Finn M. W. Caspersen
Finn M. W. Caspersen Sr. | |
---|---|
Born | New York City, U.S. | October 27, 1941
Died | September 7, 2009 Westerly, Rhode Island, U.S. | (aged 67)
Cause of death | Suicide by gunshot to the head |
Education | Peddie School Brown University (B.A.) Harvard Law School (LL.B.) |
Occupation(s) | attorney, corporate chief executive, philanthropist |
Employer(s) | Beneficial Corporation (1972–1998), Knickerbocker Management (1998–2009) |
Spouse | Barbara Warden Morris (m. 1967–2009, his death) |
Children | 4 sons |
Finn Michael Westby Caspersen Sr. (October 27, 1941 – September 7, 2009) was an American financier and philanthropist. A graduate of the
As a philanthropist, Caspersen donated tens of millions of dollars to the
Caspersen was an influential donor to
News reports linked Caspersen with financial problems and accusations of alleged large-scale tax evasion that were discovered in the course of federal investigations into offshore tax shelters managed by financial firms
Biography
Early life and education
Caspersen was born on October 27, 1941, in New York City.[4] He was one of two sons of Olaus Westby Caspersen (1896–1971), and Freda Resika (1909–1991) thought to be of Russian or Polish descent.[5] Olaus's widowed mother and siblings had emigrated to the United States earlier, leaving Olaus in Norway to complete his education.[5] Olaus came to the United States in 1912 at age 16, settling in Weehawken, New Jersey.[2][5]
Caspersen's mother, Freda, was a non-practicing Jew, and his father thought that his sons needed a religious upbringing. Finn attended a
Caspersen attended private schools until the ninth grade.
Business career
In 1972, Caspersen joined the legal department at Beneficial Corporation, a large American consumer finance firm. Four years later, he was named the firm's chief executive officer. Beneficial had been established in 1914 in Elizabeth, New Jersey, by Clarence Hodson. Caspersen's father, Olaus, joined Beneficial in 1920 and served as Hodson's secretary for several years.[2][9] In 1929, Hodson and Caspersen reorganized the firm as Beneficial Finance Corporation and transformed it into one of the largest consumer loan providers in the United States.[2][10][11][12] Freda Caspersen was one of the company's directors.[12]
Under the younger Caspersen's leadership, Beneficial expanded into credit finance and offered credit cards through its People's Bank and Trust subsidiary.[11] It purchased Parliament Leasing in 1977, and First Texas Financial Corp., a savings and loan firm, in 1978.[11][13] In 1977, Beneficial entered the reinsurance business through subsidiaries, but these endeavors led to significant financial losses in the 1980s. Beneficial later downsized its reinsurance holdings and restructured to emphasize its second mortgage business.[11][14][15] According to Charles "Sandy" Hance, former senior vice president and general counsel of Beneficial, Caspersen was a "pioneer in second mortgages, which later evolved into home equity loans", and that he "saw this trend developing at a very early stage".[16]
Caspersen purchased
Caspersen ran Beneficial for 22 years before its 1998 acquisition by
Political activities
Caspersen became an influential donor to state and federal Republican party candidates, including former New Jersey governors
In 2005, Caspersen sought a seat on the town commission in Jupiter Island, Florida; his platform focused on conservation, limiting development, and burying utility cables.[2][25] He served a four-year term and ran unopposed for re-election in 2009. He surprised his fellow commission members and neighbors by suddenly resigning on August 4, 2009, claiming that he anticipated moving from the community.[2]
Personal life
In 1967, Caspersen married Barbara Warden Morris, the daughter of Samuel Wheeler Morris Jr. (1918–1995) and Eleanor May Jones (1919–2011), one of Philadelphia's socially prominent Main Line families.[2][26] They were married for 42 years. Caspersen met his wife when she was an undergraduate student at Wellesley College.[2] She later obtained a masters and doctoral degree from Drew University, submitting a masters thesis on Henry David Thoreau's Walden,[27] and a doctoral dissertation on the works of Willa Cather.[28] For several years, Barbara Caspersen has served on the university's board of trustees and currently serves in an emeritus capacity.