Where did Phil Murphy make his money?

Phil Murphy is the current governor of New Jersey and a wealthy businessman. He made his fortune through a successful career at Goldman Sachs, where he rose to the rank of senior director. Murphy retired from Goldman Sachs in 2006, but he remains a wealthy man, with a net worth estimated to be in the hundreds of millions of dollars.

Phil Murphy’s Time at Goldman Sachs

Murphy began his career at Goldman Sachs in 1983, after graduating from Harvard Business School. He quickly rose through the ranks of the firm, and by 2001, he was the global co-head of Goldman Sachs’ Investment Management Division. This unit oversaw the investments of foundations, pensions, hedge funds, and wealthy individuals.

How Murphy Made His Money at Goldman Sachs

Murphy made his money at Goldman Sachs through a combination of salary, bonuses, and stock options. As a senior director at the firm, he earned a base salary of millions of dollars per year. He also received significant bonuses, which were based on the performance of the firm and his own division. In addition, Murphy owned a large number of Goldman Sachs stock options, which became very valuable when the firm went public in 1999.

Murphy’s Role in the Financial Crisis

Murphy’s role in the financial crisis is a matter of some debate. Some critics have argued that he and other Goldman Sachs executives played a role in the collapse of the housing market and the subsequent financial crisis. However, Murphy has defended his record, arguing that he was not involved in any wrongdoing.

Phil Murphy’s Post-Goldman Sachs Career

After retiring from Goldman Sachs in 2006, Murphy served as the United States ambassador to Germany from 2009 to 2013. He was appointed to the position by President Barack Obama. After leaving his post as ambassador, Murphy returned to New Jersey and launched a successful campaign for governor. He was elected in 2017 and took office in 2018.

Murphy’s Work as a Diplomat and Philanthropist

In addition to his career in business and politics, Murphy has also been active in diplomacy and philanthropy. He has served on the boards of directors of several non-profit organizations, including the Brookings Institution and the Council on Foreign Relations. He has also donated millions of dollars to various charities and educational institutions.

Murphy’s Decision to Run for Governor of New Jersey

Murphy decided to run for governor of New Jersey because he wanted to make a difference in the state. He believed that New Jersey needed new leadership and a new vision for the future. Murphy campaigned on a platform of progressive economic policies, including raising the minimum wage, expanding access to healthcare, and investing in education.

Phil Murphy’s Net Worth

Phil Murphy’s net worth is estimated to be in the hundreds of millions of dollars. He made his fortune through a successful career at Goldman Sachs. Murphy’s wealth has been the subject of some controversy, but he has defended his record, arguing that he earned his money fairly and that he is committed to using it to make New Jersey a better place.

Conclusion

Phil Murphy is a successful businessman and politician who has made his fortune through a combination of hard work, intelligence, and luck. His wealth has given him the financial resources to run for and win the governorship of New Jersey. It has also made him a target of criticism, but Murphy has defended his record, arguing that he has earned his money fairly and that he is committed to using it to make New Jersey a better place.