Langone, Sorkin Discuss The American Dream At BCNY's Annual Luncheon
The Boys Club of New York (BCNY) held its 16th annual luncheon Wednesday at 583 Park Avenue. 300 guests came to support the organization, and to watch Andrew Ross Sorkin interview Ken Langone on the subject of mentorship and the American Dream. Co-chaired by Ritchey and David Howe, Tiffany and Claus Moller, Alexandra and Greg Mondre, Betsy and Rob Pitts, Hilary and Lyon Polk, Kathryn and Bill Tyree, and Cynthia and Jan van Eck, the event raised over $900,000 to support BCNY's innovative approach to youth development and its unique mentorship model programming.
'The core mission of the BCNY to serve the community has always been paramount to our involvement,' said Cynthia van Eck. 'It gives the boys role models to see what their future can look like and the opportunity to make it happen.'
Betsy Pitts, Ritchey Howe, Alexandra Mondre, Ken Langone, Elaine Langone, Cynthia van Eck, Tiffany Moller
Sylvain Gaboury/PMC/PMC
A past Women's Board President, Van Eck was most excited about the new BCNY clubhouse, being built in Mott Haven, in the Bronx, as was BCNY Executive Director Stephen Tosh.
'There is so much need there,' said Tosh. 'I worked in Mott Haven for ten years before joining the Boys Club, and we will be filling a big void. We are opening a 30,000 square foot, state-of-the-art clubhouse with an additional 30,000 square feet of outdoor space. The soft opening will take place July 1, the full opening September 1. We expect to be serving about 1,000 boys a year directly, and another 1,000 indirectly who will be participants in our sports leagues and other activities. We are really excited and we feel this is a major step right now for the Boys Club in meeting the needs of boys in New York.'
Board members who have volunteered for years have witnessed first-hand what the power of mentorship can do, and how being part of the Boys Club can change the trajectory of a boy's life in an incredibly positive way. Each has their own success story to share.
Alexandra Mondre, Ritchey Howe
Sylvain Gaboury/PMC/PMC
'I will never forget when a young man named Daouda who used to come to the Harriman clubhouse said to me, 'When I come here, I feel I have come home and I feel safe,'' said board member Anjali Melwani. 'He lived in a rough neighborhood in Brooklyn and had no friends. When he came to BCNY, he found a family.'
'I think the success stories at BCNY come in all sizes,' said co-chair and board member Ritchey Howe. 'Of course there are boys that have gone on to Julliard and Ivy League colleges, but just as important are those of a shy boy becoming more confident and finding a home at the clubhouse, and the comfort that gives his single mother. What is amazing at BCNY is it is for every underserved boy; it meets them where they are and helps them grow and have a better life.'
Venket Varadarajan, Bryan Samanieg, Randy Jarama, Ken Langone, Alexander Alvarez, Kevin Loke, Orlando Nazario
Sylvain Gaboury/PMC/PMC
Board president Bill Tyree, who started volunteering at BCNY in 1985, highlighted the support BCNY gives its members even when they falter. BCNY believes in second chances.
'I was a mentor to a boy who got in to a prestigious prep school,' said Tyree. 'He was an academic, and he did very well there. Unfortunately, his senior year, he plagiarized his common application essay. One of the schools found out about it and notified the prep school; the boy was told to withdraw all the college applications that had that essay in it. He called the schools to explain his situation, but none would take him. With the help of Antonio Aponte, our Director of Educational and Career services, BCNY helped him through the process of getting into SUNY Binghamton, where he graduated Cum Laude. He has been a huge success ever since.'
Ken Langone, Andrew Ross Sorkin
Sylvain Gaboury/PMC/PMC
The room was buzzing as guests dined on roasted salmon with couscous and vegetables, curious to hear two titans of finance speak during these uncertain times. After a beautiful introduction by Ritchey Howe - Langone was a friend of her father's – Sorkin and Langone took the stage, and Sorkin gave an introduction of his own.
'Ken Langone is the personification of the American Dream,' said Sorkin. 'He founded Home Depot, creating half a million jobs. One of the most impressive things he has done is he effectively raised five billion dollars, and gave $500 million of his own money, to change the fate of NYU Langone Medical Center. Those medical students do not pay tuition. Also, at a time when a lot of people don't want to say what they think, Ken Langone is a straight shooter.'
Sorkin then asked Langone, who originally came from a modest background, if he felt the American Dream was still available today.
