Category Archives: Business & Finance

Jews in the World of Business and Finance

Jew of the Week: Jeff Brotman

Jeffrey Hart Brotman (1942-2017) was born in Tacoma, Washington to parents of Jewish-Romanian ancestry. His father and uncles ran a successful retail store that eventually expanded to 18 locations. After earning a political science degree and law doctorate, Brotman followed his father’s footsteps and went into retail with his brother. They first opened a jeans store for women, and then a men’s clothing store. In 1982, Brotman teamed up with Jim Sinegal, who had previously worked for (recent Jew of the WeekSol Price and learned the wholesale business from him. Brotman and Sinegal co-founded Costco. By 1993, Costco merged with Sol Price’s original wholesale company. Today, Costco has over 700 locations around the world, with 85 million members, 174,000 employees, and $120 billion in revenue, making it the 18th richest company in the world, and second largest retailer (behind Wal-Mart). Thanks largely to Brotman’s personal motto of “Do the right thing”, Costco is famous for being one of the top-rated employers in the world, giving its workers large salaries and extensive benefits. Brotman was Costco’s chairman since its founding until last week, when he sadly and unexpectedly passed away. He had served on the boards of 12 other organizations, including Starbucks (of which he was one of the first investors) and the United Way. Brotman was a philanthropist, too, donating large sums to educational and health institutions like the University of Washington and Seattle Children’s Hospital, as well as the arts and many Jewish causes. He recently gave a million dollars to his synagogue in Tacoma to build a Jewish daycare and preschool. He had stated that it was the synagogue that “launched me into being a responsible adult.” Starbucks’ founder Howard Schultz eulogized him: “He was one of the earliest believers and investors in Starbucks and in me… he has been a shining light… We have lost a titan of our community.”

“Help Me Bring My Son’s Body Home”

How TV Affects the Brains of Young Children

Mother Shares Incredible Photos of Baby Miscarried at 14 Weeks

Nicaragua’s Jewish Population Doubles as 114 Convert

Manhattan Optical Partners with Chabad to Give Eyesight to Poor Nigerians

Adam Bisnowaty of the NY Giants Talks of Hebrew and Kosher Food Cravings

Orthodox Jews – 0.2% of US Population – Make up 15% of Organ Donors

Words of the Week

Helping the disadvantaged, encouraging diversity, fostering a community that treats its people well – these were values I learned from my parents… my rabbi at Temple Beth El, and my grandfather, who helped with the movement to plant trees in Israel. When I see some of the fundamental unfairness built into the system for people who are less fortunate, and couple that with my family’s tradition of helping others, I am compelled to act, compelled to give what I can to help.
– Jeff Brotman

Jews of the Week: the Guggenheims

Meyer Guggenheim, with (top to bottom) Daniel, Solomon, Simon, and Benjamin

Meyer Guggenheim (1828-1905) was born in Switzerland to a traditional Ashkenazi Jewish family. At 19, he set out on his own and journeyed to the United States. After working in various shops in Philadelphia, Guggenheim opened up his own company, importing Swiss embroidery. Business went well, and he soon searched for new opportunities. In 1881, Guggenheim invested $5000 in two Colorado silver mines, and quickly realized their incredible potential. He sold all his other ventures and put all of his money into mining and smelting. With the help of his seven sons, Guggenheim quickly expanded across the US. By 1901, the family controlled the largest metal-processing plants in the US, and also owned mines in Mexico, Bolivia, Chile, and the Congo. In 1922, various disputes led to the Guggenheims being kicked out of their largest company by its own board. Soon, they sold off all of their mines. The family would invest elsewhere, and the fortune vacillated over the decades. In 1999, it ceased to be a strictly family affair with the opening of Guggenheim Partners. Today, the firm has 2300 employees, and controls $260 billion in assets worldwide (including the Los Angeles Dodgers baseball team, purchased for a record $2.15 billion in cash).

After the elder Guggenheim’s passing, his son Daniel Guggenheim (1856-1930) took over the business. By 1918, he raised the family fortune to as much as $300 million, making them among the wealthiest people in the world, as well as among the most generous philanthropists. Daniel’s son was a World War I pilot, inspiring Daniel to invest considerably in aviation technology. To this day, the most prestigious prize in aeronautics is the Daniel Guggenheim Medal. Another son, Solomon Guggenheim (1861-1949), was a patron of the arts and an avid collector. He established New York’s world-famous Guggenheim Museum. Meanwhile, Simon Guggenheim (1867-1941) served as a US senator. He established a fund in honour of his deceased son that has granted over 15,000 scholarships to date, totalling over $250 million! His $80,000 donation (equivalent to $2.5 million today) to a Colorado school was, at the time, the largest private grant ever made to a state institution. Benjamin Guggenheim (1865-1912) worked for the family business out of Paris, and in 1912 boarded the Titanic to head back home. When the iceberg hit, he was offered a place among the first women being evacuated, but rejected, saying “No woman shall remain unsaved because I was a coward.” One survivor reported that “after having helped the rescue of women and children, [he] got dressed, a rose at his buttonhole, to die.” His body was never recovered.

Words of the Week

We can easily forgive a child who is afraid of the dark; the real tragedy of life is when men are afraid of the light.
– Plato