Finn Michael Westby Caspersen Sr. (October 27, 1941 – September 7, 2009) was an American financier and philanthropist. A graduate of the

Peddie School The Peddie School is a college preparatory school in Hightstown, in Mercer County, New Jersey, United States. It is a non-denominational, coeducational boarding school located on a campus, and serves students in the ninth through twelfth gr ...

Brown University Brown University is a private research university in Providence, Rhode Island. Brown is the seventh-oldest institution of higher education in the United States, founded in 1764 as the College in the English Colony of Rhode Island and Providenc ...

and

Harvard Law School Harvard Law School (Harvard Law or HLS) is the law school of Harvard University, a private research university in Cambridge, Massachusetts. Founded in 1817, it is the oldest continuously operating law school in the United States. Each class ...

, he was chairman and chief executive of

Beneficial Corporation Beneficial Corporation was one of the largest consumer finance companies in the United States, prior to its acquisition by Household International, Inc. in 1998. Beneficial began as the Beneficial Loan Society in 1914 in Elizabeth, New Jersey, f ...

, one of the largest

consumer finance Personal finance is the financial management which an individual or a family unit performs to budget, save, and spend monetary resources over time, taking into account various financial risks and future life events. When planning personal fi ...

companies in the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

. After an $8.6 billion acquisition of Beneficial by

Household International HSBC Finance Corporation is a financial services company and a subsidiary of HSBC Holdings. It is the sixth-largest issuer of MasterCard and Visa credit cards in the United States. HSBC Finance Corporation was formed from the legal entity that ...

in 1998, Caspersen ran Knickerbocker Management, a private financial firm overseeing the assets of trusts and foundations. As a philanthropist, Caspersen donated tens of millions of dollars to the

, Brown, Harvard, and

Drew University Drew University is a private university in Madison, New Jersey. Drew has been nicknamed the "University in the Forest" because of its wooded campus. As of fall 2020, more than 2,200 students were pursuing degrees at the university's three scho ...

, while overseeing the Hodson Trust, which benefitted four institutions in Maryland. He described education as his "particular love" and regarded it as "an investment in the future—an investment in human capital."Harvard Law School
"Recent News and Spotlights: Finn M.W. Caspersen '66 (1941–2009)"
(September 9, 2009). Retrieved October 28, 2013. Buildings and endowed professorships have been named in his honor. Caspersen's philanthropy extended to rowing and equestrian sports, and service to the

United States Equestrian Team Foundation The United States Equestrian Team (USET) refers to the American national teams in Olympic and non-Olympic disciplines of horse sport. US Equestrian, the governing body of horse sport in the United States, selects, trains and funds the teams. The O ...

, Princeton National Rowing Association, and the National Rowing Foundation. Caspersen was an influential donor to

Republican Republican can refer to: Political ideology * An advocate of a republic, a type of government that is not a monarchy or dictatorship, and is usually associated with the rule of law. ** Republicanism, the ideology in support of republics or agains ...

candidates at the state and national level. In the 1980s, he was a major supporter of former New Jersey governor

Thomas Kean Thomas Howard Kean ( ; born April 21, 1935) is an American businessman, academic administrator and politician. A member of the Republican Party, Kean served as the 48th governor of New Jersey from 1982 to 1990. Following his tenure as governor, ...

. He served as a town commissioner in

Jupiter Island, Florida The town of Jupiter Island is located on the barrier island called Jupiter Island, in Martin County, Florida, United States; the town is part of Florida's Treasure Coast. The town is located next to the unincorporated community of Hobe Sound. ...

, an exclusive upper-class enclave, for four years, resigning a few weeks before his suicide in September 2009. News reports linked Caspersen with financial problems and accusations of alleged large-scale tax evasion that were discovered in the course of federal investigations into offshore tax shelters managed by financial firms

UBS UBS Group AG is a multinational Investment banking, investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres ...

and

LGT Bank LGT Group is the largest family-owned private banking and asset management group in the world. LGT, originally known as The Liechtenstein Global Trust, is owned by the princely House of Liechtenstein through the Prince of Liechtenstein Foundatio ...

