WEBVTT - Leon Cooperman and NJPAC CEO John Schreiber Talk $50 NJPAC DOnation

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. Well, our next guest

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<v Speaker 1>needs really no introduction. He's familiar to the Bloomberg audience.

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<v Speaker 1>Leon Cooperman spent twenty five years at Goldman Sachs. He

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<v Speaker 1>was a partner and chairman and CEO of Goldman Sachs

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<v Speaker 1>Asset Management. He then went on to create the hedge

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<v Speaker 1>Fund Omega Advisors in the Omega Family Office, where he

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<v Speaker 1>now oversees more than ten billion dollars in assets.

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<v Speaker 2>He's also known for his philanthropy, signing on to the

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<v Speaker 2>Giving Pledge more than a decade ago and having donated

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<v Speaker 2>many millions to various causes, including Columbia Business School, Saint

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<v Speaker 2>Barnabas Medical Center, and most recently fifty million dollars to

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<v Speaker 2>the New Jersey Performing Art Center. Something we want to

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<v Speaker 2>talk with him about, and yes, a lot more with

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<v Speaker 2>us is Leon Cooperman. He is charing CEO of the

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<v Speaker 2>Omega Family Office. He joins us along with John Schreiber,

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<v Speaker 2>President CEO of the New Jersey Performing Arts Center, both

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<v Speaker 2>joining us from Newark and gentlemen, great to have you

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<v Speaker 2>here with us.

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<v Speaker 3>Thank you, nice to be with you. Let me correct

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<v Speaker 3>once that you should I managed ten billion when I

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<v Speaker 3>was in business. I retired in twenty eighteen. Unfortunately we

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<v Speaker 3>have less than ten billion. We have with my own

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<v Speaker 3>money and my son and my wife less than ten

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<v Speaker 3>billion by the lot.

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<v Speaker 2>We appreciate that because we like to get it right here.

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<v Speaker 2>So thank you, thank you for that, and thank you

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<v Speaker 2>again both of you for joining us. We want to

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<v Speaker 2>talk about this gift, but got to say leon Lee,

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<v Speaker 2>that we would certainly get a lot of flack from

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<v Speaker 2>our Blueberg users if we didn't ask you about the

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<v Speaker 2>market environment as well. So we just want to take

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<v Speaker 2>a few moments just to ask you about that. You know,

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<v Speaker 2>we have seen records on Wall Street again this week

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<v Speaker 2>there are concerns about overvaluation. I'm just curious, do you

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<v Speaker 2>feel comfortable with where the market is and do you

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<v Speaker 2>expect it to continue to move up higher, especially when

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<v Speaker 2>it comes to us docs.

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<v Speaker 3>I'm not comfortable. I think I'm less optimissing the consensus.

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<v Speaker 3>I'm bothered by the excessive valuation road history with a

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<v Speaker 3>ninety percentel evaluation, and certainly relative to the obvious macro

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<v Speaker 3>wishes which the market for some reason is ignoring. I'm

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<v Speaker 3>bothered by the excessive reliance on debt. We have the

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<v Speaker 3>guns and economic policy which will ultimately to crowding out.

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<v Speaker 3>And all these data centers are being announced since noone

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<v Speaker 3>has to finance them. Two menu, it's demand for credit.

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<v Speaker 3>And think it's surprised of me when they cut short

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<v Speaker 3>rates long rates to they move up stock market very

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<v Speaker 3>expensive at the long rates. And can we become a

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<v Speaker 3>problem for stock market?

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<v Speaker 1>When does it become a problem?

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<v Speaker 3>Yeah, you don't know. You know, I were for lower levels,

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<v Speaker 3>but I've been too conservative. But I've not been sure anything.

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<v Speaker 3>I'm showing stuff becoming more liquid, but I would say

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<v Speaker 3>that you know, ben markers don't materialize. They have a

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<v Speaker 3>macroconception that tends to be a causative factor that the

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<v Speaker 3>city has to blow up in. Uh the uh you

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<v Speaker 3>know these well, these announcements of these deals with the

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<v Speaker 3>centers data centers, we have to be the voluntory session

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<v Speaker 3>race after works for port when they start the market. Clearly,

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<v Speaker 3>I love Warren Buffett's coming, which I can allot if

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<v Speaker 3>I can find it. Uh, I was none of the

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<v Speaker 3>impression this was my hit, not but the market. But

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<v Speaker 3>you know, Warren Buffett quite some time ago observed that

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<v Speaker 3>where book market gets going. People basically ignore the interest

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<v Speaker 3>rates and profits and they figured out that they're making

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<v Speaker 3>money and they can't fail to be out of stock market. Yeah.

