Ted Forstmann

Teddy Forstmann was a man of many parts. He was a shrewd, successful pioneer of leveraged buyouts with the heart of a social worker. Teddy, who died Nov. 20 at 71, was a champion of the marketplace. During the takeover fight for RJR Nabisco, he coined the phrase "barbarians at the gate" to describe takeover artists wielding junk bonds. The phrase became the title of the best-selling 1990 book about that fight. But he also believed very strongly that people who accumulate great wealth have a great obligation to the less fortunate. From the moment he started making money, he began...

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