'The American Dream has never been better than it is right now,' Langone answered. 'With all of the mistakes we make in this nation, there is no nation on earth that is better than this country. And the sooner we recognize what we have, as opposed to what we don't have, the quicker we will come to the realization that a lot of kids like me have a chance to succeed. I never dreamed in a million years that I could do what I did. There isn't a better place, or a better time, to achieve the American Dream. I wish I was 21 and starting all over again.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 days ago
- Yahoo
Want To Be In The Top 5% Of Households? Here's Exactly How Much You Need—And It's Much Lower Than You'd Guess
How do you know if you're actually rich — like, rich rich? If you've ever wondered whether your savings, investments, or home equity stack up to the country's wealthiest, there's a number that draws the line. And while it might sound like an elite bracket reserved for finance bros and inheritance babies, the top 5% isn't as far out of reach as some might think. You'll hear people toss around figures like "I want to retire with $5 million," or "You're not rich until you never check your balance." Fair. But in the background, many are just quietly checking to see if their net worth is even close to making the cut. You'll spot them in Reddit threads, in comment sections, or sitting across from you at brunch, casually mentioning their Roth IRA. So—how rich do you need to be to join the top 5% of households? Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Maximize saving for your retirement and cut down on taxes: . According to the Federal Reserve's Survey of Consumer Finances, you'd need a net worth of about $3.8 million to break into the top 5% of U.S. households. That includes everything you own—retirement accounts, investments, your home—minus any debts you owe. Seems steep? Compared to the median net worth in America, which is around $192,700, it is. But if you've been aggressively saving, investing wisely, or just got lucky with some real estate timing, you might be closer than you think. The average net worth of households in the U.S. is about $1.06 million, but don't let that fool you. Averages get warped by the ultra-wealthy. The median is a better measure for the "typical" household—and that's why $192,000 matters. If you're above it, you're ahead of most. If you're below it, you're not alone. Trending: Invest where it hurts — and help millions heal:. This number includes: Retirement savings (401(k), IRA) Brokerage and investment accounts Real estate equity Business ownership or equity Cash and bank holdings Minus credit card debt, student loans, mortgages, etc. It doesn't count income—this is strictly net worth, not how much you make. Whether you're halfway there or just getting started, here are a few things that actually move the needle: Automate your investing. Consistency beats timing. Pay down high-interest debt. It eats your momentum. Own appreciating assets. Think equities or property, not depreciating toys. Reinvest wisely. Compound interest rewards the yourself to others isn't the recipe for happiness—but it is human nature. Benchmarks like this help give context, not judgment. Some people live well below their means and still feel broke. Others drive a 15-year-old car and feel free. Your version of "rich" might mean peace of mind, flexibility, or just not sweating the small stuff. These numbers are guideposts, not gospel. But if you're aiming for top 5% status? Now you know the number. The rest is strategy. Read Next: Here's what Americans think you need to be considered wealthy. Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Want To Be In The Top 5% Of Households? Here's Exactly How Much You Need—And It's Much Lower Than You'd Guess originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
2 days ago
- New York Post
Why both the Left and the Right are failing American workers
Working-class voters had high hopes that Donald Trump would help them out economically: Inflation and the economy were top priorities for Trump voters in 2024. These voters have seen the fading of the American Dream first-hand: Over 90% of Americans did better than their parents in the decades after World War II, but only half born in 1980 will. Why? A major reason is that employers pocketed workers' fair share of productivity increases. Wages used to rise when productivity did; if that had continued, workers' wages would be 43% higher than they are today. 6 Only half of Americans born in 1980 are doing better than their parents, with the root causes far harder to solve than mere DOGE-style cost cuts by President Trump and Elon Musk. FRANCIS CHUNG/POOL/EPA-EFE/Shutterstock You won't hear about this from President Trump. Instead, his villain is foreign trade, and his solution is to use tariffs to bring back blue-collar jobs. But tariffs won't work quickly, because onshoring means building new factories, which takes years. And it may never happen. Meanwhile, tariffs threaten to take away the only real benefit workers got from globalization: cheap Nikes, T-shirts, and party favors. To add to that, the Trump administration is DOGE-ing away stability at the Veterans Administration and Medicaid, which middle-class and rural Americans rely on. In short, the right isn't doing right by Lunchpail Joe and Jane. But neither is the left. Instead, it's obsessing nonstop about Trump's flouting of democratic norms — that's all progressives want to talk about. Defense of democracy was a top priority for those who voted for Kamala Harris, but way, way down for those who voted for Trump. The left also wants to talk about how DOGE is firing government workers, making professionals' jobs unstable and nerve-wracking. 