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{{short description|American banker novelist}}
{{Use mdy dates|date=May 2024}}

'''Kenneth Lipper''' (born June 19, 1941)<ref>{{Cite news |last=Dunlap |first=David W. |date=1982-11-02 |title=MAN IN THE NEWS; FROM WALL STREET TO CITY HALL |url=https://www.nytimes.com/1982/11/02/nyregion/man-in-the-news-from-wall-street-to-city-hall.html |access-date=2025-06-13 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> has worked as a lawyer, investment banker, stockbroker, writer and film producer. He is best known for his brokerage firm, Lipper & Company; writing the novelizations of the films ''[[Wall Street (1987 film)|Wall Street]]'' and ''[[City Hall (1996 film)|City Hall]]''; and for serving, during the 1980s, under Mayor [[Ed Koch]], as New York City Deputy Mayor for Finance and Economic Development for two years, then as a [[Port Authority of New York and New Jersey]] commissioner during 2013-2017. He is chairman of Lipper & Co, an investment bank and investment management company. Previously, he was a general partner at [[Lehman Brothers]] and [[Salomon Brothers]], and an adjunct professor at [[School of International and Public Affairs|Columbia School of International and Public Affairs]] in the field of international economics. He is Chairman of Lipper & Co, an investment bank and investment management company. Lipper won an [[Academy Award]] in [[71st Academy Awards|1998]] for producing the [[Academy Award for Best Documentary Feature|Best Documentary Feature]].

==Early life and education==
Born to a [[American Jews|Jewish]] family,<ref>[http://nymag.com/news/features/49091/index4.html#print New York Magazine: "Blacks and Jews - How wide the rift?" By Michael Kramer] February 4, 1985</ref> Lipper earned his [[Bachelor of Arts|B.A.]] ([[Phi Beta Kappa]]) at [[Columbia College of Columbia University]], his [[Juris Doctor|J.D.]] at [[Harvard Law School]], his [[LL.M.]] at [[New York University School of Law|NYU]] and did postgraduate work in law and economics at the [[University of Paris]]. Lipper was initiated into [[Zeta Beta Tau]] fraternity's Delta chapter at Columbia University in 1959. In his teen years growing up in [[The South Bronx]], Lipper is fondly remembered by [[Al Pacino]] in his 2024 memoir as one of "our little gang" of neighborhood friends. Pacino also noted that his character in the movie ''City Hall'' was based on Lipper’s later experience there as a NYC deputy mayor.<ref name="Pacino">{{cite magazine |last1=Pacino |first1=Al |title=Early Scenes |magazine=The New Yorker |date=September 2, 2024 |page=39 |url=https://www.newyorker.com/magazine/2024/09/02/an-exclusive-excerpt-from-al-pacinos-memoir-sonny-boy |access-date=30 August 2024}}</ref>

==Career==
===Early career===
He was an associate at [[Wall Street]] law firm [[Fried, Frank, Harris, Shriver & Jacobson]], before serving as director of industry policy for the Office of Foreign Direct Investment in [[Washington, D.C.]]<ref name=BWeek2002>{{Cite web |last=Vickers |first=Marcia |date=December 8, 2002 |title=The Fallen Financier |url=https://www.griequity.com/resources/InvestmentIndustry/WhistleExamples/lipper.html |access-date=June 12, 2025 |publisher=Bloomberg BusinessWeek cover story via|website=griequity.com}}</ref> He has been associate and partner of [[Lehman Brothers]] (1969–75) and managing director and partner at [[Salomon Brothers]] (1976–82)<ref name="Robyn Griggs McCabe"/>

In 1978, Lipper and colleagues were investigated by the SEC regarding a transaction for New Jersey medical-products manufacturer [[BD (company)|Becton, Dickinson & Company]] (BDX). Dubbed the "Midnight Raid", the SEC charged that Lipper and others had mounted a "telephone stock-buying blitz" to trigger BDX stock sales at a premium, amounting to an illegal, undisclosed [[takeover]] bid on the company. Salomon and Lipper were found to have "aided and abetted securities-law violations" by a Federal judge of the Southern District of New York; the pair "hammered out a settlement with the SEC, without admitting or denying liability, with a promise to obey the law in the future", which prevented Lipper from being permanently barred from the securities industry. In 1982, when Salomon went public, Lipper was able to cash out with an estimated $15 million.<ref name=BWeek2002/>

