Louis Wolfson

Louis Elwood Wolfson (January 28, 1912 – December 30, 2007) was an American financier, a convicted felon, and one of the first modern corporate raiders, labeled by Time as such in a 1956 article.^[1] A self-made millionaire by 28, Wolfson is credited with creating the modern hostile tender offer, which laid the technical framework to the leveraged buyout. In later years, he was a major thoroughbred horse racing participant best known as the owner and breeder of 1978 American Triple Crown winner, Affirmed.

Wolfson was frequently in trouble with the law. In 1957, the United States Securities and Exchange Commission ordered a ten-day suspension of trading in stock in a company Wolfson held "to prevent fraudulent and manipulative practices". In 1967, he was convicted of selling unregistered shares and obstruction of justice, for which he served nine months in a federal prison. The conviction eventually led to a scandal involving Supreme Court Justice Abe Fortas, who resigned in 1969 after returning a $20,000 retainer to a Wolfson foundation.^[2][3][4] In 1971, Wolfson was involved in a contentious legal battle with radio host Larry King over monies Wolfson supplied and King allegedly pocketed. Later King claimed Wolfson paid him $48,500 to influence President Richard Nixon's incoming U.S. Attorney General, John N. Mitchell, into reviewing Wolfson's past conviction.^[5][6]