Difference between revisions of "Bruce Kovner"

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|wikipedia=https://en.wikipedia.org/wiki/Bruce_Kovner
 
|wikipedia=https://en.wikipedia.org/wiki/Bruce_Kovner
 
|website=http://www.brucekovner.com/
 
|website=http://www.brucekovner.com/
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|image=Brucekovner.jpg
 
|nationality=US
 
|nationality=US
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|description=Single Bilderbeg hedge fund billionaire
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|description=Single Bilderberg hedge fund billionaire. Described as "one of the most powerful people in the country, culturally, financially, and politically." and ""[[George Soros]]'s Right-Wing Twin".
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|birth_date=1945-02-25
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|birth_date=April 25 1946
 
|birth_place=Brooklyn, New York City
 
|birth_place=Brooklyn, New York City
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|ethnicity=Jewish
 
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|powerbase=http://www.powerbase.info/index.php/Bruce_Kovner
 
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|sourcewatch=http://www.sourcewatch.org/index.php/Bruce_Kovner
 
|sourcewatch=http://www.sourcewatch.org/index.php/Bruce_Kovner
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|militaristmonitor=https://militarist-monitor.org/profile/bruce-kovner/
 
|spouses=Sarah Peter
 
|spouses=Sarah Peter
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|alma_mater=Harvard University
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|alma_mater=Harvard
 
