Michael H. Steinhardt (born December 7, 1940) is an American billionaire hedge fund manager , philanthropist, and former antiquities collector. In 1967, he founded a hedge fund, Steinhardt Partners which he ran until he closed it in 1995. After a hiatus from work, he returned to head WisdomTree Investments in 2004. In January 2014 he was on the cover of Forbes Magazine , referred to as " Wall Street 's greatest trader." Forbes reported his net worth at $ 1.1 billion as of October 2018.
84-780: William E. Macaulay Honors College , commonly referred to as Macaulay Honors College or Macaulay , is the honors college of the City University of New York (CUNY) system in New York City . It was founded in 2001 as CUNY Honors College. Macaulay was first conceived by Matthew Goldstein as an independent institution within the City University of New York. The aim of its creation was to increase educational standards and foster university-wide collaboration and excellence. Support for existing honors programs at CUNY colleges, in spite of institutional opposition, resulted in
168-484: A 1% management fee and a "performance fee" of 15% (early in his career, later 20%) of all annual gains, realized and unrealized, nearly triple the annualized performance of the S&P 500 Index over the same timeframe. After decades of successfully managing the fund, Steinhardt and his firm were investigated for allegedly trying to manipulate the short-term Treasury Note market in the early 1990s. He personally paid 75% of
252-507: A 10-day trip to Israel without charge. In 2009, Steinhardt gave the American Hebrew Academy $ 5 million. The American Hebrew Academy released an advertisement featuring his endorsement. Steinhardt has founded a network of Hebrew-language charter schools, which are secular and open to both Jews and non-Jews. He has said "these schools teach Hebrew in a way that is demonstrably superior to Jewish day schools". Steinhardt
336-566: A 2017 interview said "The more one understands about Israel, the more comfortable one becomes with the politics of the Israeli government." In April 2017, he made history after being selected as one of two diaspora Jews to light an official torch at the State of Israel Independence Day Torch-lighting Ceremony (Israel) as a symbol of "Jewish unity" for contributions as the co-founder of Taglit-Birthright Israel . Steinhardt served as Chairman of
420-645: A CUNY open-admissions community college. CUNY's enrollment of degree-credit students reached 220,727 in 2005 and 262,321 in 2010 as the university broadened its academic offerings. The university added more than 2,000 full-time faculty positions, opened new schools and programs, and expanded the university's fundraising efforts to help pay for them. Fundraising increased from $ 35 million in 2000 to more than $ 200 million in 2012. By autumn 2013, all CUNY undergraduates were required to take an administration-dictated common core of courses which have been claimed to meet specific "learning outcomes" or standards. Since
504-665: A Supreme Court Justice, several New York City mayors, members of Congress, state legislators, scientists, artists, and Olympians. Michael Steinhardt Steinhardt earned a bachelor's degree at the Wharton School of the University of Pennsylvania , graduating in 1960. He started his career working for the mutual fund Calvin Bullock and the brokerage firm Loeb, Rhoades & Co. (the precursor to Shearson Loeb Rhoades ). Steinhardt's father, Sol Frank "Red" Steinhardt,
588-547: A black professor. Puerto Rican students at Bronx Community College filed a report with the New York State Division of Human Rights in 1970, contending that the intellectual level of the college was inferior and discriminatory. Hunter College was crippled for several days by a protest of 2,000 students who had a list of demands focusing on more student representation in college administration. Across CUNY, students boycotted their campuses in 1970 to protest
672-413: A broadcast TV service, CUNY TV (channel 75 on Spectrum , digital HD broadcast channel 25.3), which airs telecourses , classic and foreign films, magazine shows, and panel discussions in foreign languages. The City University Film Festival is CUNY's official film festival. The festival was founded in 2009. CUNY graduates include 13 Nobel laureates , 2 Fields Medalists, 2 U.S. Secretaries of State,
756-680: A cave in Maresha fit the Heliodorus Stele "like a jigsaw puzzle", and hence concluded that the stele came from the same cave. In December 2021, the "Heliodorus Stele" was among the 180 artifacts Steinhardt agreed to surrender to the Manhattan District Attorney’s office. As of January 7, 2022, the "Heliodorus Stele" was still on display in the Israel Museum, together with 2 Neolithic masks. Steinhardt acquired
840-561: A change that was included by Mayor Robert F. Wagner Jr. in his budget plans and took effect with the 1964–65 academic year. Calls for greater access to public higher education from the black and Puerto Rican communities in New York, especially in Brooklyn, led to the founding of "Community College Number 7," later Medgar Evers College, in 1966–1967. In 1969, a group of black and Puerto Rican students occupied City College and demanded
