The Amazing Life And Times Of Teddy Forstmann, The Godfather Of Private Equity
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Teddy Forstmann pioneered private equity in the late 1970s and 80s. He was the first man to use borrowed money to buy a company, fix it, and then sell it for profit.
Last night he died of brain cancer at age 71, the NYT reports, and he will be remembered for his amazing record of charitable giving, and for living a life surrounded by glamorous women and powerful people.
Forstmann was born into a wealthy Connecticut family and attended Yale and Columbia.
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His Grandfather was one of the richest men in the world, and owned a fabric company.
He became obsessed with doing deals early in life, after reading a book about Howard Hughes.