|children=3
 
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'''Bruce Kovner''' is a [[billionaire]] [[hedge fund]] manager who has been called the "patron saint of the [[neoconservatives]]".<ref>http://nymag.com/nymetro/news/people/features/12353/</ref>
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'''Bruce Stanley Kovner''' is a Jewish-American [[billionaire]] [[hedge fund]] manager who has been called the "patron saint of the [[neoconservatives]]".<ref name=weiss/> Kovner, founder of the multibillion-dollar hedge fund Caxton Associates, is a long-standing supporter of several rightist and pro-Israel policy groups. He is the former chairman of the board of trustees of the [[American Enterprise Institute]] (AEI), an important bastion of [[neoconservative]] advocacy on U.S. foreign policy, and a former member of the board of trustees of the [[Manhattan Institute]]. He also provided financial backing for the [[right-wing]] ''[[New York Sun]]''.<ref> Bloomberg News, "Sun Sets on New York Sun," Bloomberg News, September 29, 2008</ref>
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==Career==
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Bruce Kovner retired in 2011 from [[Caxton Associates]], the hedge fund he founded and ran for 28 years.  
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He attended 2 Bilderberg meetings, in [[Bilderberg/2004|2004]] and [[Bilderberg/2007|2007]].
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==Early life==
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Kovner was born in [[New York City]]'s [[Brooklyn]] borough to [[Jewish]] parents, before the family relocated to suburban [[Los Angeles]] in [[1953]].<ref>http://www.philanthropyroundtable.org/topic/excellence_in_philanthropy/interview_with_bruce_kovner</ref>
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Kovner went to [[Harvard College]] starting in 1962, a time marred by the [[hanging]] [[suicide]] of his mother back in his family's [[Van Nuys]] home in 1965.<ref name=weiss/> Nonetheless, he was considered a good student and was well liked by his classmates. Kovner stayed at Harvard, studying [[political economy]] at the [[John F. Kennedy School of Government]], notably under prominent conservative scholar [[Edward C. Banfield]].
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Kovner did not finish his [[Ph.D.]], but continued his studies at Harvard's John F. Kennedy School of Government until 1970. Over the next few years, he engaged in a number of eclectic efforts; he worked on political campaigns, studied the [[harpsichord]], was a writer, and a cab driver. It was during the latter occupation, not long after his marriage to now ex-wife Sarah Peter, that he discovered [[Commodity markets|commodities trading]].
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==Business career==
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In his eventual role as a trader under [[Michael Marcus]] at [[Commodities Corporation]] (now part of [[Goldman Sachs]]), he purportedly made millions and gained widespread respect as an objective and sober [[trader (finance)|trader]].<ref name=weiss/> This ultimately led to the establishment of [[Caxton Associates]], in 1983, which at its peak managed over $14B in capital and has been closed to new investors since 1992. Kovner was a director of Synta Pharmaceuticals from 2002 to 2016.<ref>[http://phx.corporate-ir.net/phoenix.zhtml?c=147988&p=irol-govBio&ID=132459 "Bruce Kovner"], profile at Synta Pharmaceuticals</ref><ref>https://www.reuters.com/article/idUSASC08L20 </ref>
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Bruce Kovner retired in 2011 from [[Caxton Associates]], the hedge fund he founded and ran for 28 years.<ref>Azam Ahmed, "Bruce Kovner, Founder of Caxton, to Step Down," New York Times, September 13, 2011</ref>
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=="The right-wing George Soros"==
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During the 2012 presidential campaign, Kovner backed the candidacy of fellow hedge funder [[Mitt Romney]].<ref name=Dunbar> John Dunbar, "Total raised by 'Restore our Future' reaches $36.8 million," Center for Public Integrity, February 20, 2012,http://www.iwatchnews.org/2012/02/20/8199/pro-romney-super-pac-adds-66-million-coffers</ref> In January [[2012]], Kovner gave $500,000 to Restore Our Future, the Romney-allied [[super-PAC]] that has been credited with helping Romney fend off challengers during the 2012 Republican primary. According to the [[Center for Public Integrit]], "Restore Our Future was founded by veterans of the 2008 Romney campaign. It has been criticized for its negative advertising campaign. The group has reported spending $20.6 million to date during the GOP presidential primary with roughly 90 percent of the total, or $18.4 million, going toward attacks against Romney opponents [[Newt Gingrich]] and [[Rick Santorum]]."<ref name=Dunbar/>
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Some observers have likened Kovner to [[George Soros]], dubbing him "Soros’s Right-Wing Twin."<ref name=weiss/> Both men made their fortunes in part by making broadly similar investments. Reported the New York Times in 2011, "Like Mr. Soros, Mr. Kovner has grown extremely wealthy betting on global market trends using stocks, currencies and commodities, among other things. He bought the former International Center for Photography on Fifth Avenue and 94th street for $17 million and spent another $10 million renovating it. An avid collector of rare books, Mr. Kovner named his hedge fund after the first printer of English-language books. Forbes magazine estimated Mr. Kovner’s wealth to be in excess of $4.5 billion. Unlike Mr. Soros, a generous donor to liberal causes, Mr. Kovner is a conservative supporter who counts among his associates former President George W. Bushand former Vice President Dick Cheney."<ref>Azam Ahmed, "Bruce Kovner, Founder of Caxton, to Step Down," New York Times, September 13, 2011</ref>
