But, with Mr Forstmann still at the helm, his firm stuck to private equity.
Forstmann admits to having gambled in the past but denied the charges in the lawsuit.
Teddy Forstmann's failure to find a successor means that his firm, Forstmann Little, is unlikely to survive him.
His operational guy this time was Dan Akerson, who had left MCI two years earlier for the buyout firm Forstmann Little.
The apartment was owned by the Ted Forstmann, the late private-equity investor.
Forstmann's key partner in those two investments is a Democrat who is now running for the U.S. Senate in North Carolina.
For all his firm's early successes, his archrivals at KKR are again living large while Forstmann Little is all but forgotten.
The Children's Scholarship Fund, launched by entrepreneur Ted Forstmann and John Walton, awarded 40, 000 scholarships to children in kindergarten through 8th grade.
The notion that Connecticut investment officials didn't understand that firms like Forstmann take real risks for the possibility of big gains belies credulity.
Diane von Furstenberg, IMG Chairman Ted Forstmann, Lincoln Center Chair Katherine Farley and Council Speaker Christine Quinn will also attend the announcement.
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In addition to Forstmann and Walton, there are other civic-minded entrepreneurs funding a growing number of scholarship programs in New York, Milwaukee, Atlanta and elsewhere.
In 1999, for instance, Ted Forstmann and John Walton launched a major program to provide money for 40, 000 scholarships for low-income families across America to send their children to independent schools.
Presenting the award to him at the Plaza Hotel was American billionaire Ted Forstmann, also a dinner chair for the event, which was sponsored by the Business Council for International Understanding.
In the 1990s, having taken big losses on overleveraged deals like the RJR buy-out, Forstmann Little's rivals replaced their leaders and grew into financial conglomerates, managing a wider variety of funds and going into consultancy.
It is a critical tool for opportunity in the U.S. CHOICE MOVE Two notable businessmen, Ted Forstmann and John Walton, are making a joint charitable contribution that should put the White House and Congress to shame.
Assuming that neither Mr Pataki nor Ted Forstmann, a wealthy investment banker turned influential school-choice education reformer, could be persuaded to change their minds and run, the likeliest candidate would be Rick Lazio, a congressman from Long Island.
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According to an official release, Carl Icahn, Ted Forstmann and Steve Case are among the notable billionaires to sign onto the pledge announced today, many of whom already have already posted pledge letters on the site, www.givingpledge.org.
Deputy mayors Patricia Harris and Robert Steel, Council of Fashion Designers of America President Diane von Furstenberg, IMG head Ted Forstmann and Lincoln Center chair Katherine Farley also joined Bloomberg as he spent the next 20 minutes extolling the virtues of New York as a fashion base.
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