of the rest of the financial industry during the 1980s) centered on the issuance of high yield "junk" bonds to finance mergers and acquisitions. (Forstmann referred to junk bonds as "wampum") When the junk bond market later fell into disfavor as a result of scandal, Forstmann's criticism was seen as prescient, as his more conventional investment strategy had been able to maintain nearly the same level of profitability as companies such as KKR and Revlon that built their strategy around high-yield debt. Credit crisis Forstmann accurately predicted the worsening of the credit crisis in July 2008, when most pundits believed the crisis had reached its peak. Forstmann argued that the excess of money pumped into the economy after the September 11 attacks in 2001 distorted the decision-making abilities of nearly everyone in finance. With an oversupply of money, bankers and other financiers took on more risk with less return. While this allowed many to make money for a time, eventually this risk accumulated, and the consequences led to the credit crisis. Civic life In 1995, Forstmann was given the "Patron of the Arts Award" by the National Academy of Popular Music at the Songwriters Hall of Fame induction ceremonies. Forstmann dedicated significant personal resources to the cause of education reform. He was a prominent supporter of school choice. In 1998, he and friend John T. Walton established the Children's Scholarship Fund to provide tuition assistance for low-income families wanting to send their children to private school. In February 2011, Forstmann became a signatory of The Giving Pledge. He was an active member of the Republican Party. He served as co-chairman of George H. W. Bush's re-election campaign in the 1992 US presidential election. Personal life Forstmann never married. He adopted two boys in the 1990s after meeting them at an orphanage in South Africa. Forstmann dated Padma Lakshmi, the host and judge of Top Chef. During a break in their relationship, Lakshmi gave birth to a daughter. Lakshmi was initially unclear as to the father's identity, and it was later revealed by DNA testing to be Adam Dell. In December 2006, newspaper reports on the inquiry into the death of Diana, Princess of Wales alleged that U.S. intelligence agencies had bugged Forstmann's phone or plane and monitored his relationship with Diana. She and her sons were said to have planned to visit him in summer 1997, but British security reportedly