1
00:00:02,520 --> 00:00:08,080
Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Well, our next guest

2
00:00:08,360 --> 00:00:11,879
Speaker 1: needs really no introduction. He's familiar to the Bloomberg audience.

3
00:00:11,960 --> 00:00:14,640
Speaker 1: Leon Cooperman spent twenty five years at Goldman Sachs. He

4
00:00:14,680 --> 00:00:17,439
Speaker 1: was a partner and chairman and CEO of Goldman Sachs

5
00:00:17,480 --> 00:00:19,720
Speaker 1: Asset Management. He then went on to create the hedge

6
00:00:19,720 --> 00:00:23,040
Speaker 1: Fund Omega Advisors in the Omega Family Office, where he

7
00:00:23,120 --> 00:00:25,759
Speaker 1: now oversees more than ten billion dollars in assets.

8
00:00:25,800 --> 00:00:28,200
Speaker 2: He's also known for his philanthropy, signing on to the

9
00:00:28,240 --> 00:00:30,840
Speaker 2: Giving Pledge more than a decade ago and having donated

10
00:00:30,840 --> 00:00:34,120
Speaker 2: many millions to various causes, including Columbia Business School, Saint

11
00:00:34,159 --> 00:00:37,720
Speaker 2: Barnabas Medical Center, and most recently fifty million dollars to

12
00:00:37,760 --> 00:00:40,199
Speaker 2: the New Jersey Performing Art Center. Something we want to

13
00:00:40,240 --> 00:00:43,680
Speaker 2: talk with him about, and yes, a lot more with

14
00:00:43,840 --> 00:00:47,040
Speaker 2: us is Leon Cooperman. He is charing CEO of the

15
00:00:47,200 --> 00:00:49,960
Speaker 2: Omega Family Office. He joins us along with John Schreiber,

16
00:00:50,159 --> 00:00:53,200
Speaker 2: President CEO of the New Jersey Performing Arts Center, both

17
00:00:53,280 --> 00:00:55,640
Speaker 2: joining us from Newark and gentlemen, great to have you

18
00:00:55,720 --> 00:00:56,360
Speaker 2: here with us.

19
00:00:56,400 --> 00:00:59,120
Speaker 3: Thank you, nice to be with you. Let me correct

20
00:00:59,120 --> 00:01:01,560
Speaker 3: once that you should I managed ten billion when I

21
00:01:01,600 --> 00:01:04,560
Speaker 3: was in business. I retired in twenty eighteen. Unfortunately we

22
00:01:04,600 --> 00:01:07,039
Speaker 3: have less than ten billion. We have with my own

23
00:01:07,080 --> 00:01:10,959
Speaker 3: money and my son and my wife less than ten

24
00:01:11,000 --> 00:01:11,720
Speaker 3: billion by the lot.

25
00:01:12,040 --> 00:01:14,479
Speaker 2: We appreciate that because we like to get it right here.

26
00:01:14,520 --> 00:01:16,480
Speaker 2: So thank you, thank you for that, and thank you

27
00:01:16,520 --> 00:01:19,160
Speaker 2: again both of you for joining us. We want to

28
00:01:19,200 --> 00:01:23,520
Speaker 2: talk about this gift, but got to say leon Lee,

29
00:01:23,840 --> 00:01:26,160
Speaker 2: that we would certainly get a lot of flack from

30
00:01:26,200 --> 00:01:28,840
Speaker 2: our Blueberg users if we didn't ask you about the

31
00:01:28,880 --> 00:01:31,080
Speaker 2: market environment as well. So we just want to take

32
00:01:31,120 --> 00:01:34,600
Speaker 2: a few moments just to ask you about that. You know,

33
00:01:35,080 --> 00:01:37,440
Speaker 2: we have seen records on Wall Street again this week

34
00:01:37,480 --> 00:01:41,160
Speaker 2: there are concerns about overvaluation. I'm just curious, do you

35
00:01:41,160 --> 00:01:43,360
Speaker 2: feel comfortable with where the market is and do you

36
00:01:43,400 --> 00:01:47,120
Speaker 2: expect it to continue to move up higher, especially when

37
00:01:47,120 --> 00:01:48,160
Speaker 2: it comes to us docs.

