George Kaiser
Encyclopedia
George B. Kaiser is an American
businessman. He is the Chairman of BOK Financial Corporation
. He is among the top 100 richest people in the world and one of the top 50 American philanthropists.
in 1964 and an MBA from the Harvard Business School
in 1966. He briefly considered joining the U.S. Foreign Service, but instead returned to Tulsa in 1966 to work for his father. Kaiser-Francis Oil Co.
was created in the 1940s by Kaiser's uncle and parents, Jewish refugees from Nazi Germany who settled in Oklahoma. Kaiser took control of Kaiser-Francis Oil Company in 1969. In 1990, Kaiser bought the Bank of Oklahoma, N.A. from the FDIC, the government agency that guarantees the soundness of the nation's major savings institutions. Buying the Bank of Oklahoma landed Kaiser on the Forbes 400 wealthiest Americans. As of 2007, Kaiser's ownership interests in BOKF were worth $2.3 billion. In 2008, with an estimated net worth of around $12 billion, he was ranked by Forbes
as the 20-richest person in America
and the richest person in Oklahoma
. In March 2009, in the face of the general world economic downturn, Forbes reported that Kaiser's net worth had dropped to $9 billion, ranking him in a tie for 43rd-richest person in the world. It has since risen to $9.8 as the markets recover.
, and San Francisco, California
.
s 2008 list of the top 50 American philanthropists, behind Warren Buffett
and Bill and Melinda Gates
. Among his prominent causes is fighting childhood poverty through the George Kaiser Family Foundation; he is also a major benefactor to the Jewish community in Oklahoma, which numbers about 5,000 people. He has been notably active in the promotion of early childhood education
. Kaiser's family foundation is also the largest contributor to the Tulsa Community Foundation
, which Kaiser established in 1998 because of his perception that that Tulsa's historical dependence on unorganized private giving from its wealthy families was no longer effective. Beginning with gifts from seventeen local philanthropists, by 2006 this foundation had grown to become the largest community foundation
in the United States, and now has approximately four billion dollars in assets.
Kaiser's family foundation funded the National Energy Policy Institute, a non-profit energy policy organization located at the University of Tulsa
whose president since its inception is former Alaska governor Tony Knowles
, and whose director since January 2010 is former U.S. Representative
Brad Carson
. In January 2009, Kaiser drew attention after he told a committee of the Oklahoma House of Representatives
that the state should eliminate or reduce tax incentives for the oil and gas industry, and instead use the money for health care or education programs or for tax cuts for other taxpayers.
Kaiser's family foundation was a large investor in the now-defunct Solyndra Corporation
.
Kaiser is among those who have made The Giving Pledge
, a commitment to give away half of his wealth for charitable purposes.
, and functioned as a campaign bundler for Obama: an individual who collects contributions to a candidate from others that are then simultaneously given to the candidate. At one 2007 event for Obama, he raised more than $250,000.
An article by the nonpartisan and open government organization Sunlight Foundation
's Bill Allison has analyzed Kaiser's business activities and his use of legal tax avoidance
strategies, including how during the 1980s bust in the oil industry in Oklahoma and Texas. Kaiser bought up struggling energy companies whose losses provided him with tax deductions that effectively offset his own income and left him with little or no tax liability.
The report says Kaiser paid no taxes to the federal government for years and that when he did pay taxes, just once in a six-year period, it was just under $11,700, meaning he paid taxes on a taxable wage of $5.62 per hour. The report comes from the Sunlight Foundation's Bill Allison. Allison's post indicates many experts, including the IRS, believe Kaiser's tax strategies were illegal.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman. He is the Chairman of BOK Financial Corporation
BOK Financial Corporation
BOK Financial Corporation , based in Tulsa, Oklahoma, is a financial services company in the West South Central States region of the United States. The corporate headquarters is located in the BOK Tower in downtown Tulsa. BOK Financial's holdings include BOKF, NA, BOSC, Inc, Cavanal Hill Investment...
. He is among the top 100 richest people in the world and one of the top 50 American philanthropists.
