His philanthropic focus has been Universities, medical research and training, education, and helping children. Did it all ourselves. So that’s the way he’s informed. Universities Langone has contributed towards include Bucknell University, and NYU. This felt strange to Elaine and me. We took a well-established industry and turned it on its head. The Catholic Church. Ken Langone rose from humble beginnings to become one of the wealthiest men in America. Langone: I’m very passionate about it. Here I am. The Homer Fund is now supported by all the staff. I believe in new technology with old-fashioned patient care. New York University. We weren’t upstarts out in the Valley with an algorithm that could make a zillion dollars. Ken Langone, co-founder at Home Depot and author of 'I Love Capitalism," discusses philanthropic efforts, income inequality in America, the pitfalls of political civility, and what business can learn from Amazon.com Inc. No government. Philanthropy: With this and with other scholarships that you’ve funded, is it your hope that those recipients will view the help they get in the same way you view your $300 from Bucknell? I came from a devout family. That’s not a phrase we often hear from a conservative Republican like you. The child of Russian Jewish immigrants grew up on the fourth floor of a tenement in a tough neighborhood in Newark, N.J. His father was a carpenter, “strong as an ox, a great craftsman but a terrible businessman,” Marcus told Philanthropy magazine in 2012. Marcus started life with little but learned the lessons of philanthropy at a young age. from Bucknell University and an M.B.A. from New York University’s Stern School of Business, which he attended at night while working on Wall Street. So I had the time and I had a very personal knowledge of the challenges that were going to be presented to health care by virtue of the aging population. I could’ve been playing golf. Philanthropy: Did anybody call you? Langone has contributed towards charities which fund medical research and treatment and provide education and services to the disadvantaged. Langone is also the Chairman of the Promise Academy, a charter school in New York City. Kenneth Langone has contributed almost $150 million to various charities. NYU Medical Center has received an unrestricted $100 million gift from board chair Kenneth Langone and his wife, Elaine, matching the $100 million they donated anonymously to the center in 1999, the New York Times reports.. I believe there should be a limit on how long you hang around, and I felt like that’s enough. You’re in the somewhat unusual position of having done both—identical gifts to the same institution. I believe my wife and I are the biggest donors in the history of the university. I walked in the store and I said, you can’t say nobody ever comes here anymore. Was that what you did? And he came out of a country where a few families control the wealth and they don’t give a hoot about the rest of the people. Posted on May 22, 2019 by Aline Kaplan. Langone: Bob and I had been discussing the idea of free tuition since he came aboard, and laying the groundwork for the better part of ten years, sharing our dream and our vision with board members and donors. That’s capitalism. He often gives anonymously, but occasionally makes donations with naming rights. Back when I was teaching, I did tell my business students if there’s one book they need to read, it’s the Bible—Old and New Testament. When I got out of college, all I wanted to do was make $10,000 a year. The son of a Long Island plumber and a school cafeteria worker, he graduated from Bucknell University and in the early 1960s landed a … A Commitment to Philanthropy: Giving Pledge is a commitment by the world's wealthiest individuals and families to dedicate the majority of their wealth to giving back. But about 35 years ago my wife and I began to get serious about philanthropy in many areas. Look at every hospital. Ken Langone is a quintessential New York success story. Philanthropy: Home Depot has the reputation for a robust culture of volunteering and corporate philanthropy which you helped instill. We have a store in Paducah, Kentucky. ... where my work includes billionaires’ philanthropy and … Langone Medical Center for decades. I said, this is easy. That’s heady stuff. I had recently stepped down from the Bucknell board after 15 years. Coming just seven months after the announcement of a second $100 million gift from board chair Ken Langone and his wife, Elaine, the latest contributions bring this year's total philanthropic giving to NYU Langone to $506 million, believed to be the most ever raised by … When Ken Langone got word that his friend Bernie Marcus had been fired, he was thrilled. But we thought about it, and said if it’s for the good of the organization, let’s do it. My first thought was, who knew NYU had a medical school? Lately, we have seen what I hope is a trend: very wealthy people using philanthropy to improve the lives of those less fortunate. Feeding