38
00:01:50,480 --> 00:01:54,120
Speaker 3: I'm not comfortable. I think I'm less optimissing the consensus.

39
00:01:54,600 --> 00:01:57,560
Speaker 3: I'm bothered by the excessive valuation road history with a

40
00:01:57,800 --> 00:02:03,000
Speaker 3: ninety percentel evaluation, and certainly relative to the obvious macro

41
00:02:03,040 --> 00:02:07,160
Speaker 3: wishes which the market for some reason is ignoring. I'm

42
00:02:07,160 --> 00:02:10,840
Speaker 3: bothered by the excessive reliance on debt. We have the

43
00:02:10,919 --> 00:02:15,639
Speaker 3: guns and economic policy which will ultimately to crowding out.

44
00:02:15,960 --> 00:02:18,280
Speaker 3: And all these data centers are being announced since noone

45
00:02:18,320 --> 00:02:21,160
Speaker 3: has to finance them. Two menu, it's demand for credit.

46
00:02:21,480 --> 00:02:23,919
Speaker 3: And think it's surprised of me when they cut short

47
00:02:24,000 --> 00:02:27,519
Speaker 3: rates long rates to they move up stock market very

48
00:02:27,520 --> 00:02:30,160
Speaker 3: expensive at the long rates. And can we become a

49
00:02:30,200 --> 00:02:31,239
Speaker 3: problem for stock market?

50
00:02:31,919 --> 00:02:34,919
Speaker 1: When does it become a problem?

51
00:02:35,200 --> 00:02:40,280
Speaker 3: Yeah, you don't know. You know, I were for lower levels,

52
00:02:40,320 --> 00:02:44,240
Speaker 3: but I've been too conservative. But I've not been sure anything.

53
00:02:45,720 --> 00:02:50,720
Speaker 3: I'm showing stuff becoming more liquid, but I would say

54
00:02:50,760 --> 00:02:53,880
Speaker 3: that you know, ben markers don't materialize. They have a

55
00:02:53,880 --> 00:02:57,079
Speaker 3: macroconception that tends to be a causative factor that the

56
00:02:57,400 --> 00:03:01,560
Speaker 3: city has to blow up in. Uh the uh you

57
00:03:01,600 --> 00:03:10,080
Speaker 3: know these well, these announcements of these deals with the

58
00:03:10,200 --> 00:03:14,760
Speaker 3: centers data centers, we have to be the voluntory session

59
00:03:16,280 --> 00:03:19,600
Speaker 3: race after works for port when they start the market. Clearly,

60
00:03:20,120 --> 00:03:23,680
Speaker 3: I love Warren Buffett's coming, which I can allot if

61
00:03:23,720 --> 00:03:26,960
Speaker 3: I can find it. Uh, I was none of the

62
00:03:27,000 --> 00:03:31,520
Speaker 3: impression this was my hit, not but the market. But

63
00:03:32,120 --> 00:03:36,560
Speaker 3: you know, Warren Buffett quite some time ago observed that

64
00:03:36,680 --> 00:03:44,440
Speaker 3: where book market gets going. People basically ignore the interest

65
00:03:44,480 --> 00:03:48,160
Speaker 3: rates and profits and they figured out that they're making

66
00:03:48,240 --> 00:03:51,920
Speaker 3: money and they can't fail to be out of stock market. Yeah.

67
00:03:52,040 --> 00:03:55,760
Speaker 3: We yeah. This was a speech he gave in nineteen

68
00:03:55,840 --> 00:04:00,440
Speaker 3: ninety nine. Once a bookmark gets under way, and once

69
00:04:00,480 --> 00:04:02,880
Speaker 3: she reached the point where everybody had made mind no

70
00:04:02,920 --> 00:04:07,200
Speaker 3: matter what system he or she has followed attracted to.

