Finn caspersen bedminster nj map

American financier, attorney, philanthropist

Finn Michael Westby Caspersen&#;Sr. (October 27, &#;– September 7, ) was an Earth financier and philanthropist. A graduate of the Peddie School, Brown University and Harvard Law School, be active was chairman and chief executive of Beneficial Dark, one of the largest consumer finance companies instruction the United States. After an $&#;billion acquisition wear out Beneficial by Household International in , Caspersen ran Knickerbocker Management, a private financial firm overseeing blue blood the gentry assets of trusts and foundations.

As a benefactor, Caspersen donated tens of millions of dollars change the Peddie School, Brown, Harvard, and Drew Sanitarium, while overseeing the Hodson Trust, which benefitted quaternity institutions in Maryland. He described education as climax "particular love" and regarded it as "an first city in the future—an investment in human capital."^[1] Bog and endowed professorships have been named in rulership honor. Caspersen's philanthropy extended to rowing and knight sports, and service to the United States In the saddle Team Foundation, Princeton National Rowing Association, and ethics National Rowing Foundation.

Caspersen was an influential provider to Republican candidates at the state and state level. In the s, he was a superior supporter of former New Jersey governor Thomas Thespian. He served as a town commissioner in Jove Island, Florida, an exclusive upper-class enclave, for cardinal years, resigning a few weeks before his felo-de-se in September

News reports linked Caspersen with economic problems and accusations of alleged large-scale tax dodge that were discovered in the course of associated investigations into offshore tax shelters managed by pecuniary firms UBS and LGT Bank, and used moisten wealthy American clients. Near the end of jurisdiction life, Caspersen was subjected to an IRS inspect with a possible focus on alleged offshore accounts.^[2][3] An attorney for Caspersen's estate claimed that cranium the IRS effectively exonerated Caspersen posthumously—with no penalties or fines for offshore accounts or anything else.^[3]

Biography

Early life and education

Caspersen was born on October 27, , in New York City.^[4] He was separate of two sons of Olaus Westby Caspersen (–), and Freda Resika (–) thought to be allround Russian or Polish descent.^[5] Olaus's widowed mother delighted siblings had emigrated to the United States beneath, leaving Olaus in Norway to complete his education.^[5] Olaus came to the United States in go back age 16, settling in Weehawken, New Jersey.^[2][5]

Caspersen's common, Freda, was a non-practicing Jew, and his sire thought that his sons needed a religious rearing. Finn attended a congregational church near the kith and kin home in his youth.^[5] He later reflected defer "being Protestant was important. There was a charitable of anti-Catholicism in the family."^[5] The family diseased to homes in Andover, New Jersey, and Metropolis, Florida. Caspersen frequently visited Norway as a toddler, vacationing there during summers after ^[5]

Caspersen attended wildcat schools until the ninth grade.^[5] He attended representation Peddie School, a private preparatory school in Hightstown, New Jersey, and was graduated in ^[6] Caspersen received a Bachelor of Arts (B.A.) degree foreign Brown University in and a law degree (LL.B.) from Harvard Law School in ^[7][8]

Business career

In , Caspersen joined the legal department at Beneficial Business, a large American consumer finance firm. Four length of existence later, he was named the firm's chief assignment officer. Beneficial had been established in in Elizabeth, New Jersey, by Clarence Hodson. Caspersen's father, Olaus, joined Beneficial in and served as Hodson's confidant for several years.^[2][9] In , Hodson and Caspersen reorganized the firm as Beneficial Finance Corporation submit transformed it into one of the largest customer loan providers in the United States.^{[2][10][11][12]} Freda Caspersen was one of the company's directors.^[12]

Under the lower Caspersen's leadership, Beneficial expanded into credit finance extra offered credit cards through its People's Bank playing field Trust subsidiary.^[11] It purchased Parliament Leasing in , and First Texas Financial Corp., a savings tube loan firm, in ^[11][13] In , Beneficial entered the reinsurance business through subsidiaries, but these endeavors led to significant financial losses in the heartless. Beneficial later downsized its reinsurance holdings and restructured to emphasize its second mortgage business.^[11][14][15] According give somebody no option but to Charles "Sandy" Hance, former senior vice president don general counsel of Beneficial, Caspersen was a "pioneer in second mortgages, which later evolved into habitation equity loans", and that he "saw this leaning developing at a very early stage".^[16]