, and used by wealthy American clients. Near the end of his life, Caspersen was subjected to an IRS audit with a possible focus on alleged offshore accounts.Cohan, William D.
"The Shot Heard 'Round the Clubs"
''Vanity Fair'', February 2010. Retrieved October 28, 2013.Victoria E
"Uncorroborated: The Dangers of Anonymous Sources in Journalism"
(blog post), ''Newsvine'', August 20, 2015. Retrieved October 1, 2015. An attorney for Caspersen's estate claimed that in 2013 the IRS effectively exonerated Caspersen posthumously—with no penalties or fines for offshore accounts or anything else.

Biography

Early life and education

Caspersen was born on October 27, 1941, in

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

. He was one of two sons of Olaus Westby Caspersen (1896–1971), and Freda Resika (1909–1991) thought to be of Russian or Polish descent.Lovoll, Odd Sverre, ''The Promise Fulfilled: A Portrait of Norwegian Americans Today'' (Minneapolis: University of Minnesota Press, 1998), 162–164. Olaus's widowed mother and siblings had emigrated to the United States earlier, leaving Olaus in Norway to complete his education. Olaus came to the United States in 1912 at age 16, settling in

Weehawken, New Jersey Weehawken is a Township (New Jersey), township in the North Hudson, New Jersey, northern part of Hudson County, New Jersey, Hudson County, in the U.S. state of New Jersey. It is located largely on the Hudson Palisades overlooking the North River ...

. Caspersen's mother, Freda, was a non-practicing Jew, and his father thought that his sons needed a religious upbringing. Finn attended a

congregational church Congregational churches (also Congregationalist churches or Congregationalism) are Protestant churches in the Calvinist tradition practising congregationalist church governance, in which each congregation independently and autonomously runs its ...

near the family home in his youth. He later reflected that "being Protestant was important. There was a kind of anti-Catholicism in the family." The family moved to homes in

Andover, New Jersey Andover is a Borough (New Jersey), borough in Sussex County, New Jersey, Sussex County, New Jersey, United States. As of the 2020 United States Census, the borough's population was 595, down slightly from 606 in the 2010 census,

, and

Venice, Florida Venice is a city in Sarasota County, Florida, United States. The city includes what locals call "Venice Island", a portion of the mainland that is accessed via bridges over the artificially created Intracoastal Waterway. The city is located in Sou ...

. Caspersen frequently visited Norway as a child, vacationing there during summers after 1947. Caspersen attended private schools until the ninth grade. He attended the

, a private preparatory school in

Hightstown, New Jersey Hightstown is a borough in Mercer County, New Jersey, United States. As of the 2010 United States Census, the borough's population was 5,494, Peddie School
"Finn M. W. Caspersen, Peddie board chair, dies at 67"
, September 11, 2009. Retrieved December 22, 2013. Caspersen received a

Bachelor of Arts Bachelor of arts (BA or AB; from the Latin ', ', or ') is a bachelor's degree awarded for an undergraduate program in the arts, or, in some cases, other disciplines. A Bachelor of Arts degree course is generally completed in three or four years ...

(B.A.) degree from

in 1963 and a

law degree A law degree is an academic degree conferred for studies in law. Such degrees are generally preparation for legal careers. But while their curricula may be reviewed by legal authority, they do not confer a license themselves. A legal license is gra ...

(LL.B.) from

in 1966.

Business career

In 1972, Caspersen joined the legal department at Beneficial Corporation, a large American consumer finance firm. Four years later, he was named the firm's chief executive officer. Beneficial had been established in 1914 in

Elizabeth, New Jersey Elizabeth is a city and the county seat of Union County, in the U.S. state of New Jersey.New J ...

, by Clarence Hodson. Caspersen's father, Olaus, joined Beneficial in 1920 and served as Hodson's secretary for several years.Browning, Lynnley

''The New York Times'', September 15, 2009. Retrieved October 28, 2013. In 1929, Hodson and Caspersen reorganized the firm as Beneficial Finance Corporation and transformed it into one of the largest consumer loan providers in the United States.Kepos, Paula, and Derdak, Thomas, ''International Directory of Company Histories'' (Chicago/Detroit: St. James Press, 1994) 8:56–58.Staff

