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Tag: Emmet Stephenson

  • LABJ Insider: The Fed Cuts Rates

    LABJ Insider: The Fed Cuts Rates

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    Last week the Federal Reserve announced that it was lowering its key interest rate by half a percentage point. Rates had previously been at a 23-year high for more than a year.

    The move is expected to have a large impact on the economy. Immediately following the news, the S&P 500 rose 1.3% but has since cooled off.

    David M. Dworkin, chief executive of The National Housing Conference, said the move would “have far-reaching implications for the U.S. housing market, potentially alleviating affordability concerns and stimulating inventory growth.”

    “Generally, when the federal funds rate gets lower, banks lower their interest rates on loans. These lower loan rates can help stimulate economic growth in a couple ways. First, they can make it cheaper for people and businesses to borrow money for big purchases or new ventures,” said a video from Charles Schwab. “Secondly, banks also typically lower rates on CDs and savings accounts, which makes it less profitable to keep money in bank accounts. Instead of saving, individuals and businesses may want to invest or spend that money. The goal is to kick-start a virtuous cycle of spending and growth that creates jobs and steers inflation to more healthy levels.”

    • • •

    Duarte-based City of Hope has received a $150 million gift from the family of internet publishing entrepreneur Emmet Stephenson for research and therapy development for pancreatic cancer, the hospital announced last week. It is the largest single gift in the cancer and diabetes research and treatment institution’s 111-year history. The gift is in honor of Stephenson’s late wife, Toni, who died from pancreatic cancer in 2020.

    “We want to ignite interest and encourage pancreatic cancer research worldwide,” Stephenson said. “We know that cancer discoveries require significant funding, which is why (daughter Tessa Stephenson Brand) and I believe multiple elements of this gift will make a difference in fighting this terrible disease. This initiative is a purposeful investment to spur ingenuity and ensure that the most promising advances move forward as fast as possible.”

    The gift will be used to further the hospital’s research into pancreatic cancer, to gain a better understanding of the disease and develop immunotherapy-based treatment approaches.

    • • •

    In other donation news, earlier this month Pomona College alumna Sue E. Berryman pledged a $10 million legacy gift to support the school. The funding will establish six endowed funds and support humanities, music, scholarships and faculty innovation.

    “We are exceptionally grateful to Sue for this generous gift, which will unlock wonderful experiences for countless future Sagehens,” Pomona College President G. Gabrielle Starr said.

    Berryman enrolled at Pomona College in 1955 and graduated magna cum laude with a degree in English and creative writing. Her mother, father and aunt also graduated from the school.

    “This legacy gift is a small thank you to them,” Berryman said in a statement.

    Howard Fine contributed to this report.

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    Hannah Welk

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  • Stephenson Family Gives $150 Million to City of Hope

    Stephenson Family Gives $150 Million to City of Hope

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    Stephenson Family Gives $150 Million to City of Hope
    Emmet Stephenson (right) with daughter Tessa Stephenson Brand.

    Duarte-based City of Hope has received a $150 million gift from the family of internet publishing entrepreneur Emmet Stephenson for research and therapy development for pancreatic cancer, the hospital announced Sept. 17.

    It is the largest single gift in the cancer and diabetes research and treatment institution’s 111-year history. It is also equivalent to about two-thirds of the annual research budget for pancreatic cancer at the Bethesda, Maryland-based National Cancer Institute.

    The gift is in honor of Stephenson’s late wife, Toni, a lymphoma survivor who ultimately died from pancreatic cancer in 2020.

    Proceeds from the gift will be used to further City of Hope’s research into pancreatic cancer, to gain a better understanding of the disease and develop immunotherapy-based treatment approaches. It will also provide additional funds for the Toni Stephenson Lymphoma Center, established with a $10 million donation from the Stephensons a decade ago.

    Other initiatives being funded by the gift include:

    • Establishment of the Stephenson Fellows Program, which will award grants to researchers and support their work on pancreatic cancer;
    • An annual Stephenson Pancreatic Cancer Research Symposium that will be a forum for innovative ideas and promote scientific collaboration;
    • A pancreatic biorepository at City of Hope that will enhance genomic patient care, aid in early disease detection, deepen understanding of cancer biology and immune response and contribute to developing therapies; and
    • Establishment of the $1 million Stephenson Prize to be awarded annually to a leading scientist or team making the most promising advancements in pancreatic cancer research, treatment and cures.

    “The Stephensons are entrepreneurs who believe in groundbreaking innovation and City of Hope is a pioneer driving transformational change in cancer care,” said Robert Stone, City of Hope’s chief executive.

    Emmet Stephenson founded an internet publishing firm in the late 1990s. He then went on to found and become president of Stephenson and Co., a private investment firm, and senior partner of Stephenson Ventures, a private equity firm. Meanwhile, his daughter, Tessa Stephenson Brand, has also become an entrepreneur. Both made the decision to give the record gift to City of Hope.

    “We want to ignite interest and encourage pancreatic cancer research worldwide,” Stephenson said. “We know that cancer discoveries require significant funding, which is why Tessa and I believe multiple elements of this gift will make a difference in fighting this terrible disease. This initiative is a purposeful investment to spur ingenuity and ensure that the most promising advances move forward as fast as possible.”

    While the Stephenson family’s gift is the largest single donation, it’s not the largest total donation from an individual or family to City of Hope. That honor belongs to the late Arthur Riggs, a longtime diabetes researcher at the institution who led the research team that invented artificial insulin in the late 1970s. Over the course of his life, Riggs gifted at least $310 million to City of Hope.

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    Howard Fine

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