Early life and career
Kaiser attended Tulsa public schools. He earned a B.A. from Harvard CollegeHarvard College
Harvard College, in Cambridge, Massachusetts, is one of two schools within Harvard University granting undergraduate degrees...
in 1964 and an MBA from the Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
in 1966. He briefly considered joining the U.S. Foreign Service, but instead returned to Tulsa in 1966 to work for his father. Kaiser-Francis Oil Co.
Kaiser-Francis Oil
The Kaiser-Francis Oil Company is an Anglo-American oil company. The company is based in Tulsa, Oklahoma, and is controlled by George Kaiser....
was created in the 1940s by Kaiser's uncle and parents, Jewish refugees from Nazi Germany who settled in Oklahoma. Kaiser took control of Kaiser-Francis Oil Company in 1969. In 1990, Kaiser bought the Bank of Oklahoma, N.A. from the FDIC, the government agency that guarantees the soundness of the nation's major savings institutions. Buying the Bank of Oklahoma landed Kaiser on the Forbes 400 wealthiest Americans. As of 2007, Kaiser's ownership interests in BOKF were worth $2.3 billion. In 2008, with an estimated net worth of around $12 billion, he was ranked by Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
as the 20-richest person in America
Forbes 400
The Forbes 400 or 400 Richest Americans is a list published by Forbes Magazine magazine of the wealthiest 400 Americans, ranked by net worth. The list is published annually in September, and 2010 marks the 29th issue. The 400 was started by Malcom Forbes in 1982 and treats those in the list like...
and the richest person in Oklahoma
Oklahoma
Oklahoma is a state located in the South Central region of the United States of America. With an estimated 3,751,351 residents as of the 2010 census and a land area of 68,667 square miles , Oklahoma is the 28th most populous and 20th-largest state...
. In March 2009, in the face of the general world economic downturn, Forbes reported that Kaiser's net worth had dropped to $9 billion, ranking him in a tie for 43rd-richest person in the world. It has since risen to $9.8 as the markets recover.
Personal
He is married, with three children. He and his wife Myra divide their time between Tulsa, OklahomaTulsa, Oklahoma
Tulsa is the second-largest city in the state of Oklahoma and 46th-largest city in the United States. With a population of 391,906 as of the 2010 census, it is the principal municipality of the Tulsa Metropolitan Area, a region with 937,478 residents in the MSA and 988,454 in the CSA. Tulsa's...
, and San Francisco, California
San Francisco, California
San Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...
.
Philanthropy
Kaiser is listed third on BusinessWeekBusinessWeek
Bloomberg Businessweek, commonly and formerly known as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. It is currently headquartered in New York City.- History :...
s 2008 list of the top 50 American philanthropists, behind Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
and Bill and Melinda Gates
Bill & Melinda Gates Foundation
The Bill & Melinda Gates Foundation is the largest transparently operated private foundation in the world, founded by Bill and Melinda Gates. It is "driven by the interests and passions of the Gates family"...
. Among his prominent causes is fighting childhood poverty through the George Kaiser Family Foundation; he is also a major benefactor to the Jewish community in Oklahoma, which numbers about 5,000 people. He has been notably active in the promotion of early childhood education
Early childhood education
Early childhood education is the formal teaching and care of young children by people other than their family or in settings outside of the home. 'Early childhood' is usually defined as before the age of normal schooling - five years in most nations, though the U.S...
. Kaiser's family foundation is also the largest contributor to the Tulsa Community Foundation
Tulsa Community Foundation
The Tulsa Community Foundation is the largest community foundation in the United States. Headquartered in Tulsa, Oklahoma, as of January 2011 it was reported to have approximately four billion dollars in assets, and to have donated more than $580 million to local charities and government...
, which Kaiser established in 1998 because of his perception that that Tulsa's historical dependence on unorganized private giving from its wealthy families was no longer effective. Beginning with gifts from seventeen local philanthropists, by 2006 this foundation had grown to become the largest community foundation
Community foundation
Community foundations are instruments of civil society designed to pool donations into a coordinated investment and grant making facility dedicated primarily to the social improvement of a given place...
in the United States, and now has approximately four billion dollars in assets.
