Press Release

Renowned Economist and Philanthropist Dr. Henry Kaufman Announces $10 Million Gift

Institute Will Use Monies to Rescue Scholars

NEW YORK, September 15 -- The Institute of International Education (IIE) today announced it will receive an unprecedented gift of $10 million from the internationally-renowned economist/philanthropist Dr. Henry Kaufman to support the organization's Scholar Rescue Fund, which aids persecuted scholars around the world.

The gift, the largest single donation from an individual in the organization's history, will be formally presented by Dr. Kaufman at IIE's 85th Anniversary Awards Dinner on September 20 in New York City before an audience of some 500 business, government, and philanthropic leaders. Dr. Kaufman will also be honored that evening with IIE's Stephen P. Duggan Award for International Understanding in recognition of his lifetime commitment to promoting international education.

Dr. Kaufman, who fled Nazi Germany with his family in the late 1930s, has a strong personal commitment to ensuring the safety and security of scholars throughout the world whose important academic contributions are jeopardized by repressive or dangerous regimes.

IIE’s Scholar Rescue Fund ( provides life- and career-saving support to scholars who are persecuted in their home countries; offering grants for these scholars to continue their work at institutions in the US and other safe locales. This unique program was launched in 2002 with the support of IIE Trustees Jeffrey Epstein, Henry G. Jarecki, and Thomas Russo and with a grant from George Soros’ Open Society Institute, and has awarded grants to support more than 50 Scholars from 27 different countries. The work of the Scholar Rescue Fund returns IIE to its work in the 1930s when IIE’s Emergency Committee in Aid of Displaced Foreign Scholars helped more than 330 scholars fleeing persecution in Europe.

Announcing the gift, IIE’s President Allan E. Goodman said, “IIE is deeply privileged to have benefited for more than 20 years from Henry Kaufman’s leadership as a Trustee and benefactor since 1982, for many of those years as Chairman of the Board. In his book, On Money and Markets: A Wall Street Memoir, Henry observed that ‘The integration of the world’s economic systems will not make headway in the 21st century unless tomorrow’s financial leaders develop a deep appreciation for institutions and cultures outside of their own.’ Henry’s generosity of expertise, time, and treasure has made it possible for a whole generation of young men and women – the best and the brightest – to get the educational experience that leads to just such an appreciation of other people and other cultures. Now, with this magnificent new gift, he will truly be saving lives.”

Dr. Kaufman said, “Without strong support for our young people and students, there is no real future. When IIE began its work in the aftermath of World War I, its founders believed that international education was the most important tool available to humankind for reducing conflict and fueling human progress. Recent world events demonstrate how urgent it still is today to protect scholars who are the focus of attack and persecution, and to defend scholarship and freedom of thought around the globe.”

IIE’s Stephen P. Duggan Award for International Understanding is presented to leaders in public service, education, business, and diplomacy in recognition of their commitment to causes that reflect IIE’s mission: the deep-seated belief that the world can be made a better place through education and international exchange. Thomas S. Johnson, Chairman of IIE’s Board of Trustees as well as Chairman and CEO of GreenPoint Bank, and Peter Gottsegen, Senior Principal of CAI Funds, will present the Award to Dr. Kaufman.

IIE will also honor GE Chairman and CEO Jeff Immelt with the Opening Minds Corporate Leadership Award in recognition of GE’s major significant investment in developing future leaders in partnership with IIE, and University of Chicago President Emeritus Hanna Holborn Gray with the Institute’s Fritz Redlich Distinguished Alumni Award. Dr. Gray, a noted historian and university leader, was the recipient of the Medal of Liberty and the Medal of Freedom, and had a Fulbright Fellowship to study at Oxford. Dr. Gray first came to the United States when her father, the distinguished historian Hajo Holborn, was brought here under the auspices of the Emergency Committee in Aid of Displaced Foreign Scholars. Dr. Henry Jarecki will present Dr. Gray with the Alumni Award and introduce a scholar from Afghanistan who is in the United States under the auspices of the Scholar Rescue Fund.

Dr. Kaufman's current gift is the culmination of many years of generous contributions to IIE, most notably as the largest individual contributor to IIE’s Capital Campaign and the driving force behind establishing and endowing the Ruth Gruber Chair of the Scholar Rescue Fund. He attributes his commitment to international education to his experiences growing up in post-World War I Germany under the growth of the Nazi regime, and entering school in the United States as a child who did not speak English.

Dr. Kaufman’s philanthropic commitment to education includes major support for the New York University Stern School of Business, where the Management Center is named in honor of Henry Kaufman. In addition, he has provided the endowment for the Sidney Homer Directorship and Charles Simon Chair as well as the Henry Kaufman Chair in the History of Financial Institutions and Markets at NYU Stern. Dr. Kaufman serves as Chairman Emeritus on Stern’s Board of Overseers as well as on the Board of Trustees of the University. Named chairs have also been endowed by Dr. Kaufman at Columbia Business School, Yeshiva University Sy Syms School of Business and at Tel-Aviv University as well as a named Fellowship at the Council on Foreign Relations. Dr. Kaufman is a Life Trustee of the Jewish Museum, a Trustee (and former President) of the Animal Medical Center, and a Trustee of the Whitney Museum of American Art. Dr. Kaufman and his wife, Elaine, provide support for music education through their major funding of the Kaufman Center comprising the renowned Merkin Concert Hall, the Lucy Moses School (a community arts school) and the Special Music School of America.

Henry Kaufman has been called “one of the greatest financial thinkers of our time” by Business Week. He is President of the economic and financial consulting firm Henry Kaufman & Company, Inc., which he founded in 1988 after a 26 year career with Salomon Brothers. At Salomon, he was Managing Director, Member of the Executive Committee, and in charge of the Firm’s four research departments, as well as Vice Chairman of the parent company, Salomon Inc. Previously, Dr. Kaufman was in commercial banking and served as an economist at the Federal Reserve Bank of New York.

He also serves as a Board Member of the Federal Home Loan Mortgage Corporation and Lehman Brothers Holdings Inc., the Cambridge Center For Behavioral Studies and as Treasurer of The Economic Club of New York, as well as a member of the International Advisory Committee of the Federal Reserve Bank of New York and Advisory Committee to the Investment Committee, International Monetary Fund Staff Retirement Plan.

Dr. Kaufman, who was born in 1927, received a B.A. in economics from New York University in 1948, an M.S. in finance from Columbia University in 1949, and a Ph.D in banking and finance from New York University Graduate School of Business Administration in 1958. He also received an honorary Doctor of Laws degree from New York University in 1982 and an honorary Doctor of Humane Letters degree from Yeshiva University in 1986. Dr. Kaufman’s book, On Money and Markets: A Wall Street Memoir, was published in June 2000. In 1987, Dr. Kaufman was awarded the first George S. Eccles Prize for excellence in economic writing from the Columbia Business School for his book, Interest Rates, the Markets, and the New Financial World.

The Institute of International Education is the world leader in the exchange of people and ideas. Founded in 1919, IIE is a not-for-profit organization with a network of offices in 18 cities worldwide, over 850 college and university members, and more than 6,000 volunteers. IIE designs and implements programs of study and training for students, educators, young professionals and trainees from all sectors with funding from government and private sources. IIE has administered the Fulbright Program on behalf of the U.S. Department of State since the program’s inception over 50 years ago.


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