James Reynolds, CEO of Loop Capital Markets L.L.C. (No. 1 in taxable securities with $29.03 billion in lead issues and No. 2 in tax-exempt securities with $2.83 billion in lead issues on the BE Investment Banks list) hired nearly 25 people who had been downsized from bond departments at several large financial institutions, such as Bank of America and Goldman Sachs, that exited those lines of business.
This same staff helped Loop Capital service a broader pool of bond buyers; their expertise was critical to the firm’s landing a significant piece of business—a structured underwriting of nearly $1 billion in general obligation refunding bonds for New York City.
Black in America: The New Promised Land – Silicon Valley
Silicon Valley’s startup scene is mostly young, male and white.
In response, the NewMe incubator brought 8 black entrepreneurs together for a two-month immersion in San Francisco.
CNN’s Black in America 4 and CNNMoney will track their journey.
Here are their stories, as told to CNNMoney’s Julianne Pepitone.
The Wealth Choice: Success Secrets of Black Millionaires
It’s no secret that these hard times have been even harder for the Black community.
Approximately 35 percent of African Americans had no measurable assets in 2009, and 24 percent of these same households had only a motor vehicle.
Dennis Kimbro, observing how the weight of the continuing housing and credit crises disproportionately impacts the African-American community, takes a sharp look at a carefully cultivated group of individuals who’ve scaled the heights of success and how others can emulate them.
Based on a seven year study of 1,000 of the wealthiest African Americans, The Wealth Choice offers a trove of sound and surprising advice about climbing the economic ladder, even when the odds seem stacked against you.
Readers will learn about how business leaders, entrepreneurs, and celebrities like Bob Johnson, Spike Lee, L. A. Reid, Herman Cain, T. D. Jakes and Tyrese Gibson found their paths to wealth; what they did or didn’t learn about money early on; what they had to sacrifice to get to the top; and the role of discipline in managing their success.Read a few pages..
Mercedes-Benz ([mɛʁˈtseːdəs ˈbɛnts]) is a multinational division of the German manufacturer Daimler AG, and the brand is used for luxury automobiles, buses, coaches, and trucks. Mercedes-Benz is headquartered in Stuttgart, Baden-Württemberg, Germany.
The name first appeared in 1926 under Daimler-Benz but traces its origins to Daimler-Motoren-Gesellschaft’s 1901 Mercedes and to Karl Benz’s 1886 Benz Patent Motorwagen, which is widely regarded as the first automobile.
Mercedes-Benz’s slogan is “Das Beste oder nichts” (English: “The best or nothing”).
Mercedes-Benz is part of the “German Big 3” luxury automakers, along with Audi and BMW, which are the three best selling luxury automakers in the world.
Net worth: $600 million
Source of wealth: Golf, endorsements
Residence: Orlando, Fla.
Golf prodigy showed off his putting skills on The Mike Douglas Show at age 2, has dominated the links ever since. Left Stanford University after two years at age 20 in 1996 to turn pro. Has since won 66 PGA tournaments, including 14 major championships.
Now hunting Jack Nicklaus’ record of 18 major career wins. Named PGA Player of the Year nine times. Total career winnings: $84 million. Intensely marketable; annual on-course winnings represent less than 15% of his income.
Lucrative sponsorship contracts from Nike, Gatorade, Gillette, Accenture, AT&T and others earn him at least $100 million each year. Returned to competitive golf in February after rehabbing knee injury for eight months.
Dramatically won the Arnold Palmer Invitational by one shot a few weeks later. Rare comment in 1995 on his ethnic background: “The various media have portrayed me as African-American and Asian. I am both.”
Black Female Billionaire
Isabel dos Santos, the oldest daughter of Angola’s longtime president, Jose Eduardo dos Santos, debuts on the Forbes list of the World’s Billionaires with a fortune estimated at a minimum of $2 billion.
She is Angola’s first billionaire and the richest woman in Africa.
Her first business, opened in 1997 when she was 24, was a restaurant called Miami Beach in Luanda, the Angolan capital.
Net worth: $2.7 billion
Source of wealth: Harpo Productions
The Oprah brand continues to hold its value despite the recession, as viewers tune in for money-saving tips, celebrity interviews and relationship advice.
Rural Mississippi native worked the television news circuit in Nashville, Tenn., and Baltimore, Md. Transformed faltering Chicago morning program into popular talk show.
Launched The Oprah Winfrey Show nationally in 1986; now airs in 144 countries, brings in 44 million U.S. viewers each week. Her Harpo Productions helped create the Dr. Phil and Rachael Ray shows; Dr. Oz show due out this fall.
Media matriarch planning to launch Oprah Winfrey Network early next year. Foundation recently donated to schools in Newark, N.J., and Atlanta.