Philip Falcone
Encyclopedia
Philip Falcone is an American businessman and the founder of Harbinger Capital
and LightSquared
.
with nine siblings in a three-bedroom house. He attended Harvard University
on financial aid and graduated with a Bachelor of Arts in Economics
in 1984. He played professional hockey
in Sweden
for a year but stopped after an injury.
In 1985, he started his career at Kidder, Peabody & Co.
. He also worked at Wachovia
. He was also Senior High Yield trader at First Union Capital Markets in Charlotte, North Carolina
. From 1990 to 1995, he served as President and CEO of AAB Manufacturing Corporation". He was the head of High Yield trading at Gleacher Natwest from 1997 to 1998, and at Barclay's Capital from 1998 to 2000. In 2001, he founded Harbinger Capital. He has investments in the Minnesota Wild
hockey team.
He is a founding council member of the Kissinger Institute on China and the United States
. He has made a $10 million donation to the Friends of the High Line. He has made further donations to the American Museum of Natural History
. His wife, Lisa Maria, sits on the board of the New York City Ballet
. In 2008, she started a film-productinon company, Everest Entertatinment, and she has produced Mother and Child
, 127 Hours
, and Win Win
.
In 2009, he made donations to the Democratic Senatorial Campaign
. He has also attended fundraisers for Barack Obama
, and Republican
legislators like Ralph Hall
and Darrell Issa
have expressed concerns that he would receive special treatment to develop LightSquared over the United States Military's Global Positioning System
. He later denied the claim.
As of September 2011, he is the 540th richest person in the world, and the 188th richest in the United States. He is worth $2.2 billion. In 1999, he built a house in Sag Harbor, New York
, but he has now sold it. In 2008, he bought a house on the Upper East Side
, formerly owned by Jeremiah Milbank
and later Bob Guccione
, for $49 million. He is married with two children, and he lives in New York City
.
Harbinger Capital
Harbinger Capital Partners is a private hedge fund based in New York City, New York.-Background:Harbinger was founded by its Senior Managing Director Philip Falcone and Harbert Management Corporation, a Birmingham, Alabama-based investment company that provided much of the original funding. Falcone...
and LightSquared
LightSquared
LightSquared is a company that plans to develop a wholesale 4G LTE wireless broadband communications network integrated with satellite coverage across the United States.-History:...
.
Biography
Philip Falcone grew up in Chisholm, MinnesotaChisholm, Minnesota
As of the census of 2000, there were 4,960 people, 2,178 households, and 1,287 families residing in the city. The population density was 1,129 people per square mile . There were 2,375 housing units at an average density of 540/sq mi...
with nine siblings in a three-bedroom house. He attended Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
on financial aid and graduated with a Bachelor of Arts in Economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
in 1984. He played professional hockey
Hockey
Hockey is a family of sports in which two teams play against each other by trying to maneuver a ball or a puck into the opponent's goal using a hockey stick.-Etymology:...
in Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
for a year but stopped after an injury.
In 1985, he started his career at Kidder, Peabody & Co.
Kidder, Peabody & Co.
Kidder, Peabody & Co. was a U.S.-based securities firm, established in Massachusetts in 1865. Its operations included investment banking, brokerage, and trading....
. He also worked at Wachovia
Wachovia
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo in 2008, Wachovia was the fourth-largest bank holding company in the United States based on total assets...
. He was also Senior High Yield trader at First Union Capital Markets in Charlotte, North Carolina
Charlotte, North Carolina
Charlotte is the largest city in the U.S. state of North Carolina and the seat of Mecklenburg County. In 2010, Charlotte's population according to the US Census Bureau was 731,424, making it the 17th largest city in the United States based on population. The Charlotte metropolitan area had a 2009...
. From 1990 to 1995, he served as President and CEO of AAB Manufacturing Corporation". He was the head of High Yield trading at Gleacher Natwest from 1997 to 1998, and at Barclay's Capital from 1998 to 2000. In 2001, he founded Harbinger Capital. He has investments in the Minnesota Wild
Minnesota Wild
The Minnesota Wild are a professional ice hockey team based in St. Paul, Minnesota, United States. They are members of the Northwest Division of the Western Conference of the National Hockey League ....
hockey team.