America is the nation’s largest domestic hunger-relief organization. In this world, there are still opportunities. We weren’t kids. Then I can sin the rest of the day, see? Think of Home Depot—Bernie was 49, I was 43. Although we don’t give them equal amounts of money, they’re equally important to me: The Boys’ Club of New York. So one of the first things I did at NYU was to tell the dean I wanted to have meetings with doctors, and nurses, and anybody else who wanted to come. I go to the stores. It’s still surreal to me to walk in there and see my name on everything. That didn’t worry Langone; raising money was his specialty. I made a $10 million gift in 1999 to help it along. Ken Langone co-founded the Home Depot retail chain, and also founded the venture capital firm Invemed. A woman wiped his face, and on the towel was this image of him. Universities Langone has contributed towards include Bucknell University, and NYU. I tell them I appreciate the gratitude, but if they have the good fortune I did, to share that good fortune with other people. Hundreds of millions in giving, and still you consider yourself in debt. Langone hit the pavement to find investors for what is today the $220 billion global chain Home Depot. He broke into Wall Street despite hearing at every turn that he did not belong. Philanthropy: Home Depot has the reputation for a robust culture of volunteering and corporate philanthropy which you helped instill. As philanthropists, if we don’t use our skills as well as our wallet, shame on us. Langone: I was on the Bucknell board of trustees from 1981 to 1996. One time I was in a store meeting with Home Depot employees where I learned that the store manager was unresponsive to their concerns. School of Medicine has received $100 million from Ken ad Elaine Langone for the Langone Scholarship Fund which will endow the university's efforts to make the medical school tuition free. I don’t mind. I wrote my New York office number on the blackboard and said if anybody has a question they can call me. Featured in a moving 60 Minutes segment and the subject of in-depth interviews on CBS News and CBS This Morning, Langone … If you’d have told me 50 years ago this is where I’d be, I’d say you’re out of your mind. As my book says, I love capitalism, but it has flaws, and it’s up to us as capitalists to make sure that the tide does indeed lift all boats. Ken Langone, just like Donald Trump, went off on a tangent and lost his way for seven minutes. So it’s like water in a tank. If I couldn’t graduate that semester, I would have to drop out. Teacher's union fights for facelifts. You’re in the somewhat unusual position of having done both—identical gifts to the same institution. One element of particular importance to me is an altar Elaine and I dedicated. But Marty and Bob came to us and argued that attaching our names to the institution would result in a plethora of following gifts. Harlem Children’s Zone. They’ve got the great people already. Thanks to the dean’s assistant—Martha Henderson, I’ll never forget her name—Bucknell lent me the $300. That was Home Depot. It was my effort and my time to unravel this mess and get the place going. The two things I had to do at NYU and at Home Depot were the same: raise money and be a cheerleader. He received a B.A. Then the next day, I make up for my sins and then I go out and I sin again. Numbers that large, I have difficulty relating to. Ron Perelman, the billionaire investor, has been a generous trustee of N.Y.U. We were just two poor kids who had far exceeded our dreams. But out of 9,000 applicants, we can only accept about 90. Ken Langone made his grand entrance into the world on September 16, 1935. gives ample credit to the system and the individuals who set him up for this success. We’d have directors go to stores and hold small meetings in the breakroom with the associates. ‎This week, Andrew and Scott’s guest is Ken Langone, Chairman of Invemed Associates and a Trustee of CSIS. I disagree with him about socialism big time. Philanthropy: We hear a lot of different perspectives on naming rights and anonymous philanthropy. Kenneth Gerard Langone Sr. KSG (born September 16, 1935) is an American billionaire businessman, investor, and philanthropist, best known for organizing financing for the founders of The Home Depot. These kids didn’t go to college, but they stayed with our business and worked hard, and 3,000 of them are multimillionaires today. We can be very choosey, but still, it’s hard to discern who is going to carry through on the ultimate mission, who will make patient care their core commitment. Each of us put up $5 million and we started the Homer Fund. Kenneth Gerard Langone Sr., KSG (Knight of the Pontifical Order of St. Gregory the Great) (born September 16, 1935) is an American billionaire businessman, investor, and philanthropist, best known for organizing financing for the founders of The Home Depot. We don’t need to make a splash in the society pages or anyplace else. Next. Philanthropy: The Easy Way Out January 12, 2021 (1,742 words) Many of our prominent civic institutions rely on generous donations of private wealth for a vital part of their funding stream. We’d motivate the kids and encourage them that they make a difference—that they are the difference. Langone: You’re going to walk in, and wherever you turn, you’ll see something that’s going to blow you away. And the same pitch that we made to the kids in the stores, we made there, and it resonated. It’s within my framework of reality. It’s a serious problem if people don’t have the same opportunities that I did or believe that there’s a ladder up for them. Ken Langone discusses annoymous philanthropy and the decision to donate in order to make NYU medical school tuition-free. No matter how much more you do for the other guy, when he was there for you at a critical point in your life, you can never truly pay him back. If I hadn’t had it, who knows what would have happened? Here is Joan Baez talking about Donald Trump and crew and their lack of … I know how to get the most out of a buck. I’ve never had one charity that didn’t have a noble calling. The thing that made me say I would take the job was when I learned how good the doctors and nurses were. So we told the people in the stores that this is an important part of who … And we’ve got to figure out a way to get them facilities to go with their talent and their commitment. Then, he turned to philanthropy, raising billions for the NYU Langone Medical Center. If you want me on a board just for my name, go get somebody else. Co-Founder of The Home Depot and business legend KEN LANGONE has been making headlines thanks to his groundbreaking philanthropic work and New York Times bestselling book I Love Capitalism!. Couch-surfing in disaster zones. In an interview last week, he said that he talks to the dean of the NYU Langone Medical Center “two, three, four times a … My job, wherever I’m involved, is to make sure not a nickel is wasted. They just need a clarion call. Born: Elaine Langone - Information not available Ken Langone - 1935 Residence: Sands Point, NY Kenneth Langone is a venture capitalist, investment banker and financial backer of The Home Depot. I loved being an altar boy. Elaine and I thought, we like who we are. Langone: I had a business interest in medicine from early on; my company Invemed was heavily involved with the health-care field. Kenneth Langone is the founder and CEO of Invemed Associates LLC, a New York Stock Exchange member firm. But a friend is a sane man who exercises not my ingenuity, but me.”—Ralph Waldo Emerson (1803–1882), “I shall not be forward to think him mistaken in his method who quickest succeeds to liberate the slave. Philanthropy: What does your faith mean to you? If I’m not active, I’m not going to be involved. I made more. They explained that the medical school was in crisis and asked me to come aboard as chairman to provide leadership. It will be years before we see what fields these students go into. Ken Langone's groundbreaking work and book are making headlines. I flew to Kentucky. I’m not suggesting we didn’t create value that enabled us to earn the money. With his wife Elaine, Langone was among the original signatories of the Giving Pledge. Philanthropy: Often people begin their philanthropic careers giving to their alma mater. The better part of my contribution was not the money. If some successful guy didn’t give those things, they wouldn’t be here for you. The part-time night program was renamed the Langone Program, thanks to the generosity of Mr. Langone and Don’t ask people to do something you wouldn’t do yourself. Philanthropy: Raising money is where the second installment of $100 million comes in. We know who we are. On Philanthropy. Bucknell University has benefited from his $11 million donation, which financed a new Athletics and Recreation Center. That’s our challenge, and that’s our responsibility. His philanthropic focus has been Universities, medical research and training, education, and helping children. Philanthropy: After our talk, I’m going to swing by St. Patrick’s Cathedral, where you have had a lead role in fundraising. Ken Bruener CEO, NOUS Imaging. Philanthropy: From your experience on multiple boards, what makes for a successful board member? He speaks with Bloomberg's Tom Keene on "Bloomberg Markets." They can give a buck a week or whatever they want to give. Bob argued that it would be a game changer. I could’ve been making more money—which I love doing; I love my businesses. What I’ll never get back is the time I gave. The Silva Partnership donates 5% of its fee revenues to Feeding America, a 501(c)(3) organization. Thanks to that relationship, my friend Marty Lipton, who had just become chair of the NYU board of trustees, came to see me with the president of the university. Ken Langone says he and his wife, Elaine, are helping give medical students free tuition as a way of sharing the American dream.
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