Eli Broad

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Calif. Billionaires Fight for $10B Tax Hike

Think Long Committee has the bucks to get measure on ballot, passed

(Newser) - A group of California billionaires is joining political insiders to put a $10 billion tax hike measure on the state ballot. Members of the Think Long Committee include billionaire Google chairman Eric Schmidt and philanthropist Eli Broad, as well as former governors Gray Davis and Arnold Schwarzenegger, and Condoleezza Rice.... More »

Oprah Hires Star Money Manager

Eli Broad's chief investor headhunted to head up Winfrey team

(Newser) - Oprah Winfrey is assembling a hotshot investment team to manage her estimated $2.4 billion fortune. Peter Adamson, currently chief investment officer for billionaire philanthropist Eli Broad, will head up Winfrey's investment office, insiders tell the Wall Street Journal . The move comes as Winfrey, already one of the richest African... More »

Eli Broad: AIG Can't Recover

LA billionaire says he has "no hope" for insurer

(Newser) - Eli Broad, a former director and shareholder of AIG, said yesterday that "it is too late" for the insurance giant to make any recovery. The Los Angeles billionaire told Reuters that the government's initial bailout of AIG came "on the harshest of terms," and that a... More »

Troubled LA Museum Wins $30M Bailout

MoCA warms to Eli Broad amid reports that director has resigned

(Newser) - LA's troubled Museum of Contemporary Art is moving toward a bailout deal with Eli Broad, reports the Los Angeles Times. The billionaire real estate investor and art collector offered MoCA a $30 million donation contingent on improved performance, which board members favored over a merger with the Los Angeles County... More »

Crisis-Stricken LA Museum Mulls Merger

MoCA director prepares to resign as bigger museum offers lifeline

(Newser) - The future of LA's troubled Museum of Contemporary Art became somewhat clearer yesterday, as the institution's director began negotiating his resignation and the larger Los Angeles County Museum of Art proposed a merger. Tomorrow the MoCA board will meet to decide the fate of the troubled museum, which has teetered... More »

As Museums Struggle, LA's MOCA Seeks Merger

MoCA holds talks with other institutions as endowment dries up

(Newser) - The Museum of Contemporary Art in Los Angeles, one of the nation's leading modern art galleries, is holding talks with other LA institutions about a possible merger. MoCA has already announced a 10% cut in staff and the temporary closure of 50% of its exhibition space. For the New York ... More »

Broad Donates $400M for Gene Research

Record gift helps Harvard/MIT venture get to root of disease

(Newser) - Eli and Edythe Broad plan to donate $400 million more to the Massachusetts foundation they started 4 years ago to research the genetic causes of disease, the Boston Globe reports. “It's the biggest investment we've ever made,” said Broad, whose gift to the joint Harvard/MIT venture is the... More »

'Saving' Public Schools Not a Money Thing

Better education can't be legislated, or bought—parents have to make the effort

(Newser) - As dissatisfaction with the nation’s No Child Left Behind policy grows, it seems educators, politicians, and businessmen all have their own take on how to “save” the US public school system—with little consensus. Gary Stager, in Good, examines the overwhelmingly complex difficulties facing the nation’s ailing... More »

LA Museum's Extension Has Split Personality

Tug of war between benefactor and director evident

(Newser) - Critics are assessing Los Angeles's newest art institution, the Broad Contemporary Art Museum, housed in a building by Renzo Piano on the campus of the Los Angeles County Museum of Art. It's a strange mix of public and private: The new building—to open Feb. 16—was funded by billionaire... More »

Uncertain Art World Awaits Fall Sales

Credit crisis has auctioneers, galleries bracing for bear market

(Newser) - As the art world returns from its summer hiatus, dealers, auctioneers, and collectors are on edge about a possible downturn in the market, the Times reports. Fallout from the global credit crunch has led to speculation that astronomical prices for art, particularly in the contemporary sector, may be heading for... More »

Goldman Hedge Fund Gets $3B Infusion

Investors fund bailout after assets evaporate; markets breathe

(Newser) - A struggling Goldman Sachs hedge fund will get a $3 billion cash infusion, with a third of the bail-out coming from wealthy investors and the rest from the bank itself. Global Equity Opportunities Fund has seen assets drop by 28%, to $3.6 billion, over the last two weeks, as... More »

Geffen, Zell Talk Deal For LA Times

Geffen wants it; Zell has $13 billion in debt to pay down

(Newser) - David Geffen wants to get his hands on the LA Times, and he's optimistic that he may yet succeed after talking to Sam Zell, the feisty real estate mogul who bought the Tribune Company Monday. The two discussed both a spin-off and a joint venture partnership, sources close to the... More »

Tribune Sold To Zell

Real estate magnate will take it private; Cubs for sale

(Newser) - Chicago real estate magnate Sam Zell won a last-minute bidding  war to buy the Tribune Compay with a $34-a-share offer, reports the Chicago Tribune. Zell will take the media conglomerate private in a deal that includes an employee stock ownership plan. The Cubs will be sold separately. More »

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