[29][30] The Caspersens had two homes in New Jersey—in Andover and Bernardsville in areas described as "in New Jersey horse country", a 6,500-square-foot waterfront estate Westerly, Rhode Island, and a residence in Jupiter Island, Florida.[2] The couple had four sons, Finn M. W. Caspersen Jr.,[31] Erik M. W. Caspersen,[32] Samuel M. W. Caspersen,[33] and Andrew W. W. Caspersen. All four of his sons were graduated from Harvard Law School. Pulitzer Prize-winning journalist and Harvard alumnus Daniel Golden, in a book criticizing the role of privilege and wealth at elite colleges, attributed their admission to the prestigious law school to their father's generosity.[34] Caspersen served as an officer in the United States Coast Guard.[16][35] He was a member of the Knickerbocker Club, an exclusive, upper-class, men-only social club on New York City's Upper East Side.[9]
Caspersen was a talented equestrian in
He was the father of Andrew Caspersen and three other sons.[38]
Death and aftermath
Caspersen died on September 7, 2009, in the Shelter Harbor community of Westerly, Rhode Island, from an apparent
Caspersen had been battling kidney cancer before his death, and reportedly pursued regular chemotherapy treatment. Several sources described his health as deteriorating and the cancer severe.[2][9] Others indicated that his medical condition led to depression, describing an uncertainty that left him "sort of horrified about his medical outcome".[2] Bernard Davidoff, an internist from New Jersey apparently familiar with Caspersen's medical care, advised police that Caspersen "suffered from severe depression and was taking antidepressant medications, heart, liver, kidney, and diabetes medications".[2] It was also reported that medical problems and chemotherapy treatments "had severely hobbled him in recent years".[2]
A
In the weeks after his death, reports emerged that Caspersen had listed his Westerly, Rhode Island, home for sale for $10.9 million, was facing financial and legal difficulties.
In 2015 an attorney for Caspersen's estate stated Caspersen's tax returns for 2005-2008 had been audited, in an investigation that did not conclude until 2013. The attorney, Denis Conlon, said the net result of the four-year audit was a $7,000 refund from the government for overpayment in one year, $14,000 of additional tax due for another year (in which Caspersen had over $2.7 million of income), no refunds or additional taxes dues for the other two years, and no fines or penalties imposed for alleged offshore accounts or other conduct.[3]
Philanthropy
Equestrian and rowing
Caspersen served as a board member, president, and chairman of the
Caspersen supported rowing, and was involved with the Princeton National Rowing Association (PNRA) and Princeton International Regatta Association (PIRA).
Education
Throughout his life, Caspersen was closely involved with the management of several universities and schools, serving on the directing boards of the Peddie School, Brown, and the Dean's Advisory Board at Harvard Law School.[2][16] In a 2008 interview, he stated that he believed education was "investment in the future—an investment in human capital. I've been active in a range of other things, but education's always been my particular love".[45]
Caspersen
Barbara Caspersen has served as trustee (currently as an emeritus trustee) of Drew University and as both chairwoman and vice-chairwoman of the liberal arts college's board.[52] In 1999, the Caspersens provided a $5 million gift for expanding graduate education programs at Drew. In honor of their service to the university, Drew renamed its graduate school as the Caspersen School of Graduate Studies.[53][54] The university's Rose Memorial Library houses a collection of books, manuscripts, artifacts and papers of Nebraska-born author Willa Cather (1873–1947) assembled from items given by several donors—including significant contributions by Caspersen and his wife. It is regarded as one of the best collection of Cather's papers assembled in the United States.[55][56][57]
Caspersen donated funds to build a four-level annex, named in honor of his parents, to Brown University's historic
From 1976 until a few weeks before his death, Caspersen ran the Hodson Trust, established by Beneficial founder Clarence Hodson to award grants to four colleges in Maryland:
See also
References
- ^ a b c Harvard Law School, "Recent News and Spotlights: Finn M.W. Caspersen '66 (1941–2009)" (September 9, 2009). Retrieved October 28, 2013.