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Kovner was chairman of the Board of Trustees of the [[American Enterprise Institute]] from 2003 until 2008.<ref>AEI Newsletter, "Articles & Commentary," American Enterprise Institute, http://www.aei.org/article/14774; AEI, 2009 Annual Report: Message from the Chairman and President, December 18, 2009, http://www.aei.org/article/society-and-culture/2009-annual-report/</ref> In announcing his selection as trustee chair, then-AEI president [[Christopher DeMuth]] said: "Bruce Kovner is a true [[intellectual]]. His extraordinary success with a highly intellectualized approach to investing gives some of us hope for a possible alternative career in the future."<ref>AEI Newsletter, "Articles & Commentary," American Enterprise Institute, http://www.aei.org/article/14774</ref>
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Kovner has a reputation as being media shy. In a [[2005]] exposé about Kovner for [[New York Magazine]], [[Philip Weiss]] wrote: "If no one knows anything about Bruce Kovner, it is because he likes it that way. Yet the unassuming manner is camouflage for one of the most powerful people in the country, culturally, financially, and politically." Regarding Kovner's purported political influence, Weiss reported: "He's a [[neoconservative]] godfather. He is among the backers of the [[Manhattan Institute]] and the fledgling right-wing daily the ''[[New York Sun]]''. Most important, Kovner is chairman of the [[American Enterprise Institute]]. The [[right-wing]] [[think tank]] has supplied the government with the most powerful ideas in foreign policy in a generation, a vision of a supremely idealistic and [[militaristic]] American empire that must carry [[democracy]] out from its shores by force and begin by remaking the [[Middle East]]."<ref name=weiss>Philip Weiss, "Bruce Kovner - George Soros’s Right-Wing Twin." New York Magazine, July 24, 3005, http://nymag.com/nymetro/news/people/features/12353</ref>
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[[Norman Podhoretz]], an early progenitor of neoconservatism who once hired Kovner as a music critic for [[Commentary]], told Weiss: "Bruce is an intellectual. He understands the world of ideas. He would have been supremely well qualified to be an active member of that [academic] world had circumstances moved him in that direction. And what distinguishes him from most intellectuals is that he is also brilliant."<ref>Manhattan Institute, "Manhattan Institute Board of Trustees," Manhattan Institute, April 13, 2003, http://web.archive.org/web/20030413234550/http://www.manhattan-institute.org/html/trustees.htm</ref>
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There is another reason neoconservatives like to claim Kovner as their own—his monetary generosity. Reported Weiss: "[[James Q. Wilson]], a member of the AEI board, says that Kovner has pushed AEI to build an endowment so that scholars are more independent, so they don't have to hunt up grants for their work. Kovner's hedge fund manages the lion's share of the group's investments, which grew from $28 million to $40 million in 2003, the latest year collected by Guidestar.org."<ref name=weiss/>
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According to Weiss, Kovner first came in touch with early neoconservatives while in grad school at [[Harvard]], where he became the "star student" of [[Edward C. Banfield]], a former official in President [[Franklin Roosevelt]]'s [[New Deal]] administration who eventually became disillusioned with [[liberal]], big-government initiatives. Kovner, reported Weiss, became part of "a network that included [[Daniel Patrick Moynihan]] and [[James Q. Wilson]]," who were close to Banfield.<<ref name=weiss/>
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==Cultural sponsorship==
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Kovner's giving has not been only political. In early 2006, Kovner donated to the [[Juilliard School]] 140 musical manuscripts, which according to college president [[Joseph W. Polisi]] are "the very definition of priceless".<ref>Matthew Gurewitsch, "Bruce Kovner's Gift for Music," Wall Street Journal, March 9, 2006, http://online.wsj.com/article/SB114186071034993046.html</ref> Kovner is also chairman of the Juilliard School. According to New York Magazine, Kovner is "New York's most unassuming [[philanthropist]]." He donated $25 million for the renovation of the [[Lincoln Center]] for the Performing Arts.<ref name=weiss/> He has also donated to [[education]]. In 1997, Kovner and several other investors started the [[School Choice Scholarships Foundation]], which awarded private scholarships to students from poor families. "We are doing this because of the importance of making choice available to kids who don't have real alternatives," Kovner said. "The [[public school system]] hasn't provided good opportunities for these kids; so we think the private schools should be given a chance to help out".<ref> Bruce Kovner, "The Quiet Revolution in School," American Enterprise Magazine, March/April 1997, http://www.highbeam.com/doc/1G1-19219482.html</ref>
 +
 
