Fixing Detroit - Eli Broad
Complete video at: http://fora.tv/2008/11/20/Using_Entrepreneurship_to_Change_the_World Billionaire philanthropist Eli Broad argues that using public funds to bailout the ailing auto industry will not fix the economic crisis in Detroit. Instead, Broad suggests a trust fund, a major restructuring, and a sizeable government order of efficient vehicles to deal with the crisis. ----- After building two Fortune 500 companies from the ground up Eli Broad has turned his attention to philanthropy that uses entrepreneurship to improve the public good in education, science and the arts. Here he joins Matthew Bishop of The Economist for a discussion on his efforts - ALOUD at the Los Angeles Public Library Eli Broad is well known for his philanthropy and extensive art collection. A strong advocate of the city, he is actively involved in the on-going projects to revitalize downtown Los Angeles, and is an ardent supporter of efforts to raise the city's cultural profile. Broad made his initial fortune in real estate at his company Kaufman & Broad (now KB Home). He is 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 is ranked by Forbes as the 42-richest person in America.