- ^ a b c d e f g h i j k l m n o p q r s t u v w x Cohan, William D., "The Shot Heard 'Round the Clubs", Vanity Fair, February 2010. Retrieved October 28, 2013.
- ^ a b c Victoria EK,"Uncorroborated: The Dangers of Anonymous Sources in Journalism" (blog post), Newsvine, August 20, 2015. Retrieved October 1, 2015.
- ^ Jankowski, Katherine E., and Sullivan, Gregory (editors), Taft Corporate Giving Directory: Comprehensive Profiles of America's Major Corporate Foundations and Corporate Charitable Giving Programs, (11th Edition – Taft Corporate Information Service, 1990), 74.
- ^ a b c d e f g Lovoll, Odd Sverre, The Promise Fulfilled: A Portrait of Norwegian Americans Today (Minneapolis: University of Minnesota Press, 1998), 162–164.
- ^ a b Peddie School, "Finn M. W. Caspersen, Peddie board chair, dies at 67" Archived December 24, 2013, at the Wayback Machine , September 11, 2009. Retrieved December 22, 2013.
- ^ Harvard Law School, Alumni Awards. Quote: "Harvard Law School Association Award Recipients ... Finn M. W. Caspersen LL.B. 1966 Presented October 24, 2008; Cambridge, Massachusetts". Retrieved January 30, 2014.
- Taft Group, 1988), 57, 391.
- ^ a b c d e f g h i Browning, Lynnley, "Suicide Victim May Have Hidden Millions Abroad, The New York Times, September 15, 2009. Retrieved October 28, 2013.
- ^ a b c d e f Moore, Michael, and Milford, Phil, "Former Beneficial CEO Finn Caspersen Dies in Apparent Suicide" Archived September 24, 2015, at the Wayback Machine, Bloomberg, September 9, 2009. Retrieved October 28, 2013.
- ^ a b c d Kepos, Paula, and Derdak, Thomas, International Directory of Company Histories (Chicago/Detroit: St. James Press, 1994) 8:56–58.
- ^ a b Staff, "Freda Resika Caspersen, Executive, 82" (obituary), New York Times, May 1, 1991. Retrieved October 28, 2013.
- ^ Gordon, Mitchell, "Beneficial Corp. to Ring up Record High Net This Year," Barron's, October 30, 1978.
- ^ Hays, Laurie, "Reinsurance Woes Threatening Beneficial," September 2, 1986, and "Beneficial Bid to Sell Unit Faces Hurdles," The Wall Street Journal, January 19, 1987.
- ^ Nathan, Leah J., "Beneficial Could Give Lending a Good Name Again," Business Week, October 22, 1990.
- ^ a b c d Rispoli, Michael, "Finn Caspersen, former head of Beneficial Corp., is found dead in Rhode Island", The Star-Ledger, September 8, 2009. Retrieved December 24, 2013.
- ^ a b c Staff, "Harbour Island developer dies in apparent suicide" Archived December 24, 2013, at the Wayback Machine, The Tampa Tribune, September 10, 2009. Retrieved December 22, 2013.
- ^ Jeanne Wolfe, Tampa Real Estate, Neighborhoods of Tampa Florida: Harbour Island Homes Archived May 9, 2008, at the Wayback Machine. Retrieved December 22, 2013.
- ^ a b Staff, "Finn Caspersen, developer of Tampa's Harbour Island, dead at 67", Tampa Bay Business Journal, September 10, 2009. Retrieved December 22, 2013.
- ^ Associated Press Staff, "Former president opens ritzy Tampa Development", Gainesville Sun, June 28, 1985, with picture of Ford and Caspersen.
