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Forbes
23-06-2025
- Business
- Forbes
How Did Andrew Cuomo Get So Rich?
Cuomo, seen here at a candidates forum in April, has led most polls for the Democratic nomination for mayor of New York. The primary is on Tuesday, June 24. AP Photo/Frank Franklin II In 2017, Andrew Cuomo signed into law a program that would provide tuition-free college at New York's public universities for families making under $125,000 per year. In a speech hailing the legislation, he tied its support for middle-class families to his own life story. 'When you grow up in Queens,' he told the crowd, 'you grow up middle class. You grow up part of a working family. We're not rich in Queens, but that's okay.' At the time, the former cabinet secretary, New York attorney general and son of a former New York governor had already departed the middle class. Most of his money, per his financial disclosures filed at the time, sat in a blind trust with between $1.75 million and $2 million in it—a healthy sum, though not shocking for a 59-year-old lawyer at the head of the fourth-largest state in the country. Today, Forbes estimates Cuomo is worth about $10 million, a roughly five-fold gain in less than a decade. Not bad for a politician who resigned in scandal just under four years ago. During the height of his pandemic popularity, he signed a $5.2 million book deal, much of which he got upfront—an incredible sum for a governor. Out of office, he returned to a private (and lucrative) legal practice in 2022. Then, two years later, Cuomo—who shut down one of New York's nuclear power plants as governor—joined the advisory board of a nuclear company, earning him stock options worth over $4 million as of Friday's market close. Unlike most politicians Forbes tracks, the likely frontrunner to be New York City's next mayor owns no real estate, meaning he's missed out on the strong property market of the last decade. Instead, he forks over $8,000 monthly to rent a two-bedroom apartment in Midtown Manhattan. C uomo was born in Queens to Mario, a lawyer, and Matilda, a teacher, in 1957. Around the time he graduated high school, his father entered politics, becoming New York's secretary of state in 1975, then lieutenant governor in 1978. After graduating from Fordham University in 1979, the younger Cuomo went to Albany Law School, where he earned his J.D. in 1982—the same year his father became governor. Andrew Cuomo spent a year as a gubernatorial aide, taking a $1 annual salary. Then he pivoted to his own legal career. After a year as an assistant district attorney in Manhattan, he went into private practice in 1985 and founded a nonprofit called Housing Enterprise for the Less Privileged to support homeless people on the side. By 1988, he'd left to run HELP, which today says it has assisted over 500,000 people since its founding. In 1990, Cuomo married Kerry Kennedy, the daughter of Robert Kennedy and sister of now-health secretary RFK Jr. 'The union of the nation's two most renowned liberal Democratic clans—dubbed 'Cuomolot' by the tabloids—has been taken as a signal,' Maureen Dowd reported from the wedding for The New York Times , 'that the ambitious 32-year-old Andrew, his father's closest adviser and the president of HELP, a New York program to build housing for the homeless, is planning a very political future.' The marriage of Kerry Kennedy and Andrew Cuomo brought together two of America's best known political families. Bettmann Archive The prediction proved prescient. In 1991, Cuomo headed up the city's Commission on the Homeless. That experience catapulted him into the federal government, where he was appointed as an assistant secretary at the Department of Housing and Urban Development after Democrats took back the White House in 1992. President Clinton elevated him to HUD secretary in 1997 after winning a second term, giving Cuomo a $150,000 salary and control of a $26 billion budget by the end of his term. After Republicans regained control in Washington in 2001, Cuomo returned to New York and ran for governor for the first time. He dropped out before the Democratic primary. Adding to his troubles, Kennedy, who reportedly had long been frustrated with her husband's focus on politics over her family—they had three daughters—asked for a divorce the day after the primary. Cuomo retreated to private practice for several years, making big bucks—reportedly, $289,000 in 2003 and $819,000 in 2005 while he worked at a real estate company. He also wrote his first book, 'Crossroads: The Future of American Politics,' in 2003. It flopped, too, selling just 161 print copies, according to data from Circana Bookscan, an industry data service. He rebounded by running for attorney general in 2006, defeating Jeanine Pirro, a former judge and district attorney (and, later, a Fox News host) who Donald Trump recently appointed as D.C.'s U.S. Attorney. In 2010, Cuomo ran for governor again and won, earning him a raise from $152,000 to $179,000. Cuomo's finances were stable as New York's executive. In 2012, the earliest year for which disclosures are available, his only major asset other than his federal pension was his blind trust with a value between $1.75 million and $2 million. It stayed that way even as he wrote his second book, which earned him several hundred thousand dollars from advances and royalties in 2013, 2014 and 2016. 