71
00:04:07,240 --> 00:04:10,600
Speaker 3: Their game is respying that the interest rates and profits

72
00:04:10,600 --> 00:04:13,080
Speaker 3: pacimplar to the fact it seems to be a mistaked

73
00:04:13,080 --> 00:04:16,400
Speaker 3: to be out of stocks. In fact, these people superpose

74
00:04:17,200 --> 00:04:23,440
Speaker 3: on on and I can't miss the party factor on

75
00:04:23,520 --> 00:04:26,599
Speaker 3: top of the fundamental issue that drive the market. Like

76
00:04:26,680 --> 00:04:31,760
Speaker 3: Pavelov Dog, these investors and quotes learned that when the

77
00:04:31,839 --> 00:04:33,720
Speaker 3: bill rings, in this case the one that opens the

78
00:04:33,720 --> 00:04:37,800
Speaker 3: newk Stock exchange in nine thirty am. At nine thirty am,

79
00:04:38,120 --> 00:04:42,640
Speaker 3: they get fed. This is daily reinforcement. They become convinced

80
00:04:42,680 --> 00:04:44,920
Speaker 3: that there's a guard that he wants them to get rich.

81
00:04:46,040 --> 00:04:48,720
Speaker 3: That's a great description what's going on now. People that

82
00:04:48,839 --> 00:04:54,719
Speaker 3: were negative of a stock market return positive, and the

83
00:04:54,760 --> 00:04:59,680
Speaker 3: markets in ninety percent of evaluation versus history. We have

84
00:05:00,040 --> 00:05:04,719
Speaker 3: a very unusual president is doing unusual things. Now he's

85
00:05:04,760 --> 00:05:08,880
Speaker 3: trying his best, but it hairy a difficult hand. And

86
00:05:09,120 --> 00:05:13,000
Speaker 3: I think this stuff with tariffs is a mistake, but

87
00:05:13,120 --> 00:05:14,560
Speaker 3: you know, from uncomfortable.

88
00:05:15,440 --> 00:05:17,480
Speaker 2: Yeah, it's interesting. You talked about data centers too and

89
00:05:17,520 --> 00:05:20,320
Speaker 2: the AI spend. I mean, we did have Jeff Bezos

90
00:05:21,240 --> 00:05:24,200
Speaker 2: of of course Amazon saying that the spending on artificial

91
00:05:24,240 --> 00:05:27,400
Speaker 2: intelligence resembles an industrial bubble that could lead to lost

92
00:05:27,440 --> 00:05:30,960
Speaker 2: investment but will also make society better off. Can I

93
00:05:31,000 --> 00:05:33,400
Speaker 2: just ask you real quickly AI? Is your family office

94
00:05:33,480 --> 00:05:33,920
Speaker 2: using it?

95
00:05:36,279 --> 00:05:40,560
Speaker 3: Yet? We won't? People ask? Oh, then I was going

96
00:05:40,600 --> 00:05:41,000
Speaker 3: too early.

97
00:05:42,680 --> 00:05:45,520
Speaker 2: I totally get it. We're talking with Leon Cooperman Lee Cooperman,

98
00:05:45,640 --> 00:05:48,000
Speaker 2: chair and CEO of a mega family office, with us

99
00:05:48,000 --> 00:05:50,800
Speaker 2: from New Jersey, John Schreiber, also with US president and

100
00:05:50,800 --> 00:05:53,120
Speaker 2: CEO of the New Jersey Performing Arts Center, and we

101
00:05:53,120 --> 00:05:57,760
Speaker 2: do want to get to this gift that you have

102
00:05:57,920 --> 00:06:02,320
Speaker 2: made lead to the New Jersey pack. We often talk

103
00:06:02,400 --> 00:06:04,120
Speaker 2: with you about markets, but we also do take note

104
00:06:04,160 --> 00:06:07,599
Speaker 2: of your philanthropy. Why this investment fifty million donation to

105
00:06:07,640 --> 00:06:10,719
Speaker 2: the New Jersey Performing Arts Center, the largest individual gift

106
00:06:11,120 --> 00:06:13,440
Speaker 2: in the art Center's history. Why did you do that?