- ^ Harbour Island People Mover. Retrieved December 23, 2013.
- ^ a b c d e f g Bowley, Graham, "Finn Caspersen, Supporter of Many Causes, Dies at 67", The New York Times, September 9, 2009. Retrieved October 28, 2013.
- ^ Taber, George M., "Caspersen will manage nearly $1 billion", Business News New Jersey 11(27), July 20, 1998, 4.
- ^ Scherer, Michael, "Finn M.W. Caspersen (with Barbara) campaign donation profile", Mother Jones, March 5, 2001.
- ^ Turner, Jim, "Town May Take Part In Power Program", Sun-Sentinel, February 19, 2006. Retrieved November 3, 2013.
- ^ Fortunato, Laura, "Valuing The Land And Old Values", The Philadelphia Inquirer, April 13, 1989. Retrieved December 22, 2013.
- ^ Caspersen, Barbara Morris. Walden, thinking with the whole brain. M.A. Thesis (1983). Rose Memorial Library, Drew University.
- ^ Caspersen, Barbara Morris. The flowering of desire: Willa Cather and the sources of miracle. Ph.D. dissertation (1990). Rose Memorial Library, Drew University.
- ^ Executive Profile: Barbara Morris Caspersen[dead link], Bloomberg Businesweek. Retrieved October 28, 2013.
- ^ Drew University. Board of Trustees: Board Roster Archived November 11, 2013, at the Wayback Machine . Retrieved November 4, 2013.
- ^ Staff, "Weddings: Emily Balentine, Finn Caspersen", The New York Times, October 5, 1997. Retrieved December 23, 2013.
- ^ Staff, "Weddings: Anna Coquillette, Erik Caspersen", The New York Times, August 21, 1994. Retrieved December 23, 2013.
- ^ Staff, "Weddings/Celebrations: Shannon Gulliver, Samuel Caspersen", The New York Times, November 18, 2012. Retrieved December 23, 2013.
- ^ Golden, Daniel, The Price of Admission: How America's Ruling Class Buys Its Way into Elite Colleges—and Who Gets Left Outside the Gates (New York: Three Rivers Press, 2007), 26–27, 157.
- ^ a b Andreassi, George, "Finn Caspersen, financial titan, former Jupiter Island commissioner, dies at Rhode Island home", The Treasure Coast Palm (TCPalm.com), September 8, 2009. Retrieved December 24, 2013.
- ^ a b Lidz, Franz, "Carriages For Kicks: Combined driving is a hobby of the horsey set", Sports Illustrated, December 5, 1988. Retrieved December 24, 2013.
- ^ a b c Phelps Media Group and United States Equestrian Team Foundation, "USET Foundation President Emeritus, Finn M.W. Caspersen 1941–2009" Archived December 25, 2013, at the Wayback Machine (media release), September 9, 2009. Retrieved November 4, 2013.
- ^ Stevenson, Alexandra; Goldstein, Matthew (March 28, 2016). "Private Equity Executive Accused of Faking Investments". New York Times. Retrieved March 28, 2016.
- ^ Kwoh, Leslie, "Finn Caspersen funeral draws hundreds of family, friends in Morristown", The Star-Ledger, September 15, 2009. Retrieved October 27, 2013.
- ^ Jaffer, Nancy, "Finn Caspersen, American Combined Driving Advocate, Dies", Equisearch, September 8, 2009. Retrieved October 28, 2013.
- ^ Mascarenhas, Rohan, "Former N.J. power broker, philanthropist Finn Caspersen dies in apparent suicide", The Star-Ledger, September 9, 2009. Retrieved December 24, 2013.
- ^ a b Garreau, Joel, Edge City: Life on the New Frontier (New York: Random House, 2011), 33–34.
- ^ a b Caspersen Center Dedication: Raises Olympic Flag As Officially Designated Olympic Training Site, row2k, December 11, 2003. Retrieved October 28, 2013.
