I Love Capitalism!: An American Story

266 Pages·2018·19.68 MB·English

by  Ken Langone

Portfolio/Penguin
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Copyright © 2018 by Ken Langone
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Photo credits:
© Ann Billingsley: Here, here, here, here, here, here, here, here
Lisa Berg: Here, here
John Calabrese Photography: Here, here
Library of Congress Cataloging-in-Publication Data
Names: Langone, Kenneth G., author.
Title: I love capitalism! : an American story / Ken Langone.
Description: New York : Portfolio, 2018. | Includes index.
Identifiers: LCCN 2017056583| ISBN 9780735216242 (hardback) | ISBN 9780735216259 (epub)
Subjects: LCSH: Langone, Kenneth G. | Businessmen—United States—Biography. Entrepreneurship—
United States. | New business enterprises—United States. | Home Depot (Firm) | BISAC: BIOGRAPHY &
AUTOBIOGRAPHY / Business. | BUSINESS & ECONOMICS Leadership. | BUSINESS & ECONOMICS
Entrepreneurship.
Classification: LCC HC102.5.L36 L36 2018 | DDC 381/.45683092 [B]—dc23
LC record available at https://lccn.loc.gov/2017056583
Penguin is committed to publishing works of quality and integrity. In that spirit, we are proud to offer this
book to our readers; however, the story, the experiences, and the words are the author’s alone.
Version_1
To my wife and sons with my everlasting love and gratitude
ACKNOWLEDGMENTS
I have enjoyed writing this book because it gave me reason to reflect on all the
wonderful memories of my life. I’ve been blessed to have so many caring people
help me as I traveled life’s roads. Their encouragement, support, and interest in
me have been big factors in my life.
First and foremost is the importance of my faith as part of my life’s journey.
Whenever I was in tight spots or facing difficult circumstances with little or no
chance for a good outcome, my faith kept me going. I know I am more sensitive
to the plight and needs of others because of my faith—my spiritual beliefs
dictate no less than that. I would be a shadow of myself without my faith in God.
The luckiest day of my life was that Monday evening in early June 1954
when I first set eyes on the love of my life, Elaine. Counting a two-year
courtship, we have been together for sixty-three years—WOW. When things
went well Elaine cheered me on and when things weren’t so good she was there
to encourage me to stay the course and to let me know she would always be
there for me—win, lose, or draw. She has been my life partner, my soul mate,
and my best friend—my love for her grows with each passing day. One of the
great blessings God bestowed on me was bringing Elaine into my life. Most of
what I write about probably never would have happened had Elaine not been
with me. I am forever hers.
My parents, John and Angie Langone, were the very best parents a child
could have. They gave my late brother Michael and me the one thing that
matters most to a child—unconditional love, and lots of it! My brother died
much too young but not before he taught me my prayers and helped me do all
my Cub Scout projects. My lasting memory of him is as my protector—I wish
Our Lord had given us more time with him. Mom and Dad worked hard so that
we could have a better life. They taught values by living them and they stressed
the importance of hard work and education. While they struggled financially
they made personal sacrifices to make certain we had plenty to eat, a warm and
comfortable home, and happy things to look forward to. Every day that goes by I
comfortable home, and happy things to look forward to. Every day that goes by I
miss them more and more.
Elaine and I are blessed to have had Our Lord send us three fine men,
Kenny, Bruce, and Stephen. I know I am a better person because they are my
sons—their love and respect for me is a source of great strength. They have
always encouraged me in all my endeavors and have not allowed our
accomplishments to diminish their humility or their caring for others. My one
regret is that my career kept me away from home more than I would have liked,
but thank God, Elaine made up the difference. Every time the boys and I are
together, the first thing we do is kiss and hug, and we end every phone call with
an expression of love for each other—it doesn’t get any better than that! We are
also blessed with loving and caring daughters-in-law, Jessica and Nhung, and
two grandchildren, Manny and Sophia. I hope and pray the examples we set for
them will lead them to happy and productive lives.
My parents-in-law, Marion and Dick Abbe, and my sister-in-law, Janet
Rider, accepted me into their family as a son and brother rather than as an in-
law. Their kindness, thoughtfulness, and generosity knew no limits and my
father-in-law enjoyed a special place in my career, especially as he helped me
get started on Wall Street. His wise counsel and insights saved me from many
mistakes I might otherwise have made. No one could have had kinder or more
loving in-laws than I did.
Reflecting on the early years of my life, I remember the love and support of
all my extended family—my grandparents, my aunts and uncles, my cousins. I
remember the family gatherings every Sunday at 1:00 p.m. at Grandma and
