Scamming Jew Corrupter: Junk Bond King Ira Rennert

[CrackSmokeRepublican]

Another Scamming Jew on the long list of Scamming Jews... this is the "Criminal Jew" of old... -- CSR

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Ira Leon Rennert

Ira Leon Rennert (born 1934, Brooklyn, New York) is an American investor and businessman. Using junk bonds to finance his acquisitions of companies, often in bankruptcy, Rennert has amassed significant holdings in basic, cyclical industries, such as mining and metals, including lead smelters, coal mines, magnesium producers and vehicle assembly lines. Today he controls one of the nation's largest privately held industrial empires, and his personal fortune is estimated to be $20.3 billion.[1]

Background and education

Rennert is a graduate of Brooklyn College. He earned his master's degree from New York University's Stern School of Business, where he is currently on the Board of Overseers.[2]

Early career

Rennert started his career as a credit analyst on Wall Street in 1956. He also served briefly as a salesman for a typewriting company and a stock brokerage, before launching his own business, I.L.Rennert & Co. in 1962 based at a Beaver Street office in Lower Manhattan. At this time he was censured by the NASD for operating without enough capital. This occurred again in 1963 and his licence was revoked on November 29, 1964 and he was effectively banned from the securities industry. According to Rennert, he shut his firm voluntarily and his NASD licence was revoked purely as a routine matter. According to a company spokesman, Jon Goldberg:

"Due to market conditions, the firm found itself in violation of the net capital rule and Rennert raised capital and put it into the firm to bring it into compliance. However, the firm once more fell beneath the net-capital requirements and he shut the company down."[3]

Rennert was a consultant for the next eleven years (Who's Who entry) and entered the private equity market. His role was to put together small leveraged buyouts of unwanted companies. In 1975 he bought a sewing machine maker, and a few years later purchased Covert Marine Inc. of Kansas City (forced into bankruptcy in 1992), followed later by a group of hardware stores and lumber companies. In the early 1980s he joined the board of Integrated Resources Inc, a company financed by Michael Milken where he learned the art of raising junk bonds to finance additional acquisitions.

 Junk Bond Financing

Milken—as a bond trader for Drexel Burnham Lambert—was successful selling high-risk, high-yield bonds issued by struggling or undercapitalized companies. Before Milken, these were considered 'junk' and most investors avoided them, but it was Milken's innovation that formed a strategy of using these junk bonds to provide capital for corporate raiders to conduct hostile company takeovers. Integrated Resources raised $2 billion in junk bonds financed by Milken but ultimately collapsed amid scandal and defaulted on $1 billion of bond debt in May 1989 (c.f. the 1991 book Den of Thieves about the junk bond scandal). As an outside board member, Rennert was not dragged down by the collapse and began to raise junk bonds on his own behalf to finance acquisitions for Renco.

Rennert's strategy for building Renco was to acquiring all the shares of struggling companies and to finance the acquisition by issuing junk bonds. Along the way, Rennert paid substantial dividends out of the business to himself. In a series of junk bond issues since 1995, Renco's subsidiaries have borrowed an estimated $1.1 billion and transferred $322 million (29 percent) to Renco Group, according to documents filed with the SEC.[4] Backed by blue-chip mutual funds and hedge funds such as John Hancock Funds LLC and Putnam Investment Management LLC, Rennert now didn't have to invest much of his own money. His purchase of AM General in 1992 was bought with a down payment of just $10 million. In 1994, Fluor Corp. of Los Angeles sold Doe Run to Renco, with the latter paying $52 million in cash, and approximately $60 million in debt payable over an eight-year period. In 1997, Doe Run went on to pay $247 million for a similarly environmentally troubled lead smelting complex from the Peruvian government, as well as borrowing more money to service its Fluor debt. And in 1998, Doe Run sold $305 million in junk bonds for financing its Peruvian acquisition as well as more lead mines in Missouri (according to Doe Run filings with the SEC). Since 1998 most Renco financings have been bank debt.

...

Rennert and his wife Ingeborg have made many charitable donations to various organizations. They donated $5 million to establish the Wiesel Center at Boston University and $250,000 to the Lincoln Center. They also gave over $1 million to the World Trade Center Memorial and established the Rennert Entrepreneurial Institute of Sy Syms School of Business at Yeshiva University. They have endowed chairs at several different universities, including a chair in Jewish studies at Barnard College, a Chair in Aging Research at Albert Einstein College of Medicine, a Chair in Stem Cell Biology at Albert Einstein College of Medicine, and the Ira Rennert Professorship of Business at Columbia University.[26][26] They also established the Ira Leon Rennert Professor of Entrepreneurial Finance at New York University and founded the Ingeborg Rennert Center for Jerusalem Studies at Bar Ilan University. The Rennerts also helped to fund the restoration of the Western Heritage Wall in Jerusalem (the visitor's center is called The Ingeborg and Ira Leon Rennert Hall of Light). The Rennerts are known to have donated to Rav Aharon Bina's new yeshiva in Israel, Yeshivat Netiv Aryeh, and are additionally honored with a plaque as well as their family upon entrance into the building. They also donated about 160 Torah scrolls to communities in Israel.[27] The Rennert family has funded construction for a new mikvah at the Fifth Avenue Synagogue. The completion date is May, 2010.

Houses

Rennert caused controversy among his neighbors by building a beach front home in Sagaponack, New York considered one of the largest occupied residential compounds in America.[28] The house outraged locals, who claimed Rennert originally planned to use it as a spa, a hotel, or a religious retreat. Rennert denied such allegations, and the local paper later issued an apology.[29] Rennert named his home after the adjoining body of water, Fairfield Pond. The house faces the Atlantic Ocean and its grounds measure 63 acres (250,000 m2). The buildings, which total over 110,000 square feet (10,000 m2), including the 66,000-square-foot (6,100 m2) main house, have an Italianate facade, 29 bedrooms, and 39 bathrooms. The house has a dozen chimneys and a Mediterranean-style tile roof as well as a 91-foot (28 m) long formal dining room, a basketball court, a bowling alley, two tennis courts, two squash courts, and a $150,000 hot tub. Its property taxes in 2007 were $397,559.00. Based on these taxes, the home is currently valued at $190 million[25] making it the most valuable home in the Hamptons, and among the most valuable in the United States.

Besides his house in Sagaponack, Rennert owns a duplex apartment on Manhattan's Park Avenue, a home in Israel, and a Gulfstream V jet. He reportedly gave matching $30m+ apartments on Park Avenue as gifts to his two daughters.

http://en.wikipedia.org/wiki/Ira_Rennert

[Panoptimist]

True Zio occult forces driving that move "upward." His history reads like a shining example from one of the "Law" books.