Steve Feinberg

Feinberg was born to a Jewish family[http://www.timesofisrael.com/trump-wants-jewish-billionaire-to-vet-spy-agencies-report/ Times of Israel: "Trump wants Jewish billionaire to vet spy agencies – reportAs ties fray between White House and intelligence services, Bannon-Kushner associate Stephen A. Feinberg said being considered to lead review" by Sue Surkes] February 16, 2017Eytan Avriel, [http://www.haaretz.com/print-edition/business/a-shy-wunderkind-stephen-feinberg-1.174285 "A shy wunderkind, Stephen Feinberg"] {{Webarchive|url=https://web.archive.org/web/20140505111845/http://www.haaretz.com/print-edition/business/a-shy-wunderkind-stephen-feinberg-1.174285 |date=May 5, 2014 }}, Haaretz, 16.11.2005 and raised in The Bronx, New York. When aged eight, his family moved to Spring Valley, New York,[http://upstart.bizjournals.com/executives/features/2007/08/13/Stephen-Feinberg-Cerberus.html?page=all Upstart Business Journal: "The Most Dangerous Deal in America" by Daniel Roth] August 13, 2007 a suburb of New York City. His father was a steel salesman. He graduated with a Bachelor of Arts in politics from Princeton University in 1982 after completing a 94-page senior thesis titled "The Politics of Prostitution and Drug Legalization."{{Cite thesis|last=Feinberg|first=Stephen Andrew|date=1982|title=The Politics of Prostitution and Drug Legalization|url=http://dataspace.princeton.edu/jspui/handle/88435/dsp017h149r67p|type=Senior thesis}}{{cite news |url=https://www.nytimes.com/2009/08/09/business/09cerb.html?pagewanted=1&_r=0/ |title=For Private Equity, a Very Public Disaster |newspaper=The New York Times |date=August 9, 2009 |archive-date=August 31, 2017 |access-date=February 23, 2017 |archive-url=https://web.archive.org/web/20170831050036/http://www.nytimes.com/2009/08/09/business/09cerb.html?pagewanted=1&_r=0/ |url-status=live }} While a student at Princeton, Feinberg captained the tennis team and joined the Reserve Officers' Training Corps.

After graduating from college, Feinberg worked as a trader at Drexel Burnham in 1982 and later at Gruntal & Co.{{cite web|last1=Roth|first1=Daniel|title=The Most Dangerous Deal in America|url=http://upstart.bizjournals.com/executives/features/2007/08/13/Stephen-Feinberg-Cerberus.html|publisher=Upstart Business Journal|access-date=November 3, 2012|archive-date=November 5, 2012|archive-url=https://web.archive.org/web/20121105064552/http://upstart.bizjournals.com/executives/features/2007/08/13/Stephen-Feinberg-Cerberus.html?|url-status=live}}

In 1992, at the age of 32, Feinberg co-founded Cerberus Capital Management with William L. Richter and $10 million under management; by 2024; its assets under management would grow past $60 billion.{{cite web|title=Cerberus' new Europe property fund may attract over $370 mn from Korean investors|url=http://www.koreaninvestors.com/?p=791|publisher=Korean Investors|accessdate=December 23, 2016|archive-date=December 24, 2016|archive-url=https://web.archive.org/web/20161224030108/http://www.koreaninvestors.com/?p=791|url-status=dead}}{{Cite web |url=http://www.cerberuscapital.com/the-firm/ |title=Who We Are – Cerberus Capital Management |access-date=April 17, 2016 |archive-date=October 11, 2016 |archive-url=https://web.archive.org/web/20161011134728/http://www.cerberuscapital.com/the-firm/ |url-status=dead }} In 1999, the firm hired former vice president Dan Quayle as a chairman of Cerberus Global Investment.{{Cite web |url=http://www.cerberuscapital.com/team/j-danforth-quayle/ |title=J. Danforth Quayle - Cerberus Capital Management |access-date=September 11, 2016 |archive-date=July 6, 2016 |archive-url=https://web.archive.org/web/20160706202441/http://www.cerberuscapital.com/team/j-danforth-quayle/ |url-status=dead }} In 2006, the firm hired former United States Secretary of the Treasury John Snow, who serves as a chairman of Cerberus.{{Cite web |url=http://www.cerberuscapital.com/team/john-w-snow/ |title=John W. Snow - Cerberus Capital Management |access-date=September 11, 2016 |archive-date=December 25, 2016 |archive-url=https://web.archive.org/web/20161225161548/http://www.cerberuscapital.com/team/john-w-snow/ |url-status=dead }}