'All Things Possible' sold about 4,100 print copies, according to Circana Bookscan data. In 2019, as he kicked off his third term, he got a raise to $200,000. Cuomo's wealth jumped far more than that—his blind trust was worth $4.75 million to $5 million at the end of the year—though it's not entirely clear where he got the money. In July 2020, during the depths of the Covid-19 pandemic, he signed a $5.2 million book deal, coming out the winner in a bidding war between publishing companies. He published his third book, 'American Crisis: Leadership Lessons from the Covid-19 Pandemic' in October that year. By the end of 2020, his blind trust sat at between $7.5 and $7.75 million. Cuomo didn't keep the book money from his first installment of $3.1 million: Virtually all of it went to sky-high Empire State taxes, a $500,000 donation to United Way of New York and the creation of a trust fund for his daughters, Politico reports, citing tax returns Cuomo released in 2021. He received another $2.1 million split into two installments in 2021 and 2022. A spokesperson didn't respond to a list of questions about the valuation, the blind trust or whether he kept the remaining book money. (By the time he received the later payments, he was no longer governor and didn't have to file financial disclosures.) After two additional years of raises approved by the state legislature—his salary rose to $225,000 in 2020 and $250,000 in 2021—he was the highest paid governor in the country. It was short lived, though: Cuomo resigned in August 2021 amid accusations of sexual misconduct, ethical lapses and mismanagement during the pandemic. During the pandemic, Cuomo attempted to draw a contrast between himself and then-president Donald Trump. AP Photo/Mary Altaffer Out of power, Cuomo opened a legal consulting outfit in April 2022. His clients remain mostly unknown—Bloomberg reported that one was a crypto exchange that pleaded guilty to illegal operations in the United States. He also reportedly joined a team of lawyers defending Israeli Prime Minister Benjamin Netanyahu against war crimes charges at the International Criminal Court. At any rate, whoever hired him paid him handsomely, including over $500,000 in 2024, according to the disclosures he filed as a mayoral candidate. His most lucrative gig was advising a 'pre-revenue' company called NANO Nuclear that is seeking to develop nuclear microreactors, smaller versions of nuclear reactors that advocates hope could make it cheaper and easier to deploy fission power. In March of 2024, Cuomo was granted 125,000 options allowing him to purchase stock for $3.00 per share between now and 2027. After its IPO on the Nasdaq in May, the stock has soared; as of Friday's close at over $37, Cuomo's options are worth more than $4 million. The ethical issues surrounding his resignation from the governor's mansion are still weighing on him. A state ethics commission found in 2021 that Cuomo used state resources to help him write his latest book, 'American Crisis,' and tried to claw back the full $5.2 million book advance as punishment. The commission was replaced by New York's Commission on Ethics and Lobbying in Government, and Cuomo challenged the constitutionality of the body in court, but lost on appeal in February. Assuming the new commission assesses a similar punishment, Cuomo could have to return a chunk of the cash he got for a book that, per Circana Bookscan data, has only sold about 47,000 copies. The publisher reportedly stopped promoting it after separate allegations that Cuomo had mishandled Covid-19 patients in nursing homes during the pandemic, leading to more deaths from the virus. It never printed a paperback edition. Having solidified his finances for now, the former governor's path out of the political wilderness lies in winning the Democratic primary on Tuesday, June 24—though he may run on a different party's line if he loses, setting up a four-way mayoral race alongside the incumbent Eric Adams (net worth: at least $3.5 million, Forbes estimates) and whoever the Democrats and Republicans nominate. Deep-pocketed billionaire donors have lined up to back him, including over $8 million from former mayor Michael Bloomberg and $500,000 from hedge funder Bill Ackman. Cuomo is framing his comeback as a way for New Yorkers to fight against a different billionaire. 'We beat Trump once. We're gonna beat him again,' he told a Bronx crowd at a Juneteenth rally. 'And we're gonna make this city better than it has ever been before—together.'