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<v Speaker 3>We yeah. This was a speech he gave in nineteen

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<v Speaker 3>ninety nine. Once a bookmark gets under way, and once

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<v Speaker 3>she reached the point where everybody had made mind no

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<v Speaker 3>matter what system he or she has followed attracted to.

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<v Speaker 3>Their game is respying that the interest rates and profits

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<v Speaker 3>pacimplar to the fact it seems to be a mistaked

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<v Speaker 3>to be out of stocks. In fact, these people superpose

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<v Speaker 3>on on and I can't miss the party factor on

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<v Speaker 3>top of the fundamental issue that drive the market. Like

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<v Speaker 3>Pavelov Dog, these investors and quotes learned that when the

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<v Speaker 3>bill rings, in this case the one that opens the

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<v Speaker 3>newk Stock exchange in nine thirty am. At nine thirty am,

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<v Speaker 3>they get fed. This is daily reinforcement. They become convinced

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<v Speaker 3>that there's a guard that he wants them to get rich.

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<v Speaker 3>That's a great description what's going on now. People that

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<v Speaker 3>were negative of a stock market return positive, and the

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<v Speaker 3>markets in ninety percent of evaluation versus history. We have

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<v Speaker 3>a very unusual president is doing unusual things. Now he's

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<v Speaker 3>trying his best, but it hairy a difficult hand. And

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<v Speaker 3>I think this stuff with tariffs is a mistake, but

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<v Speaker 3>you know, from uncomfortable.

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<v Speaker 2>Yeah, it's interesting. You talked about data centers too and

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<v Speaker 2>the AI spend. I mean, we did have Jeff Bezos

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<v Speaker 2>of of course Amazon saying that the spending on artificial

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<v Speaker 2>intelligence resembles an industrial bubble that could lead to lost

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<v Speaker 2>investment but will also make society better off. Can I

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<v Speaker 2>just ask you real quickly AI? Is your family office

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<v Speaker 2>using it?

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<v Speaker 3>Yet? We won't? People ask? Oh, then I was going

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<v Speaker 3>too early.

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<v Speaker 2>I totally get it. We're talking with Leon Cooperman Lee Cooperman,

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<v Speaker 2>chair and CEO of a mega family office, with us

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<v Speaker 2>from New Jersey, John Schreiber, also with US president and

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<v Speaker 2>CEO of the New Jersey Performing Arts Center, and we

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<v Speaker 2>do want to get to this gift that you have

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<v Speaker 2>made lead to the New Jersey pack. We often talk

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<v Speaker 2>with you about markets, but we also do take note

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<v Speaker 2>of your philanthropy. Why this investment fifty million donation to

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<v Speaker 2>the New Jersey Performing Arts Center, the largest individual gift

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<v Speaker 2>in the art Center's history. Why did you do that?

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<v Speaker 3>Well? I need to see yes, No, the background so

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<v Speaker 3>simply stated, my wife and I have lived the American dream,

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<v Speaker 3>and financial resources were largely being directed to help the

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<v Speaker 3>n see kids achieve who we have been with virtue

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<v Speaker 3>of their hard work, luck and a few two decisions

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<v Speaker 3>during my earlier in my career. So in my case,

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<v Speaker 3>my father came to America in nineteen twenty four, Warsap poet.

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<v Speaker 3>He came at the age of twelve, so he was

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<v Speaker 3>born in nineteen oh eight, and he had no full education.

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<v Speaker 3>And I went to public school in the Bronx High

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<v Speaker 3>School in the Bronx College in the West Bronx. I

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<v Speaker 3>with my grade school and my public school with the

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<v Speaker 3>East Bronx. I followed advice the Hordes scriber, I went west.

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<v Speaker 3>I moved to the West Bronx and then I had

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<v Speaker 3>a short sight Columbia Business School, which over the door

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<v Speaker 3>to Coldman Sachs in my career at Wall Street. So yeah,

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<v Speaker 3>we want to give kids today the chance to achieve

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<v Speaker 3>the same thing that my wife and I achieved. Simple

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<v Speaker 3>as that. And I figured only fourth things you can

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<v Speaker 3>do with money, you know, And I'm more different than

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<v Speaker 3>your boss, Michae Bloomberg said, I have a few less zeros.

