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Published on: 2/22/2008
Last Visited: 2/22/2008
Howard Milstein '73 Receives Honor as C.U. Entrepreneur of Year C.U. Receives Ninth Most Patents in U.S.> >
Howard Milstein '73 Receives Honor as C.U. Entrepreneur of Year
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From the real estate market to the media realm, Howard P. Milstein '73 has distinguished himself has an entrepreneur and his accomplishments have not gone unnoticed.
On Feb. 5, the University named Milstein, co-chairman, president and CEO of Emigrant Savings Bank, the 2008 Cornell Entrepreneur of the Year.
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Chris Wilkerson, founder, president and CEO of High Bar Capital and chair of the Entrepreneur of the Year selection committee, said that there was a combination of things that led to selecting Milstein for the honor.
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Wilkerson said the biggest driving factors included "[Milstein's] continued and repeated success in running his business" in addition to his "focus on the community."
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Milstein, who studied economics at Cornell before earning joint degrees in law and business at Harvard University, is currently the managing partner of Milstein Properties, alongside his father, Paul, and brother, Edward.The company owns residential and commercial properties in New York City, New Jersey, Connecticut, Niagara Falls, Washington D.C., Chicago and across the globe.
Milstein also ventured into the realm of media, founding Liberty Cable, a small cable company that made efforts to compete with Time Warner Cable in the early '90s.
In 2003, the Milstein family bought out its minority partners in Emigrant Savings Bank for $811 million.The move granted the Milsteins full control of the company it had acquired in 1986.Milstein later created the New York Private Bank & Trust as a holding company of Emigrant Savings Bank in 2005.
"[Milstein] revolutionized the private banking industry," Prof. Zachary Shulman, management, said.
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Milstein has served as a trustee of Weill Cornell Medical College for over 20 years in addition to serving as trustee, trustee emeritus and presidential councilor of the University.He has held positions on various University committees and continues to be a major benefactor.
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Milstein will deliver the keynote address at the Entrepreneurship@Cornell Celebration on Apr. 10 at 4:30 p.m. in Statler Auditorium.Jaquette said he could predict that Milstein will speak about the "significant challenges students [will] face in the future [in order] to make a difference in the world."
According to Jaquette, Milstein "has [made a difference] in many ways."
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"The $145 billion economic stimulus package that President Bush is encouraging Congress to pass, with its tax refunds for individuals and tax cuts for busÂinÂÂess investments, may help relieve some of the symptoms of the country's current financial trouble, but it does not address the most important economic problem we face," Milstein wrote.
Milstein instead proposed that the federal government should work with American banks holding subprime mortgages and "guarantee the principal of the mortgages for 15 years," which "would instantly give the lendÂing banks new capital."
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