Grandpa Laucella’s in Port Washington; the aroma of the gravy (not sauce!), the
meat balls and sausages, the braciole, the fresh bread from Frappaolo’s bakery
down the street; the table that, no matter how many were there, always had room
for one more. And after lunch, each of the grandchildren performing in the
family rendition of “Ted Mack’s Amateur Hour.” Most of all I remember the
love, respect, and affection we held for each other. How kind God was to send
me to such a warm and loving family.
There are many people in my professional life that have been so important to
what I’ve accomplished, none more so than my assistant and friend, Pam
Goldman. There can’t possibly be anyone more challenging to work with than
me, and Pam pulls it off virtually flawlessly—as she’s done for twenty-five
years! I have a bad habit of saying yes to too many things and Pam always
makes sure things work out. She can keep more balls in the air than anyone I
know and she does it always with a smile and good cheer. I am grateful to her
beyond what any words can describe. And then there is my friend and driver,
Alvaro Gallego. Alvaro has been with me for twenty-six years, and no matter
what the demands of my crazy schedule are, he’s always there. Alvaro is one of
the best examples of what a hardworking, dedicated person can accomplish if he
applies himself and takes advantage of everything our great nation offers. Alvaro
es mi amigo!
Although in the beginning I had great trepidation about writing this book, the
experience turned out to be special in every way possible. My collaborator, Jim
Kaplan, was a kind and thoughtful partner. Every suggestion he made—every
one!—improved the book. His commitment to clarity and meaning always
brought my thoughts to the points I wanted to make or the story I wanted to tell.
In addition to that, he is a superb writer who has an incredible command of the
king’s English. We started on a purely professional basis and we ended enjoying
each other, having fun, and becoming good friends.
The entire group we worked with at Penguin Random House made sure we
kept the trains running on time, and my team—Adrian Zackheim, Merry Sun,
Will Weisser, Tara Gilbride, Margot Stamas, Katherine Valentino, Lisa
D’Agostino, and Kate Griggs—have been sensitive to my purpose in writing this
book but firm when it came to issues they knew more about than I did. I could
not have had a better agent than Bob Barnett. He was thoughtful, thorough, and
realistic and he made certain there was always a meeting of the minds. I am
grateful to the entire team for this most positive publishing experience.
As you will read in the book, Yankee Stadium wouldn’t be able to hold all of
the people who helped me in my career. It’s likely that I’ve forgotten some of
them, not because they didn’t make the cut but rather because my memory is not
perfect. In advance, I apologize to them for this oversight. I thank each person or
group on this list for playing a role in my life and my career. Along the way they
guided me, helped me, advised me, or supported me. For that I am most grateful.
The mistakes I’ve made have all been of my own doing.
Lenny Altman Adam Arnott
Bindy Banker
John Bartolotti Carol Bartz
David Batchelder Gerry Bell
Art Benvenuto
Bill Berkley
Joe Billera
Frank Blake
Frank Blake
Arthur Blank
Jonathan Blum
Jules Bogen
Frank Borman
Eric Bosshard
Larry Bossidy
Ari Bousbib
Ed Braniff
John Bravman
Greg Brenneman Gordon Brewer
Ron Brill
Elliot Broidy
Dick Brown
Bobby Buckley
Walter Buckley Arthur Calcagnini Donald Calcagnini Dave Calhoun
Geoff Canada
Tony Carbonetti Al Carey
Terry Cassidy
Paul Chiapparone John Clendenin Armando Codina Gary Cohn
Bud Cone
George Conway
Lee Cooperman
Brian Cornwell Dave Cote
Tom Coughlin
Bill Cowie
Archie Cox
Berry Cox
Ed Cox
Mac Crawford
Greg Creed
Jack Cullen Doug Curling
George Daly
Will Danoff
Fred DeMatteis Mel Dickenson
Jamie Dimon
Cardinal Timothy Dolan Bob Donato
Fiona Druckenmiller Stan Druckenmiller Steve Dula
Jimmy Dunne
Jimmy Dunne
Marvin Ellison Michael Erlbaum Gary Erlbaum
Steven Erlbaum Bob Fagenson
Pat Farrah
Tom Fazio
Mike Fedyshyn
Larry Fink
Bill Flaherty
Arminio Fraga
Luis Fraga
Alan Frazier
Paolo Fresco
Dale Frey
Bill Gayden
Peter Georgescu Suzy Goldberger Pam Goldman
Joe Grano
Bob Graper
Dick Grasso
Hank Greenberg Ron Greenberg
Bill Greve
Bob Grossman
David Gruenstein Gil Haakh
Davis Hamlin
John Hamre
Bill Harris
Ira Harris
Jon Harris
Mitch Hart
Russell Headley Ed Herlihy
Ray Hermann
Bonnie Hill Steve Holzman
Stan Hubbard
Labe Jackson
Tom F. Kane
Tom W. Kane
Mel Karmazin
Alex Karp
Henry Kaufman
Henry Kaufman
Steve Kaye
Cristina Kepner Art Kinney
Joel Klein
Dave Komansky
Robert Kraft
Dick Kramlich
Jimmy Lee
Steve Levin
Randy Levine
Marty Lipton
Joe Littenberg Walter Loeb
Art Long
Joe Lonsdale
Dan Lufkin
John Mack
Shorty Mahanna Ed Malone
Charles Mangum Bernie Marcus
Tom Marquez
Jim Marshall
Jim McCarthy
Joe McFarland
Allen Mebane
Craig Menear
Mort Meyerson
Roberto Mignone Ted Mirvis
Bob Moser
John Mountain
Angelo Mozilo
Bishop Bill Murphy Tom Murphy
John Myers
Gary Naftalis
Blair Nance
Bob Nanovic
Tom Neff
Nader Niani
David Novak Michael Ovitz
David Parker
Michael Pascucci Larry Pedowitz Frank Pellegrino Ross Perot