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<v Speaker 2>These extremely fun.

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<v Speaker 3>For twenty five years. Yeah, we turned able to vote.

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<v Speaker 3>It's forty years ago, and when he ran for president,

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<v Speaker 3>I switched to a Democratic Party so I can vote,

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<v Speaker 3>work for him and support him. Unfortunately, he kind of

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<v Speaker 3>fland that very quickly. But I said, only four things

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<v Speaker 3>you can do with money. First thing you can do

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<v Speaker 3>money is you can pleasure yourself and buy planes, by automobile,

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<v Speaker 3>by baseball teams. There's nothing wrong with that. My wife

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<v Speaker 3>and I have simple tastes. We both have assumed a

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<v Speaker 3>view that this is more so give.

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<v Speaker 2>And you know, one of the things we want to

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<v Speaker 2>do Lee is actually talk to John Schreiber about what

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<v Speaker 2>this money means to him.

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<v Speaker 1>Yeah, John Schrieber, come on in here, presidency of the

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<v Speaker 1>New Jersey Performing Arts Center, talk about how transformative this

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<v Speaker 1>gift is. What exactly you can do with the fifty

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<v Speaker 1>million dollars.

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<v Speaker 4>It's a remarkable gift, and we know, of course, couldn't

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<v Speaker 4>be more grateful to Lee and Toby for making it.

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<v Speaker 4>It's an endowment gift. We spend a NJ peck about

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<v Speaker 4>eight million dollars a year on what we call social

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<v Speaker 4>impact work. That's work in arts, education, community engagement, the

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<v Speaker 4>intersection of arts and health. Almost everything we do for community,

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<v Speaker 4>and we are living in an under resource community of

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<v Speaker 4>Newark and Greater Newark is free to community. So we

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<v Speaker 4>reach one hundred thousand kids and families every year and

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<v Speaker 4>we are opening in about two years what is called

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<v Speaker 4>the Coopman Center. Lee made an earlier gift of twenty

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<v Speaker 4>million dollars that was a starter gift for an education

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<v Speaker 4>and community center sixty thousand square feet on our campus

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<v Speaker 4>that will be open six days a week. Every activity

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<v Speaker 4>we do there, from mothers and babies to older adults,

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<v Speaker 4>will be free to community, and we want to endow

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<v Speaker 4>that work. No matter what is happening in the economy

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<v Speaker 4>or more broadly, from the government, we can predictably deliver

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<v Speaker 4>these important kind of life changing services to community, and

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<v Speaker 4>Lee and Toby made that possible with this gift.

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<v Speaker 1>John, we're Bloomberg. We talk about data. We like to

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<v Speaker 1>measure things. I want to know from you. How you

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<v Speaker 1>measure the impact of a gift such as this. What

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<v Speaker 1>are the metrics you use to make sure that it

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<v Speaker 1>is effective, to make sure that you're using the money

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<v Speaker 1>in the most effective way possible.

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<v Speaker 4>Well, it's interesting, it's a combination of real data and

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<v Speaker 4>what we hear and learn from community. So we did

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<v Speaker 4>financial modeling that showed us what not only Lee's gift,

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<v Speaker 4>but I hope to raise another fifty million dollars in

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<v Speaker 4>the next couple of years so that this work is

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<v Speaker 4>endowed with one hundred million dollars and that will enable us,

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<v Speaker 4>based on our research, to deliver services every year in

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<v Speaker 4>a predictable fashion. And then what we see with our

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<v Speaker 4>kids and what we see with our families. You know,

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<v Speaker 4>sometimes this work can change a life. I know, it

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<v Speaker 4>always enhances the lives of the people that we're engaged with.

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<v Speaker 2>You know, Lee, I think about I'm going to bring

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<v Speaker 2>you back in here. I think about this political environment

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<v Speaker 2>that we are in, and you know, with the government shutdown,

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<v Speaker 2>money not going to different states for different projects. We

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<v Speaker 2>know the importance of both public private sector and making

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<v Speaker 2>cities more secure and creating economic activity and kind of

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<v Speaker 2>spreading the wealth, if you will, among citizens. And I

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<v Speaker 2>wonder if there's a kind of a big broad observation

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<v Speaker 2>for you, especially like as we talked about a little

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<v Speaker 2>bit earlier, this kind of politically divided environment, any economic

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<v Speaker 2>and market consequences of such well, I.