107
00:06:14,440 --> 00:06:17,640
Speaker 3: Well? I need to see yes, No, the background so

108
00:06:17,760 --> 00:06:21,200
Speaker 3: simply stated, my wife and I have lived the American dream,

109
00:06:21,760 --> 00:06:25,960
Speaker 3: and financial resources were largely being directed to help the

110
00:06:26,080 --> 00:06:29,000
Speaker 3: n see kids achieve who we have been with virtue

111
00:06:29,040 --> 00:06:32,960
Speaker 3: of their hard work, luck and a few two decisions

112
00:06:33,160 --> 00:06:38,279
Speaker 3: during my earlier in my career. So in my case,

113
00:06:38,360 --> 00:06:41,880
Speaker 3: my father came to America in nineteen twenty four, Warsap poet.

114
00:06:42,560 --> 00:06:44,880
Speaker 3: He came at the age of twelve, so he was

115
00:06:44,880 --> 00:06:50,159
Speaker 3: born in nineteen oh eight, and he had no full education.

116
00:06:51,080 --> 00:06:54,560
Speaker 3: And I went to public school in the Bronx High

117
00:06:54,600 --> 00:06:57,920
Speaker 3: School in the Bronx College in the West Bronx. I

118
00:06:58,040 --> 00:07:00,200
Speaker 3: with my grade school and my public school with the

119
00:07:00,200 --> 00:07:03,720
Speaker 3: East Bronx. I followed advice the Hordes scriber, I went west.

120
00:07:04,240 --> 00:07:06,280
Speaker 3: I moved to the West Bronx and then I had

121
00:07:06,279 --> 00:07:08,400
Speaker 3: a short sight Columbia Business School, which over the door

122
00:07:08,440 --> 00:07:11,680
Speaker 3: to Coldman Sachs in my career at Wall Street. So yeah,

123
00:07:11,680 --> 00:07:14,840
Speaker 3: we want to give kids today the chance to achieve

124
00:07:16,240 --> 00:07:20,720
Speaker 3: the same thing that my wife and I achieved. Simple

125
00:07:20,720 --> 00:07:23,080
Speaker 3: as that. And I figured only fourth things you can

126
00:07:23,120 --> 00:07:26,080
Speaker 3: do with money, you know, And I'm more different than

127
00:07:26,120 --> 00:07:29,360
Speaker 3: your boss, Michae Bloomberg said, I have a few less zeros.

128
00:07:29,880 --> 00:07:33,640
Speaker 2: These extremely fun.

129
00:07:34,600 --> 00:07:38,840
Speaker 3: For twenty five years. Yeah, we turned able to vote.

130
00:07:38,880 --> 00:07:41,720
Speaker 3: It's forty years ago, and when he ran for president,

131
00:07:41,800 --> 00:07:44,440
Speaker 3: I switched to a Democratic Party so I can vote,

132
00:07:44,440 --> 00:07:48,000
Speaker 3: work for him and support him. Unfortunately, he kind of

133
00:07:48,000 --> 00:07:52,120
Speaker 3: fland that very quickly. But I said, only four things

134
00:07:52,120 --> 00:07:54,000
Speaker 3: you can do with money. First thing you can do

135
00:07:54,080 --> 00:07:58,400
Speaker 3: money is you can pleasure yourself and buy planes, by automobile,

136
00:07:58,520 --> 00:08:01,720
Speaker 3: by baseball teams. There's nothing wrong with that. My wife

137
00:08:01,800 --> 00:08:04,760
Speaker 3: and I have simple tastes. We both have assumed a

138
00:08:04,840 --> 00:08:07,760
Speaker 3: view that this is more so give.

139
00:08:08,960 --> 00:08:10,240
Speaker 2: And you know, one of the things we want to

140
00:08:10,280 --> 00:08:12,600
Speaker 2: do Lee is actually talk to John Schreiber about what

141
00:08:12,640 --> 00:08:14,520
Speaker 2: this money means to him.

