Alfred Lerner*

The son of Russian Jewish immigrants, Alfred Lerner was born in 1933 in Brooklyn. His father came to New York in his teens; his mother came in her 20s. They met in Brooklyn, married, and opened what was then called a candy store, which included a soda fountain and items such as cigarettes, cigars, and ice cream. The family lived in three small rooms behind the store until Lerner was six. At that time, they moved to Queens and set up another candy store, which they also lived behind. At an early age, Lerner came to understand the value and necessity of hard work as he watched his parents put in 18-hour days, seven days a week.

The Lerners lived a well-ordered life that emphasized the value of education. Although Lerner's mother had earned a college degree in Russia before her immigration, his father had experienced little formal schooling. Still, his father was highly intelligent and attended night school when Lerner was young. Both of Lerner's parents enjoyed reading, which was their favorite pastime.

Like his parents, Lerner was an able student. He tested for and was accepted into Brooklyn Technical High School, one of three New York City public high schools that required an entrance exam. After high school, Lerner was accepted to study liberal arts at Columbia University. He paid his way by working summers. He had always helped in his parents' store, but he spent most summers working in construction. He also had a job parking cars, and he spent one summer as a driving instructor.

While in college, Lerner enrolled in the Platoon Leader Program, which included U.S. Marine Corps training in Quantico, Virginia, and Parris Island, South Carolina. It was a difficult program, and many of Lerner's classmates did not pass. "I learned that when you have to, you can do a lot more than you think you can," Lerner recalled. "I also learned that when you have responsibilities, you take care of everyone else before you worry about yourself." Upon graduation in 1955, Lerner was commissioned as a second lieutenant in the Marine Corps. He completed his tour of active duty in 1958 as a first lieutenant.

Up to that point, Lerner had no career plan. He realized early on that a permanent military life was not for him, but he was unsure what to do when his duty ended. As it turned out, selling furniture for $75 a week, less than he had been making in the Marines, was the only job he could find. He worked for Ethan Allen, Inc. in 1960, first in Baltimore, and then in Cleveland. In 1963, he joined Bassett Furniture. Two years later, Lerner decided it was time to do something more lucrative. He began syndicating apartment buildings with a friend who had been a real estate broker. After they bought their third building, Lerner turned over his furniture business to another friend. In 1970, he and a partner acquired an electrical testing equipment company, which grew quickly and was eventually sold.

By 1979, Lerner owned a 50 percent interest in 11,000 apartments known as Town and Country, which later became a real estate investment trust. Lerner served as chairman of Town and Country, which owned multifamily residential properties in the Mid-Atlantic region. His primary activity, however, was serving as chairman and CEO of MBNA, the nation's largest issuer of affinity credit cards.

Throughout his career, Lerner took chances to succeed. His advice to youth: "Don't be worried about finding things that make you happy. You'll be happy when you have a good day and not so happy when you don't. But it would be a shame to get involved in things you don't care about."

When talking about his Horatio Alger Award, Lerner said, "The American experience, which is the marriage of a free democratic political system to an open economic system that is open to everyone, is the most remarkable thing in history. The American dream is out there still, but you need to be smarter rather than luckier today."