He was appointed New York City Deputy Mayor for Finance and Economic Development, serving from January 1983 under Mayor [[Ed Koch]], whose campaign finance committee Lipper had chaired during [[Ed Koch#Elections#1982|Koch's failed 1982 bid for the Democratic nomination for governor]].<ref name=Weber>{{Cite news |last=Weber |first=Bruce |date=1996-02-11 |title=FILM Into the Municipal Maelstrom |url=https://www.nytimes.com/1996/02/11/movies/film-into-the-municipal-maelstrom.html |access-date=2025-04-19 |work=The New York Times |language=en-US |issn=0362-4331}}</ref><ref>{{cite news |first=Michael |last=Goodwin |title=A Banker is named to Expanded Post For City Finances |url=https://www.nytimes.com/1982/11/02/nyregion/a-banker-is-named-to-expanded-post-for-city-finances.html|work=[[New York Times]] |date=1982-11-02}}</ref> In 1985, he resigned to run for the Democratic nomination for City Council president.<ref name=NYT-1985>{{Cite news |last=Lynn |first=Frank |date=1985-07-05 |title=LIPPER AND STEIN SQUARE OFF IN RACE |url=https://www.nytimes.com/1985/07/05/nyregion/lipper-and-stein-square-off-in-race.html |access-date=2025-06-13 |work=The New York Times |language=en-US |issn=0362-4331}}</ref>

===Lipper & Company===
Following his unsuccessful City Council campaign;<ref name=NYT-1985/> in 1986, Lipper founded the investment firm Lipper Holdings LLC,<ref name=WSJ-10-30-03>{{Cite news |last1=Zuckerman |first1=Gregory |last2=Baker |first2=Nick |date=2003-10-30 |title=Hedge Fund's Ex-Trader Is Indicted |url=https://www.wsj.com/articles/SB106744382836489500 |access-date=2025-06-13 |work=Wall Street Journal |language=en-US |issn=0099-9660}}</ref> operated as Lipper & Company, which claimed to manage more than $5 billion on behalf of institutions and [[high-net-worth individual]]s.<ref name=WSJ-22-2-2002>{{Cite news |last1=Gasparino |first1=Charles |last2=Zuckerman |first2=Gregory |date=2002-02-22 |title=Kenneth Lipper's Hedge Funds Slash Valuations on Bond Losses |url=https://www.wsj.com/articles/SB1014329247579499440 |access-date=2025-06-13 |work=Wall Street Journal |language=en-US |issn=0099-9660}}</ref><ref name=NYPost/>

In 1991, Lipper, together with his Lipper & Co. client [[Les Wexner]], Wexner Foundation trustee [[Jeffrey Epstein]], and insurance broker Robert Meister pledged to raise $2 million to build Rosovsky Hall at [[Harvard University]].<ref>{{Cite news |last=Anderson |first=Susan Heller |date=1991-06-03 |title=CHRONICLE |url=https://www.nytimes.com/1991/06/03/style/chronicle-639191.html |access-date=2025-06-13 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> ''[[Business Insider]]'' reported, in 2024, that 1997 flight logs included passengers Lipper and family aboard Epstein's private plane.<ref>{{Cite web |title=Jeffrey Epstein's Other Little Black Book REDACTED |url=https://www.documentcloud.org/documents/20973204-jeffrey-epsteins-other-little-black-book-redacted/ |access-date=2025-06-13 |website=www.documentcloud.org |language=en}}</ref><ref>{{Cite web |last=Wang |first=Meghan Morris, J. K. Trotter, John Cook, Angela |title=We found Jeffrey Epstein's other little black book from 1997. Search all 349 names in our exclusive database. |url=https://www.businessinsider.com/jeffrey-epstein-other-little-black-book-2021-6 |access-date=2025-06-13 |website=Business Insider |language=en-US}}</ref>