CBS News
15-06-2025
- Health
- CBS News
Inside SoCal: Learning at Any Age (6/15)
Tuition-free learning to jump-start a new career is the goal of LAUSD's DACE program for adults – at any age. Students share how it's changed their lives for the better. LEARNING AT ANY AGE Sponsored by LAUSD Division of Adult and Career Education Life can get in the way at times, but it's never too late to learn or to change your future. Through LAUSD's DACE program (Division of Adult and Career Education), you can get your GED or learn a brand new skill set in a shorter time frame so you can jumpstart your new career. Tuition-free classes are a key component of this program, as are the diverse classes available – healthcare, tech, trades, and more. It's also designed for people juggling work, family, and everything else. They have campuses all over LA, as well as online options. Learn more at It's never too late to pursue your dreams.
CBS News
12-05-2025
- Business
- CBS News
Manor College offering tuition-free summer classes for impacted Crozer employees
Manor College in Jenkintown, Pennsylvania, announced it will be offering tuition-free classes to workers laid off by the May 2 closure of Crozer-Chester Medical Center. Going into effect immediately, the college said that they will be offering free courses (with a $295 semester fee charge) for the following introductory courses that include marketing, criminal justice, public policy and more: Summer I Sessions (May 19 – June 27) BA102 – Principles of Marketing BI106 – Human Nutrition Science CJ101 – Introduction to Criminal Justice CS105 – Introduction to Computer Fundamentals EC102 – Microeconomics EN101 – Fundamentals of Composition I EN103 – Effective Oral Communication MH110 – College Algebra PS101 – Introduction to Psychology RS103 – World Religions Summer II Sessions (July 1 – August 8) BA113 – Introduction to Entrepreneurship BA114 – Introduction to Sport Management BA202 – Business Communications CS105 – Introduction to Computer Fundamentals EN102 – Fundamentals of Composition II HSR202 – Disability, Society, and the Individual (In-person) PP101 – Introduction to Public Policy PS201 – Abnormal Psychology (In-person) All classes are online, unless otherwise specified. In addition to the tuition-free courses, former Crozer employees will have free access to Manor College's Career Center, including resume writing, job postings, mock interviews and more. The closure of Crozer-Chester Medical Center resulted in nearly 2,700 workers losing their jobs, leaving a huge void and increasing pressure on emergency medical services in Delaware County. The state and county are also offering resources to help employees find new jobs. The Crozer Transition Center, located on the first floor of the Chester Police Department, opened this week. The center helps people update their resumes, file for unemployment and secure medical insurance.
Forbes
10-05-2025
- Business
- Forbes
The Future Of College Isn't Transactional
The First Twenty Hope Forward Graduates, The Pioneers Re-Inventing How A College Education Can Be ... More Funded. What if the best way to shape responsible, generous graduates isn't through contracts or debt—but through trust? Last week, the college I lead, Hope College, celebrated a historic milestone: the first-ever graduating class of pay-it-forward students. Twenty young adults walked across the stage with a diploma in hand and zero tuition debt. But this wasn't just a financial experiment or a philanthropic gesture. It was a living, breathing demonstration of what can happen when education is rooted, not in transactional contracts but in trust, generosity, and hope. When we first launched Hope Forward in 2021, we knew it would face scrutiny. The idea was simple enough: Students shouldn't have to pay tuition. Instead, each student should receive an education paid in full by someone else. In return, these students would commit to give back someday, but without any legal obligation to do so. The concept is easy to understand. Many felt that it was also too idealistic to be practical. We heard every version of it: These concerns were expected. For decades now, higher education has operated on this transactional logic. Students are conditioned to believe that debt is a necessary burden, a rite of passage even. We've come to see financial obligation as the only reliable path to commitment. And yet, paradoxically, the weight of that obligation often breeds anxiety, burnout, and disengagement. So despite the naysayers, we felt like the time had come to try something new. And so, we began with beta-testing. Our first pay-it-forward cohort was small by design—twenty students who represented a wide range of socioeconomic, racial, geographic, and cultural backgrounds, all funded by a single anonymous donor. 