(obituary), ''New York Times'', May 1, 1991. Retrieved October 28, 2013. Freda Caspersen was one of the company's directors. Under the younger Caspersen's leadership, Beneficial expanded into credit finance and offered credit cards through its People's Bank and Trust subsidiary. It purchased Parliament Leasing in 1977, and First Texas Financial Corp., a savings and loan firm, in 1978. In 1977, Beneficial entered the reinsurance business through subsidiaries, but these endeavors led to significant financial losses in the 1980s. Beneficial later downsized its reinsurance holdings and restructured to emphasize its

second mortgage Second mortgages, commonly referred to as junior liens, are loans secured by a property in addition to the primary mortgage. Depending on the time at which the second mortgage is originated, the loan can be structured as either a standalone secon ...

business. According to Charles "Sandy" Hance, former senior vice president and general counsel of Beneficial, Caspersen was a "pioneer in second mortgages, which later evolved into

home equity loan A home equity loan is a type of loan in which the borrowers use the equity of their home as collateral. The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending inst ...

s", and that he "saw this trend developing at a very early stage".Rispoli, Michael
"Finn Caspersen, former head of Beneficial Corp., is found dead in Rhode Island"
''The Star-Ledger'', September 8, 2009. Retrieved December 24, 2013. Caspersen purchased Harbour Island in

Tampa, Florida Tampa () is a city on the Gulf Coast of the United States, Gulf Coast of the U.S. state of Florida. The city's borders include the north shore of Tampa Bay and the east shore of Old Tampa Bay. Tampa is the largest city in the Tampa Bay area and ...

, from a Beneficial subsidiary in 1979, and in 1983 began to re-develop the island into an upscale residential and commercial development similar to the

Inner Harbor The Inner Harbor is a historic seaport, tourist attraction, and landmark of the city of Baltimore, Maryland. It was described by the Urban Land Institute in 2009 as "the model for post-industrial waterfront redevelopment around the world". The ...

Baltimore, Maryland Baltimore ( , locally: or ) is the List of municipalities in Maryland, most populous city in the U.S. state of Maryland, fourth most populous city in the Mid-Atlantic (United States), Mid-Atlantic, and List of United States cities by popula ...

.Staff
"Harbour Island developer dies in apparent suicide"
, ''The Tampa Tribune'', September 10, 2009. Retrieved December 22, 2013. Beneficial purchased the 177-acre man-made island, formerly known as Seddon Island.Staff

''Tampa Bay Business Journal'', September 10, 2009. Retrieved December 22, 2013. Before it was developed, local newspapers described the Harbour Island as "an industrial wasteland inhabited by wild pigs" and the only structures as rusted railroad tracks and an unused phosphate facility. When the first phases were complete, the island opened with events hosted by former

U.S. president The president of the United States (POTUS) is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United States ...

Gerald Ford Gerald Rudolph Ford Jr. ( ; born Leslie Lynch King Jr.; July 14, 1913December 26, 2006) was an American politician who served as the 38th president of the United States from 1974 to 1977. He was the only president never to have been elected ...

.Associated Press Staff, "Former president opens ritzy Tampa Development", ''Gainesville Sun'', June 28, 1985, with picture of Ford and Caspersen. After seven years of dwindling business, Beneficial converted the development into office space, and renamed it Knights Point in 1995. Caspersen ran Beneficial for 22 years before its 1998 acquisition by

for $8.6 billion.Bowley, Graham
"Finn Caspersen, Supporter of Many Causes, Dies at 67"
''The New York Times'', September 9, 2009. Retrieved October 28, 2013. At the time of the acquisition, Beneficial had 25,000 employees and operated 1,650 branch offices throughout the United States. Caspersen was paid $24 million in severance and other payments. His next business endeavor was Knickerbocker Management, which he founded in 1998 with a few partners. Knickerbocker, a private investment firm that oversaw approximately $1 billion in assets of trusts and foundations, had offices in Gladstone, New Jersey and Hobe Sound, Florida.

Political activities

Caspersen became an influential donor to state and federal Republican party candidates, including former New Jersey governors

and

Christine Todd Whitman Christine Temple Whitman (née Todd; born September 26, 1946) is an American politician and author who served as the 50th governor of New Jersey from 1994 to 2001 and as Administrator of the Environmental Protection Agency in the administration o ...

, and Kean's son

Thomas Kean Jr. Thomas Howard Kean Jr. ( ; born September 5, 1968) is an American Republican Party (United States), Republican politician and the U.S. representative-elect from New Jersey's 7th congressional district. From 2001 until 2003, he was a New Jersey Ge ...