On January 14, 2002, executive vice-president Edward Strafaci refused to answer questions that arose in assessing Lipper & Co. fund valuations for the end of 2001;<ref>{{Cite book |last=Jaitly |first=Rajiv |url=https://books.google.com/books?id=KrWrCwAAQBAJ&pg=PT246 |title=Practical Operational Due Diligence on Hedge Funds: Processes, Procedures, and Case Studies |date=2016-02-05 |publisher=John Wiley & Sons |isbn=978-1-119-01874-2 |page=246 |language=en}}</ref> the research director and Strafaci both abruptly resigned from the firm that morning.<ref name=BWeek2002/><ref name=WSJ-22-2-2002/><ref name=CNN>{{Cite web |last=Cantrell |first=Amanda |title=A look back at infamous hedge fund frauds - Jul. 11, 2005 |url=https://money.cnn.com/2005/07/11/markets/scandal_hedgefunds/index.htm |archive-url=https://web.archive.org/web/20171109202852/https://money.cnn.com/2005/07/11/markets/scandal_hedgefunds/index.htm |archive-date=2017-11-09 |access-date=2025-06-13 |website=money.cnn.com}}</ref> The Lipper hedge fund portfolio was found to have been misrepresented, inflating the firm's convertible securities (formerly known as Lipco Partners, L.P.) by 46%.<ref>{{Cite web |date=2006 |title=''Williamson v. Lipper'' 0602312/2005, 2 n.1 (N.Y. Sup. Ct. 2006) |url=https://casetext.com/case/williamson-v-lipper |access-date=June 13, 2025}}</ref> overstated by up to 19%.<ref name=WSJ-10-30-03/> Lipper maintained his ignorance of the fund's steady demise and his own innocence, at first blaming losses on "the extraordinary combined severity of 2001 events" and market woes.<ref name=BWeek2002/> In liquidating his mutual funds, he sold $500 million in bond fund assets to [[Neuberger Berman]] in April 2002.<ref name=NYT-2001/> That December,<ref>{{Cite news |last=Jr |first=Landon Thomas |date=2003-01-07 |title=Fund Manager to Meet His Irate Investors in Court |url=https://www.nytimes.com/2003/01/07/business/fund-manager-to-meet-his-irate-investors-in-court.html |access-date=2025-06-13 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> he applied to the SEC to deregister his three mutual funds.<ref>{{Cite news |last=Colter |first=Allison Bisbey |date=2002-12-19 |title=Lipper Officially Exits Mutual-Fund Business |url=https://www.wsj.com/articles/SB1040330765174227793 |access-date=2025-06-13 |work=Wall Street Journal |language=en-US |issn=0099-9660}}</ref>

A New York Supreme Court judge ruled that Lipper had to start refunding his investors by early February 2003, ordering that 75% of the already liquidated assets of two Lipper Convertibles funds be returned, valued at $250 million or more.<ref>{{Cite web |date=January 19, 2003 |title=Lipper II: Judgment Day |url=https://www.bloomberg.com/news/articles/2003-01-20/lipper-ii-judgment-day |access-date=June 13, 2025 |website=Bloomberg}}</ref> Three months later, the judge further ruled that Lipper be removed as the liquidating trustee of the fund, and ordered him to repay millions of dollars received as fees based on falsely inflated prices during 1995 through 2001.<ref name=WSJ-10-30-03/><ref>{{Cite web |date=April 10, 2003 |title=More Bad News for Ken Lipper |url=https://www.bloomberg.com/news/articles/2003-04-10/more-bad-news-for-ken-lipper |access-date=June 13, 2025 |website=Bloomberg}}</ref> On April 24, 2002, Lipper & Co. filed with the SEC to liquidate two mutual funds: Lipper U.S. Equity and Lipper Merger fund, citing "lack of investor interest" and the fund's "diminishing size", leaving Lipper & Co. one mutual fund focused on European investments; Lipper continued to manage money for high net worth individuals.<ref name=NYPost>{{Cite web |last=Piskora |first=Beth |date=2002-04-25 |title=LICKED LIPPER IS LIQUIDATING HIS FUNDS |url=https://nypost.com/2002/04/25/licked-lipper-is-liquidating-his-funds/ |access-date=2025-06-13 |language=en-US}}</ref>