In May 2011, Feinberg stated that he believed residential mortgage-backed securities may present "a real opportunity for continued investment for quite a period of time"{{cite web |url=https://blogs.wsj.com/deals/2011/05/25/is-it-2006-cerberus-loves-mortgage-backed-securities/ |title=Is it 2006? Cerberus Loves Mortgage-Backed Securities |publisher=The Wall Street Journal: Deal Journal |date=May 25, 2011 |access-date=August 4, 2017 |archive-date=October 21, 2016 |archive-url=https://web.archive.org/web/20161021175742/https://blogs.wsj.com/deals/2011/05/25/is-it-2006-cerberus-loves-mortgage-backed-securities/ |url-status=live }} and that there were opportunities in buying assets from European banks.

Feinberg has said of the pay received by himself and other private equity executives, "In general, I think that all of us are way overpaid in this business. It is almost embarrassing." He has also noted in comments made in 2011 that smaller private equity fund sizes may be better for investor returns: "If your goal is to maximize your return as opposed to assets under management, I think you can be most effective with a big company infrastructure and a little bit smaller fund size."{{cite news |url=https://www.reuters.com/article/cerberus-idUSN0713981720110607/ |title=Cerberus' Feinberg says PE executives 'way overpaid' |work=Reuters |date=June 7, 2011 |archive-date=May 16, 2021 |access-date=July 5, 2021 |archive-url=https://web.archive.org/web/20210516134304/https://www.reuters.com/article/cerberus-idUSN0713981720110607 |url-status=live }}

Feinberg has been described as "secretive" in The New York Times.{{cite news|last=Duhigg|first=Charles|url=https://www.nytimes.com/2006/12/24/business/yourmoney/24hedge.html?pagewanted=3&ref=&_r=0/ |title=Can Private Equity Build a Public Face? |newspaper=The New York Times |date=December 24, 2006 |archive-date=August 24, 2018 |access-date=February 23, 2017 |archive-url=https://web.archive.org/web/20180824134350/https://www.nytimes.com/2006/12/24/business/yourmoney/24hedge.html?pagewanted=3&ref=&_r=0/ |url-status=live }} In 2007, Feinberg told Cerberus shareholders, "If anyone at Cerberus has his picture in the paper and a picture of his apartment, we will do more than fire that person. We will kill him. The jail sentence will be worth it."[https://www.rollingstone.com/politics/news/greed-and-debt-the-true-story-of-mitt-romney-and-bain-capital-20120829?page=4 "Greed and Debt: The True Story of Mitt Romney and Bain Capital"] {{Webarchive|url=https://web.archive.org/web/20170530143948/http://www.rollingstone.com/politics/news/greed-and-debt-the-true-story-of-mitt-romney-and-bain-capital-20120829?page=4 |date=May 30, 2017 }} by Matt Taibbi, Rolling Stone, August 29, 2012.

Cerberus owned DynCorp, a major private security contractor, from 2010 to 2020, leading to accusations of a conflict of interest during Feinberg's service on the President's Intelligence Advisory Board, and again after his nomination as Deputy Secretary of Defense.Ken Dilanian, Peter Alexander: [https://www.nbcnews.com/news/us-news/trump-asks-billionaire-steve-feinberg-review-intel-agencies-n721756 Trump Asks Billionaire Steve Feinberg To Review Intel Agencies - NBC News], February 16, 2017.{{Cite news |last=Tait |first=Robert |date=2024-12-03 |title=Trump reportedly asks private equity investor to be deputy defence secretary |url=https://www.theguardian.com/us-news/2024/dec/03/trump-stephen-feinberg-deputy-defence-secretary |access-date=2025-02-28 |work=The Guardian |language=en-GB |issn=0261-3077}}

In March of 2025, he left his position as co-CEO of Cerberus Capital Management as he was sworn in as the 36th United States Deputy Secretary of Defense.

