[Congressional Record Volume 151, Number 167 (Wednesday, December 21, 2005)]
[Senate]
[Pages S14314-S14315]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
IN MEMORY OF PRESTON ROBERT TISCH
Mr. LAUTENBERG. Mr. President, I rise to pay my respects to
someone I knew very well, Preston Robert Tisch, who passed away last
month of brain cancer. He was a distinguished American who, along with
his brother, Laurence, built a giant financial enterprise. Bob was
eminently successful at everything he did, particularly in his role as
a husband, father and grandfather.
I, like all who had contact with Bob Tisch, treasure my times with
him. I send my deepest condolences to his wife and family.
I ask unanimous consent to have printed in the Record a statement
released by the New York Giants organization that so perfectly
describes the life and accomplishments of Bob Tisch.
He will be long remembered by all who knew him.
There being no objection, the material was ordered to be printed in
the Record, as follows:
(November 15, 2005)
Preston Robert Tisch (1926-2005)
Preston Robert ``Bob'' Tisch, the Giants' Chairman and Co-
Chief Executive Officer, one of the nation's most respected
and successful businessmen, a former United States Postmaster
General, and an extremely generous philanthropist, died
Tuesday night.
Tisch passed away from inoperable brain cancer, which was
first diagnosed in the summer of 2004. He was 79. His death
comes just three weeks after the passing of his fellow owner,
Wellington Mara, who died of cancer on Oct. 25 at the age of
89.
Tisch realized a longtime dream in 1991 when he completed
negotiations with Wellington Mara's nephew, Tim Mara, and his
family and paid $75 million for a 50 percent interest in the
Giants.
``I was very fortunate,'' Tisch said in a 2002 interview.
``I got a call from (former Cleveland and Baltimore owner)
Art Modell telling me that Tim Mara wanted to sell his half
of the team and asking me if I would be interested in
purchasing it. I met with Wellington Mara and John Mara and
said I'd be very interested. There were no problems with
them, and then I bought my share of the team from Tim Mara.
It's been a great relationship and a great boon to me. I'm
very happy to be the 50 percent owner of the New York
Giants.''
Tisch played an active role in the organization. As a
member of the National Football League's Finance and Super
Bowl Policy Committees, he attained a prominence in the
sports arena equal to his position in the world of business.
Owning the Giants was one of many careers Tisch pursued
simultaneously. Forbes magazine ranks him 56th on its list of
the country's 400 wealthiest people and estimates his net
worth to be about $3.9 billion.
He was the Chairman and Director of the Loews Corporation,
one of the country's most successful financial companies. The
company, with a 2004 net income of $1.2 billion and assets
exceeding $74 billion, owns and operates 91 percent of CNA
Financial Corporation; 100 percent of Lorillard; 100 percent
of Boardwalk Pipelines, which consists of Texas Gas
Transmission and Gulf South Pipelines; 52 percent of Diamond
Offshore Drilling; 100 percent of Loews Hotels and 100
percent of Bulova.
Tisch served as Postmaster General of the United States
from Aug. 1986 until returning to New York in March 1988.
Prior to his appointment as Postmaster, he served as
President and Chief Operating Officer of Loews Corporation
and its corporate predecessor, Loews Theaters, Inc., a
position held from 1960 until his appointment as Co-Chairman
and CoCEO.
Tisch also served as Chairman of the New York Convention &
Visitors Bureau for 19 years and currently serves as the
Bureau's (now called NYC & Co.) Chairman Emeritus. He was
also founding Chairman of the New York City Convention and
Exhibition Center Corporation and Chairman of the Citizens
Committee for the Democratic National Conventions held in New
York City in 1976 and 1980.
In May 1990, Mayor David Dinkins appointed Tisch as New
York City's Ambassador to Washington, D.C. Through 1993, he
served as a liaison between the City of New York and his
friends and colleagues in both the national government in
Washington, D.C. and the business community in New York City.
From 1990-1993, Tisch served as Chairman of the New York
City Partnership, Inc. and the New York Chamber of Commerce
and Industry, where he was instrumental in developing a
campaign to enhance New York's position as an international
business center. After completing his stint as chairman,
Tisch remained on the Board of Directors of both
organizations, now merged.
Tisch was also a Trustee of New York University.
The Giants, however, were truly a labor of love for Tisch,
a lifelong sports fan. He attended every Giants game, home
and away, and spent as much time working in his stadium
office as possible. His two sons are now important members of
the organization: Steven as executive vice president and Jon
as treasurer.
The process of going from fan to owner took at least three
decades for Tisch.
``I came to New York in 1960, and a couple of propitious
things happened,'' he said. ``Our company owned a radio
station at that time, WHN. During the 1950s they broadcast
Giants games. The president of the radio station had ten 50-
yard-line tickets at Yankee Stadium. When we sold the radio
station he decided he wanted to stay with us, so he came over
to Loews Theaters to become the controller. So for about
seven or eight years, I had the use of these tickets.