142
00:08:14,560 --> 00:08:16,720
Speaker 1: Yeah, John Schrieber, come on in here, presidency of the

143
00:08:16,720 --> 00:08:20,120
Speaker 1: New Jersey Performing Arts Center, talk about how transformative this

144
00:08:20,320 --> 00:08:22,559
Speaker 1: gift is. What exactly you can do with the fifty

145
00:08:22,600 --> 00:08:23,760
Speaker 1: million dollars.

146
00:08:24,120 --> 00:08:27,000
Speaker 4: It's a remarkable gift, and we know, of course, couldn't

147
00:08:27,000 --> 00:08:29,280
Speaker 4: be more grateful to Lee and Toby for making it.

148
00:08:29,280 --> 00:08:34,280
Speaker 4: It's an endowment gift. We spend a NJ peck about

149
00:08:34,320 --> 00:08:36,760
Speaker 4: eight million dollars a year on what we call social

150
00:08:36,800 --> 00:08:40,760
Speaker 4: impact work. That's work in arts, education, community engagement, the

151
00:08:40,840 --> 00:08:45,640
Speaker 4: intersection of arts and health. Almost everything we do for community,

152
00:08:45,679 --> 00:08:48,400
Speaker 4: and we are living in an under resource community of

153
00:08:48,480 --> 00:08:52,600
Speaker 4: Newark and Greater Newark is free to community. So we

154
00:08:52,679 --> 00:08:55,719
Speaker 4: reach one hundred thousand kids and families every year and

155
00:08:55,840 --> 00:08:59,839
Speaker 4: we are opening in about two years what is called

156
00:08:59,840 --> 00:09:02,360
Speaker 4: the Coopman Center. Lee made an earlier gift of twenty

157
00:09:02,360 --> 00:09:06,160
Speaker 4: million dollars that was a starter gift for an education

158
00:09:06,240 --> 00:09:09,280
Speaker 4: and community center sixty thousand square feet on our campus

159
00:09:09,679 --> 00:09:12,800
Speaker 4: that will be open six days a week. Every activity

160
00:09:12,840 --> 00:09:16,160
Speaker 4: we do there, from mothers and babies to older adults,

161
00:09:16,160 --> 00:09:20,040
Speaker 4: will be free to community, and we want to endow

162
00:09:20,160 --> 00:09:24,600
Speaker 4: that work. No matter what is happening in the economy

163
00:09:25,120 --> 00:09:29,840
Speaker 4: or more broadly, from the government, we can predictably deliver

164
00:09:29,960 --> 00:09:34,080
Speaker 4: these important kind of life changing services to community, and

165
00:09:34,160 --> 00:09:36,400
Speaker 4: Lee and Toby made that possible with this gift.

166
00:09:37,160 --> 00:09:39,960
Speaker 1: John, we're Bloomberg. We talk about data. We like to

167
00:09:39,960 --> 00:09:41,960
Speaker 1: measure things. I want to know from you. How you

168
00:09:42,000 --> 00:09:44,480
Speaker 1: measure the impact of a gift such as this. What

169
00:09:44,520 --> 00:09:46,440
Speaker 1: are the metrics you use to make sure that it

170
00:09:46,520 --> 00:09:48,760
Speaker 1: is effective, to make sure that you're using the money

171
00:09:48,840 --> 00:09:50,280
Speaker 1: in the most effective way possible.

172
00:09:51,360 --> 00:09:55,079
Speaker 4: Well, it's interesting, it's a combination of real data and

173
00:09:56,800 --> 00:09:59,840
Speaker 4: what we hear and learn from community. So we did

174
00:10:00,080 --> 00:10:04,360
Speaker 4: financial modeling that showed us what not only Lee's gift,

175
00:10:04,360 --> 00:10:06,880
Speaker 4: but I hope to raise another fifty million dollars in

176
00:10:06,920 --> 00:10:09,560
Speaker 4: the next couple of years so that this work is

177
00:10:09,720 --> 00:10:14,280
Speaker 4: endowed with one hundred million dollars and that will enable us,

178
00:10:14,360 --> 00:10:25,280
Speaker 4: based on our research, to deliver services every year in

179
00:10:25,320 --> 00:10:29,040
Speaker 4: a predictable fashion. And then what we see with our

180
00:10:29,120 --> 00:10:31,040
Speaker 4: kids and what we see with our families. You know,

181
00:10:31,120 --> 00:10:35,360
Speaker 4: sometimes this work can change a life. I know, it

182
00:10:35,520 --> 00:10:40,760
Speaker 4: always enhances the lives of the people that we're engaged with.

