Roland E. Arnall
Roland E. Arnall (March 29, 1939 – March 17, 2008) was an American businessman and diplomat. As the owner of ACC Capital Holdings, he became a billionaire with Ameriquest Mortgage. Additionally he funded, financed and was the visionary and co-founder of the Simon Wiesenthal Center, and from 2006 until shortly before his death he was the United States Ambassador to the Netherlands.
Roland E. Arnall | |
|---|---|
| United States Ambassador to the Netherlands | |
| In office March 8, 2006 – March 7, 2008 | |
| President | George W. Bush |
| Preceded by | Clifford Sobel |
| Succeeded by | James Culbertson |
| Personal details | |
| Born | March 29, 1939 Paris, France |
| Died | March 17, 2008 (aged 68) Los Angeles, California, U.S. |
| Nationality | American |
| Spouse(s) | Dawn L. Arnall (m. 2000-2008; his death) Sally Arnall (m. 1961-1998; divorced) |
| Children | 2 |
Early life edit
Roland Arnall was born on March 29, 1939, in Paris, France. His parents were Eastern European Jews who had fled to Paris. During World War II, Arnall was raised as a Roman Catholic in a French village. He was kept unaware of being a Jew until after the war had ended, when he was six years old.[1][2]
After the war, Arnall and his family moved to Montreal, Canada.[3] In the late 1950s they relocated to the United States, and for a while Arnall sold flowers on the streets of Los Angeles, California.[4]
Ameriquest edit
Arnall was the billionaire owner of ACC Capital Holdings, the parent company of Ameriquest, which was once one of the United States's largest sub-prime mortgage lenders. By the end of 2005 two of Arnall's companies, Ameriquest and Argent, had funded almost $75 billion in subprime loans.[5] A major factor of this development was Arnall's origination of the stated income loan, meaning loans were given without verification of income.[6][7] In early 2006, the company announced a $325 million settlement with state attorneys general and law enforcement agencies and financial regulators in 49 states and the District of Columbia who had accused Ameriquest of misrepresenting and failing to disclose loan terms, charging excessive loan origination fees and inflating appraisals to qualify borrowers for loans.[8]
In 2007 Arnall got out of the mortgage business having sold most of it to Citigroup for an undisclosed amount.[9]
Political activities edit
In the 2003–05 period, Arnall and his wife raised more than $12 million for George W. Bush's political efforts, including $5 million for the Progress for America Voter Fund, a self-proclaimed "conservative issue advocacy organization dedicated to keeping the issue record straight." Arnall was quoted as saying his support for Bush stemmed for his stance on Israel. In 2004 he was one of the top 10 donors to the Republican Party.[10]
Mrs. Arnall also served as a co-chair for the 2004 Republican Convention and hosted a $1 million Bush-Cheney fundraiser at the couple's 10-acre (40,000 m2) home in Holmby Hills. In 2005, Ameriquest Capital and three of its subsidiaries comprised four of the 53 entities that each contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[11][12] Writes USA Today, "Inaugural fundraisers Dawn and Roland Arnall found a creative way to pump more than the $250,000 limit into the event. Their mortgage firm, Ameriquest Capital, contributed the maximum, as did three subsidiaries, for a total of $1 million. The company declined to comment on its political giving."[13]
Diplomatic career edit
On August 1, 2005, President George W Bush nominated Arnall to become the U.S. ambassador to the Netherlands. The Senate approved his nomination on February 9, 2006. Arnall was installed as ambassador on March 8, 2006, when Queen Beatrix of the Netherlands received Arnall's letters of credence.
Arnall announced his resignation as ambassador on February 21, 2008, effective on March 7, citing the ill health of his son.[14]
Personal life edit
Arnall had two children with his first wife Sally, from whom he divorced in 1998 after a 37-year marriage.
On March 17, 2008, Arnall died of cancer according to FOX Business at the UCLA Medical Center in Los Angeles, twelve days shy of his 69th birthday.[15][16][17]
SHMAIS.com (Lubavitch News Website) reported that Chabad of California was to be the beneficiary of an $18 million donation from the estate of Roland Arnall. According to their source, before his death, he made arrangements for Rabbi Shlomo Cunin to receive the donation, and a short while later sent in a down payment of $180,000.[18] Arnall made three payments of $180,000 each to Chabad before dying of cancer in March 2008; after his death, Chabad sought payment for what it said was the balance of his pledge. Arnall's widow, Dawn Arnall, denied that the payments made by her late husband had been part of a pledge. On January 25, 2013, a California appeals court affirmed a lower court's ruling denying a claim from Chabad of California Inc. of an $18-million pledge that the local Jewish nonprofit group said was promised to it by Arnall.[19]
References edit
- ^ Reckard, E. Scott (2008-03-18). "Roland Arnall, 68; founder of subprime specialist Ameriquest". Los Angeles Times. Retrieved 2008-03-20.
- ^ "Roland E. Arnall, 68; Founded High-Risk Lender Ameriquest". The Washington Post. 2008-03-20. pp. B06. Retrieved 2008-03-20.
- ^ . United States Department of State. Archived from the original on July 1, 2007. Retrieved 2008-03-21.
- ^ Hevesi, Dennis (2008-03-19). "Roland Arnall, Mortgage Innovator, Dies at 68". The New York Times. Retrieved 2008-03-20.
- ^ Paul Muolo and Mathew Padilla (2 February 2010). Chain of Blame. John Wiley & Sons, 2010. p. 144. ISBN 978-0-470-55465-4.
- ^ Paul Muolo and Mathew Padilla, 2010, p. 86
- ^ Heather McGhee (2021). The Sum of Us. One World, 2021. p. 91. ISBN 978-0-525-50956-1.
- ^ . Press release. Office of the New State Attorney General. December 24, 2007. Archived from the original on March 31, 2008.
- ^ Paul Muolo and Mathew Padilla, 2010, pp. 96ff
- ^ Becker, Jo; Sheryl Gay Stolberg; Stephen Labaton (December 20, 2008). "White House Philosophy Stoked Mortgage Bonfire". New York Times.
- ^ "Financing the inauguration". USA Today. 2005-01-16. Retrieved 2008-05-25.
- ^ "Some question inaugural's multi-million price tag". USA Today. 2005-01-14. Retrieved 2008-05-25.
- ^ Drinkard, Jim (2005-01-17). "Donors get good seats, great access this week". USA Today. Retrieved 2008-05-25.
- ^ http://www.radionetherlands.nl/news/international/5653358/US-ambassador-to-The-Hague-to-step-down[permanent dead link]
- ^ "Businessman, diplomat Roland Arnall dead in LA at 68". International Herald Tribune. 2008-03-17. Retrieved 2008-03-17.
- ^ "Voormalig VS-ambassadeur Arnall overleden" (in Dutch). Nu.nl. 2008-03-17. Retrieved 2008-03-17.
- ^ . Fox Business. 2008-03-21. Archived from the original on 21 March 2008. Retrieved 2023-06-07.
- ^ "Billionaire promises $18,000,000 to Chabad of California". shmais.com. May 8, 2008.[permanent dead link]
- ^ Lowefeld, Jonah (7 February 2013). "Chabad claim denied". Jewish Journal, Los Angeles. Retrieved 29 January 2014.
Links edit
- , Cleveland Scene magazine.
- Forbes Magazine top 400 entry for Roland Arnall Archived 2013-01-24 at archive.today
- Los Angeles Times: Roland Arnall, 68; founder of subprime specialist Ameriquest
- Workers Say Lender Ran 'Boiler Rooms' , Los Angeles Times, February 4, 2005