 +
His taste in culture seems offbeat when compared to many of the neoconservatives associated with outfits like AEI. According to Weiss, Kovner once showed up at a Tenth Avenue party for Surrender, "that paean to [[anal sex]] by former Balanchine dancer [[Toni Bentley]]." Wrote Weiss: "It goes without saying that a wide gulf separates the Surrender party from the American Enterprise Institute, whose female residents offer grating lectures on the evils of [[feminism]], therapy, and The Vagina Monologues, where [[Robert Bork]] heaps abuse on [[Roe v. Wade]]."<ref name=weiss/>
 +
 
 +
==Israel lobby==
 +
Wrote Weiss: "There can be no question that [Kovner] supports the militarist neoconservative agenda. Last October [2004], when [[GWB|George Bush]]'s chestnuts were in the fire, Kovner helped to pull them out. He wrote checks for $110,000 to a 527 (political organization) called [[Softer Voices]] that was aimed at 'security moms' in swing states. Softer Voices is led by, among others, the writer [[Midge Decter]], the wife of [[Norman Podhoretz]], and [[Nina Rosenwald]], a force in the [[pro-Israel lobby]]. Kovner was its largest financial backer. For all his reserved sagacity, Bruce Kovner has always been comfortable with radical ideas."<ref name=weiss/>
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==References==
 
==References==
 
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Latest revision as of 23:16, 24 November 2023

Person.png Bruce Kovner   MilitaristMonitor Powerbase Sourcewatch WebsiteRdf-entity.pngRdf-icon.png
(billionaire, financier)
Brucekovner.jpg
BornApril 25 1946
Brooklyn, New York City
NationalityUS
EthnicityJewish
Alma materHarvard
Children3
SpouseSarah Peter
Member ofAmerican Enterprise Institute
Single Bilderberg hedge fund billionaire. Described as "one of the most powerful people in the country, culturally, financially, and politically." and ""George Soros's Right-Wing Twin".

Bruce Stanley Kovner is a Jewish-American billionaire hedge fund manager who has been called the "patron saint of the neoconservatives".[1] Kovner, founder of the multibillion-dollar hedge fund Caxton Associates, is a long-standing supporter of several rightist and pro-Israel policy groups. He is the former chairman of the board of trustees of the American Enterprise Institute (AEI), an important bastion of neoconservative advocacy on U.S. foreign policy, and a former member of the board of trustees of the Manhattan Institute. He also provided financial backing for the right-wing New York Sun.[2]

He attended 2 Bilderberg meetings, in 2004 and 2007.

Early life

Kovner was born in New York City's Brooklyn borough to Jewish parents, before the family relocated to suburban Los Angeles in 1953.[3]

Kovner went to Harvard College starting in 1962, a time marred by the hanging suicide of his mother back in his family's Van Nuys home in 1965.[1] Nonetheless, he was considered a good student and was well liked by his classmates. Kovner stayed at Harvard, studying political economy at the John F. Kennedy School of Government, notably under prominent conservative scholar Edward C. Banfield.

Kovner did not finish his Ph.D., but continued his studies at Harvard's John F. Kennedy School of Government until 1970. Over the next few years, he engaged in a number of eclectic efforts; he worked on political campaigns, studied the harpsichord, was a writer, and a cab driver. It was during the latter occupation, not long after his marriage to now ex-wife Sarah Peter, that he discovered commodities trading.

Business career

In his eventual role as a trader under Michael Marcus at Commodities Corporation (now part of Goldman Sachs), he purportedly made millions and gained widespread respect as an objective and sober trader.[1] This ultimately led to the establishment of Caxton Associates, in 1983, which at its peak managed over $14B in capital and has been closed to new investors since 1992. Kovner was a director of Synta Pharmaceuticals from 2002 to 2016.[4][5]

Bruce Kovner retired in 2011 from Caxton Associates, the hedge fund he founded and ran for 28 years.[6]

"The right-wing George Soros"