924-541: A dual degree from both their home college and Macaulay Honors College. In August 2016, Chancellor James B. Milliken named Mary C. Pearl as dean of Macaulay Honors College. Each Macaulay student is designated a University Scholar and receives: Macaulay Honors College students have won numerous local and national awards, such as the Harry S. Truman Scholarship , the Rhodes Scholarship , Schwarzman Scholarship ,
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#17327870817261008-504: A fund with nearly US$ 64 billion in assets under management . The hedge fund distributed all monies to its limited partners at the end of 1995. In 2004, Steinhardt came out of retirement to work for Index Development Partners, Inc., now known as WisdomTree Investments . He is chairman of WisdomTree, which offers dividend and earnings-based index funds rather than traditional index funds based on market capitalization . As of July 2018, WisdomTree had $ 41.2 billion under management. During
1092-403: A high-quality, tuition-free education to the poor, the working class , and the immigrants of New York City who met the grade requirements for matriculated status. During the post- World War I era, when some Ivy League universities, such as Yale University , discriminated against Jews, many Jewish academics and intellectuals studied and taught at CUNY. The City College of New York developed
1176-500: A large amount of stolen antiquities which had been illegally purchased by Steinhardt. In December 2021, after a four-year multinational investigation examining his "acquisition, possession and sale of more than 1,000 antiquities since at least 1987", Steinhardt reached an agreement with the New York County District Attorney to relinquish 180 items with an estimated value of $ 70 million, in exchange for
1260-487: A letter to President Bill Clinton advocating the pardon of Marc Rich , calling him "my friend...who has been punished enough." On January 20, 2001, Clinton's last day in office, Rich was pardoned. Steinhardt was an early supporter of the possible presidential candidacy of Michael Bloomberg in 2008. On September 12, 2018, The Jewish Week reported that Hillel International was investigating Steinhardt for "inappropriate sexual remarks" to two female employees of one of
1344-426: A meeting the year before. The report noted that Hillel had "quietly" removed his name from the board of governors listed on their website while the organization was investigating the claims. Hillel made an official statement that the complaints about sexual harassment by its donors were justified. Steinhardt stated in response to the findings "If I had been told immediately about concerns regarding anything I said at
1428-622: A rapacious appetite for plundered artifacts without concern for the legality of his actions, the legitimacy of the pieces he bought and sold, or the grievous cultural damage he wrought across the globe." The Grand Jury Investigation Statement of Facts stated that Steinhart acquired stolen antiquiries from Giacomo Medici, Giovanni Franco Becchina , Edoardo Almagià, Robin Symes , Robert Hecht , Edward and Samuel Merrin, Robert Haber, Eugene Alexander, Fritz and Harry Bürki, Gil Chaya, Rafi Brown, Michael Ward and others. A lawyer for Steinhardt said many of
1512-623: A report that described CUNY as "an institution adrift" and called for an improved, more cohesive university structure and management, as well as more consistent academic standards. Following the report, Matthew Goldstein , a mathematician and City College graduate who had led CUNY's Baruch College and briefly, Adelphi University , was appointed chancellor. CUNY ended its policy of open admissions to its four-year colleges, raised its admissions standards at its most selective four-year colleges (Baruch, Brooklyn, City, Hunter and Queens), and required new enrollees who needed remediation to begin their studies at
1596-559: A reputation of being "the Harvard of the proletariat." As New York City's population and public college enrollment grew during the early 20th century and the city struggled for resources, the municipal colleges slowly began adopting selective tuition, also known as instructional fees, for a handful of courses and programs. During the Great Depression , with funding for public colleges severely constrained, limits were imposed on
1680-1053: A research station to be named after himself and his wife. Steinhardt invested in baseball teams, owning part of the Miami Marlins and the Los Angeles Dodgers . Steinhardt is the past chairman of the Democratic Leadership Council and a board member of the Foundation for Defense of Democracies , to which he donated $ 250,000 in 2002. Steinhardt is chairman of the board at The Steinhardt Foundation for Jewish Life and Taglit-Birthright Israel . He also makes public appearances, speaking with young Jewish children through organizations such as Ezra USA and RAJE . He has been an active philanthropist , donating over $ 125 million to Jewish causes. In 1999, he and Charles Bronfman co-founded Taglit-Birthright Israel , which sends young Jews aged 18–26 on