Feinberg is a major Republican donor.{{cite magazine|last1=McDonald|first1=Duff|title=The Dog That Roared|url=http://nymag.com/news/intelligencer/32136/|accessdate=August 6, 2016|magazine=New York Magazine|date=October 24, 2007|archive-date=August 20, 2016|archive-url=https://web.archive.org/web/20160820084011/http://nymag.com/news/intelligencer/32136/|url-status=live}} In 2016, he served on the Trump Economic Advisory Council during Donald Trump's presidential campaign, donated nearly $1.5 million to pro-Trump PACs, and co-hosted a $50,000 per person Republican National Committee and Trump fundraising dinner alongside other financiers.{{cite magazine|last=Kirsch|first=Noah|title=Meet Stephen Feinberg, The Billionaire Reportedly Slated To Review US Intelligence Agencies|url=https://www.forbes.com/sites/noahkirsch/2017/02/04/stephen-feinberg-private-equity-billionaire-trump-administration/#7e84a99d4c91|accessdate=December 13, 2017|magazine=Forbes|date=February 4, 2017}}{{cite news|last=Stevenson|first=Alexandra|title=A Who's Who of Financiers Is Expected at Trump's New York Fund-Raiser|url=https://www.nytimes.com/2016/06/17/business/dealbook/a-whos-who-of-financiers-is-expected-at-trumps-new-york-fund-raiser.html|accessdate=December 13, 2017|newspaper=New York Times|date=June 16, 2016|archive-date=December 14, 2017|archive-url=https://web.archive.org/web/20171214072852/https://www.nytimes.com/2016/06/17/business/dealbook/a-whos-who-of-financiers-is-expected-at-trumps-new-york-fund-raiser.html|url-status=live}} In February 2017, the New York Times reported that President Trump will assign Feinberg a role in the White House leading a review of the US intelligence agencies.{{cite news|last1=Risen|first1=James|last2=Rosenberg|first2=Matthew|title=White House Plans to Have Trump Ally Review Intelligence Agencies|url=https://www.nytimes.com/2017/02/15/us/politics/trump-intelligence-agencies-stephen-feinberg.html|work=The New York Times|date=February 15, 2017|archive-date=February 16, 2017|access-date=February 16, 2017|archive-url=https://web.archive.org/web/20170216160052/https://www.nytimes.com/2017/02/15/us/politics/trump-intelligence-agencies-stephen-feinberg.html|url-status=live}}

On May 11, 2018, President Donald Trump named Feinberg to head the President's Intelligence Advisory Board.{{cite web |last1=Epstein |first1=Jennifer |date=May 11, 2018 |title=Trump Chooses Cerberus's Stephen Feinberg to Lead Spy Advisory Panel |url=https://www.bloomberg.com/news/articles/2018-05-11/trump-chooses-cerberus-s-feinberg-to-lead-spy-advisory-panel |publisher=Bloomberg News |access-date=May 14, 2018 |archive-date=August 3, 2019 |archive-url=https://web.archive.org/web/20190803040557/https://www.bloomberg.com/news/articles/2018-05-11/trump-chooses-cerberus-s-feinberg-to-lead-spy-advisory-panel |url-status=live }}

Together with his spouse, Feinberg contributed $715,600 to Donald Trump's 2020 presidential campaign.{{cite web |title=Here Are The Billionaires Who Donated To Donald Trump's 2020 Presidential Campaign |url=https://www.forbes.com/sites/michelatindera/2021/02/19/here-are-the-billionaires-who-donated-to-donald-trumps-2020-presidential-campaign/ |website=Forbes |accessdate=27 March 2024 |archive-date=September 22, 2024 |archive-url=https://web.archive.org/web/20240922093725/https://www.forbes.com/sites/michelatindera/2021/02/19/here-are-the-billionaires-who-donated-to-donald-trumps-2020-presidential-campaign/ |url-status=live }}

