Online Extra: Q&A with Eli Broad
The noted art collector explains why education issues are now his primary philanthropic focus
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Eli Broad, the founder of SunAmerica and homebuilder Kaufman & Broad, has been giving away millions for more than two decades. In the last five years, he and his wife, Edythe, have significantly stepped up their philanthropy in making pledges and grants worth some $1 billion. In an interview with BusinessWeek Senior Writer John A. Byrne, Broad discusses his hopes for making a meaningful difference with his multi-billion-dollar fortune. Following are edited excerpts:
Q: You've been very generous for a long time. Why?
A:
I know where I came from. I had the wrong religion, the wrong politics, and the wrong family background. But you're accepted in this country if you have a lot of good ideas and energy. I just don't want to sit here with my money and maintain the status quo. My family and I have been blessed with good fortune in the world of business. We've created quite a net worth. My children, two boys, have more money than they will ever need, and they aren't empire builders. So the question is, "What do you do?"