He grew the Loral Corp. into a multibillion-dollar defense contractor and was a leading Democratic Party donor during the Clinton administration.
A former accountant who made his name working alongside corporate raider, Mr. Schwartz was an outsider in the defense industry and a lifelong Democrat in a sea of Republicans.
Mr. Schwartz followed the playbook of his former boss, Steinberg, growing the company through bold acquisitions. He expanded Loral by scooping up defense businesses from Xerox, Ford, Goodyear and IBM and continued the buying spree even after the end of the Cold War, as rivals worried about the future of the defense industry.
“Bernard Schwartz believed in the promise of America because he lived it, and he spent 98 years working to give more people the chance to find their own success,” Clinton said in a. “He was a great business leader, a generous philanthropist, a sharp political observer, and a man of deep integrity.” “I’m angry that there are financial gurus, people whom I respect, some of them my friends, who are in the financial community, who have convinced Clinton and Bush and Obama that they cannot spend money if it creates a deficit, that we can’t afford any deficit no matter how much the investment is,” he said in a“People continue to be unemployed, we continue to have an infrastructure that is $1.7 trillion in deficit — we need desperately to have the money,” he added.
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