, a

state senator A state senator is a member of a state's senate in the bicameral legislature of 49 U.S. states, or a member of the unicameral Nebraska Legislature. Description A state senator is a member of an upper house in the bicameral legislatures of 49 U ...

and candidate for United States Senator. Caspersen was a major supporter of Kean's two campaigns for governor in 1981 and 1985. When Kean was inaugurated in 1982, Caspersen, an avid equestrian, dressed in period costume and drove the incoming governor and his wife, as well as outgoing governor

Brendan Byrne Brendan Thomas Byrne (April 1, 1924 – January 4, 2018) was an American politician, statesman, and prosecutor, serving as the 47th governor of New Jersey from 1974 to 1982. A member of the Democratic Party, Byrne started his career as a privat ...

, to an inauguration party in a four-horse carriage. One writer described the scene as "something out of ' a Currier & Ives print. In 1998, Whitman appointed Caspersen to chair a 15-member advisory panel to recommend future development for

Ellis Island Ellis Island is a federally owned island in New York Harbor, situated within the U.S. states of New York and New Jersey, that was the busiest immigrant inspection and processing station in the United States. From 1892 to 1954, nearly 12 mi ...

, and to a public-private partnership to foster business in the state. According to ''Vanity Fair'' contributor William D. Cohan, left-wing magazine ''

Mother Jones Mary G. Harris Jones (1837 (baptized) – November 30, 1930), known as Mother Jones from 1897 onwards, was an Irish-born American schoolteacher and dressmaker who became a prominent union organizer, community organizer, and activist. She h ...

'' found that "Caspersen and his wife donated $602,250 to political campaigns, making them the eighth-largest political donors in the U.S." during the 2000 election cycle. In 2005, Caspersen sought a seat on the town commission in

; his platform focused on conservation, limiting development, and burying utility cables. He served a four-year term and ran unopposed for re-election in 2009. He surprised his fellow commission members and neighbors by suddenly resigning on August 4, 2009, claiming that he anticipated moving from the community.

Personal life

In 1967, Caspersen married Barbara Warden Morris, the daughter of Samuel Wheeler Morris Jr. (1918–1995) and Eleanor May Jones (1919–2011), one of Philadelphia's socially prominent

Main Line Mainline, ''Main line'', or ''Main Line'' may refer to: Transportation Railway * Main line (railway), the principal artery of a railway system * Main line railway preservation, the practice of operating preserved trains on an operational railw ...

families. They were married for 42 years. Caspersen met his wife when she was an undergraduate student at

Wellesley College Wellesley College is a private women's liberal arts college in Wellesley, Massachusetts, United States. Founded in 1870 by Henry and Pauline Durant as a female seminary, it is a member of the original Seven Sisters Colleges, an unofficial g ...

. She later obtained a masters and doctoral degree from

, submitting a masters thesis on

Henry David Thoreau Henry David Thoreau (July 12, 1817May 6, 1862) was an American naturalist, essayist, poet, and philosopher. A leading Transcendentalism, transcendentalist, he is best known for his book ''Walden'', a reflection upon simple living in natural su ...

's ''

Walden ''Walden'' (; first published in 1854 as ''Walden; or, Life in the Woods'') is a book by American transcendentalist writer Henry David Thoreau. The text is a reflection upon the author's simple living in natural surroundings. The work is part ...

'', and a doctoral dissertation on the works of

Willa Cather Willa Sibert Cather (; born Wilella Sibert Cather; December 7, 1873 – April 24, 1947) was an American writer known for her novels of life on the Great Plains, including ''O Pioneers!'', '' The Song of the Lark'', and ''My Ántonia''. In 1923, ...

. For several years, Barbara Caspersen has served on the university's board of trustees and currently serves in an emeritus capacity. The Caspersens had two homes in New Jersey—in Andover and

Bernardsville Bernardsville () is a borough in Somerset County, in the U.S. state of New Jersey. The borough is nestled in the heart of the Raritan Valley region. As of the 2010 United States Census, the borough's population was 7,707,

in areas described as "in New Jersey horse country", a 6,500-square-foot waterfront estate Westerly, Rhode Island, and a residence in Jupiter Island, Florida. The couple had four sons, Finn M. W. Caspersen Jr., Erik M. W. Caspersen, Samuel M. W. Caspersen, and Andrew W. W. Caspersen. All four of his sons were graduated from Harvard Law School. Pulitzer Prize-winning journalist and Harvard alumnus

Daniel Golden Daniel L. Golden (born 1957) is an American journalist, working as a senior editor for ProPublica. He was previously senior editor at Conde Nast's now-defunct Portfolio magazine, and a managing editor for Bloomberg News. Early life and education ...