183
00:10:41,160 --> 00:10:43,360
Speaker 2: You know, Lee, I think about I'm going to bring

184
00:10:43,400 --> 00:10:47,720
Speaker 2: you back in here. I think about this political environment

185
00:10:47,800 --> 00:10:50,960
Speaker 2: that we are in, and you know, with the government shutdown,

186
00:10:51,000 --> 00:10:54,640
Speaker 2: money not going to different states for different projects. We

187
00:10:54,720 --> 00:10:58,480
Speaker 2: know the importance of both public private sector and making

188
00:10:59,200 --> 00:11:04,679
Speaker 2: cities more secure and creating economic activity and kind of

189
00:11:04,679 --> 00:11:07,199
Speaker 2: spreading the wealth, if you will, among citizens. And I

190
00:11:07,280 --> 00:11:09,760
Speaker 2: wonder if there's a kind of a big broad observation

191
00:11:09,960 --> 00:11:11,880
Speaker 2: for you, especially like as we talked about a little

192
00:11:11,880 --> 00:11:15,800
Speaker 2: bit earlier, this kind of politically divided environment, any economic

193
00:11:16,160 --> 00:11:19,559
Speaker 2: and market consequences of such well, I.

194
00:11:19,520 --> 00:11:22,079
Speaker 3: Think the needs are even greater. The government has reduced

195
00:11:22,160 --> 00:11:27,120
Speaker 3: funding dramatically and the needs are growing. I caught on

196
00:11:27,240 --> 00:11:30,120
Speaker 3: TV the other day the mayor of Los Angeles. It's

197
00:11:30,120 --> 00:11:34,480
Speaker 3: something like this, fifty thousand homeless people in LA and

198
00:11:34,559 --> 00:11:38,400
Speaker 3: looking to wealthy people to help cover the cost. And

199
00:11:38,440 --> 00:11:41,080
Speaker 3: I said to myself, my God, stay of California as

200
00:11:41,080 --> 00:11:43,319
Speaker 3: the highest state income tax in the country, and I

201
00:11:43,360 --> 00:11:46,520
Speaker 3: can't afford to pay the bills. So I think the

202
00:11:46,559 --> 00:11:49,679
Speaker 3: private sector has to step up, and the government has

203
00:11:49,720 --> 00:11:52,440
Speaker 3: to kind of reduce their cost of living. Not an

204
00:11:52,440 --> 00:11:57,200
Speaker 3: easy thing to do. We've had inappropriate policies on both sides.

205
00:11:57,880 --> 00:12:00,760
Speaker 3: I think, well, Trump is a take it to many

206
00:12:00,800 --> 00:12:04,679
Speaker 3: people and he understands the need to do something, and

207
00:12:04,720 --> 00:12:06,120
Speaker 3: I just need you'm doing it the wrong way.

208
00:12:07,520 --> 00:12:10,280
Speaker 2: John, I want to bring you back in here. As

209
00:12:10,559 --> 00:12:12,839
Speaker 2: president and CEO of the New Jersey Performing Arts Center.

210
00:12:12,920 --> 00:12:15,400
Speaker 2: You talked about the impact of this money. But you

211
00:12:15,440 --> 00:12:18,600
Speaker 2: know I have done things that NJIT. We've done live

212
00:12:18,640 --> 00:12:22,800
Speaker 2: broadcasts from there. We have seen Audible and Amazon and

213
00:12:22,840 --> 00:12:25,640
Speaker 2: some of the different companies that have invested in that area.

