The Fabulous Lives of Duke Trustees

06 Oct 2009, Posted by Julius Jones in Academics, Alumni, Faculty and Staff, News, 1 Comments

Some of the wealthiest people in the United States currently serve on Duke’s Board of Trustees. According to Forbes magazine’s 2009 list of the 400 wealthiest Americans, board members David Rubenstein and Anne T. Bass are very well-off.

Bass is the wife of Robert Bass, who, along with his brothers, owns and operates Bass Enterprises Production, a private energy company that holds $25 billion worth of investments and $8 billion in private equity. The Basses are know for their charity, including a $30 donation to the Stanford (University) Graduate School of Business and a matching gift of up to $13 million for the Anne T. and Robert M. Bass Library at Yale University.

Rubenstein, Trinity ‘70, is ranked 123 on the list. The co-founder of private leverage firm The Carlyle Group is estimated by Forbes to be worth $2.5 billion. In addition to his recent donation of $3 million to the Sanford School of Public Policy, Rubenstein is the chief benefactor and namesake of Rubenstein Hall—the building adjacent to the Sanford School—as well as giving a $10 gift to the Lincoln Center for the Performing Arts in New York City, for which the new atrium at the center will be named in his honor.

(Image licensed via Creative Commons by nicmcphee)

Photo Slideshow: Founder’s Day Convocation 10/01/09

03 Oct 2009, Posted by Michael Naclerio in Academics, Alumni, News, Photos, 0 Comments

Founders Day Convocation 10/01/09 – Images by Michael Naclerio

By popular demand, here are the bulk of the photos from Founder’s Day. My apologies for the delay.

Trustee Rubenstein gives $10M to Lincoln Center

01 Oct 2009, Posted by Lindsey Rupp in Alumni, News, Tidbits, 0 Comments

David Rubenstein, Trinity ‘70 and member of the Board of Trustees since 2003, is spreading his wealth.

Rubenstein donated $10 million to the Lincoln Center for the Performing Arts in New York City, the New York Times reported Wednesday.

Rubenstein added to the center’s $1.2 billion redevelopment project, and the center will name its new visitors and ticket space on Broadway the David Rubenstein Atrium at Lincoln Center, the Times reported. The site will offer discounted tickets and free shows, and it is scheduled to open Nov. 24.

The donation was sparked by Rubenstein’s 60th birthday last month, according to the article, which reports that Rubenstein made $2.7 billion as managing director of The Carlyle Group. Estimating that he could live to about 81 years old, Rubenstein has decided to give his money away to causes he supports before he dies.

“My view is, if you have money, you can spend it, you can save it, or you can give it away,” Rubenstein said to the Times. “I bought all the things I need to buy.”

Since Rubenstein co-founded The Carlyle Group in 1987, the company has expanded to house offices in 20 countries with more than 1,290 investors from 72 countries. The Carlyle Group manages about $86.1 billion in assets, according to its Web site.

Along with his commitment to the Duke Board of Trustees, Rubenstein  also serves on the boards of 30 other institutions—which he also supports financially, the article states.

In addition to using his wealth to underwrite scholarships and fund arts centers, Rubenstein has purchased several historical documents which he has loaned to American museums, including copies of the Declaration of Independence, the Constitution and the Emancipation Proclamation, according to the article.

“Being happy in life is not easy,” Rubenstien said in the Times. “I would give up all the money I have if I could be 50. You can always make money.”

Duke Trustee’s hedge fund to get $1 billion from China

28 Sep 2009, Posted by Zachary Tracer in Alumni, News, 1 Comments

China’s sovereign wealth fund, presided over by a Duke trustee, is set to make a large investment in another trustee’s Los Angeles-based investment firm.

Trustee Bruce Karsh’s Oaktree Capital Management will soon get $1 billion from Trustee Gao Xiqing’s China Investment Corp., the Wall Street Journal reported Saturday.

In addition to being a trustee, Karsh, Trinity ‘77, is president of Oaktree and chairs the board of the Duke University Management Company, which manages Duke’s endowment. Karsh and his wife donated $20 million for undergraduate financial aid in 2008.

Gao, Law ‘86, has been a Board member since 2008 and is the general manager and chief investment officer of China Investment Corp.

The Journal reported that many hedge fund mangers have been traveling to Beijing to attempt to secure investments from China Investment Corp.

But Gao and Karsh may meet closer to the Gothic Wonderland this weekend, at the Board of Trustee’s October meeting. Both are members of the Board’s Business and Finance Committee.

Want a job at Duke?

24 Sep 2009, Posted by Zachary Tracer in Faculty and Staff, News, The Economy, 0 Comments

If the recession has you hunting for work, Duke is probably not the place to send your resume.

The University is on track to receive 125,000 applications for non-faculty jobs this year, Executive Vice President Tallman Trask said.

“And of course, we have no jobs,” he added.