1764-470: A rise in student fees and other issues, including the proposed (and later implemented) open admissions plan. Like many college campuses in 1970, CUNY faced a number of protests and demonstrations after the Kent State massacre and Cambodian Campaign . The Administrative Council of the City University of New York sent U.S. president Richard Nixon a telegram in 1970 stating, "No nation can long endure
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#17327870817261848-483: A sit-in to demand the admission of more black and Puerto Rican students and additional black studies curriculum. Students at Hunter College also demanded a Black studies program. Members of the SEEK program, which provided academic support for underprepared and underprivileged students, staged a building takeover at Queens College in 1969 to protest the decisions of the program's director, who would later be replaced by
1932-412: A stricter admissions policy for its senior colleges: students deemed unprepared for college would not be admitted, this a departure from the 1970 Open Admissions program. That year's final state budget cut funding by $ 102 million, which CUNY absorbed by increasing tuition by $ 750 and offering a retirement incentive plan for faculty. In 1999, a task force appointed by Mayor Rudolph Giuliani issued
2016-468: A student seeking admission to CUNY needed an average grade of 92 or A−. This helped to ensure that the student population of CUNY remained largely white and middle-class. Demand in the United States for higher education rapidly grew after World War II , and during the mid-1940s a movement began to create community colleges to provide accessible education and training. In New York City, however,
2100-677: A total fine of $ 70 million as part of settlement with the U.S. Securities and Exchange Commission and Department of Justice . His firm made $ 600 million on the Treasury positions. In his book, No Bull , Steinhardt said he did nothing wrong, but merely settled the case in order to "move on." His fund lost 1/3 of its value in the 1994 bond market crisis . In 1995, after finishing up 25%, decided to close his fund, stating, "I thought there must be something more virtuous, more ennobling to do with one's life than make rich people richer," before returning to work in 2004 to head WisdomTree Investments ,
2184-599: A unified public safety department , the City University of New York Public Safety Department, with branches at each of the 26 CUNY campuses. The New York City Police Department is the primary policing and investigation agency within the New York City as per the NYC Charter , which includes all CUNY campuses and facilities. The Public Safety Department came under heavy criticism from student groups, after several students protesting tuition increases tried to occupy
2268-434: A year ($ 3,300 in current dollar terms). Undergraduate tuition and other student fees in 1957 comprised 17 percent of the colleges' $ 46.8 million in revenues, about $ 7.74 million ($ 83,970,000 in current dollar terms). Three community colleges had been established by early 1961 when New York City's public colleges were codified by the state as a single university with a chancellor at the helm and an infusion of state funds. But
2352-641: Is elected by the board of trustees, and is the "chief educational and administrative officer" of the City University. The administrative offices are in Midtown Manhattan . CUNY employs 6,700 full-time faculty members and over 10,000 adjunct faculty members. Faculty and staff are represented by the Professional Staff Congress (PSC), a labor union and chapter of the American Federation of Teachers . CUNY has
2436-536: Is part of the "Mega Group" (also known as the Study Group ) – a loosely organized club of 20 of the most wealthy and influential Jewish businessmen. The "Mega Group" was formed by Leslie Wexner , chairman of Limited Inc. and Charles and Edgar Bronfman Sr. , chairmen of Seagram . Steinhardt is a strong supporter of the State of Israel , which he regards as the "Jewish miracle of the 20th century". He views Israel as "the most moral state on this planet", and in
2520-587: Is the public university system of New York City . It is the largest urban university system in the United States, comprising 25 campuses : eleven senior colleges , seven community colleges , and seven professional institutions. In 1960, John R. Everett became the first chancellor of the Municipal College System of New York City, later known as the City University of New York (CUNY). CUNY, established by New York state legislation in 1961 and signed into law by governor Nelson Rockefeller ,
2604-658: Is the largest single donation in the history of CUNY and helped finance the purchase of a building on the Upper West Side of Manhattan that has become the permanent home of Macaulay Honors College, and will add support to its endowment. A new governance plan, approved by the CUNY Board of Trustees in late April 2010, provided Macaulay Honors College with degree-granting authority through CUNY's Graduate Center. Beginning in Spring 2011, graduates became eligible to receive
