Ira Rennert: lawsuits and charity of the founder of Renco Group
Ira Rennert is known as the founder of the Renco Group, whose sphere of activity is investments. The entrepreneur is respected not only in business circles, but also in academia. Ira is a board member of the New York Business School and holds a master’s degree, which he received from Brooklyn College.
Ira Rennert is a controversial personality. On the one hand, the billionaire is actively engaged in charity, he creates many organizations in Israel, which help solve various social problems. But at the same time with such a respectable activity, Rennert is involved in numerous lawsuits related to environmental issues.
Ira began his career as an analyst and worked on lending issues at Wall Street. After a while, he started his own firm, Rennert & Co, which specialized in securities transactions.
In the 80’s Rennert bought the company Warren, which was in bankruptcy and metallurgical enterprise Ohio. His company was developing and gaining momentum, but during this period the businessman received an offer from a former employer. Wall Street merged with Integrated Resources, and its head persuaded Rennert to become a board member. By accepting the offer, the businessman acquired many problems. For example, the board of directors was accused of non-payment of wages and failure to perform their duties. The lawsuit lasted quite a long time, but as a result, the guilt was removed from the board. In 1995, the conflict was resolved in favor of the directors, who were paid $10 billion each in compensation.
Holding Renco Group, which was founded and is headed by Ira, owns several different companies. He invests in corporations such as AM General and Hummer. In addition, the holding includes American industrial enterprises and mines. They are the ones associated with lawsuits, which are regularly filed against the company. Environmental activists are fighting against the factories and mines that belong to Rennert. Such industry causes irreparable damage to the environment, which is compounded by the failure to meet a number of environmental standards. To close court proceedings, a businessman is forced to pay fines. Moreover, charges are brought against facilities located in different regions of the country and are always publicized.
However, Ira is actively working to improve her credibility in society. He is engaged in charity, supports a huge number of organizations and creates funds.
Rennet helps students, he sent $2.5 million to students at Barnard College in Israel and $5 million to the University of Boston. The businessman also contributed to a memorial to the victims of the terrorist attack on the site of the former World Trade Center.