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<v Speaker 3>Think the needs are even greater. The government has reduced

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<v Speaker 3>funding dramatically and the needs are growing. I caught on

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<v Speaker 3>TV the other day the mayor of Los Angeles. It's

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<v Speaker 3>something like this, fifty thousand homeless people in LA and

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<v Speaker 3>looking to wealthy people to help cover the cost. And

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<v Speaker 3>I said to myself, my God, stay of California as

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<v Speaker 3>the highest state income tax in the country, and I

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<v Speaker 3>can't afford to pay the bills. So I think the

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<v Speaker 3>private sector has to step up, and the government has

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<v Speaker 3>to kind of reduce their cost of living. Not an

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<v Speaker 3>easy thing to do. We've had inappropriate policies on both sides.

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<v Speaker 3>I think, well, Trump is a take it to many

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<v Speaker 3>people and he understands the need to do something, and

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<v Speaker 3>I just need you'm doing it the wrong way.

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<v Speaker 2>John, I want to bring you back in here. As

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<v Speaker 2>president and CEO of the New Jersey Performing Arts Center.

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<v Speaker 2>You talked about the impact of this money. But you

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<v Speaker 2>know I have done things that NJIT. We've done live

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<v Speaker 2>broadcasts from there. We have seen Audible and Amazon and

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<v Speaker 2>some of the different companies that have invested in that area.

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<v Speaker 2>And we've seen kind of the starts and stops of

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<v Speaker 2>certainly Newark as a whole, a city that has certainly

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<v Speaker 2>got quite a storied history. Right, tell us what you

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<v Speaker 2>can about the economy of Newark right now. And again,

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<v Speaker 2>you know, I think when we look at cities, we

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<v Speaker 2>get a better picture of America as a whole.

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<v Speaker 4>Well, Newark is certainly an under resource. It's one of

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<v Speaker 4>the poorest cities in the country. That said, Newark is

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<v Speaker 4>on the rise. We have a really effective mayor. He's

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<v Speaker 4>a practical progressive. I'm sure you've talked to him. His

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<v Speaker 4>name is Rosmaraka. And right now, thanks to this mayor

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<v Speaker 4>and to Governor Murphy and to philanthropists like Lead, this

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<v Speaker 4>art center is in the middle of a three hundred

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<v Speaker 4>and fifty million dollars a real estate development project that

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<v Speaker 4>includes two hundred and forty five units of residential the

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<v Speaker 4>education Center, town homes, new streetscape, and this is all

0:13:25.000 --> 0:13:28.480
<v Speaker 4>on the Njpack campus, right. And what we've observed in

0:13:28.559 --> 0:13:31.360
<v Speaker 4>Newark is that if you build it, they will come.

0:13:31.880 --> 0:13:35.360
<v Speaker 4>So as a as a community on the rise, as

0:13:35.400 --> 0:13:39.360
<v Speaker 4>a residential community with a bright future, Newark has got

0:13:39.360 --> 0:13:43.640
<v Speaker 4>that crime is down. We're dealing with homelessness and food

0:13:43.679 --> 0:13:47.920
<v Speaker 4>insecurity in very intentional ways, and it's a very collaborative community.

0:13:48.000 --> 0:13:52.720
<v Speaker 4>So as an anchor cultural institution, which NJPECK defines itself as,

0:13:53.120 --> 0:13:55.760
<v Speaker 4>we feel like we're in really good company with Prudential,

0:13:56.040 --> 0:14:00.160
<v Speaker 4>with horizonbal Cross, Blue Shield, with Audible, with Panasonic, with

0:14:00.440 --> 0:14:03.600
<v Speaker 4>lots of corporate anchors who are including Barnaba's Health, who

0:14:03.640 --> 0:14:07.040
<v Speaker 4>are invested in the economic future of the city, but

0:14:07.200 --> 0:14:11.200
<v Speaker 4>also the bright lives of the folks who live here.

0:14:11.720 --> 0:14:13.719
<v Speaker 1>Well, I want to end with you and send one

0:14:13.760 --> 0:14:16.400
<v Speaker 1>last question your way about the way you're thinking about

0:14:16.400 --> 0:14:19.880
<v Speaker 1>your own future impact. As I mentioned, you've spent a

0:14:19.920 --> 0:14:24.320
<v Speaker 1>lot supporting causes including Columbia Business School, Saint Barnabas Health,

0:14:25.080 --> 0:14:28.520
<v Speaker 1>other health care facilities as well of course the performing arts,

0:14:28.560 --> 0:14:30.320
<v Speaker 1>not just with this most recent gift, but with other

0:14:30.360 --> 0:14:33.320
<v Speaker 1>gifts as well. Where else are you thinking of supporting?