214
00:12:25,760 --> 00:12:28,240
Speaker 2: And we've seen kind of the starts and stops of

215
00:12:28,960 --> 00:12:32,240
Speaker 2: certainly Newark as a whole, a city that has certainly

216
00:12:32,240 --> 00:12:35,680
Speaker 2: got quite a storied history. Right, tell us what you

217
00:12:35,800 --> 00:12:38,960
Speaker 2: can about the economy of Newark right now. And again,

218
00:12:39,520 --> 00:12:41,520
Speaker 2: you know, I think when we look at cities, we

219
00:12:41,600 --> 00:12:44,800
Speaker 2: get a better picture of America as a whole.

220
00:12:45,960 --> 00:12:49,760
Speaker 4: Well, Newark is certainly an under resource. It's one of

221
00:12:49,800 --> 00:12:52,640
Speaker 4: the poorest cities in the country. That said, Newark is

222
00:12:52,679 --> 00:12:55,800
Speaker 4: on the rise. We have a really effective mayor. He's

223
00:12:55,800 --> 00:12:58,360
Speaker 4: a practical progressive. I'm sure you've talked to him. His

224
00:12:58,440 --> 00:13:03,160
Speaker 4: name is Rosmaraka. And right now, thanks to this mayor

225
00:13:03,320 --> 00:13:07,360
Speaker 4: and to Governor Murphy and to philanthropists like Lead, this

226
00:13:07,520 --> 00:13:09,920
Speaker 4: art center is in the middle of a three hundred

227
00:13:09,920 --> 00:13:13,960
Speaker 4: and fifty million dollars a real estate development project that

228
00:13:14,080 --> 00:13:20,600
Speaker 4: includes two hundred and forty five units of residential the

229
00:13:20,760 --> 00:13:24,959
Speaker 4: education Center, town homes, new streetscape, and this is all

230
00:13:25,000 --> 00:13:28,480
Speaker 4: on the Njpack campus, right. And what we've observed in

231
00:13:28,559 --> 00:13:31,360
Speaker 4: Newark is that if you build it, they will come.

232
00:13:31,880 --> 00:13:35,360
Speaker 4: So as a as a community on the rise, as

233
00:13:35,400 --> 00:13:39,360
Speaker 4: a residential community with a bright future, Newark has got

234
00:13:39,360 --> 00:13:43,640
Speaker 4: that crime is down. We're dealing with homelessness and food

235
00:13:43,679 --> 00:13:47,920
Speaker 4: insecurity in very intentional ways, and it's a very collaborative community.

236
00:13:48,000 --> 00:13:52,720
Speaker 4: So as an anchor cultural institution, which NJPECK defines itself as,

237
00:13:53,120 --> 00:13:55,760
Speaker 4: we feel like we're in really good company with Prudential,

238
00:13:56,040 --> 00:14:00,160
Speaker 4: with horizonbal Cross, Blue Shield, with Audible, with Panasonic, with

239
00:14:00,440 --> 00:14:03,600
Speaker 4: lots of corporate anchors who are including Barnaba's Health, who

240
00:14:03,640 --> 00:14:07,040
Speaker 4: are invested in the economic future of the city, but

241
00:14:07,200 --> 00:14:11,200
Speaker 4: also the bright lives of the folks who live here.

242
00:14:11,720 --> 00:14:13,719
Speaker 1: Well, I want to end with you and send one

243
00:14:13,760 --> 00:14:16,400
Speaker 1: last question your way about the way you're thinking about

244
00:14:16,400 --> 00:14:19,880
Speaker 1: your own future impact. As I mentioned, you've spent a

245
00:14:19,920 --> 00:14:24,320
Speaker 1: lot supporting causes including Columbia Business School, Saint Barnabas Health,

246
00:14:25,080 --> 00:14:28,520
Speaker 1: other health care facilities as well of course the performing arts,

247
00:14:28,560 --> 00:14:30,320
Speaker 1: not just with this most recent gift, but with other

248
00:14:30,360 --> 00:14:33,320
Speaker 1: gifts as well. Where else are you thinking of supporting?

249
00:14:35,360 --> 00:14:38,400
Speaker 3: Well, I have a long list of things I support.