30% of them came from overseas, and 20% of them were the first member of their family to attend college. But they weren't chosen because they looked good on paper; they were chosen based on a prompt - 'name an area of hopelessness you want to bring hope to.' Over the past four years, this group has become a kind of living laboratory—not just for financial aid reform, but for cultural transformation. We had already started to notice interesting trends in terms of academic performance and engagement: Our Hope Forward students had a higher average GPA than the rest of their class - 10% higher. They also had higher-than-average participation in campus life, from student government to service organizations to peer mentoring roles. But it wasn't until after graduation that we were able to report on two of the most astounding outcomes. The first outcome is related to retention. The graduation rate for this cohort was nearly 90% — well above national averages, and also above our own college's average graduation rate. But it's actually the second outcome – related to financial giving – which seems to be the most significant indicator yet that this model might actually work, perhaps better than we had ever dreamed. Upon matriculation, every Hope Forward student signs a covenant, promising to give back to their alma mater every year for the rest of their lives, beginning the year after graduation. We call this a covenant instead of a contract because although it's not legally binding, it's still relationally binding. And we expected the students to treat it as such, and to take their obligation seriously. What we did not expect was for students to stop seeing giving as an obligation altogether, but rather a privilege – something they couldn't wait to do. Yet that's exactly what seems to have happened. When Commencement arrived, 85% of this graduating class had already made a voluntary, financial gift to our college prior to graduation. One student even set up a recurring monthly donation. Not because he had to, or was expected to, but because he wanted to. To state the obvious, this is simply unheard of in the world of higher education fundraising. The average alumni giving rate in the US is less than 8%, and that's after graduation. In terms of giving rates prior to graduation, the number falls so low as to be virtually non-existent. Who would ever want to make a donation to a college they are still attending? But that dynamic is precisely what we've witnessed. And it's a trend that looks to be holding true for subsequent classes of Hope Forward students as well – looking at the next three graduating classes, 70% of those students have already made a gift as well. All of that to say: in launching this new model, we got more than we bargained for. Pay-it-forward didn't just create financial relief; it created an entirely new culture—one where trust begets trust, and generosity multiplies. These students proved that generosity, once ignited, becomes self-replicating. That receiving freely leads to giving freely, as a matter of course. That hope is not a fragile dream, but a durable engine. At the heart of Hope Forward is a radical claim: when people are trusted, they rise to the occasion. Trust isn't just a 'value' — it's a strategy. This represents a small but seismic shift, from scarcity to abundance, from contract to covenant, from debt to devotion. Traditional financial models operate on enforcement. Hope Forward operates on formation. It forms students not just intellectually, but relationally and spiritually. It teaches them, from day one, that they belong to a story that is bigger than themselves—and that their response to receiving is to become givers in turn. As one of these students put it recently, 'I don't 'deserve' my education: It's a gift given to me by someone I don't even know. It's grace. It could have been given to someone else. Our natural response to something given to us should be to share it.' Behavioral science backs this up. People give more, not less, when they feel trusted. Psychology tells us that voluntary commitment is more powerful than coerced obligation. Neuroscience shows that generosity activates reward centers in the brain. Which is essentially what Jesus already tried to tell us a couple of millennia ago: 'It's more blessed to give than receive.' Turns out that's not some sort of moral standard to aspire to, but rather a basic law of human nature. Hope Forward is still young, and we are still learning. But if this first cohort is any indication, we're learning in the right direction. We're well aware that there's still a long road ahead, and we'll need to continue making adjustments as we grow. We'll need to measure more, listen more, and adapt as needed. Sustaining and scaling this model will require long-term vision, disciplined stewardship, and a generous community of supporters. But those supporters are growing. Because they see what's happening, and they want to be part of it. Which is why I'm confident that even as this model scales, its core purpose will remain intact: to educate students through generosity, and to invite them into lives marked by the same. This is not just about how we fund college. It's about what kind of people we believe a college can shape. It's just the beginning. But already, the future feels different.