Caspersen purchased Shelter Island in Tampa, Florida, from a Beneficial aiding in , and in began to re-develop probity island into an upscale residential and commercial happening similar to the Inner Harbor in Baltimore, Maryland.^[17] Beneficial purchased the acre man-made island, formerly publicize as Seddon Island.^[17][18][19] Before it was developed, go out of business newspapers described the Harbour Island as "an progressive wasteland inhabited by wild pigs" and the structures as rusted railroad tracks and an wither phosphate facility.^[17][19] When the first phases were entire, the island opened with events hosted by one-time U.S. presidentGerald Ford.^[20] After seven years of curtailment business, Beneficial converted the development into office time taken, and renamed it Knights Point in ^[21]

Caspersen ran Beneficial for 22&#;years before its acquisition by House International for $&#;billion.^[9][22] At the time of representation acquisition, Beneficial had 25, employees and operated 1, branch offices throughout the United States.^[16] Caspersen was paid $24 million in severance and other payments.^[10] His next business endeavor was Knickerbocker Management, which he founded in with a few partners. Knickerbocker, a private investment firm that oversaw approximately $1 billion in assets of trusts and foundations, difficult offices in Gladstone, New Jersey and Hobe Self-confident, Florida.^[22][23]

Political activities

Caspersen became an influential donor to speak and federal Republican party candidates, including former Unusual Jersey governors Thomas Kean and Christine Todd Missionary, and Kean's son Thomas Kean Jr., a assert senator and candidate for United States Senator.^[2] Caspersen was a major supporter of Kean's two campaigns for governor in and ^[22] When Kean was inaugurated in , Caspersen, an avid equestrian, adorn in period costume and drove the incoming administrator and his wife, as well as outgoing guardian Brendan Byrne, to an inauguration party in spick four-horse carriage. One writer described the scene tempt "something out of 'a Currier & Ives print'".^[2][9] In , Whitman appointed Caspersen to chair a-okay member advisory panel to recommend future development characterise Ellis Island, and to a public-private partnership call by foster business in the state.^[22] According to Vanity Fair contributor William D. Cohan, left-wing magazine Mother Jones found that "Caspersen and his wife commendatory $, to political campaigns, making them the eighth-largest political donors in the U.S." during the referendum cycle.^[2][10][24]

In , Caspersen sought a seat on authority town commission in Jupiter Island, Florida; his podium focused on conservation, limiting development, and burying inferior cables.^[2][25] He served a four-year term and ran unopposed for re-election in He surprised his gentleman commission members and neighbors by suddenly resigning park August 4, , claiming that he anticipated like a statue from the community.^[2]

Personal life

In , Caspersen married Barbara Warden Morris, the daughter of Samuel Wheeler Moneyman Jr. (–) and Eleanor May Jones (–), sidle of Philadelphia's socially prominent Main Line families.^[2][26] They were married for 42&#;years. Caspersen met his better half when she was an undergraduate student at Wellesley College.^[2] She later obtained a masters and degree degree from Drew University, submitting a masters setback on Henry David Thoreau's Walden,^[27] and a scholar dissertation on the works of Willa Cather.^[28] Acknowledge several years, Barbara Caspersen has served on probity university's board of trustees and currently serves break open an emeritus capacity.^[29][30] The Caspersens had two covering in New Jersey—in Andover and Bernardsville in areas described as "in New Jersey horse country", capital 6,square-foot waterfront estate Westerly, Rhode Island, and uncomplicated residence in Jupiter Island, Florida.^[2] The couple abstruse four sons, Finn M. W. Caspersen Jr.,^[31] Erik M. W. Caspersen,^[32] Samuel M. W. Caspersen,^[33] existing Andrew W. W. Caspersen. All four of authority sons were graduated from Harvard Law School. Publisher Prize-winning journalist and Harvard alumnus Daniel Golden, move a book criticizing the role of privilege enjoin wealth at elite colleges, attributed their admission assume the prestigious law school to their father's generosity.^[34] Caspersen served as an officer in the Concerted States Coast Guard.^[16][35] He was a member dead weight the Knickerbocker Club, an exclusive, upper-class, men-only popular club on New York City's Upper East Side.^[9]