6 Attacks on Obama-era healthcare initiatives are another reason American workers are feeling the pinch, some critics claim.. Getty Images Welcome to our world, say non-college voters. Thirty years ago, sales personnel at Macy's had full-time jobs with benefits. Today, associates worry constantly about whether they will accrue enough hours to pay the rent, in jobs that typically lack health insurance. As a result, many workers without degrees are working all kinds of hours. A 38-year-old construction worker described the impact on family life: 'People can't get or stay married because it takes so much effort to survive. My ex-fiancée said, 'You're never around.' But I was working to get a better life for us. No one has time for their kids. It's the American Nightmare.' 6 Today, associates worry constantly about whether they will accrue enough hours to pay the rent, in jobs that typically lack health insurance. Bloomberg via Getty Images DOGE is placing college-educated professionals where workers without degrees have been for decades — worried sick about how they're going to support their families. Don't expect workers to care. In earlier eras, the left was focused on good jobs for blue-collar workers and universal programs to ensure stability for the middle class, like Social Security, Medicare, and VA home loans and college benefits. In the 1970s, the focus changed to prioritize issues of greater concern to liberal college grads: environmentalism, racism, and sexism. As political priorities changed, so did 'feeling rules' that set the parameters of our heartstrings. A good lefty should feel angst about climate change, the poor, LGBTQ+, racism, and immigrants. But blue-collar Americans who vote for Trump? They're deplorable. If you care deeply about people disadvantaged by race, gender, and country of origin — but ignore class disadvantage — then people disadvantaged by class will seek solace by flocking to those who channel their anger. In both Europe and the US, those who flock to the far right are middle-status voters in routine jobs, holding on for dear life and just waiting for the other shoe to drop. A reality check: Democrats have generally done better for working people than Republicans. Obamacare is only the most recent example. The Trump administration has cut funding to programs that underlie the stability of middle-class Americans, like the VA and Social Security, creating overly lengthy wait times. 6 'Out-classed: How the Left Lost the Working Class and How to Win Them Back' by Joan C. Williams. 6 Author Joan C. Williams. This is what the left should be focusing on, not the defense of democracy. Americans who feel they've been screwed for the last 40 years feel democratic institutions haven't delivered for them. If Democrats are seen as defending the status quo, they won't win over non-college voters who feel like the status quo isn't working for them. And nearly two-thirds of Americans lack college degrees. Without them, Democrats can't win elections. Here's the bottom line. My message for Republican powers-that-be is a question: Does the current business climate, rife with chaos, instability, and the corrosion of both democratic norms and the US credit rating, really work for you? If you'd prefer a more orderly political and business climate, you need to deliver a stable, middle-class future for Americans without college degrees. 6 The Trump administration is DOGE-ing away stability at the Veterans Administration and Medicaid, which middle-class and rural Americans rely on. Getty Images My message for Democratic powers-that-be is also a question: Do you want to win elections? If you do, you need to change policies and feeling rules to deliver both economic stability and respect for non-college voters. Because if you don't, what you now see is what you'll get. There's your coalition out of this mess. Joan C. Williams is director of the Equality Action Center at UC Law San Francisco and the author of 'OUTCLASSED: How the Left Lost the Working Class and How to Win Them Back.'
Bloomberg
3 days ago
- Bloomberg
Private Equity Doesn't Actually Want to Kill the American Dream
There is a lot of the titular bad, intended and unintended, in Megan Greenwell's Bad Company: Private Equity and the Death of the American Dream (Dey Street, June 10). There is the main charge: that private equity investors are bad, careless, pampered, unimaginative, extractive, faceless people who have 'reshaped the American economy to serve [their] own interests, creating a new class of billionaires while stripping ordinary people of their livelihoods, their health care, their homes, their sense of security.' There is the bulk of the book's content: well-researched stories, often heartbreaking, of people touched by four bad private-equity deals, all in shrinking industries or troubled situations. And there is the connective tissue: that private equity's core business and source of power is thriving through failed investments in shrinking industries or troubled situations. This is Greenwell's central thesis. It doesn't make much sense.
