Basic Information About Herbert Sandler
|Business › Wall Street
|Date of birth
|Place of birth
|New York City
|Date of death
|2019-06-05 (aged 87)
|United States of America
Herbert Sandler: A Philanthropic Powerhouse
Herbert Sandler, an American lawyer, banker, and philanthropist, left a lasting impact on the world through his remarkable achievements and generous contributions. With a net worth of $800 million at the time of his death in 2019, Herbert Sandler’s journey is one of success, resilience, and a deep commitment to making a difference.
Net Worth Details
Herbert and his wife Marion transformed Golden West Financial, a small California bank, into one of the largest mortgage lenders in the US. In 2006, they sold the company to Wachovia for a staggering $24 billion. Holding a 10% stake in the company, the Sandlers earned a massive pre-tax windfall of $2.4 billion. They immediately donated $1.3 billion to their charitable foundation, the Sandler Foundation, exemplifying their dedication to philanthropy.
The Sandler Foundation played a vital role in launching ProPublica, an investigative news organization. Guided by their belief in the power of journalism to expose wrongdoing and promote accountability, the Sandlers provided the necessary support to ensure ProPublica’s success. Through this initiative, they aimed to empower society by shedding light on critical issues that affect people’s lives.
However, the 2008 housing crisis impacted Golden West Financial and Wachovia significantly. The losses incurred led to Wachovia’s rescue by Wells Fargo. Despite these challenges, the Sandlers’ commitment to giving back remained steadfast, continuing to make a positive difference in various fields.
What is Herbert Sandler known for?
Herbert Sandler is widely known for his success as an entrepreneur in the banking industry. Alongside his wife Marion, he co-founded Golden West Financial Corporation in 1963 and served as its CO-CEO for over four decades. Under their leadership, Golden West Financial thrived as a residential mortgage portfolio, prioritizing risk-averse practices to provide high-quality loans.
The company’s impressive track record of maintaining the lowest loan losses in the industry earned it recognition as one of the most efficient money-producing companies globally. It was even included in Fortune magazine’s list of the most admired companies in the United States for ten consecutive years – a testament to Herbert and Marion Sandler’s strategic vision and unwavering dedication.
Early life and education
Born in 1931, Herbert Sandler exhibited remarkable intellect and ambition from a young age. He graduated high school at just 15 years old, setting the stage for a lifelong pursuit of excellence. He continued his education at the City College of New York, earning an undergraduate degree in 1951.
Recognizing his potential, Herbert pursued legal studies at Columbia Law School, graduating in 1954. His legal background would prove instrumental as he navigated the complex world of finance and used his expertise to shape the future of Golden West Financial.
Herbert Sandler’s career began in earnest in 1963 when he founded Golden West Financial Corporation alongside Marion Sandler. Their shared vision and complementary skills propelled the company to unprecedented heights. They expanded through strategic acquisitions, eventually acquiring Golden West Savings and Loan Association, which later became the World Savings Bank.
Golden West Financial Corporation’s focus on providing high-quality loans and meticulously managing risk set it apart from its peers. The company’s success spanned over four decades, with Herbert and Marion Sandler at the helm. In 2006, their expertise and strategic acumen paid off when they sold Golden West Financial to Wachovia Bank for an astounding $24 billion.
With this sale, the Sandlers secured a $2.4 billion windfall, further solidifying their financial success. True to their character, they chose to use a significant portion of their wealth for philanthropic endeavors through the Sandler Foundation, leaving a lasting legacy of generosity and social responsibility.
Herbert Sandler’s array of achievements extends beyond his financial triumphs. Alongside Marion, he established the Sandler Foundation, which has played a vital role in advancing scientific research and promoting responsible financial practices.
One area of focus for the Sandler Foundation has been the prevention of asthma. Through sponsoring advanced studies, they have contributed to the development of methods to minimize the impact of this chronic condition on countless lives. Additionally, the foundation has championed the cause of responsible lending practices, emphasizing the importance of fair, transparent financial contracts that protect consumers.
Herbert Sandler’s notable accomplishments continue to inspire future generations to aim high and make meaningful contributions to society. His entrepreneurial spirit combined with a strong commitment to social justice and philanthropy serves as a shining example of how one person can create a lasting impact.