckerman has always randomly switched back and forth between the parties,"[9] since the late 1970s, he has donated more than $68,000 to American political candidates with $42,700 going to Democratic politicians and $24,000 to independent interests.[10]

On July 12, 2010, Zuckerman claimed in an interview that he helped to write one of President Barack Obama's political speeches.[11] Long-time Obama speechwriters Jon Favreau and Ben Rhodes disputed the claim and asserted that neither "has ever met or spoken to Mort Zuckerman."[12] Zuckerman later published a clarification of his remarks, stating that his help had come in the form of private conversations with various political officials in which he had offered advice and perspective on different issues.[13]

Zuckerman, a long-time supporter of the Democratic party who cast his vote for Barack Obama in the 2008 presidential election, was critical of President Obama on several fronts. Following the downgrade of US treasury debt by Standard & Poor's in 2011, Zuckerman wrote in the Wall Street Journal: "I long for a triple-A president to run a triple-A country."[14] After initially supporting President Obama's call for heavy infrastructure spending to revive the economy, Zuckerman criticized the composition of the plan, stating "But if you look at the make-up of the stimulus program, roughly half of it went to state and local municipalities, which is in effect to the municipal unions which are at the core of the Democratic party." [15]

On President Obama's healthcare reform bill, Zuckerman stated: "Eighty percent of the country wanted them to get costs under control, not to extend the coverage. They used all their political capital to extend the coverage. I always had the feeling the country looked at the bill and said, 'Well, he may be doing it because he wants to be a transformational president, but I want to get my costs down!" [16]

Personal life

In 1996, Zuckerman married Marla Prather (born 1956), a curator of the National Gallery of Art;[17] they divorced in 2001.

On December 19, 2008, Zuckerman's second daughter, Renée Esther, was born; the mother was not identified. The child's birth was announced in the "Gatecrasher" column of the Daily News on December 23, 2008.[18]

He keeps houses in New York City, East Hampton, New York and Aspen, Colorado. He also keeps a 166-foot Oceanco Yacht, the Lazy Z. For transportation, he previously owned a Falcon 900 corporate jet but has recently purchased a Gulfstream G550.

Jewish causes

Zuckerman is also an active supporter of Israeli and international Jewish causes. Between 2001 and 2003, Zuckerman was the chairman of the Conference of Presidents of Major American Jewish Organizations. Typically, the nominating committee attempts to choose a person who is both respected and uncontroversial. However, Zuckerman was widely opposed by liberal Jewish factions.[19][20] Nonetheless, Zuckerman was eventually elected and served a full term.

In their 2006 paper The Israel Lobby and U.S. Foreign Policy, John Mearsheimer, political science professor at the University of Chicago, and Stephen Walt, academic dean of the Kennedy School of Government at Harvard University, named Zuckerman a member of the media wing of the "Israeli lobby" in the United States.[21] Zuckerman replied: "I would just say this: The allegations of this disproportionate influence of the Jewish community remind me of the 92-year-old man sued in a paternity suit. He said he was so proud; he pleaded guilty."[21]

President George W. Bush appointed Zuckerman to serve on the Honorary Delegation to accompany him to Jerusalem for the celebration of the 60th anniversary of the State of Israel in May 2008.[22][23]

Appointments and associations

Zuckerman serves on the boards of trustees of several educational and private institutions such as New York University, the Aspen Institute, Memorial Sloan-Kettering Cancer Center, the Hole in the Wall Gang Fund, and the Center for Communications. He is a member of the JPMorgan's National Advisory Board, the Council on Foreign Relations, the Washington Institute for Near East Policy, and the International Institute for Strategic Studies. He has been a president of the board of trustees of the Dana-Farber Cancer Institute in Boston.

Zuckerman is known to be a mentor to and close associate of Daniel M. Snyder,[24] owner of the NFL football team Washington Redskins, and has been a financial backer to Snyder's business ventures (CampusUSA magazine),[25] and was a shareholder and director in Snyder Communications Inc.,[26] a marketing services business which was taken over in 2000 (by Havas Advertising).

Honors

Zuckerman was awarded an honorary degree from Colby College and the Commandeur de L'Ordre des Arts et des Lettres.[27][clarification needed (Which year?)]