During the 2012 presidential campaign, Kovner backed the candidacy of fellow hedge funder Mitt Romney.[7] In January 2012, Kovner gave $500,000 to Restore Our Future, the Romney-allied super-PAC that has been credited with helping Romney fend off challengers during the 2012 Republican primary. According to the Center for Public Integrit, "Restore Our Future was founded by veterans of the 2008 Romney campaign. It has been criticized for its negative advertising campaign. The group has reported spending $20.6 million to date during the GOP presidential primary with roughly 90 percent of the total, or $18.4 million, going toward attacks against Romney opponents Newt Gingrich and Rick Santorum."[7]

Some observers have likened Kovner to George Soros, dubbing him "Soros’s Right-Wing Twin."[1] Both men made their fortunes in part by making broadly similar investments. Reported the New York Times in 2011, "Like Mr. Soros, Mr. Kovner has grown extremely wealthy betting on global market trends using stocks, currencies and commodities, among other things. He bought the former International Center for Photography on Fifth Avenue and 94th street for $17 million and spent another $10 million renovating it. An avid collector of rare books, Mr. Kovner named his hedge fund after the first printer of English-language books. Forbes magazine estimated Mr. Kovner’s wealth to be in excess of $4.5 billion. Unlike Mr. Soros, a generous donor to liberal causes, Mr. Kovner is a conservative supporter who counts among his associates former President George W. Bushand former Vice President Dick Cheney."[8]

Kovner was chairman of the Board of Trustees of the American Enterprise Institute from 2003 until 2008.[9] In announcing his selection as trustee chair, then-AEI president Christopher DeMuth said: "Bruce Kovner is a true intellectual. His extraordinary success with a highly intellectualized approach to investing gives some of us hope for a possible alternative career in the future."[10]

Kovner has a reputation as being media shy. In a 2005 exposé about Kovner for New York Magazine, Philip Weiss wrote: "If no one knows anything about Bruce Kovner, it is because he likes it that way. Yet the unassuming manner is camouflage for one of the most powerful people in the country, culturally, financially, and politically." Regarding Kovner's purported political influence, Weiss reported: "He's a neoconservative godfather. He is among the backers of the Manhattan Institute and the fledgling right-wing daily the New York Sun. Most important, Kovner is chairman of the American Enterprise Institute. The right-wing think tank has supplied the government with the most powerful ideas in foreign policy in a generation, a vision of a supremely idealistic and militaristic American empire that must carry democracy out from its shores by force and begin by remaking the Middle East."[1]

Norman Podhoretz, an early progenitor of neoconservatism who once hired Kovner as a music critic for Commentary, told Weiss: "Bruce is an intellectual. He understands the world of ideas. He would have been supremely well qualified to be an active member of that [academic] world had circumstances moved him in that direction. And what distinguishes him from most intellectuals is that he is also brilliant."[11]

There is another reason neoconservatives like to claim Kovner as their own—his monetary generosity. Reported Weiss: "James Q. Wilson, a member of the AEI board, says that Kovner has pushed AEI to build an endowment so that scholars are more independent, so they don't have to hunt up grants for their work. Kovner's hedge fund manages the lion's share of the group's investments, which grew from $28 million to $40 million in 2003, the latest year collected by Guidestar.org."[1]

According to Weiss, Kovner first came in touch with early neoconservatives while in grad school at Harvard, where he became the "star student" of Edward C. Banfield, a former official in President Franklin Roosevelt's New Deal administration who eventually became disillusioned with liberal, big-government initiatives. Kovner, reported Weiss, became part of "a network that included Daniel Patrick Moynihan and James Q. Wilson," who were close to Banfield.<[1]

Cultural sponsorship

Kovner's giving has not been only political. In early 2006, Kovner donated to the Juilliard School 140 musical manuscripts, which according to college president Joseph W. Polisi are "the very definition of priceless".[12] Kovner is also chairman of the Juilliard School. According to New York Magazine, Kovner is "New York's most unassuming philanthropist." He donated $25 million for the renovation of the Lincoln Center for the Performing Arts.[1] He has also donated to education. In 1997, Kovner and several other investors started the School Choice Scholarships Foundation, which awarded private scholarships to students from poor families. "We are doing this because of the importance of making choice available to kids who don't have real alternatives," Kovner said. "The public school system hasn't provided good opportunities for these kids; so we think the private schools should be given a chance to help out".[13]