William E. Macaulay Honors College - Misplaced Pages Continue
2688-535: The CUNY School of Labor and Urban Studies , named after former president Joseph S. Murphy and combining some forms and functions of the Murphy Institute that were housed at the CUNY School of Professional Studies . On February 13, 2019, the board of trustees voted to appoint Queens College president Felix V. Matos Rodriguez as the chancellor of the City University of New York. Matos became both
2772-680: The Cyclades ", held at the Katonah Museum of Art included some pieces owned by him. He sat on the American advisory board of Christie's , the art & antiques auction house. In November 2014, Christie's had to withdraw a prehistoric sculpture from Sardinia, valued at $ 800,000-$ 1.2m, put on auction by Steinhardt and previously put on sale by the notorious and convicted antiquities dealer Giacomo Medici . In January 2018, investigators raided Steinhardt's New York City apartment and seized
2856-521: The Guennol Stargazer in 1993. The marble idol depicts a nude human figure and is estimated to be 6,000 years old. After attempting to sell the idol at auction in 2017, the Turkish government sued to halt the sale. The sale occurred, though the buyer later backed out. A bench trial in 2021 determined that Turkey had waited too long to attempt to repatriate the idol, and that it would remain in
2940-636: The Intel Science Talent Search , The Barry Goldwater , the Jeannette K. Watson Fellowship , Fulbright Fellowship , Bienecke Fellowship, Salk Fellowship, and the Benjamin A. Gilman International Scholarship. Macaulay Honors College accepts applications from high school seniors entering the freshman class. Macaulay does not accept transfer students or applicants applying for mid-term entry. The college advises applicants to research
3024-615: The conglomerate industry, which included companies such as Automatic Sprinkler (now defunct), City Investing (also defunct), and the best-known conglomerate of its day, Gulf+Western (now part of Viacom and Viacom's spinoff CBS). In 1967, using earnings from his investments, Steinhardt founded the hedge fund Steinhardt, Fine, and Berkowitz (later Steinhardt Partners) with co-investors William Salomon , former managing partner of Salomon Brothers and Jack Nash , founder of Odyssey Partners. Between 1967 and 1995, Steinhardt Partners averaged an annualized return for its clients of 24.5%, after
3108-467: The racial integration of CUNY, which at the time had an overwhelmingly white student body. Students at some campuses became increasingly frustrated with the university's and Board of Higher Education's handling of university administration. At Baruch College in 1967, over a thousand students protested the plan to make the college an upper-division school limited to junior, senior, and graduate students. At Brooklyn College in 1968, students attempted
3192-461: The 2001 launch of CUNY Honors College in collaboration with a number of CUNY's senior colleges. Initially, there were five college partners: Baruch , Brooklyn , City , Hunter , and Queens Colleges. Later on, Lehman College , College of Staten Island , and John Jay College were added. Commonly known as Macaulay Honors College University Scholars Program, its first class graduated in 2005. Laura Schor , Professor of History at Hunter College and
3276-537: The BHE voted to implement the plan immediately in the fall of 1970. All high school graduates were guaranteed entrance to the university without having to fulfill traditional requirements such as exams or grades. The policy nearly doubled the number of students enrolled in the CUNY system to 35,000 (compared to 20,000 the year before). Black and Hispanic student enrollment increased threefold. Remedial education , to supplement
3360-660: The Board of Tel Aviv University, where he received an honorary doctorate in 2011, and endowed the Steinhardt Museum of Natural History in Ramat Aviv . In 2001, Steinhardt made his foray into publishing. He, along with several other investors, including Conrad Black , founded the New York Sun , a niche New York City newspaper best known for its pro-Israel support and neo-conservative outlook. Steinhardt wrote
3444-534: The CUNY Financing and Governance Act was adopted by the State and the Board of Higher Education became the City University of New York board of trustees. Today, the City University is governed by the board of trustees composed of 17 members, ten of whom are appointed by the governor of New York "with the advice and consent of the senate," and five by the mayor of New York City "with the advice and consent of
William E. Macaulay Honors College - Misplaced Pages Continue
3528-527: The CUNY Graduate Center, was Macaulay Honors College's founding dean. In July 2006, Ann Kirschner , a graduate of SUNY Buffalo , University of Virginia , and Princeton University , was appointed Dean of Macaulay Honors College. In September 2006, The City University of New York received a $ 30,000,000 gift from philanthropist and City College alumnus William E. Macaulay , the chairman and chief executive officer of First Reserve Corporation . It