, in a book criticizing the role of privilege and wealth at elite colleges, attributed their admission to the prestigious law school to their father's generosity.Golden, Daniel, ''The Price of Admission: How America's Ruling Class Buys Its Way into Elite Colleges—and Who Gets Left Outside the Gates'' (New York: Three Rivers Press, 2007), 26–27, 157. Caspersen served as an officer in the

United States Coast Guard The United States Coast Guard (USCG) is the maritime security, search and rescue, and law enforcement service branch of the United States Armed Forces and one of the country's eight uniformed services. The service is a maritime, military, mult ...

. He was a member of the

Knickerbocker Club The Knickerbocker Club (known informally as The Knick) is a gentlemen's club in New York City that was founded in 1871. It is considered to be the most exclusive club in the United States and one of the most aristocratic gentlemen's clubs in th ...

, an exclusive, upper-class, men-only social club on New York City's

Upper East Side The Upper East Side, sometimes abbreviated UES, is a neighborhood in the borough of Manhattan in New York City, bounded by 96th Street to the north, the East River to the east, 59th Street to the south, and Central Park/Fifth Avenue to the wes ...

. Caspersen was a talented equestrian in

carriage driving Carriage driving is a form of competitive horse driving in harness in which larger two or four wheeled carriages (sometimes restored antiques) are pulled by a single horse, a pair, tandem or a four-in-hand team. Prince Philip helped to expand ...

, winning three national championships and representing the United States at three

world championships A world championship is generally an international competition open to elite competitors from around the world, representing their nations, and winning such an event will be considered the highest or near highest achievement in the sport, game, ...

. In 1985, he won the

four-in-hand The four-in-hand knot is a method of tying a necktie. It is also known as a simple knot or schoolboy knot, due to its simplicity and style. Some reports state that carriage drivers tied their reins with a four-in-hand knot, while others claim ...

carriage driving competition at the

Royal Windsor Horse Show The Royal Windsor Horse Show is a horse show held annually since 1943 for five days in May or June in Windsor Home Park.

in the United Kingdom and later was an honorary lifetime officer of the show.Andreassi, George
"Finn Caspersen, financial titan, former Jupiter Island commissioner, dies at Rhode Island home"
''The Treasure Coast Palm'' (TCPalm.com), September 8, 2009. Retrieved December 24, 2013.Lidz, Franz

''Sports Illustrated'', December 5, 1988. Retrieved December 24, 2013. Phelps Media Group and United States Equestrian Team Foundation
"USET Foundation President Emeritus, Finn M.W. Caspersen 1941–2009"
(media release), September 9, 2009. Retrieved November 4, 2013. According to ''Sports Illustrated'', Caspersen, described as "portly and patrician, tall and splendidly erect, with a lot of beef in his jowls" recalled being asked by

Queen Elizabeth II Elizabeth II (Elizabeth Alexandra Mary; 21 April 1926 – 8 September 2022) was Queen of the United Kingdom and other Commonwealth realms from 6 February 1952 until Death and state funeral of Elizabeth II, her death in 2022. She was queen ...

at the awards ceremony about his role in driving his team of Holsteiners: "I told her it was to lower the carriage's center of gravity, ... She looked at my midriff and said I was well suited for the job." He was the father of Andrew Caspersen and three other sons.

Death and aftermath

Caspersen died on September 7, 2009, in the Shelter Harbor community of Westerly, Rhode Island, from an apparent

gunshot wound A gunshot wound (GSW) is a penetrating injury caused by a projectile (e.g. a bullet) from a gun (typically firearm or air gun). Damages may include bleeding, bone fractures, organ damage, wound infection, loss of the ability to move part of th ...

to the head.Moore, Michael, and Milford, Phil
"Former Beneficial CEO Finn Caspersen Dies in Apparent Suicide"
, ''Bloomberg'', September 9, 2009. Retrieved October 28, 2013. The

cause of death In law, medicine, and statistics, cause of death is an official determination of conditions resulting in a human's death, which may be recorded on a death certificate. A cause of death is determined by a medical examiner. The cause of death is ...