Bernard Madoff investment scandal

Zuckerman is one of the investors defrauded in a "Ponzi Scheme," by way of investments with Fifth Avenue Synagogue president J. Ezra Merkin who staked roughly 10% ($30 million) of Zuckerman's charitable trust fund with convicted scammer Bernard Madoff.[28][29][30] Zuckerman has stated that all current charitable obligations will still be honored with no changes. At a forum at the YIVO Institute for Jewish Research in New York, he remarked that no one since Julius and Ethel Rosenberg, executed in 1953 for giving atomic secrets to the Soviet Union, "has so damaged the image and self respect of American Jews."[31]

On April 6, 2009, Zuckerman filed a lawsuit against J. Ezra Merkin and his Gabriel Capital LP. The lawsuit claims fraud and negligent representation and seeks unspecified punitive damages. Merkin had a “huge incentive not to disclose Madoff’s role, especially to investors like Zuckerman” because he charged clients “substantial fees” to manage both his Ascot Partners LP and Gabriel Capital. The lawsuit claims over US$40 million in losses for placing his assets with Bernard L. Madoff Investment Securities LLC without his knowledge. Zuckerman invested US$25 million with Merkin’s Ascot Fund in 2006 through his Charitable Remainder Trust or CRT Investments Limited and personally invested US$15 million with Merkin’s Gabriel Capital. Merkin charged Zuckerman a 1.5% fee and imposed significant “lock-up restrictions on redemptions,", but his agreement with Gabriel Capital contains an arbitration clause against Merkin for his lost personal US$15 million investment. The lawsuit also named the accounting firm BDO Seidman LLP and a related entity called BDO Tortuga as defendants.[32]

The case is CRT Investments Ltd. v. J. Ezra Merkin, 601052/2009, filed in New York State Supreme Court (Manhattan).

2010 election

See also: United States Senate special election in New York, 2010

Zuckerman considered challenging Kirsten Gillibrand for her New York United States Senate seat in the 2010 election to fill the unexpired term of this seat (which comes up for a full six year term in 2012).[33] Although Zuckerman has been known as a Democrat, he was speculated to run as a Republican or an independent in order to avoid an expensive primary.[34]

Critics pointed to apparent inconsistencies in Zuckerman's publicly-stated positions on key issues. Wayne Barrett of the Village Voice wrote: "If real estate titan Mort Zuckerman gets into the senate race against Kirsten Gillibrand, we'll finally have a vigorous debate about the big-ticket issues troubling Americans. All we have to do is listen to Mort and we'll get both sides of the key economic questions."[35]

However, on March 2, 2010 he declined to run, citing family and work obligations.[36]

