Born to a Jewish family,[1] in Brooklyn, the son of the chief executive of commercial finance firm James Talcott Inc.[2] Silverman graduated with a B.A.
[2] Silverman began his career in business as an assistant to Steve Ross, who was then assembling the future Warner Communications.
Among Silverman's purchases were such brands as Ramada and Howard Johnson's as well as Days Inn, which he was able to buy for $290 million (almost half what he had sold it for) after the company had filed for bankruptcy in 1991.
Just months after the merger, in April 1998 Cendant uncovered massive accounting improprieties at CUC and resulted in one of the largest financial scandals of the 1990s.
In 2002, on the back of strong performance at Cendant, Silverman signed a 10-year contract that provided for medical benefits, office space as well as travel perks including a corporate airplane and a company car and driver.
The remaining Cendant Corporation, which renamed itself Avis Budget Group, operates the company's car rental businesses.
In February 2009, Silverman assumed a position as chief operating officer of Apollo Global Management, a New York-based private equity firm.
[5] In March 2012, Silverman assumed a position as Vice Chairman of Asset Management at Guggenheim Partners, a New York-based private equity firm.