3612-562: The CUNY in 1979. The institutions merged into CUNY included the Free Academy (later City College of New York), the Female Normal and High School (later Hunter College ), Brooklyn College , and Queens College . CUNY has historically provided accessible education, especially to those excluded or unable to afford private universities . The first community college in New York City was established in 1955 with shared funding between
3696-885: The College of the City of New York and the Normal College, which became Hunter College in 1914. In 1926, the legislature established the Board of Higher Education of the City of New York, which assumed supervision of both municipal colleges. In 1961, the New York State Legislature established the City University of New York, uniting what had become seven municipal colleges at the time: the City College of New York, Hunter College, Brooklyn College, Queens College, Staten Island Community College, Bronx Community College and Queensborough Community College. In 1979,
3780-604: The Federal Pell Grant. Founded in 1997 by immigration lawyer Allan Wernick, CUNY Citizenship Now! is an immigration assistance organization that provides free and confidential immigration law services to help individuals and families on their path to U.S. citizenship. In 2021, CUNY launched a College Immigrant Ambassador Program in partnership with the New York City Department of Education . The forerunner of today's City University of New York
3864-899: The Macaulay Honors College building, there is a lecture hall, performance space, screening room, and commons. There are also multiple classrooms where students can collaborate on projects and study. Student Lounge Volunteers (SLVs) organize events and are available to answer questions and support students. Some Macaulay alumni have pursued careers in major New York firms, such as BBC Worldwide Americas , Bloomberg , and Google . Macaulay graduates also have pursued graduate degrees at universities such as Harvard , Yale , Princeton , Cornell , Columbia , CUNY Graduate Center , Rutgers , Caltech , Stanford , University of California, Berkeley , Duke , and Oxford . City University of New York The City University of New York ( CUNY , spoken / ˈ k juː n i / , KYOO -nee )
3948-571: The Making of a New Elite , he dedicated a chapter to Steinhardt. He described Steinhardt as a "lover of botany and a collector of exotic fauna," living in his retirement "on his country estate an hour's drive north of New York City." Mallaby included a photo of Steinhardt "dancing on his estate opposite... an elegant blue crane . . . that had taken to courting him with a graceful gavotte." In 2001, Steinhardt published an autobiography: No Bull: My Life in and out of Markets . In this book, he addressed for
4032-627: The United States Department of Education concluded that CUNY has failed to protect Jewish students from discrimination following the October 7 attacks . CUNY's Hunter College also faced scrutiny for incidents dating back to 2021. In response, Chancellor Félix V. Matos Rodríguez stated that CUNY is dedicated to maintaining a discrimination-free and hate-free environment, and that new measures will ensure consistent and transparent investigation and resolution of complaints. CUNY also has
4116-459: The United States. In 1967, Steinhardt met his future wife, Judy, in a car pool he organized. During one of the carpools into New York City, he mentioned the name of the grain elevator company Colorado Milling and Grain Elevator. Judy mentioned the company to her father who invested in the company and made a substantial profit after Colorado Milling was acquired by Great Western Sugar in 1968;
4200-568: The alienation of the best of its young people." Some colleges, including John Jay College of Criminal Justice , historically the "college for cops," held teach-ins in addition to student and faculty protests. In April 2024, CUNY students joined other campuses across the United States in protests against the Israel–Hamas war. The student protestors demanded that CUNY divest from companies with ties to Israel and that CUNY officials cancel any upcoming trips to Israel and protect students involved in
4284-497: The building as a donation in 2001 from Steinhardt. The building was placed on sale in 2006. The Gothic Revival building was purchased with the donation of the Macaulay family and underwent extensive renovations to prepare it for students and staff. Renovations are now complete and the building is in use by the students and staff of Macaulay Honors College. Other CUNY students are welcomed as long as they present valid ID. Inside
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#17327870817264368-615: The building was completed in 1904, 35 West 67th Street housed the Swiss Benevolent Society for numerous years and was known as the Swiss Home. In 1999, it became known as the Steinhardt Building after undergoing extensive restoration and renovation under the direction of philanthropist Michael Steinhardt . Following the completion of the Steinhardt Building's refurbishment, the 92nd Street Y received