``Also, when we came to New York we moved to Scarsdale, and
I got to know Allie Sherman, who was then coach of the
Giants. Actually, Allie's son Randy and my son Jon were born
one day apart. So we got to know the Sherman family. Then in
1975 or '76, Pete Rozelle moved to Harrison. We lived in the
city, but we have a house in Harrison, which was a mile away
from where Pete Rozelle and his family resided. We became
very friendly with Pete Rozelle. So I have a history in the
last 40-some odd years of being involved. I went to most of
the owners meetings and all the Super Bowls with Pete
Rozelle. I was chairman of a group of his friends called
Rozelle's Raiders--I was responsible for getting him to the
right place at the right time. He finally gave me a whistle
and a sign that said `Rozelle's Raiders.' I've been very
lucky. In my own mind, I've been involved in football since
1960.''
It was about that time that Tisch first began to consider
buying a professional team.
``I had tried several times before (purchasing his interest
in the Giants),'' he said. ``Steve Ross, who ended up as CEO
of Time-Warner, Inc. and I tried to buy the Jets in about
1967 or '68 and it didn't work out. I looked at other things.
In 1988, when I came out of the Postal Service, I decided I
would try to buy a sports team. I looked at many of them,
both in football and basketball. I looked at the Dallas
Cowboys and a couple of other teams. But I made up my mind I
was never going to buy a team that was more than one hour
from New York. I was interested in becoming owner of the new
franchise that was in Baltimore. We were putting together a
group when the opportunity came about to become the 50
percent owner of the New York Giants, which I jumped at and
dropped everything else.''
He completed the negotiations with Tim Mara just a few
months after the Giants won Super Bowl XXV.
[[Page S14315]]
Tisch's business success was but a small part of his life's
achievements. His generosity and commitment to civic and
charitable causes was legendary. Tisch was a tireless and
influential participant in civic affairs throughout his adult
life.
In Feb. 2000, he helped found Take the Field, Inc., a non-
profit organization dedicated to renovating and rebuilding
the athletic fields at New York City's public high schools.
Tisch, a product of those schools who graduated from Erasmus
Hall High in Brooklyn, was Chairman of Take the Field, Inc.
He launched the organization with a $1 million donation, and
as of earlier this year had raised more than $147 million in
public and private dollars.
Tisch and two partners in Take the Field, Tony Kiser and
Richard Kahan, believed the private sector had to play a
leading role in repairing sports fields at schools throughout
the city that had been slowly destroyed by more than two
decades of neglect. Tisch approached then-mayor Rudy Giuliani
with his idea. The city agreed to match every dollar raised
by Take the Field with three of its own, and the mission was
to re-do every athletic field in the city that was
classified as ``needy.''
``Take the Field is one of the most innovative and
wonderful ideas of my life in the city,'' said New York Mets
owner Fred Wilpon, one of Tisch's best friends. ``And it
doesn't happen without Bob. At a time in his life when he
could have just sat back and enjoyed everything he had
accomplished, he went to work.''
That's what Tisch did throughout his life. He was a
founding Co-Chairman of Citymeals-on-Wheels, President of the
Board of Directors from 1993 to 2002, and later served on the
Board as Honorary Chairman. He also served as chairman of
Public Private Initiative, a public private partnership that
raises funds for important community programs, from 1997 to
1998.
Tisch's philanthropy continued even after he became gravely
ill. His family picked a physician at the Duke University
Medical Center to supervise his treatment for the brain
cancer. Tisch and his family recently donated $10 million to
the Duke Comprehensive Cancer Center and the school's Brain
Tumor Center.
The gift accounted for the majority of a $16.3 million
package of subsidies that Duke will use to support research
into the treatment of brain tumors.
``I was very, very impressed by the program at Duke, and
very taken by more than just its medical approach,'' said
Steve Tisch. ``For me, there was the intangible that became
so important, of the spiritual and emotional commitment that
these programs and their doctors have.''
Duke officials have pledged to use $5 million from the
Tisch family to underwrite the hiring of additional
researchers. The medical center is matching that with $5
million of its own money. Another $2.5 million from the Tisch
family will finance the screening of drugs that might be
useful in treating brain tumors. Duke officials are now are
calling the treatment center the Preston Robert Tisch Brain
Tumor Center.
Given his many accomplishments and interesting ventures,
Tisch was asked in that 2002 interview what was most
rewarding to him.
``My brother (Laurence, who died of cancer at age 80 two
years ago today on Nov. 15, 2003) and I took the Loews
Corporation from a corporation that did about $20 million
worth of business and built it up to a $13 billon company,
which is now run by the next generation,'' Tisch said.
``Building the company and seeing it grow has been extremely
gratifying. I also enjoyed my time at the Postal Service when
I was appointed Postmaster General. People said, `How can you
stand a job like that?' I loved it. I made one mistake--I
stayed two years when I should have stayed three years.
``Then, of course, my involvement with the New York Giants
has been very rewarding. I've been very, very lucky in my
life and what I've been able to achieve.''
Everyone who knew him, worked with him or were touched by
his generosity were just as fortunate.
Preston Robert Tisch was born on April 29, 1926 in New York
City. He attended Bucknell University before entering the
Army in 1944. After military service in World War II, he
earned a B.A. degree in economics from the University of
Michigan in 1948. Tisch is survived by his wife, the former
Joan Hyman, and their three children, Steven, Laurie and
Jonathan, and nine grandchildren.
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