HauteVid: Eli Broad Says Trust Funds, Not Bailouts Can Save Auto Industry

Critically thinking about a proper cure for the dangerously past the precipice auto industry, billionaire philanthropist suggests unique remedies…and a public bailout isn’t one of them. Broad’s other main points in this fora.tv video center around the need for a major restructuring to go along with a sizeable government order of efficient vehicles. And when Broad speaks, it’s a good idea to listen. He’s well known for his philanthropy and extensive art collection, as well as being an extremely strong advocate of L.A., he’s actively involved in the on-going projects to revitalize its downtown. An ardent supporter of efforts to raise the city’s cultural profile, he made his initial fortune in real estate at his company Kaufman & Broad (now KB Home). He’s also a founder of the financial giant SunAmerica. He was CEO of SunAmerica, now a subsidiary of the American International Group, until the year 2000. With an estimated net worth of around $5.8 billion, he’s ranked by Forbes as the 42nd-richest person in America.