4452-428: The city's slowness in creating the community colleges as demand for college seats was intensifying and had resulted in mounting frustration, particularly on the part of minorities, that college opportunities were not available to them. In 1964, as New York City's Board of Higher Education moved to take full responsibility for the community colleges, city officials extended the senior colleges' free tuition policy to them,
4536-441: The city, under the control of the "Board of Higher Education of the City of New York", which had been created by New York State legislation in 1926. By 1979, the Board of Higher Education had become the "Board of Trustees of the CUNY". The institutions that were merged to create CUNY were: CUNY has served a diverse student body, especially those excluded from or unable to afford private universities. Its four-year colleges offered
4620-415: The community college movement was constrained by many factors including "financial problems, narrow perceptions of responsibility, organizational weaknesses, adverse political factors, and other competing priorities." Community colleges would have drawn from the same city coffers that were funding the senior colleges, and city higher education officials were of the view that the state should finance them. It
4704-409: The courses are accepted university-wide, the administration claims it will be easier for students to transfer course credits between CUNY colleges. It also reduced the number of core courses some CUNY colleges had required, to a level below national norms, particularly in the sciences. The program is the target of several lawsuits by students and faculty, and was the subject of a "no confidence" vote by
4788-399: The dealers from whom he bought the artifacts "made specific representations as to the dealers’ lawful title to the items, and to their alleged provenance." In 2007 Steinhardt lent Israel Museum the "Heliodorus Stele", ( commons ) which he had recently acquired. The stele was 2,200-year-old Greek text inscribed in limestone . However, an expert soon noted that two pieces excavated from
4872-499: The demonstrations. Under pressure from community activists and CUNY Chancellor Albert Bowker , the Board of Higher Education (BHE) approved an open admissions plan in 1966, but it was not scheduled to be fully implemented until 1975. However, in 1969, students and faculty across CUNY participated in rallies, student strikes, and class boycotts demanding an end to CUNY's restrictive admissions policies. CUNY administrators and Mayor John Lindsay expressed support for these demands, and
4956-549: The dismissal of a grand jury investigation into his collection. As part of the deal, Steinhardt was being permanently banned from acquiring new pieces. Steinhardt kept the remaining pieces that he legally purchased. The seized antiquities were slated to be returned to their proper owners in much of the Eastern Mediterranean region, as well as Bulgaria and Iraq. In a press release, District Attorney Cyrus Vance Jr. said, "For decades, Michael Steinhardt displayed
5040-565: The eight CUNY senior colleges which participate in Macaulay prior to submitting an application. Applicants to Macaulay are then considered for acceptance to the undergraduate degree program at the CUNY campus designated on their applications. Located at 35 West 67th Street, Macaulay Honors College is half a block from Central Park and three blocks from Lincoln Center for the Performing Arts in Manhattan 's Upper West Side . After
5124-591: The establishment of Medgar Evers College and the implementation of the Open Admissions policy in 1970. This policy dramatically increased student diversity but also introduced challenges like low retention rates . The 1976 fiscal crisis ended the free tuition policy, leading to the introduction of tuition fees for all CUNY colleges. The university enrolls more than 275,000 students and counts thirteen Nobel Prize winners and twenty-four MacArthur Fellows among its alumni. In 1960, John R. Everett became
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#17327870817265208-522: The faculty, who rejected it by an overwhelming 92% margin. Chancellor Goldstein retired on July 1, 2013, and was replaced on June 1, 2014, by James Milliken , president of the University of Nebraska , and a graduate of the University of Nebraska and New York University School of Law . Milliken retired at the end of the 2018 academic year and moved on to become the chancellor for the University of Texas system. In 2018, CUNY opened its 25th campus,
5292-730: The fall of 2007 and 2008, WisdomTree's growth stagnated, as the stock market, especially the financial sector, in which WisdomTree's dividend-based funds are overweighted, tanked, as did WisdomTree's stock. However, as the WisdomTree funds tended to outperform their "bogies," asset growth resumed its earlier pace and its stock price appreciated accordingly. Forbes Magazine reported Steinhardt's net worth at US$ 1.1 billion as of October 2018. The Steinhardt School of Culture, Education and Human Development at New York University bears his name in recognition of two $ 10 million donations. After 2018 sexual harassment allegations against Steinhardt,