was ruled a suicide. A blued-steel .38-calibre, five-shot

Smith & Wesson Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Springfield, Massachusetts, United States. Smith & Wesson was founded by Horace Smith and Daniel B. Wesson as the "Smith & Wesson Revolver Company" in 1856 ...

revolver belonging to Caspersen was found near his body. According to law enforcement sources investigating the suicide, Caspersen left a note stating that he "was tired, diminished and in constant pain, and that he did not want to be a burden to his loving family". Caspersen had been battling

kidney cancer Kidney cancer, also known as renal cancer, is a group of cancers that starts in the kidney. Symptoms may include blood in the urine, lump in the abdomen, or back pain. Fever, weight loss, and tiredness may also occur. Complications can include spr ...

before his death, and reportedly pursued regular

chemotherapy Chemotherapy (often abbreviated to chemo and sometimes CTX or CTx) is a type of cancer treatment that uses one or more anti-cancer drugs (chemotherapeutic agents or alkylating agents) as part of a standardized chemotherapy regimen. Chemotherap ...

treatment. Several sources described his health as deteriorating and the cancer severe. Others indicated that his medical condition led to depression, describing an uncertainty that left him "sort of horrified about his medical outcome". Bernard Davidoff, an internist from New Jersey apparently familiar with Caspersen's medical care, advised police that Caspersen "suffered from severe depression and was taking antidepressant medications, heart, liver, kidney, and diabetes medications". It was also reported that medical problems and chemotherapy treatments "had severely hobbled him in recent years". A

memorial service A funeral is a ceremony connected with the final disposition of a corpse, such as a burial or cremation, with the attendant observances. Funerary customs comprise the complex of beliefs and practices used by a culture to remember and respect th ...

held on September 15, 2009, at St. Peter's Episcopal Church in

Morristown, New Jersey Morristown () is a town and the county seat of Morris County, in the U.S. state of New Jersey. ...

, was attended by 900 friends and relatives. Caspersen was

eulogized A eulogy (from , ''eulogia'', Classical Greek, ''eu'' for "well" or "true", ''logia'' for "words" or "text", together for "praise") is a speech or writing in praise of a person or persons, especially one who recently died or retired, or as a ...

by former New Jersey governor and Drew University president Thomas Kean. In the weeks after his death, reports emerged that Caspersen had listed his Westerly, Rhode Island, home for sale for $10.9 million, was facing financial and legal difficulties. Caspersen had begun to step back from various philanthropic efforts and institutional boards at Harvard, Peddie, and the Hodson Trust. Eight days after his death in 2009, a ''New York Times'' article cited an anonymous source, to report that Caspersen was being investigated by the Internal Revenue Service and was suspected of owing as much as $100 million in back taxes and fines, and facing possible imprisonment. ''The New York Times'' article reported that Caspersen was caught up in a broader federal investigation into

tax havens A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or n ...

and offshore bank accounts used by wealthy Americans to avoid paying taxes in Switzerland and Liechtenstein. It was reported that his name was turned over to federal investigators by Swiss banking giant

earlier in the year, and in connection to Liechtenstein Global Trust (LGT), a private bank controlled by Liechtenstein's royal family. In 2015 an attorney for Caspersen's estate stated Caspersen's tax returns for 2005-2008 had been audited, in an investigation that did not conclude until 2013. The attorney, Denis Conlon, said the net result of the four-year audit was a $7,000 refund from the government for overpayment in one year, $14,000 of additional tax due for another year (in which Caspersen had over $2.7 million of income), no refunds or additional taxes dues for the other two years, and no fines or penalties imposed for alleged offshore accounts or other conduct.

Philanthropy

Equestrian and rowing

Caspersen served as a board member, president, and chairman of the

United States Equestrian Team The United States Equestrian Team (USET) refers to the American national teams in Olympic and non-Olympic disciplines of horse sport. US Equestrian, the governing body of horse sport in the United States, selects, trains and funds the teams. The O ...

from 1982 to 2002. He was considered "the man who put American combined driving on the international map". During his 20-year tenure, American riders and drivers earned 71 medals, including 25 gold, in the

Olympics The modern Olympic Games or Olympics (french: link=no, Jeux olympiques) are the leading international sporting events featuring summer and winter sports competitions in which thousands of athletes from around the world participate in a var ...