0:14:35.360 --> 0:14:38.400
<v Speaker 3>Well, I have a long list of things I support.

0:14:40.080 --> 0:14:42.640
<v Speaker 3>One of the things that I like the most other

0:14:42.680 --> 0:14:46.280
<v Speaker 3>than New Jersey and form Blast Center, is I create

0:14:46.360 --> 0:14:50.040
<v Speaker 3>something called Coopman College scholars And so basically, if you

0:14:50.120 --> 0:14:53.920
<v Speaker 3>live in a county, New Jersey and you take a

0:14:54.040 --> 0:15:00.480
<v Speaker 3>three week free course at offered to explain what expect me.

0:15:00.480 --> 0:15:03.720
<v Speaker 3>You're in college and you're academically qualified. I'm big on

0:15:03.840 --> 0:15:07.800
<v Speaker 3>giving people equal opportunity for and that equal outcomes. That

0:15:08.680 --> 0:15:11.960
<v Speaker 3>will give you a four year college education for free.

0:15:12.240 --> 0:15:16.160
<v Speaker 3>And so you know now you asked for measurements, So

0:15:16.440 --> 0:15:19.280
<v Speaker 3>I did. I gave that program twenty five million dollars

0:15:19.880 --> 0:15:23.680
<v Speaker 3>seven years ago. And I told them I knew the statistics.

0:15:24.480 --> 0:15:28.280
<v Speaker 3>Thirty five percent of new caucul case thirty five percent

0:15:28.360 --> 0:15:31.720
<v Speaker 3>new causitl case went to college, only five percent graduated.

0:15:32.200 --> 0:15:34.520
<v Speaker 3>I told her, I worked to office money for five

0:15:34.520 --> 0:15:38.080
<v Speaker 3>percent graduation rate. You have show me a change. Well,

0:15:38.160 --> 0:15:41.120
<v Speaker 3>our first court graduated a year ago. We had thirty

0:15:41.120 --> 0:15:43.960
<v Speaker 3>five percent graduation rate, which is compared to the nationwide.

0:15:44.160 --> 0:15:46.960
<v Speaker 3>I gave another twenty five million this morning. I asked

0:15:46.960 --> 0:15:49.920
<v Speaker 3>them what I have to do to endow the program

0:15:50.400 --> 0:15:54.240
<v Speaker 3>to you know, in perpetuity. You know, So I'm thinking

0:15:54.280 --> 0:16:01.280
<v Speaker 3>now at my age of doing bequests organizations support for Columbia.

0:16:01.720 --> 0:16:05.040
<v Speaker 3>I spoiled Hunter College. I suppoiled New Jersey before we

0:16:05.080 --> 0:16:11.240
<v Speaker 3>got I support barnabus. Now where their initiation. A guy

0:16:11.240 --> 0:16:15.600
<v Speaker 3>I have the enormous regard for is kenln going. It's

0:16:15.640 --> 0:16:19.960
<v Speaker 3>when I gave the barnabus. He astually they can change

0:16:19.960 --> 0:16:22.080
<v Speaker 3>the name of the hospital to come in barbas See.

0:16:22.080 --> 0:16:23.400
<v Speaker 3>Why do you want to do that? He said, Well,

0:16:23.720 --> 0:16:28.920
<v Speaker 3>Canland going to the lot for y U? And I

0:16:29.000 --> 0:16:31.480
<v Speaker 3>don't have his money do? I have an enormous respect

0:16:31.720 --> 0:16:35.440
<v Speaker 3>for Kenny's a very special guy. So you know, uh,

0:16:35.520 --> 0:16:38.640
<v Speaker 3>there's a good courses is a shurage of money.

0:16:39.080 --> 0:16:42.560
<v Speaker 2>Well, we certainly appreciate getting some time with both of you,

0:16:42.880 --> 0:16:45.640
<v Speaker 2>and the best to both of you. Lee Cooperman, thank you,

0:16:45.840 --> 0:16:48.760
<v Speaker 2>Chaar and CEO of the Omega Family Office, and of

0:16:48.800 --> 0:16:51.760
<v Speaker 2>course John Schreiver Presidency of the New Jersey Performing Arts Center,

0:16:51.800 --> 0:16:53.960
<v Speaker 2>both joining us from New Jersey.