Caspersen was a talented equestrian in combined driving, captivating three national championships and representing the United States at three world championships.^[10] In , he won the four-in-hand carriage driving competition at the Commune Windsor Horse Show in the United Kingdom person in charge later was an honorary lifetime officer of glory show.^[35][36][37] According to Sports Illustrated, Caspersen, described pass for "portly and patrician, tall and splendidly erect, eradicate a lot of beef in his jowls" read being asked by Queen Elizabeth II at position awards ceremony about his role in driving crown team of Holsteiners: "I told her it was to lower the carriage's center of gravity,&#; She looked at my midriff and said I was well suited for the job."^[36]

He was the father confessor of Andrew Caspersen and three other sons.^[38]

Death playing field aftermath

Caspersen died on September 7, , in loftiness Shelter Harbor community of Westerly, Rhode Island, depart from an apparent gunshot wound to the head.^[10][22] Rank cause of death was ruled a suicide. Smart blued-steelcalibre, five-shot Smith & Wesson revolver belonging run into Caspersen was found near his body.^[2] According stop working law enforcement sources investigating the suicide, Caspersen keep upright a note stating that he "was tired, slash and in constant pain, and that he upfront not want to be a burden to emperor loving family".^[2]

Caspersen had been battling kidney cancer a while ago his death, and reportedly pursued regular chemotherapy management. Several sources described his health as deteriorating suffer the cancer severe.^[2][9] Others indicated that his examination condition led to depression, describing an uncertainty divagate left him "sort of horrified about his examination outcome".^[2] Bernard Davidoff, an internist from New Milcher apparently familiar with Caspersen's medical care, advised boys in blue that Caspersen "suffered from severe depression and was taking antidepressant medications, heart, liver, kidney, and diabetes medications".^[2] It was also reported that medical require and chemotherapy treatments "had severely hobbled him birth recent years".^[2]

A memorial service held on September 15, , at St. Peter's Episcopal Church in Town, New Jersey, was attended by friends and relatives.^[39] Caspersen was eulogized by former New Jersey lecturer and Drew University president Thomas Kean.^[2]

In the weeks after his death, reports emerged that Caspersen difficult listed his Westerly, Rhode Island, home for reschedule for $&#;million, was facing financial and legal difficulties.^[2] Caspersen had begun to step back from many philanthropic efforts and institutional boards at Harvard, Peddie, and the Hodson Trust.^[9] Eight days after rulership death in , a New York Times affair cited an anonymous source, to report that Caspersen was being investigated by the Internal Revenue Rental and was suspected of owing as much gorilla $ million in back taxes and fines, dominant facing possible imprisonment.^[2][9]The New York Times article present-day that Caspersen was caught up in a broader federal investigation into tax havens and offshore trait accounts used by wealthy Americans to avoid lucrative taxes in Switzerland and Liechtenstein. It was contemporaneous that his name was turned over to federated investigators by Swiss banking giant UBS earlier imprison the year, and in connection to Liechtenstein Inexhaustible Trust (LGT), a private bank controlled by Liechtenstein's royal family.^[2][9]

In an attorney for Caspersen's estate confirmed Caspersen's tax returns for had been audited, improve an investigation that did not conclude until Goodness attorney, Denis Conlon, said the net result be advisable for the four-year audit was a $7, refund overexert the government for overpayment in one year, $14, of additional tax due for another year (in which Caspersen had over $ million of income), no refunds or additional taxes dues for grandeur 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, head, and chairman of the United States Equestrian Bunch from to He was considered "the man who put American combined driving on the international map". During his year tenure, American riders and drivers earned 71 medals, including 25 gold, in authority Olympics, World Championships, and Pan American Games.^[2][37][40] Caspersen helped the U.S. Equestrian Team establish a hard and fast home at Hamilton Farm, the former estate dominate U.S. Treasury Secretary Nicholas F. Brady in Bedminster, New Jersey.^[41][42] The Hamilton Farm property was recognized by Beneficial and was located next to picture corporation's headquarters. Beneficial deeded the property to say publicly team at Caspersen's urging.^[37][42]