World Championships A world championship is generally an international competition open to elite competitors from around the world, representing their nations, and winning such an event will be considered the highest or near highest achievement in the sport, game, ...

, and

Pan American Games The Pan American Games (also known colloquially as the Pan Am Games) is a continental multi-sport event in the Americas featuring summer sports, in which thousands of athletes participate in a variety of competitions. The competition is held ...

.Jaffer, Nancy
"Finn Caspersen, American Combined Driving Advocate, Dies"
''Equisearch'', September 8, 2009. Retrieved October 28, 2013. Caspersen helped the U.S. Equestrian Team establish a permanent home at Hamilton Farm, the former estate of U.S. Treasury Secretary

Nicholas F. Brady Nicholas Frederick Brady (born April 11, 1930) is an American politician from the state of New Jersey, who was the United States Secretary of the Treasury under Presidents Ronald Reagan and George H. W. Bush, and is also known for articulating ...

Bedminster, New Jersey Bedminster is a township in Somerset County, New Jersey, United States. As of the 2010 United States census, the township's population was 8,165, reflecting a decline of 137 (−1.7%) from the 8,302 counted in the 2000 Census, which had in t ...

.Garreau, Joel, ''Edge City: Life on the New Frontier'' (New York: Random House, 2011), 33–34. The Hamilton Farm property was owned by Beneficial and was located next to the corporation's headquarters. Beneficial deeded the property to the team at Caspersen's urging. Caspersen supported rowing, and was involved with the Princeton National Rowing Association (PNRA) and Princeton International Regatta Association (PIRA).Caspersen Center Dedication: Raises Olympic Flag As Officially Designated Olympic Training Site
''row2k'', December 11, 2003. Retrieved October 28, 2013. In 1998, he provided funding to build a boathouse to benefit the rowing programs of Peddie and the nearby

Lawrenceville School The Lawrenceville School is a coeducational preparatory school for boarding and day students located in the Lawrenceville section of Lawrence Township, in Mercer County, New Jersey, United States. Lawrenceville is a member of the Eight Schoo ...

on the north shore of

Mercer Lake Mercer Lake, also known as Lake Mercer, is a man-made lake within Mercer County Park in West Windsor, Mercer County, New Jersey, United States. History The lake came into being with the 1975 construction of a dam to control flooding on the Assu ...

West Windsor, New Jersey West Windsor is a township in Mercer County, New Jersey, United States. Located within the Raritan Valley region, the township is an outer-ring suburb of New York City in the New York metropolitan area, as defined by the United States Census B ...

. Located at the Mercer Lake Race Course—site of the 1988, 1992, 2004 and 2008 United States Olympic Rowing Team Trials—the facility is used for training, racing, camps, clinics and administration by Peddie, Lawrenceville, the

Hun School The Hun School of Princeton is a private, coeducational, secondary boarding school located in Princeton in Mercer County, New Jersey, United States. The school serves students from sixth through twelfth grades. Currently, the head of school is ...

, high schools in

Mercer County, New Jersey Mercer County is a county located in the U.S. state of New Jersey. Its county seat is Trenton, also the state capital, but also directly borders the Philadelphia metropolitan area and is included within the Federal Communications Commission's ...

USRowing The United States Rowing Association, commonly known as USRowing, is the national governing body for the sport of Rowing in the United States. It serves to promote the sport on all levels of competition, including the selection and training of ...

, the US National Team, and the Mercer Junior Rowing Club, as well as PNRA and PIRA.

Education

Throughout his life, Caspersen was closely involved with the management of several universities and schools, serving on the directing boards of the Peddie School, Brown, and the Dean's Advisory Board at Harvard Law School. In a 2008 interview, he stated that he believed education was "investment in the future—an investment in human capital. I've been active in a range of other things, but education's always been my particular love".Staff
"Closing: A Conversation with Finn Caspersen '66"
''Harvard Law Bulletin'', Fall 2008. Retrieved November 2, 2013. Caspersen endowed two professorships at Harvard Law School—the Beneficial Professorship of Law, and the Finn M.W. Caspersen and Household International Professorship of Law. In 2003, he was chairman of Harvard Law School's

capital campaign Fundraising or fund-raising is the process of seeking and gathering voluntary financial contributions by engaging individuals, businesses, charitable foundations, or governmental agencies. Although fundraising typically refers to efforts to gathe ...

