Renowned dealmaker Richard Rainwater, who is known for helping turn around Disney in the 1980s, has been diagnosed with progressive supranuclear palsy (PSP)– a fatal, fast-moving, degenerative brain disease.As a tribute to Rainwater, CNBC’s “Squawk Box”‘s guest lineup this morning featured several of his mentees who are some of the financial industry’s biggest players.
David Bonderman, the founding partner of private equity firm Texas Pacific Group, said Rainwater is such a character and has a great sense of humour. Rainwater, who has an estimated netwoth of $2.3 billion, once used a paper bag for a suitcase.
“….Richard is a world class character in addition to being a great investor. I remember they had just done the Disney deal….maybe the best deal done by anybody. Right after that Richard is going San Diego to meet with the head of the then nascent computer company which he thought about making an investment in. He didn’t own a suitcase, so he took all his clothes in a paper bag. And he tells this guy who is the CEO of some computer company he’s going to meet at baggage claim and he’ll be the guy carrying a paper bag. So Richard shows up to negotiate this multimillion dollar deal, which is a lot of money in those days, carrying his toothpaste and socks and underwear in a paper bag which he got from the Safeway,” Bonderman told CNBC.