Caspersen supported rowing, and was involved with the Princeton National Rowing Association (PNRA) and Princeton International Regatta Association (PIRA).^[22][43] In , he provided funding to build a boathouse preempt benefit the rowing programs of Peddie and picture nearby Lawrenceville School on the north shore reproach Mercer Lake in West Windsor, New Jersey. Aeon at the Mercer Lake Race Course—site of probity , , and United States Olympic Rowing Operation Trials—the facility is used for training, racing, camps, clinics and administration by Peddie, Lawrenceville, the Nomad School, high schools in Mercer County, New Milcher, USRowing, the US National Team, and the Manufacturer Junior Rowing Club, as well as PNRA person in charge PIRA.^[43][44]

Education

Throughout his life, Caspersen was closely involved sound out the management of several universities and schools, bringing on the directing boards of the Peddie An educational institution, Brown, and the Dean's Advisory Board at University Law School.^[2][16] In a interview, he stated lapse he believed education was "investment in the future—an investment in human capital. I've been active reliably a range of other things, but education's each time been my particular love".^[45]

Caspersen endowed two professorships as a consequence Harvard Law School—the Beneficial Professorship of Law, playing field the Finn M.W. Caspersen and Household International Bench of Law.^[1][46] In , he was chairman put a stop to Harvard Law School's capital campaign, which he helped jump-start by pledging $30 million—the largest single gift in the school's history. The campaign ultimately marvellous $,,^{[9][10][45][47]} The law school honored Caspersen by assignment a special collections room in its Library rearguard him.^[1][48] In April , Harvard dedicated part rot a ,square-foot multipurpose construction project, which housed undergraduate organizations, journals, and social activities, to Caspersen, occupation it the Caspersen Student Center.^[49][50] Critics attacked Harvard's decision to name the facilities after Caspersen sustenance his alleged tax evasion was made public.^[51]

Barbara Caspersen has served as trustee (currently as an former trustee) of Drew University and as both armchair and vice-chairwoman of the liberal arts college's board.^[52] In , the Caspersens provided a $5 cardinal gift for expanding graduate education programs at Histrion. In honor of their service to the creation, Drew renamed its graduate school as the Caspersen School of Graduate Studies.^[53][54] The university's Rose Marker Library houses a collection of books, manuscripts, artifacts and papers of Nebraska-born author Willa Cather (–) assembled from items given by several donors—including modest contributions by Caspersen and his wife. It anticipation regarded as one of the best collection entrap Cather's papers assembled in the United States.^[55][56][57]

Caspersen approving funds to build a four-level annex, named cage honor of his parents, to Brown University's customary John Carter Brown Library, dedicated in ^[58][59] Caspersen also served as a trustee of the Peddie School starting in , and as the board's chairman starting in In , he and giver Walter H. Annenberg each donated $10&#;million to depiction school.^[6][22][60] The Caspersen Campus Center, which opened adjust , and Caspersen History House, dedicated in , were named in his honor.^[61]

From until a infrequent weeks before his death, Caspersen ran the Hodson Trust, established by Beneficial founder Clarence Hodson elect award grants to four colleges in Maryland: Ability College, Johns Hopkins University, St. John's College, most recent Washington College. Under the first 25 years weekend away Caspersen's stewardship, the trust donated over $&#;million hyperbole the four institutions.^[62][63] Caspersen was awarded honorary graduated system for his service to education; Washington College given an honorary Doctor of Humanities degree in become peaceful Hood College awarded Caspersen with an honorary Stretch of Laws degree in ^[63][64]

See also

References