Fossett then turned a profitable commodities salesman in Chicago, first for Merrill Lynch in 1973, the place he proved a extremely profitable producer of fee income for himself and that agency. He started working in 1976 for Drexel Burnham, which assigned him one in every of its memberships on the Chicago Board of Trade and permitted him to market the companies of the agency from a telephone on the ground of that trade. In 1980, Fossett started the method that ultimately produced his enduring prosperity: renting trade memberships to would-be ground merchants, first on the Chicago Board Options Exchange.
In 1968, Fossett acquired an MBA from the Olin School of Business at Washington University in St. Louis, Missouri, the place he was later a longtime member of the Board of Trustees. Fossett’s first job out of enterprise faculty was with IBM; he then served as a advisor for Deloitte and Touche, and later accepted a job with Marshall Field’s. Fossett later mentioned, “For the primary 5 years of my enterprise profession, I used to be distracted by being in pc techniques, after which I turned occupied with monetary markets. That’s the place I thrived.”
In faculty at Stanford University, Fossett was already generally known as an adventurer; his Sigma Alpha Epsilon fraternity brothers satisfied him to swim to Alcatraz and lift a banner that learn “Beat Cal” on the wall of the jail, closed two years beforehand. He made the swim, however was thwarted by a safety guard when he arrived. While at Stanford, Fossett was a scholar physique officer and served because the president of some golf equipment.[which?] In 1966, Fossett graduated from Stanford with a level in economics. Fossett spent the next summer time in Europe climbing mountains and swimming the Dardanelles.
Fossett’s curiosity in journey started early. As a Boy Scout, he grew up climbing the mountains of California, starting with the San Jacinto Mountains. “When I used to be 12 years previous I climbed my first mountain, and I simply saved going, taking up extra various and grander tasks.” Fossett mentioned that he didn’t have a pure present for athletics or staff sports activities, so he centered on actions that required persistence and endurance. His father, an Eagle Scout, inspired Fossett to pursue some of these adventures and inspired him to grow to be concerned with the Boy Scouts early. He turned an lively member of Troop 170 in Orange, California. At age 13, Fossett earned the Boy Scouts’ highest rank of Eagle Scout. He was a Vigil Honor member of the Order of the Arrow, the Boy Scouts’ honor society, the place he served as lodge chief. He additionally labored as a Ranger at Philmont Scout Ranch in New Mexico through the summer time of 1961. Fossett mentioned in 2006 that Scouting was an important exercise of his youth.
Fossett was born in Jackson, Tennessee and grew up in Garden Grove, California, the place he graduated from Garden Grove High School.
In September 2008, a hiker discovered Fossett’s identification playing cards within the Sierra Nevada Mountains, California, main shortly after to the invention of the aircraft’s wreckage. Fossett’s solely recognized stays, two massive bones, had been discovered half a mile (800 m) from the crash web site, in all probability scattered by wild animals.
Fossett disappeared on September 3, 2007 whereas flying a light-weight plane over the Great Basin Desert, between Nevada and California. Extensive searches proved unsuccessful, and he was declared legally lifeless in February of the next 12 months.
A fellow of the Royal Geographical Society and the Explorers Club, Fossett set multiple hundred data[verification needed] in 5 completely different sports activities, sixty of which nonetheless stood on the time of his loss of life. He broke three of the seven absolute world data for fixed-wing plane acknowledged by the Fédération Aéronautique Internationale, all in his Virgin Atlantic GlobalFlyer. In 2002, he was awarded the Gold Medal of the Royal Aero Club of the UK, and was inducted into the National Aviation Hall of Fame in 2007.
James Stephen Fossett (April 22, 1944 – September 3, 2007) was an American businessman and a record-setting aviator, sailor, and adventurer. He was the primary individual to fly solo nonstop all over the world in a balloon and in a fixed-wing plane. He made his fortune within the monetary companies trade and held world data for 5 nonstop circumnavigations of the Earth: as a long-distance solo balloonist, as a sailor, and as a solo flight fixed-wing plane pilot.