Lipper appealed the court's rulings; a New York appellate court upheld the lower court's orders that November.<ref>{{Cite web |date=November 19, 2003 |title=Ken Lipper Faces a Big-Time Payback |url=https://www.bloomberg.com/news/articles/2003-11-19/ken-lipper-faces-a-big-time-payback |access-date=June 13, 2025 |website=Bloomberg}}</ref> Numerous civil lawsuits were filed against Lipper & Company and litigated during the ensuing decade,<ref name=CNN/><ref name=Columbia-2023>{{cite web |title=Columbia College Today |url=https://www.college.columbia.edu/cct/sites/default/files/pdf/CCT_Winter_Spring_2023_vWEB.pdf |website=college.columbia.edu |access-date=14 June 2025 |page=33}}</ref> including a suit filed in January 2003 by the blind trust of Senator [[Fritz Hollings]],<ref name=BB-1-27-2003>{{Cite web |date=November 19, 2003 |title=Lipper: "Looking Out for His Friends"? |url=https://www.bloomberg.com/news/articles/2003-01-27/lipper-looking-out-for-his-friends |access-date=June 13, 2025 |website=Bloomberg}}</ref> which claimed that during the month between Strafaci's exit and public disclosure of the deflated hedge fund;<ref name=BWeek2002/> Lipper had withdrawn over $3 million in January 2002, through Lipper Holdings, and that his four daughters had each also made substantial withdrawals during the two months prior. The suit further alleged that "Lipper's pal Mortimer Zuckerman" had also withdrawn $12 million that month.<ref name=BB-1-27-2003/> Strafaci was indicted,<ref>{{Cite news |last=Fuerbringer |first=Jonathan |date=2003-10-30 |title=Ex-Executive With Lipper Is Indicted |url=https://www.nytimes.com/2003/10/30/business/ex-executive-with-lipper-is-indicted.html |access-date=2025-06-13 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> later pleading guilty to securities fraud, then sentenced to prison in 2004.<ref>{{Cite news |date=2013-11-08 |title=PwC ordered to face fraud claim over Lipper hedge fund collapse |url=https://www.reuters.com/article/markets/pwc-ordered-to-face-fraud-claim-over-lipper-hedge-fund-collapse-idUSL2N0IT118/ |access-date=2025-06-13 |work=Reuters |language=en}}</ref>

In October 2010, the New York State Supreme Court granted Lipper over $15 million in indemnification from the trustee for Lipper & Co., noting that investigations of claims asserted against Lipper had resulted in a finding that he had not engaged in "negligence, malfeasance, or a violation of law."<ref name="CityJ"/> In 2013, Lipper returned to managing investments.<ref>{{Cite web |date=2013-04-28 |title=Ken Lipper gets back in the game |url=https://www.crainsnewyork.com/article/20130428/FINANCE/304289989/ken-lipper-gets-back-in-the-game |access-date=2025-06-14 |website=Crain's New York Business |language=en}}</ref>

===Later career===
He was adjunct professor at Columbia School of International Affairs in the field of international economics, and served as a director of corporations and government agencies.<ref name="Robyn Griggs McCabe">{{citation |first=Robyn |last=Griggs McCabe |title=Antigone, Wall Street, and City Hall |work=Columbia College Today |date=Winter 1992–1993}}</ref> Lipper is a member of the board of directors of The Brain Trust at the [[Mortimer B. Zuckerman]] Mind Brain Behavior Institute, a research advisory board of [[Columbia University]], of which Zuckerman is chairman.<ref>{{Cite web |date=2019-03-26 |title=The Brain Trust |url=https://zuckermaninstitute.columbia.edu/brain-trust |access-date=2025-06-13 |website=zuckermaninstitute.columbia.edu}}</ref>

From 2003 to 2006, Lipper served as Senior Executive Vice President at Cushman & Wakefield, Inc.<ref name="CityJ">{{Cite web |last=Miller |first=Judith|title=Commissioner Candor |url=https://www.city-journal.org/article/commissioner-candor |access-date=2025-06-13 |website=City Journal |page=6|language=en}}</ref>

