My Giving Pledge

I began my career on Wall Street nearly 50 years ago. From a modest upbringing in Queens, New York, I have been fortunate enough to accumulate great wealth. And with that wealth comes responsibility — those who have benefited the most from our economic system have a responsibility to give back to society in a meaningful way. That is why I made a commitment over 20 years ago that substantially all of my assets would be used to fund a charitable foundation. Until Bill, Melinda and Warren started this project, I never considered going public with my intentions. However, I certainly see the value of a project that encourages wealthy individuals to step forward and commit to use their wealth for the common good. I hope that by adding my voice with those who are supporting this project, we will all encourage others to participate.

The principles that have guided my career in investing are the ones that I use in my approach to philanthropy. As a shareholder activist, I have focused on acquiring control of undervalued companies (which are often poorly managed). I believe I have unlocked substantial shareholder and bondholder value and have improved the competitiveness of American companies. In a similar vein, I want to maintain America’s position as the world economic leader by improving the competitiveness of its educational system. America’s children, especially those from underprivileged backgrounds, are in a sense undervalued assets. I believe that this goal can best be accomplished by teaching our students the specific skills to succeed. Accordingly, my foundation supports the education and care of underprivileged children and the operation of vocational schools.

Out of this belief, I created the Icahn Scholars Program at Choate Rosemary Hall. Each year the Program provides scholarships for financially challenged students from across the country. And the Program works. Invariably, each year not only do the Icahn Scholars get accepted into the top colleges, but they also win a disproportionate number of the School’s top prizes. In fact, the first Bill and Melinda Gates Scholarship at Choate was awarded to an Icahn Scholar. I also endowed Choate’s state of the art Science Center as well as the Carl C. Icahn Laboratory for Princeton University’s Institute for Integrated Genomics and the Icahn Medical Institute at Mt. Sinai Hospital.

As a product of the New York City public school system, I have a particular interest in improving the education of the City’s children. I have sponsored and constructed public charter schools in the Bronx. These schools draw students from areas marked by poverty and high crime rates who would otherwise be at risk of academic failure. The mission of the Icahn charter schools is based on the belief that all students deserve a rigorous academic program which will increase their capacity to learn. The expectations have proven out as our charter students consistently score at or above the state average on standardized tests. The school programs provide the background knowledge necessary for continued academic success beyond the public school system and success as adults.

My work in education was recognized by the Center for Education Innovation — Public Education Association in 2004. In 2006, I was honored with the 100 Women in Hedge Funds Effecting Change Award. Through recognition of my commitment to improving education, I hope to inspire others to make similar investments.

Improving child welfare is an important component of improving a child’s likelihood of success. I built Icahn House, a 65-unit complex for homeless families consisting of pregnant women and single women with children in the hope of leveling the socio-economic playing field. I am a trustee of the Randall’s Island Sports Foundation and made a significant contribution to the construction of Icahn Stadium, a track and field facility for inner city youth. For my work in this area, I was honored with the Starlight Foundation’s Founders Award and the 1990 Man of the Year Awards, and was named The Guardian Angel 2001 Man of the Year.

I believe, without significantly changing the method we use to educate our young students in this country, we will soon lose our hegemony. Through these commitments I hope to play a small part in making these changes. I am excited to join my friends Bill, Melinda and Warren in making a commitment to continue the charitable giving. I have been a longstanding proponent of improving America’s educational system and am delighted to join this important initiative to combine our efforts and financial resources.