He is a founding council member of the Kissinger Institute on China and the United States
Kissinger Institute on China and the United States
The Kissinger Institute on China and the United States is a non-profit research organization dedicated to promoting greater understanding of issues in the relationship between the People's Republic of China and the United States and its impact on both countries and the world...
. He has made a $10 million donation to the Friends of the High Line. He has made further donations to the American Museum of Natural History
American Museum of Natural History
The American Museum of Natural History , located on the Upper West Side of Manhattan in New York City, United States, is one of the largest and most celebrated museums in the world...
. His wife, Lisa Maria, sits on the board of the New York City Ballet
New York City Ballet
New York City Ballet is a ballet company founded in 1948 by choreographer George Balanchine and Lincoln Kirstein. Leon Barzin was the company's first music director. Balanchine and Jerome Robbins are considered the founding choreographers of the company...
. In 2008, she started a film-productinon company, Everest Entertatinment, and she has produced Mother and Child
Mother and Child (film)
Mother and Child is an American drama film directed and written by Rodrigo García, and stars Naomi Watts, Annette Bening, Kerry Washington, Shareeka Epps and Samuel L. Jackson. It premiered on September 14, 2009 at the 2009 Toronto International Film Festival and at the Sundance Film Festival on...
, 127 Hours
127 Hours
127 Hours is a 2010 biographical adventure drama film co-written, produced and directed by Danny Boyle. The film stars James Franco as mountain climber Aron Ralston, who became trapped by a boulder in Robbers Roost, Utah in April 2003....
, and Win Win
Win Win (film)
Win Win is a 2011 American sports comedy-drama film directed by Thomas McCarthy. Based on the story written by Joe Tiboni and Thomas McCarthy, it stars Paul Giamatti, Alex Shaffer and Amy Ryan.-Plot:...
.
In 2009, he made donations to the Democratic Senatorial Campaign
Democratic Senatorial Campaign Committee
The Democratic Senatorial Campaign Committee is the Democratic Hill committee for the United States Senate. It is the only organization solely dedicated to electing Democrats to the United States Senate. The DSCC's current chair is Sen. Patty Murray, who succeeded Sen. Robert Menendez following...
. He has also attended fundraisers for Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
, and Republican
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
legislators like Ralph Hall
Ralph Hall
Ralph Moody Hall is a United States Representative from . First elected in 1980, Hall is the chairman of the Science Committee and a senior member of the Energy and Commerce Committee...
and Darrell Issa
Darrell Issa
Darrell Edward Issa is the U.S. Representative for , and previously the 48th, serving since 2001. He is a member of the Republican Party. He was formerly a CEO of Directed Electronics, the Vista, California-based manufacturer of automobile security and convenience products...
have expressed concerns that he would receive special treatment to develop LightSquared over the United States Military's Global Positioning System
Global Positioning System
The Global Positioning System is a space-based global navigation satellite system that provides location and time information in all weather, anywhere on or near the Earth, where there is an unobstructed line of sight to four or more GPS satellites...
. He later denied the claim.
As of September 2011, he is the 540th richest person in the world, and the 188th richest in the United States. He is worth $2.2 billion. In 1999, he built a house in Sag Harbor, New York
Sag Harbor, New York
Sag Harbor is an incorporated village in Suffolk County, New York, United States, with parts in both the Towns of East Hampton and Southampton. The population was 2,313 at the 2000 census....
, but he has now sold it. In 2008, he bought a house on the Upper East Side
Upper East Side
The Upper East Side is a neighborhood in the borough of Manhattan in New York City, between Central Park and the East River. The Upper East Side lies within an area bounded by 59th Street to 96th Street, and the East River to Fifth Avenue-Central Park...
, formerly owned by Jeremiah Milbank
Jeremiah Milbank
Jeremiah Milbank American businessman, was a successful dry goods commission merchant, speculator in Texas territorial bonds, manufacturer, and railroad investor. His most successful business efforts were the New York Condensed Milk Company which he co-founded with inventor Gail Borden and the...
and later Bob Guccione
Bob Guccione
Bob Guccione was the founder and publisher of the adult magazine Penthouse. He resigned from his publisher position in November 2003.-Early life:...
, for $49 million. He is married with two children, and he lives in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
.