On June 21, 2011, Lipper appeared at Bloomberg's High Yield Conference in West Hollywood, California, where he discussed his opinions about the stock and bond markets, and government debt.<ref>{{Cite AV media |url=https://www.youtube.com/watch?v=A8VqL5NccGQ |title=Ken Lipper at Bloomberg High Yield Conference Part II |date=2011-06-21 |last=newyork10020 |access-date=2025-06-13 |via=YouTube}}</ref><ref>{{Cite AV media |url=https://www.youtube.com/watch?v=f1JRSuqLnYA |title=Ken Lipper at Bloomberg High Yield Conference Part I |date=2011-06-21 |last=newyork10020 |access-date=2025-06-13 |via=YouTube}}</ref> On December 7, 2011, Lipper appeared on Fox TV's "Good Day New York," where he discussed unemployment and economic development.<ref>{{Cite web |date=2025-06-13 |title=FOX 5 New York {{!}} Local News, Weather, and Live Streams {{!}} WNYW |url=https://www.fox5ny.com/ |access-date=2025-06-13 |website=FOX 5 New York |language=en-US}}</ref>

In 2013, Governor [[Andrew Cuomo]] appointed Lipper as a Commissioner of the [[Port Authority of New York and New Jersey]]<ref>{{cite web |url=http://www.governor.ny.gov/press/06202013Port-Authority-Commissioners |title=Governor Cuomo Announces Confirmations of Port Authority Commissioners |website=www.governor.ny.gov |url-status=dead |archive-url=https://web.archive.org/web/20130624071849/http://www.governor.ny.gov/press/06202013Port-Authority-Commissioners |archive-date=2013-06-24}}</ref> appointing him to a four-year term, during which Lipper was considered a government reformist.<ref>{{Cite web |last=Strunsky |first=Steve |date=2014-06-22 |title=Oscar-winning financier Ken Lipper is trying to reform the Port Authority |url=https://www.nj.com/news/2014/06/and_the_oscar_goes_toport_authority_reform.html |access-date=2025-06-14 |website=nj.com |language=en}}</ref>

==Arts==
Lipper wrote the novelization of ''Wall Street'', adapted from [[Oliver Stone]]'s [[Wall Street (1987 film)|1987 film of the same name]], served as technical advisor and appeared in a brief cameo. His experience in government was the inspiration for another film, 1996's ''[[City Hall (1996 film)|City Hall]]'', starring [[Al Pacino]], for which he penned the novelization, co-wrote the screenplay, and was a producer.<ref name="crose"/> He appeared on ''[[Charlie Rose (talk show)|Charlie Rose]]'' in 1996 to discuss his novel and movie ''City Hall''.<ref name="crose">{{cite web |date=1996-01-16 |url=http://www.charlierose.com/view/interview/6425 |title= A conversation with Ken Lipper |website=Charlie Rose |accessdate=2011-01-21 |url-status=dead |archiveurl=https://web.archive.org/web/20121002164503/http://www.charlierose.com/view/interview/6425 |archivedate=2012-10-02 }}</ref> He was also producer of ''[[The Winter Guest]]'', starring [[Emma Thompson]], and the [[Holocaust]] documentary ''[[The Last Days]]'', for which he shared an [[Academy Award]] in [[71st Academy Awards|1998]] for producing the [[Academy Award for Best Documentary Feature|Best Documentary Feature]].<ref>{{Cite web |title=Search - Arena - academycollection.org |url=https://academycollection.org/web/arena/search |access-date=2025-06-14 |website=Arena |language=en-US}}</ref>

He is also a co-founder and financier of Penguin Lives, a Viking biography series, which produced 22 diminutive biographies before dissolving in 2002.<ref>{{Cite web |date=2002-07-01 |title=Abbreviated Span of 'Penguin Lives': Viking Pulls Out |url=https://observer.com/2002/07/abbreviated-span-of-penguin-lives-viking-pulls-out/ |access-date=2025-06-14 |website=Observer |language=en-US}}</ref>

==Philanthropy==
Lipper has endowed scholarships in the name of his mother, Sally Lipper, at Harvard, Columbia, Princeton, and Israel's Weizmann Institute.<ref name="Robyn Griggs McCabe"/>

In 1994, Lipper gifted $3.2 million to Harvard to establish a chair in Holocaust Studies. When Harvard refused to fill the position, Lipper transferred the money to Harvard Medical School.<ref>{{cite news| url=https://query.nytimes.com/gst/fullpage.html?res=9A00E1D61F38F93AA25754C0A961958260 | work=The New York Times | first=Dinitia | last=Smith | title=Holocaust Studies Gift: A Headache for Harvard | date=July 19, 1997}}</ref>

In 1995 Mr Lipper created the Jerome Lipper multiple myeloma centre at Dana Farber cancer institute, one of the leading cancer research and treatment centres in the United States.