- ^ Princeton National Rowing Association, Finn M. W. Caspersen Rowing Center Boathouse Archived November 3, 2013, at the Wayback Machine . Retrieved October 28, 2013.
- ^ a b Staff, "Closing: A Conversation with Finn Caspersen '66" Harvard Law Bulletin, Fall 2008. Retrieved November 2, 2013.
- ^ Platts, James T., "Law School Receives $5 Million Donation", The Harvard Crimson, September 17, 1998. Retrieved November 3, 2013.
- ^ Jiang, Athena Y., "Harvard Law School Raises $476 Million in Capital Campaign", The Harvard Crimson, October 24, 2008. Retrieved November 3, 2013.
- ^ Hsu, Nelson C., "Room in Law Library Named After Caspersen", The Harvard Crimson, October 13, 1995. Retrieved November 3, 2013.
- ^ Harvard Law School – Facilities Management, "Wasserstein Hall, Caspersen Student Center, Clinical Wing – About the building". Retrieved October 28, 2013.
- ^ "Law School dedicates new building: Complex aimed at improving student experience", Harvard Gazette, April 23, 2012. Retrieved January 29, 2014.
- ^ "The Scrapbook: Prize Duds", The Weekly Standard 17(31), April 30, 2012. Retrieved December 24, 2013.
- ^ O'Connell, Kaete, "Stepping Down: Caspersen will end 5-year reign as chair" Archived December 25, 2013, at the Wayback Machine , The Acorn (Drew University campus newspaper), October 19, 2007. Text: "After serving as vice chair for several years, she became board chair." Retrieved December 24, 2013.
- ^ Associated Press Staff, "Financier Finn Caspersen found dead", Newsday, September 9, 2009. Retrieved October 26, 2013.
- ^ Drew University. A Short History of Drew University, citing Cunningham, John T., University in the Forest: The Story of Drew University, 3rd Edition (Florham Park, New Jersey: Afton Publishing, 2002). Retrieved October 23, 2013.
- ^ Fuchs, Marek, "O Madison! Drew University and Its Trove of Cather Papers", The New York Times, November 27, 2005. Retrieved November 23, 2013.
- ^ Heise, Jennifer and Marks, Lucy, Drew Special Collections and University Archives: Willa Cather Collection. Retrieved November 23, 2013.
- ^ Murphy, John Joseph, and Skaggs, Merrill Maguire (editors), Willa Cather: New Facts, New Glimpses, Revisions (Cranbury, New Jersey: Rosemont Publishing and Printing Group, 2008), 260ff.
- ^ Brown University, The Dedication of the Caspersen Building September the Seventeenth A. D. MDCCCCXCI (Providence, Rhode Island: John Carter Brown Library, 1992).
- ^ Mitchell, Martha, "John Carter Brown Library", Encyclopedia Brunoniana (Providence, Rhode Island: Brown University Library, 1993).
- ^ Steinberg, Jacques, "Prep School Gets $10 Million From 2 Alumni", The New York Times, February 14, 1998. Retrieved December 23, 2013.
- ^ Peddie School. About Us: History & Traditions – Timeline Archived December 3, 2013, at the Wayback Machine . Retrieved November 4, 2013.
- ^ The Hodson Trust, "Hodson Trust Distributes $8.27 million in grants to four Maryland colleges" Archived December 26, 2013, at the Wayback Machine (news release), December 12, 2001. Quote: "Under the stewardship of Finn Caspersen, the Trust's donations to the four colleges has grown from $12.6 million to over $118 million over the past 25 years." Retrieved December 24, 2013.
- ^ a b Hood College, "The Hodson Trust" Archived November 3, 2013, at the Wayback Machine . Retrieved October 28, 2013.
- ^ Tipson, Baird, "In Memoriam: Finn Caspersen", Washington College News (official blog), September 10, 2009. Retrieved March 21, 2014.