Kaiser's family foundation funded the National Energy Policy Institute, a non-profit energy policy organization located at the University of Tulsa
University of Tulsa
The University of Tulsa is a private university awarding bachelor's, master's, and doctoral degrees located in Tulsa, Oklahoma, USA. It is currently ranked 75th among doctoral degree granting universities in the nation by US News and World Report and is listed as one of the "Best 366 Colleges" by...
whose president since its inception is former Alaska governor Tony Knowles
Tony Knowles (politician)
Anthony Carroll Knowles is an American Democratic politician and businessman who served as the seventh Governor of Alaska from December 1994 to December 2002. Barred from seeking a third consecutive term as governor in 2002, he ran unsuccessfully for Senate in 2004 and again for governor in...
, and whose director since January 2010 is former U.S. Representative
United States House of Representatives
The United States House of Representatives is one of the two Houses of the United States Congress, the bicameral legislature which also includes the Senate.The composition and powers of the House are established in Article One of the Constitution...
Brad Carson
Brad Carson
Brad Rogers Carson is an American lawyer and politician from the state of Oklahoma. A member of the Democratic Party, he served in the United States House of Representatives from 2001 to 2005.-Background:...
. In January 2009, Kaiser drew attention after he told a committee of the Oklahoma House of Representatives
Oklahoma House of Representatives
The Oklahoma House of Representatives is the lower house of the Oklahoma Legislature, the legislative body of the U.S. state of Oklahoma. Its members are responsible for introducing and voting on bills and resolutions, providing legislative oversight for state agencies, and helping to craft the...
that the state should eliminate or reduce tax incentives for the oil and gas industry, and instead use the money for health care or education programs or for tax cuts for other taxpayers.
Kaiser's family foundation was a large investor in the now-defunct Solyndra Corporation
Solyndra
Solyndra was a manufacturer of cylindrical panels of CIGS thin-film solar cells based in Fremont, California. Although the company was once touted for its unusual technology, plummeting silicon prices led to the company being unable to compete with more conventional solar panels...
.
Kaiser is among those who have made The Giving Pledge
The Giving Pledge
The Giving Pledge is a campaign to encourage the wealthiest people in the United States to make a commitment to give most of their money to philanthropic causes...
, a commitment to give away half of his wealth for charitable purposes.
Political activities
Kaiser was a fundraiser for the 2008 presidential campaign of Barack ObamaBarack Obama presidential campaign, 2008
Barack Obama, then junior United States Senator from Illinois, announced his candidacy for the presidency of the United States in Springfield, Illinois, on February 10, 2007. On August 27, 2008, he was declared nominee of the Democratic Party for the 2008 presidential election...
, and functioned as a campaign bundler for Obama: an individual who collects contributions to a candidate from others that are then simultaneously given to the candidate. At one 2007 event for Obama, he raised more than $250,000.
An article by the nonpartisan and open government organization Sunlight Foundation
Sunlight Foundation
The Sunlight Foundation is a 501 educational organization founded in April 2006 with the goal of increasing transparency and accountability in the United States government....
's Bill Allison has analyzed Kaiser's business activities and his use of legal tax avoidance
Tax avoidance
Tax avoidance is the legal utilization of the tax regime to one's own advantage, to reduce the amount of tax that is payable by means that are within the law. The term tax mitigation is a synonym for tax avoidance. Its original use was by tax advisors as an alternative to the pejorative term tax...
strategies, including how during the 1980s bust in the oil industry in Oklahoma and Texas. Kaiser bought up struggling energy companies whose losses provided him with tax deductions that effectively offset his own income and left him with little or no tax liability.
The report says Kaiser paid no taxes to the federal government for years and that when he did pay taxes, just once in a six-year period, it was just under $11,700, meaning he paid taxes on a taxable wage of $5.62 per hour. The report comes from the Sunlight Foundation's Bill Allison. Allison's post indicates many experts, including the IRS, believe Kaiser's tax strategies were illegal.