, which he helped jump-start by pledging $30 million—the largest single donation in the school's history. The campaign ultimately raised $476,475,707. The law school honored Caspersen by naming a special collections room in its

Library A library is a collection of materials, books or media that are accessible for use and not just for display purposes. A library provides physical (hard copies) or digital access (soft copies) materials, and may be a physical location or a vir ...

after him. In April 2012, Harvard dedicated part of a 250,000-square-foot multipurpose construction project, which housed student organizations, journals, and social activities, to Caspersen, calling it the ''Caspersen Student Center''. Critics attacked Harvard's decision to name the facilities after Caspersen after his alleged tax evasion was made public. Barbara Caspersen has served as trustee (currently as an emeritus trustee) of

and as both chairwoman and vice-chairwoman of the liberal arts college's board. In 1999, the Caspersens provided a $5 million gift for expanding graduate education programs at Drew. In honor of their service to the university, Drew renamed its graduate school as the ''Caspersen School of Graduate Studies''. The university's Rose Memorial Library houses a collection of books, manuscripts, artifacts and papers of Nebraska-born author

(1873–1947) assembled from items given by several donors—including significant contributions by Caspersen and his wife. It is regarded as one of the best collection of Cather's papers assembled in the United States. Caspersen donated funds to build a four-level annex, named in honor of his parents, to Brown University's historic

John Carter Brown Library The John Carter Brown Library is an independently funded research library of history and the humanities on the campus of Brown University in Providence, Rhode Island. The library's rare book, manuscript, and map collections encompass a variety of ...

, dedicated in 1991. Caspersen also served as a trustee of the Peddie School starting in 1970, and as the board's chairman starting in 1976. In 1998, he and philanthropist

Walter H. Annenberg Walter Hubert Annenberg (March 13, 1908 – October 1, 2002) was an American businessman, investor, philanthropist, and diplomat. Annenberg owned and operated Triangle Publications, which included ownership of ''The Philadelphia Inquirer'' ...

each donated $10 million to the school. The ''Caspersen Campus Center'', which opened in 1996, and ''Caspersen History House'', dedicated in 2006, were named in his honor. From 1976 until a few weeks before his death, Caspersen ran the Hodson Trust, established by Beneficial founder Clarence Hodson to award grants to four colleges in Maryland:

Hood College , motto_lang = la , mottoeng = With Heart and Mind and Hand , established = , type = Private college , religious_affiliation = United Church of Christ , endowment = $104.5 million (2020) , president = Andrea E. Chapd ...

Johns Hopkins University Johns Hopkins University (Johns Hopkins, Hopkins, or JHU) is a private university, private research university in Baltimore, Maryland. Founded in 1876, Johns Hopkins is the oldest research university in the United States and in the western hem ...

, St. John's College, and

Washington College Washington College is a private liberal arts college in Chestertown, Maryland. Maryland granted Washington College its charter in 1782. George Washington supported the founding of the college by consenting to have the "College at Chester" name ...

. Under the first 25 years of Caspersen's stewardship, the trust donated over $118 million to the four institutions. Hood College
"The Hodson Trust"
. Retrieved October 28, 2013. Caspersen was awarded

honorary degree An honorary degree is an academic degree for which a university (or other degree-awarding institution) has waived all of the usual requirements. It is also known by the Latin phrases ''honoris causa'' ("for the sake of the honour") or ''ad hono ...

s for his service to education; Washington College conferred an honorary Doctor of Humanities degree in 1981 and Hood College awarded Caspersen with an honorary

Doctor of Laws A Doctor of Law is a degree in law. The application of the term varies from country to country and includes degrees such as the Doctor of Juridical Science (J.S.D. or S.J.D), Juris Doctor (J.D.), Doctor of Philosophy (Ph.D.), and Legum Doctor (LL. ...

degree in 1983.Tipson, Baird
"In Memoriam: Finn Caspersen"
''Washington College News'' (official blog), September 10, 2009. Retrieved March 21, 2014.

References

{{DEFAULTSORT:Caspersen, Finn M. W. 1941 births 2009 deaths American chief executives of financial services companies American people of Norwegian descent Brown University alumni Equestrian sports in the United States Florida local politicians Harvard Law School alumni People from Andover, New Jersey Peddie School alumni Suicides by firearm in Rhode Island 20th-century American politicians 20th-century American philanthropists Drew University people 2009 suicides