He is a member of The Business Council in Washington, D.C., an association of chief executive officers from a range of companies who meet several times a year for high-level policy discussions.{{cite web|title=Active Member Directory|url=http://businesscouncil.com/active-members/|publisher=The Business Council|accessdate=December 13, 2017|archive-date=December 4, 2017|archive-url=https://web.archive.org/web/20171204191348/http://businesscouncil.com/active-members/|url-status=live}}{{Cite news |url=https://www.washingtonpost.com/business/on-small-business/amazons-jeff-bezos-appointed-chairman-of-washington-based-business-council/2014/10/20/14a59828-5635-11e4-809b-8cc0a295c773_story.html |title=Amazon's Jeff Bezos appointed chairman of Washington-based Business Council |author=J.D. Harrison |newspaper=Washington Post |access-date=2017-08-12 |archive-date=August 12, 2017 |archive-url=https://web.archive.org/web/20170812103822/https://www.washingtonpost.com/business/on-small-business/amazons-jeff-bezos-appointed-chairman-of-washington-based-business-council/2014/10/20/14a59828-5635-11e4-809b-8cc0a295c773_story.html |url-status=live }}

On December 22 2024, President-elect Donald Trump announced the nomination of Feinberg to serve as the United States deputy secretary of defense.

Several Democratic senators including Elizabeth Warren expressed concerns over his past experience and possible conflicts of interest between his company Cerberus Capital Management and the United States Department of Defense.{{Cite web |title=Ahead of Confirmation Hearing, Warren Lays Out Concerns with Deputy Defense Secretary Nominee Stephen Feinberg {{!}} U.S. Senator Elizabeth Warren of Massachusetts |url=https://www.warren.senate.gov/newsroom/press-releases/ahead-of-confirmation-hearing-warren-lays-out-concerns-with-deputy-defense-secretary-nominee-stephen-feinberg |access-date=2025-02-19 |website=www.warren.senate.gov |language=en}}

On February 25, 2025, during his confirmation hearing, Feinberg declined to say if Russia invaded Ukraine when pressed by senators, and expressed support for large-scale firings within the Defense Department.{{Cite web |last=Gould |first=Joe |date=2025-02-25 |title=Defense deputy secretary pick avoids saying Russia invaded Ukraine |url=https://www.politico.com/news/2025/02/25/pentagon-defense-russia-ukraine-00206008 |access-date=2025-02-28 |website=POLITICO |language=en}}

On March 14, 2025, Feinberg was confirmed by the United States Senate with a 59–40 vote.{{Cite web |date=March 14, 2025 |title=On the Nomination (Confirmation: Steven Feinberg, of New York, to be Deputy Secretary of Defense ) |url=https://www.senate.gov/legislative/LIS/roll_call_votes/vote1191/vote_119_1_00126.htm |access-date=March 15, 2025 |website=senate.gov}}{{Cite press release |title=Senate Confirms New Deputy Defense Secretary |date=March 14, 2025 |publisher=DOD News |url=https://www.defense.gov/News/News-Stories/Article/Article/4121234/senate-confirms-new-deputy-defense-secretary/ |access-date=March 15, 2025}} He was sworn in as the 36th United States Deputy Secretary of Defense on March 17, 2025.{{Cite web |title=Deputy Secretary of Defense |url=https://www.defense.gov/About/Deputy-Secretary-of-Defense/ |archive-url=http://web.archive.org/web/20250318193247/https://www.defense.gov/About/Deputy-Secretary-of-Defense/ |archive-date=March 18, 2025 |access-date=March 18, 2025 |website=U.S. Department of Defense |language=en-US}}

As of March 2025, his net worth is US$5 billion.{{Cite web |title=Stephen Feinberg |url=https://www.forbes.com/profile/stephen-feinberg/ |access-date=2024-07-01 |website=Forbes |language=en |archive-date=September 25, 2019 |archive-url=https://web.archive.org/web/20190925031343/https://www.forbes.com/profile/stephen-feinberg/ |url-status=live }} He splits time between his homes on Manhattan's Upper East Side and Greenwich, Connecticut, with his wife Gisela (née Sanchez).

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Category:1960 births

Category:Living people

Category:20th-century American businesspeople

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Category:21st-century American Jews

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Category:First Trump administration personnel

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Category:United States deputy secretaries of defense