References

  1. ^ http://www.forbes.com/profile/mortimer-zuckerman
  2. ^ Birthdate per Times Almanac 2008
  3. ^ #147 Mortimer Zuckerman The 400 Richest Americans, Forbes, September 17, 2008
  4. ^ Forbes 400 (2007)
  5. ^ a b c http://www.forbes.com/lists/2006/10/W07H.html Forbes 400 (2006)
  6. ^ John Koblin, , "Mort Zuckerman, the ‘Happy’ (Very) Landlord"The New York Observer, October 9, 2007
  7. ^ Stephane Fitch, "The Master Builder Mort Zuckerman", Forbes Magazine, February 28, 2005
  8. ^ "Boston Properties Management bio". Boston Properties. current. http://www.bostonproperties.com/site/corpgov/bio.aspx?id=82&board=1. 
  9. ^ Pareene, Alex (2010-11-23) War Room's Hack Thirty - No. 15: Mort Zuckerman, Salon.com
  10. ^ "NEWSMEAT ▷ Mort Zuckerman's Federal Campaign Contribution Report". Newsmeat.com. http://www.newsmeat.com/billionaire_political_donations/Mort_Zuckerman.php. Retrieved 2011-07-17. 
  11. ^ Posted July 12, 2010 (2010-07-12). "Video - Mort Zuckerman Admits He Helped Write One Of Obama's Speeches". RealClearPolitics. http://www.realclearpolitics.com/video/2010/07/12/mort_zuckerman_admits_he_wrote_one_of_obamas_speeches.html. Retrieved 2011-07-17. 
  12. ^ Smith, Ben (2010-07-13). "Zuckerman's contribution - Ben Smith". Politico.Com. http://www.politico.com/blogs/bensmith/0710/Zuckermans_contribution.html. Retrieved 2011-07-17. 
  13. ^ "Mort Zuckerman Clarifies Obama Speechwriting Comment - US News and World Report". Politics.usnews.com. 2010-07-13. http://politics.usnews.com/opinion/mzuckerman/articles/2010/07/13/mort-zuckerman-clarifies-obama-speechwriting-comment.html. Retrieved 2011-07-17. 
  14. ^ Freeman, James. "The Exasperation of the Democratic Billionaire". Wall Street Journal. http://online.wsj.com/article/SB10001424052970204002304576628673446417268.html. Retrieved 15 October 2011. 
  15. ^ Freeman, James. "The Exasperation of the Democratic Billionaire". Wall Street Journal. http://online.wsj.com/article/SB10001424052970204002304576628673446417268.html. Retrieved 15 October 2011. 
  16. ^ Freeman, James. "The Exasperation of the Democratic Billionaire". Wall Street Journal. http://online.wsj.com/article/SB10001424052970204002304576628673446417268.html. Retrieved 15 October 2011. 
  17. ^ "Marla Prather, Mortimer Zuckerman". The New York Times. September 29, 1996. http://query.nytimes.com/gst/fullpage.html?res=9C05EEDF123CF93AA1575AC0A960958260. Retrieved May 13, 2010. 
  18. ^ Gatecrasher Daily News, December 23, 2008
  19. ^ JWeekly.com
  20. ^ Dallas' Jewish Week
  21. ^ a b Clyne, Meghan. Kalb Upbraids Harvard Dean Over Israel, New York Sun, March 21, 2006. Accessed August 17, 2007.
  22. ^ "Bush Visit May Boost Olmert - May 13, 2008 - The New York Sun". Nysun.com. 2008-05-13. http://www.nysun.com/foreign/bush-visit-may-boost-olmert/76303/. Retrieved 2011-07-17. 
  23. ^ whitehouse.gov
  24. ^ "From a College Dropout to Billionaire Owner of Washington Redskins". Chicago Business Online. October 28, 2004. http://www.chibus.com/media/storage/paper408/news/2004/10/28/GsbNews/Evc-Lines.Up.Dan.Snyder.As.Luncheon.Keynote.For.November.12.Conference-785894.shtml?norewrite200607250248&sourcedomain=www.chibus.com. 
  25. ^ "Forward Motion". Washington Post. September 15, 2002. http://www.czabe.com/backup/week4_2002/Forward%20Motion%20(washingtonpost_com).htm. 
  26. ^ "SEC 424B4 filing for Snyder Communications". US Securities & Exchanges Commission. May 21, 1998. http://www.secinfo.com/dsVQy.73A9.htm#2h4g. 
  27. ^ "U.S. News MediaKit". Mediakit.usnews.com. http://mediakit.usnews.com/brand/bios.php. Retrieved 2011-07-17. 
  28. ^ Bennett, Chuck; Rosario, Frank (December 14, 2008). "Daily news owner mort zuckerman madoff victim". NY Post. http://www.nypost.com/seven/12142008/news/regionalnews/daily_news_owner_mort_zuckerman_madoff_v_144237.htm. 
  29. ^ Stephen Foley (December 16, 2008). "The man who conned the world". London: The Independent. http://www.independent.co.uk/news/business/news/the-man-who-conned-the-world-1128194.html. 
  30. ^ NYPost story
  31. ^ http://ca.news.yahoo.com/s/reuters/090122/us/usreport_us_madoff_jews
  32. ^ Hurtado, Patricia (2009-04-06). "Zuckerman Sues Merkin Over $40 Million Madoff Loss (Update3)". Bloomberg. http://www.bloomberg.com/apps/news?pid=20601103&sid=aLkekcV4uaxo&refer=us. Retrieved 2011-07-17. 
  33. ^ "N.Y. Daily News Publisher Mulls Senate Run". Newsmax.com. 2010-02-12. http://newsmax.com/InsideCover/mortzuckerman-newyork-dailynews-senate/2010/02/12/id/349809. Retrieved 2011-07-17. 
  34. ^ New York Times, February 12, 2010, "Zuckerman Is Said to Be Weighing Bid for Senate"
  35. ^ Barrett, Wayne (2010-02-17) Mort Zuckerman Wins -- Because He's On Both Sides of Every Issue!, Village Voice
  36. ^ Smith, Ben (2010-03-02). "Mort's out - Ben Smith". Politico.Com. http://www.politico.com/blogs/bensmith/0310/Morts_out.html. Retrieved 2011-07-17. 

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