Posts Tagged ‘Sandy Weill’

Thursday, March 12, 2009

Forbes, Madoff Lists and the Adirondacks

It was a tough year for the world’s billionaires, Forbes reported today. Hundreds of the world’s wealthiest are merely millionaires now, including Sandy Weill, former CEO of Citigroup and seasonal resident of Upper Saranac Lake. “His Citigroup shares have lost nearly all their value,” Forbes says, estimating that Citi shares have fallen 95 percent in the last 12 months. The financial services conglomerate that Weill built is now the recipient of a $45 billion federal bailout.

Weill is prominent in New York City philanthropic circles, but he maintains a low profile in the Adirondacks. Up here his wife, Joan, is much better known, especially for her generosity to Paul Smith’s College, where she serves as chairman of its board of trustees and spearheaded construction of a library (photo above) and student center that bear her name.

A Lake George summer resident, however, is still in good standing on the billionaire list. Forrest Mars Jr., co-owner of the privately held Mars candy company (which also includes Wrigley, Pedigree pet food and other brands), is the 43rd wealthiest person in the world with a net worth of $9 billion and growing, Forbes says. Mars and his wife Deborah Clarke Mars have a camp on the lake’s northeast shore, not far from Deborah’s hometown of Ticonderoga.

The Marses have been locally philanthropic, most notably to Fort Ticonderoga, but they withdrew support for the historic landmark last year after disagreements with its administration.

Meanwhile, Bernard L. Madoff pleaded guilty this morning to defrauding investors of about $65 billion dollars in a Ponzi scheme. The story seems unrelated, but it also has Adirondack connections, particularly for charitable giving. One of the victims on the Madoff list is the New York City–based Prospect Hill Foundation, a longtime supporter of many Adirondack environmental nonprofits. It’s still unclear what the repercussions will be for the foundation and its grant recipients. Also on the Madoff list is Anne Childs who — with her husband the Freedom Tower architect David Childs — owns a hilltop house in Keene.

If you know of other Adirondack connections on the Forbes or Madoff lists, please let us know.


Monday, March 2, 2009

Luxury Jets Still Flying at Adirondack Airport


Last month, the New York Post outed retired CEO Sandy Weill for vacationing aboard a $45 million Citigroup jet as the foundering company he built received a $45 billion taxpayer bailout.

Ever since Congress scolded auto-industry executives for winging in on corporate jets to ask for government money, the flight habits of the highly paid have come under scrutiny.

But so far, the Adirondack Regional Airport in Lake Clear has seen no decrease in private plane traffic, according to manager Ross Dubarry. That’s good for the airport, because fuel sales, deicing and other services to Gulfstreams, Learjets, Falcons and other private craft cover approximately 75 percent of the airport’s $1 million annual operating budget. Lake Clear is the only place in the Adirondack Park with a runway long enough to accommodate big jets. Wealthy camp owners, including Weill, who has a retreat on Upper Saranac Lake, flock in on Fridays and out on Sundays. It can take as little as 40 minutes for them to soar in from Teterboro, just outside of New York City.

The other news at Adirondack Airport is that commercial-passenger numbers are way up, Dubarry reports, from about 2,000 emplanements in 2004 to more than 8,000 since Cape Air took over commuter service in February 2008. Cape Air flies nine-seaters and offers bargain rates (about $80 one-way) to Boston.

By far most visitors still reach the Adirondacks by car, but don’t expect to see Weill at a Northway rest stop. He voluntarily gave up his Citigroup Bombardier Global Express XRS the day after the Post story ran. But the 75-year-old, whose net worth Forbes placed at $1.3 billion in 2008, still pays the Adirondack Airport a $20,000 annual fee for services and space for his private hangar (the tallest building in Lake Clear). “He is coming in and out on a different aircraft,” Dubarry says.
Image courtesy of Mark Kurtz Photography