His taste in culture seems offbeat when compared to many of the neoconservatives associated with outfits like AEI. According to Weiss, Kovner once showed up at a Tenth Avenue party for Surrender, "that paean to anal sex by former Balanchine dancer Toni Bentley." Wrote Weiss: "It goes without saying that a wide gulf separates the Surrender party from the American Enterprise Institute, whose female residents offer grating lectures on the evils of feminism, therapy, and The Vagina Monologues, where Robert Bork heaps abuse on Roe v. Wade."[1]

Israel lobby

Wrote Weiss: "There can be no question that [Kovner] supports the militarist neoconservative agenda. Last October [2004], when George Bush's chestnuts were in the fire, Kovner helped to pull them out. He wrote checks for $110,000 to a 527 (political organization) called Softer Voices that was aimed at 'security moms' in swing states. Softer Voices is led by, among others, the writer Midge Decter, the wife of Norman Podhoretz, and Nina Rosenwald, a force in the pro-Israel lobby. Kovner was its largest financial backer. For all his reserved sagacity, Bruce Kovner has always been comfortable with radical ideas."[1]



 

Events Participated in

EventStartEndLocation(s)Description
Bilderberg/20043 June 20046 June 2004Italy
Stresa		The 52nd such meeting. 126 recorded guests
Bilderberg/200731 May 20073 June 2007Turkey
Istanbul		The 55th Bilderberg meeting, held in Turkey
Many thanks to our Patrons who cover ~2/3 of our hosting bill. Please join them if you can.


References

  1. ↑ a b c d e f g h i j Philip Weiss, "Bruce Kovner - George Soros’s Right-Wing Twin." New York Magazine, July 24, 3005, http://nymag.com/nymetro/news/people/features/12353
  2. ↑ Bloomberg News, "Sun Sets on New York Sun," Bloomberg News, September 29, 2008
  3. ↑ http://www.philanthropyroundtable.org/topic/excellence_in_philanthropy/interview_with_bruce_kovner
  4. ↑ "Bruce Kovner", profile at Synta Pharmaceuticals
  5. ↑ https://www.reuters.com/article/idUSASC08L20
  6. ↑ Azam Ahmed, "Bruce Kovner, Founder of Caxton, to Step Down," New York Times, September 13, 2011
  7. ↑ a b John Dunbar, "Total raised by 'Restore our Future' reaches $36.8 million," Center for Public Integrity, February 20, 2012,http://www.iwatchnews.org/2012/02/20/8199/pro-romney-super-pac-adds-66-million-coffers
  8. ↑ Azam Ahmed, "Bruce Kovner, Founder of Caxton, to Step Down," New York Times, September 13, 2011
  9. ↑ AEI Newsletter, "Articles & Commentary," American Enterprise Institute, http://www.aei.org/article/14774; AEI, 2009 Annual Report: Message from the Chairman and President, December 18, 2009, http://www.aei.org/article/society-and-culture/2009-annual-report/
  10. ↑ AEI Newsletter, "Articles & Commentary," American Enterprise Institute, http://www.aei.org/article/14774
  11. ↑ Manhattan Institute, "Manhattan Institute Board of Trustees," Manhattan Institute, April 13, 2003, http://web.archive.org/web/20030413234550/http://www.manhattan-institute.org/html/trustees.htm
  12. ↑ Matthew Gurewitsch, "Bruce Kovner's Gift for Music," Wall Street Journal, March 9, 2006, http://online.wsj.com/article/SB114186071034993046.html
  13. ↑ Bruce Kovner, "The Quiet Revolution in School," American Enterprise Magazine, March/April 1997, http://www.highbeam.com/doc/1G1-19219482.html
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