==Personal life==
In 2000, he divorced his wife, Dr. Evelyn Gruss,<ref>[http://observer.com/2002/09/ex-marks-her-spot/ The Observer: "Ex Marks Her Spot" By Blair Golson] September 23, 2002</ref> the daughter of financier and philanthropist [[Joseph S. Gruss]];<ref>[https://www.nytimes.com/1993/07/05/obituaries/joseph-gruss-91-philanthropist-who-supported-jewish-schools.html New York Times: "Joseph Gruss, 91, Philanthropist Who Supported Jewish Schools" By ERIC PACE] July 5, 1993</ref> They have four daughters:<ref>[http://www.griequity.com/resources/InvestmentIndustry/WhistleExamples/lipper.html Businessweek: "The Fallen Financier - Ken Lipper wanted to be a big wheel in Hollywood and New York. But he may be remembered most for the collapse of his hedge fund empire-and huge losses for the rich and famous"] December 9, 2002</ref> Joanna Helene Lipper, Daniella Lipper Coules, Tamara Lipper Smith, and Julie Lipper Wilcox.<ref name=NYT-2001>{{Cite web |title= WEDDINGS; Daniella Lipper, Greg Coules |work=[[New York Times]]|date=October 7, 2001 |url=https://www.nytimes.com/2001/10/07/style/weddings-daniella-lipper-greg-coules.html |accessdate=}}</ref><ref>{{Cite web |title=Tamara Lipper Smith - vice president of government affairs at Charter Communications Inc. |publisher=[[Washington Business Journal]]|date=July 15, 2015 |url=https://www.bizjournals.com/washington/potmsearch/detail/submission/3533711/Tamara_Lipper_Smith|accessdate=}}</ref>

==Books==
Ken Lipper, ''Wall Street'' (1987)

Ken Lipper, ''City Hall'' (1996)

Ken Lipper, "Born in the Real World: The Two Wall Street Movies", Wall Street: The Collector's Edition (2010)<ref>{{Cite web |url=https://www.scribd.com/doc/47367524/Born-in-the-Real-World-The-Two-Wall-Street-Movies |title=Born in the Real World: The Two Wall Street Movies |access-date=2017-09-09 |archive-url=https://web.archive.org/web/20110825070453/http://www.scribd.com/doc/47367524/Born-in-the-Real-World-The-Two-Wall-Street-Movies |archive-date=2011-08-25 |url-status=dead }}</ref>

==References==
<references />

==External links==
*{{IMDb name|0513601}}

{{Authority control}}

{{DEFAULTSORT:Lipper, Kenneth}}
[[Category:20th-century American novelists]]
[[Category:American male novelists]]
[[Category:Columbia College (New York) alumni]]
[[Category:Columbia University faculty]]
[[Category:Harvard Law School alumni]]
[[Category:Jewish American novelists]]
[[Category:American philanthropists]]
[[Category:New York University School of Law alumni]]
[[Category:People associated with Fried, Frank, Harris, Shriver & Jacobson]]
[[Category:University of Paris alumni]]
[[Category:Living people]]
[[Category:20th-century American male writers]]
[[Category:Novelists from New York (state)]]
[[Category:Year of birth missing (living people)]]
[[Category:Deputy mayors of New York City]]
[[Category:21st-century American Jews]]
[[Category:Producers of Best Documentary Feature Academy Award winners]]

Kenneth Lipper - Revision history

imported>Citation bot: Alter: url, title. URLs might have been anonymized. Add: authors 1-1. Removed parameters. Some additions/deletions were parameter name changes. | Use this bot. Report bugs. | Suggested by Jay8g | #UCB_toolbar