Carl Lindner Jr.
Carl Henry Lindner Jr. | |
|---|---|
| Born | Template:Birth date Dayton, Ohio, U.S. |
| Died | October 17, 2011 (aged 92) |
| Occupation(s) | Entrepreneur, businessman |
| Known for | United Dairy Farmers, American Financial Group, Cincinnati Reds (part-owner and CEO) |
Carl Henry Lindner Jr. (April 22, 1919 – October 17, 2011) was a prominent American entrepreneur originating from Norwood, Ohio, recognized as a key figure within the Lindner family and ranked among the globe's wealthiest individuals. According to the 2010 Forbes Billionaires List, his estimated net worth stood at $1.7 billion.
Life and career
Lindner was born in Dayton, Ohio and raised in the Cincinnati suburb of Norwood. He left formal education at the age of 14 amid the hardships of the Great Depression. From these beginnings, he transformed his family’s dairy enterprise into United Dairy Farmers, a leading convenience store chain. Together with his three sons, he held approximately 42% ownership of American Financial Group, a Cincinnati-based holding company specializing in insurance and investment services.
He served as part-owner and CEO of the Cincinnati Reds baseball team until he sold controlling interest to a consortium led by Robert Castellini in 2005, although he continued to participate actively as a partner thereafter. In recognition of his business accomplishments, Lindner was inducted into the Junior Achievement U.S. Business Hall of Fame in 1997.
Philanthropy
Lindner was known for his charitable giving and political donations. His family supported multiple private educational institutions in Cincinnati, including establishing Cincinnati Hills Christian Academy. He also financed the Carl H. Lindner Business Honors program at the University of Cincinnati College of Business. His company, Great American Insurance Company, was once a sponsor of the Cincinnati Masters tennis tournament. Honoring his generosity, the University of Cincinnati renamed its College of Business to the Carl H. Lindner College of Business in 2011.
Though a devout Baptist by faith, Lindner stood out as one of the largest non-Jewish contributors to Jewish organizations in the United States. He earned accolades such as the United Jewish Appeal’s Man of the Year in 1978 and received the Tree of Life Award from the Jewish National Fund for his significant purchases of Israel Bonds. Motivated by an early financial loan from Isaac Wolfson, Lindner donated millions over several decades to support Jewish causes.
In 1978, he was honored with the Golden Plate Award from the American Academy of Achievement.
Republican financial support
Lindner was a notable supporter of the Republican Party. During the 2004 election cycle, contributions from the Lindner family amounted to tens of thousands of dollars directed toward Republican candidates and organizations such as the Republican National Committee. That year, he was designated one of 62 "Super Rangers" by the Republican National Committee for raising $300,000 or more. As an ally to George W. Bush, Lindner facilitated access to Great American Ball Park for Bush’s re-election campaign event on October 31, 2004, just days before the presidential election.
In 2005, Lindner was among a select group of 53 contributors who each donated the maximum legal amount of $250,000 toward President George W. Bush’s second inauguration.
Associations
Together with his brother Robert, Carl Lindner expanded their family’s dairy operations into United Dairy Farmers (UDF), a convenience store chain based in Cincinnati. Their holding company, American Financial Group (AFG), controls Great American Insurance—a collection of property and life insurance companies ranked as the twenty-third largest insurer nationwide. AFG also owned Provident Bank (the fourth-largest bank in Cincinnati) and Hunter Savings (the city’s second-largest savings and loan institution before merging into Provident). The Lindners managed ownership over seventy shopping centers around Cincinnati and formerly held stakes in Bantam Books and The Cincinnati Enquirer. They maintained close business relations with fellow Cincinnati entrepreneur Charles Keating.
Carl Lindner possessed significant investments across various corporations including United Brands (formerly United Fruit - Chiquita Bananas), Gulf+Western (which evolved into Paramount Communications and later became part of both Viacom and CBS Corporation), Warner Communications, supermarket chain Kroger, broadcaster Great American Broadcasting, cable manufacturer General Cable, and railroad company Penn Central.
While initially conservative in their business strategies, Lindner’s enterprises eventually engaged in higher-risk financial activities. His insurance companies invested heavily in junk bonds, and other affiliated firms issued such bonds themselves. The Securities and Exchange Commission identified Lindner-related companies among the largest registrants for new securities offerings in the United States. He faced allegations involving conflicts of interest and misuse of corporate assets for personal gain. Lindner developed strong associations with junk bond financiers like Michael Milken, with his financial entities investing substantially in their bonds while simultaneously maintaining public efforts to convey prudent fiscal management.
Death
Carl Lindner Jr. passed away on October 17, 2011, at the age of 92. He left behind his wife, Edyth Bailey, his three sons—Carl III, Craig, and Keith—as well as 12 grandchildren and six great-grandchildren.