250
00:14:40,080 --> 00:14:42,640
Speaker 3: One of the things that I like the most other

251
00:14:42,680 --> 00:14:46,280
Speaker 3: than New Jersey and form Blast Center, is I create

252
00:14:46,360 --> 00:14:50,040
Speaker 3: something called Coopman College scholars And so basically, if you

253
00:14:50,120 --> 00:14:53,920
Speaker 3: live in a county, New Jersey and you take a

254
00:14:54,040 --> 00:15:00,480
Speaker 3: three week free course at offered to explain what expect me.

255
00:15:00,480 --> 00:15:03,720
Speaker 3: You're in college and you're academically qualified. I'm big on

256
00:15:03,840 --> 00:15:07,800
Speaker 3: giving people equal opportunity for and that equal outcomes. That

257
00:15:08,680 --> 00:15:11,960
Speaker 3: will give you a four year college education for free.

258
00:15:12,240 --> 00:15:16,160
Speaker 3: And so you know now you asked for measurements, So

259
00:15:16,440 --> 00:15:19,280
Speaker 3: I did. I gave that program twenty five million dollars

260
00:15:19,880 --> 00:15:23,680
Speaker 3: seven years ago. And I told them I knew the statistics.

261
00:15:24,480 --> 00:15:28,280
Speaker 3: Thirty five percent of new caucul case thirty five percent

262
00:15:28,360 --> 00:15:31,720
Speaker 3: new causitl case went to college, only five percent graduated.

263
00:15:32,200 --> 00:15:34,520
Speaker 3: I told her, I worked to office money for five

264
00:15:34,520 --> 00:15:38,080
Speaker 3: percent graduation rate. You have show me a change. Well,

265
00:15:38,160 --> 00:15:41,120
Speaker 3: our first court graduated a year ago. We had thirty

266
00:15:41,120 --> 00:15:43,960
Speaker 3: five percent graduation rate, which is compared to the nationwide.

267
00:15:44,160 --> 00:15:46,960
Speaker 3: I gave another twenty five million this morning. I asked

268
00:15:46,960 --> 00:15:49,920
Speaker 3: them what I have to do to endow the program

269
00:15:50,400 --> 00:15:54,240
Speaker 3: to you know, in perpetuity. You know, So I'm thinking

270
00:15:54,280 --> 00:16:01,280
Speaker 3: now at my age of doing bequests organizations support for Columbia.

271
00:16:01,720 --> 00:16:05,040
Speaker 3: I spoiled Hunter College. I suppoiled New Jersey before we

272
00:16:05,080 --> 00:16:11,240
Speaker 3: got I support barnabus. Now where their initiation. A guy

273
00:16:11,240 --> 00:16:15,600
Speaker 3: I have the enormous regard for is kenln going. It's

274
00:16:15,640 --> 00:16:19,960
Speaker 3: when I gave the barnabus. He astually they can change

275
00:16:19,960 --> 00:16:22,080
Speaker 3: the name of the hospital to come in barbas See.

276
00:16:22,080 --> 00:16:23,400
Speaker 3: Why do you want to do that? He said, Well,

277
00:16:23,720 --> 00:16:28,920
Speaker 3: Canland going to the lot for y U? And I

278
00:16:29,000 --> 00:16:31,480
Speaker 3: don't have his money do? I have an enormous respect

279
00:16:31,720 --> 00:16:35,440
Speaker 3: for Kenny's a very special guy. So you know, uh,

280
00:16:35,520 --> 00:16:38,640
Speaker 3: there's a good courses is a shurage of money.

281
00:16:39,080 --> 00:16:42,560
Speaker 2: Well, we certainly appreciate getting some time with both of you,

282
00:16:42,880 --> 00:16:45,640
Speaker 2: and the best to both of you. Lee Cooperman, thank you,

283
00:16:45,840 --> 00:16:48,760
Speaker 2: Chaar and CEO of the Omega Family Office, and of

284
00:16:48,800 --> 00:16:51,760
Speaker 2: course John Schreiver Presidency of the New Jersey Performing Arts Center,

285
00:16:51,800 --> 00:16:53,960
Speaker 2: both joining us from New Jersey.