Stephen Andrew Feinberg (born March 29, 1960) is an American businessman and investor active in hedge fund management and private equity.[1] He is the co-founder and Chief Executive Officer (CEO) of Cerberus Capital Management. As of July 2024, his net worth is US$4.8 billion.[2] In 2017 Cerberus also owned DynCorp, which is a major national security contractor with the US government, charging billions for overseas military and police training.[3] On May 11, 2018, U.S. President Donald Trump named Feinberg to head the President's Intelligence Advisory Board.[4]
Steve Feinberg | |
|---|---|
| Chair of the Intelligence Oversight Board | |
| In office August 16, 2018 – January 20, 2021 | |
| President | Donald Trump |
| Preceded by | Neal S. Wolin |
| Succeeded by | Vacant |
| Chair of the President's Intelligence Advisory Board | |
| In office May 12, 2018 – January 20, 2021 | |
| President | Donald Trump |
| Preceded by | Shirley Jackson Jami Miscik |
| Succeeded by | Sandy Winnefeld |
| Personal details | |
| Born | March 29, 1960 New York City, U.S. |
| Political party | Republican |
| Spouse | Gisella Sanchez |
| Children | 3 daughters |
| Education | Princeton University (AB) |
Early life and education
Feinberg was born to a Jewish family[5][6] and raised in The Bronx, New York. When aged eight, his family moved to Spring Valley, New York,[7] a suburb of New York City. His father was a steel salesman.[7] He graduated with an A.B. in politics from Princeton University in 1982 after completing a 94-page long senior thesis titled "The Politics of Prostitution and Drug Legalization."[8][9] While a student at Princeton, Feinberg captained the tennis team and joined the Reserve Officers' Training Corps.[7]
Professional career
After graduating from college, Feinberg worked as a trader at Drexel Burnham in 1982 and later at Gruntal & Co.[10]
In 1992, at the age of 32, Feinberg co-founded Cerberus Capital Management with William L. Richter.[10] At the time the firm had $10 million under management; its assets under management have since grown to over $60 billion in 2024.[11][12] In 1999, the firm hired former vice president Dan Quayle as a chairman of Cerberus Global Investment.[13] In 2006, the firm hired former United States Secretary of the Treasury John Snow, who serves as a chairman of Cerberus.[14]
In May 2011, Feinberg stated that he believed residential mortgage-backed securities may present "a real opportunity for continued investment for quite a period of time"[15] and that there were opportunities in buying assets from European banks.
Feinberg has been critical about the pay received by private equity executives, stating, "In general, I think that all of us are way overpaid in this business. It is almost embarrassing."[16] He has also noted in comments made in 2011 that smaller private equity fund sizes may be better for investor returns: "If your goal is to maximize your return as opposed to assets under management, I think you can be most effective with a big company infrastructure and a little bit smaller fund size."[16]
Feinberg has been described as "secretive" in The New York Times.[17] In 2007, Feinberg told Cerberus shareholders, "If anyone at Cerberus has his picture in the paper and a picture of his apartment, we will do more than fire that person. We will kill him. The jail sentence will be worth it."[18]
Cerberus is the parent company of DynCorp, which is a major national security contractor with the U.S. government.[3]
Political involvement
Feinberg is a major Republican donor.[19] In 2016, he served on the Trump Economic Advisory Council during Donald Trump's presidential campaign, donated nearly $1.5 million to pro-Trump PACs, and co-hosted a $50,000 per person Republican National Committee and Trump fundraising dinner alongside other financiers.[20][21] In February 2017, the New York Times reported that President Trump will assign Feinberg a role in the White House leading a review of the US intelligence agencies.[22]
Together with his spouse, Feinberg contributed $715,600 to Donald Trump's 2020 presidential campaign.[23]
He is a member of The Business Council in Washington, DC, an association of chief executive officers from a broad range of companies who meet several times a year for high-level policy discussions.[24][25]
Personal
Feinberg reportedly made $50 million in 2004. He splits time between his homes on Manhattan's Upper East Side and Greenwich, Connecticut with his wife Gisela (née Sanchez).[7]