5376-475: The first chancellor of the Municipal College System of the City of New York, later renamed CUNY, for a salary of $ 25,000 ($ 257,000 in current dollar terms). CUNY was created in 1961, by New York State legislation, signed into law by Governor Nelson Rockefeller . The legislation integrated existing institutions and a new graduate school into a coordinated system of higher education for
5460-562: The first Latino and minority educator to head the university. He assumed the post May 1. CUNY is the fourth-largest university system in the United States by enrollment, behind the California State University , State University of New York (SUNY), and University of California systems. More than 271,000-degree-credit students, continuing, and professional education students are enrolled at campuses located in all five New York City boroughs. The university has one of
5544-613: The first time the question of his father, Sol Frank Steinhardt, who also went by the moniker "Red McGee." "Red" Steinhardt was convicted in 1958 on two counts of buying and selling stolen jewelry, and was sentenced to serve two 5-to-10 year terms, to run consecutively, in the New York State prison system . In his book, Steinhardt describes how his father bankrolled his early forays into the stock market by giving him envelopes stuffed with $ 10,000 in cash and sometimes much more than that. The book also suggests that Steinhardt's education at
5628-479: The free tuition policy was discontinued under pressure from the federal government, the financial community that had a role in rescuing the city from bankruptcy, and New York State, which would take over the funding of CUNY's senior colleges. Tuition, which had been in place in the State University of New York system since 1963, was instituted at all CUNY colleges. Meanwhile, CUNY students were added to
5712-583: The lobby of the Baruch College. The occupiers were forcibly removed from the area and several were arrested on November 21, 2011. In recent years, there have been a number of antisemitic incidents on CUNY campuses, including: CUNY has taken steps to address antisemitism on its campuses. In 2020, the university created a task force to combat antisemitism. The task force has developed a number of initiatives, including training for faculty and staff on how to identify and address antisemitism. In June 2024,
5796-751: The merged company was renamed Great Western United . Judy is the chairwoman of New York University 's Institute of Fine Arts and of the American Friends of the Israel Museum . They have three children. His daughter, Sara Berman , a former journalist and parenting columnist for The New York Sun , is the president of the Hebrew Language Academy Charter School in Brooklyn . In Sebastian Mallaby 's 2010 book entitled More Money Than God: Hedge Funds and
5880-425: The most diverse student bodies in the United States, with students hailing from around the world, although most students live in New York City. The black, white and Hispanic undergraduate populations each comprise more than a quarter of the student body, and Asian undergraduates make up 18 percent. Fifty-eight percent are female, and 28 percent are 25 or older. In the 2017–2018 award year, 144,380 CUNY students received
5964-481: The neediest students with a tuition-free college education. Joseph S. Murphy was Chancellor of the City University of New York from 1982 to 1990, when he resigned. CUNY at the time was the third-largest university in the United States, with over 180,000 students. By 2011, nearly six of ten full-time undergraduates qualified for a tuition-free education at CUNY due in large measure to state, federal and CUNY financial aid programs. CUNY's enrollment dipped after tuition
6048-481: The organizations he supports. The Jewish Week story quoted "sources close to the investigation" as saying that since, 2015, when the first complaint by a female employee occurred, it has been a "practice" within the organization for no female employee to have meetings with Steinhardt alone. The second woman making allegations received a written apology from Steinhardt, dated August 23, 2011, acknowledging his inappropriate comments made toward her and two male colleagues at
6132-442: The senate." The final two trustees are ex officio members. One is the chair of the university's student senate, and the other is non-voting and is the chair of the university's faculty senate. Both the mayoral and gubernatorial appointments to the CUNY Board are required to include at least one resident of each of New York City's five boroughs. Trustees serve seven-year terms, which are renewable for another seven years. The chancellor
6216-504: The size of the colleges' free Day Sessions, and tuition was imposed upon students deemed "competent" but not academically qualified for the day program. Most of these "limited matriculation" students enrolled in the Evening Sessions, and paid tuition. Additionally, as the population of New York grew, CUNY was not able to accommodate the demand for higher education. Higher and higher requirements for admission were imposed; in 1965,
6300-572: The state and the city, but unlike the senior colleges, community college students had to pay tuition. The integration of CUNY's colleges into a single university system took place in 1961, under a chancellor and with state funding. The Graduate Center , serving as the principal doctorate -granting institution, was also established that year. In 1964, Mayor Robert F. Wagner Jr. extended the senior colleges' free tuition policy to community colleges. The 1960s saw student protests demanding more racial diversity and academic representation in CUNY, leading to
6384-421: The state's need-based Tuition Assistance Program (TAP), which had been created to help private colleges. Full-time students who met the income eligibility criteria were permitted to receive TAP, ensuring for the first time that financial hardship would deprive no CUNY student of a college education. Within a few years, the federal government would create its own need-based program, known as Pell Grants , providing
6468-634: The student government at the school called for removal of the philanthropist’s name; a call which was renewed after his 2021 deal with the Manhattan District Attorney about Steinhardt's 180 stolen antiquities. In the 1990s, Steinhardt bought and donated Steeple Jason Island and Grand Jason Island in the Falkland Islands to the Wildlife Conservation Society (WCS), along with US$ 425,000 for
6552-479: The time, I would have apologized immediately. I only recently learned about this investigation when Hillel called me about comments I made several years ago. I am sorry and deeply regret causing any embarrassment, discomfort or pain, which was never my intention." As of March 2019, six women had come forward alleging that Steinhardt had made unwanted sexual requests of them. Steinhardt is an art collector, especially of antiquities. A special exhibition, "Ancient Art of
6636-467: The training of under-prepared students, became a significant part of CUNY's offerings. Additionally, ethnic and Black Studies programs and centers were instituted on many CUNY campuses, contributing to the growth of similar programs nationwide. However, retention of students in CUNY during this period was low; two-thirds of students enrolled in the early 1970s left within four years without graduating. In fall 1976, during New York City's fiscal crisis ,
6720-403: Was an amalgamation of existing institutions and a new graduate school . The oldest constituent college of CUNY, City College of New York , was originally founded in 1847 and became the first free public institution of higher learning in the United States. The system was governed by the Board of Higher Education of the City of New York, created in 1926, and later renamed the board of trustees of
6804-457: Was governed by the Board of Education of New York City. Members of the Board of Education, chaired by the president of the board, served as ex officio trustees. For the next four decades, the board members continued to serve as ex officio trustees of the College of the City of New York and the city's other municipal college, the Normal College of the City of New York. In 1900, the New York State Legislature created separate boards of trustees for
6888-672: Was not until 1955, under a shared-funding arrangement with New York State, that New York City established its first community college, on Staten Island . Unlike the day college students attending the city's public baccalaureate colleges for free, community college students had to pay tuition fees under the state-city funding formula. Community college students paid tuition fees for approximately 10 years. Over time, tuition fees for limited-matriculated students became an important source of system revenues. In fall 1957, for example, nearly 36,000 attended Hunter, Brooklyn, Queens and City Colleges for free, but another 24,000 paid tuition fees of up to $ 300
6972-414: Was re-established, and there were further enrollment declines through the 1980s and into the 1990s. In 1995, CUNY suffered another fiscal crisis when Governor George Pataki proposed a drastic cut in state financing. Faculty cancelled classes and students staged protests. By May, CUNY adopted deep cuts to college budgets and class offerings. By June, to save money spent on remedial programs, CUNY adopted
7056-597: Was the fence of the Genovese Crime Family, which also included Charles “Lucky” Luciano, Frank Costello, Bugsy Siegel, Meyer Lansky (“Hyman Roth” in Godfather II ), and Vincent “Jimmy Blue Eyes” Alo. Michael Steinhardt's father was his first investment client, giving his son envelopes stuffed with cash to put in the stock market giving him seed money to begin his investment career. Working as an analyst at Loeb, Rhoades & Co. , Steinhardt followed
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