Category Archives: Business & Finance

Jews in the World of Business and Finance

Jews of the Week: The Ghermezians

Jacob Ghermezian

Jacob Ghermezian (1902-2000) was born to a religious Jewish family in Azerbaijan, and grew up in Iran. He started a business selling Persian rugs when he was just 17 years old. Within two decades, Ghermezian became one of Iran’s wealthiest businessmen. In 1943, he hosted Roosevelt, Churchill, and Stalin in his apartment during the critical “Tehran Conference” where the three world leaders discussed the final stages of World War II and planned their path to victory. Unfortunately, the religious, and political situation in Iran worsened in the 1950s, so the Ghermezian family emigrated to America. After a short stay in New York, they settled in Montreal. Soon after, Ghermezian and his four sons (Eskandar, Nader, Raphael, and Bahman) discovered the inexpensive, pre-oil boom Edmonton real estate market, and heavily invested in it. The family fortune soared, and the Ghermezians soon took on their biggest project: the $1.1 billion West Edmonton Mall, which remains North America’s largest to this day (and was the world’s largest from 1985 to 2004). The 5 million square foot complex boasts a theme park (with roller coaster), indoor shooting range, an NHL-sized hockey rink (where Wayne Gretzky’s Oilers used to practice), the world’s largest indoor lake, over 800 stores, a hotel, theatre, bungee jump, and the world’s largest parking lot. The Mall was once called the “eighth wonder of the world”, and draws 32 million visitors a year. The Ghermezians also built the Mall of America in Minnesota, the largest in the United States, and are currently building the extravagant American Dream Mall in New Jersey, which will have America’s only indoor ski hill. Despite the fame and fortune, Jacob Ghermezian never abandoned his Jewish faith, nor did he ever conduct business on the Sabbath. He instilled the same values in his sons, all of whom, like their father, were tremendous philanthropists, funding schools and scholarships, synagogues, charity organizations, and other institutions in Alberta and around the world.

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How to Change the World

The Faces of the Jews Left Behind

2700-Year Old Jerusalem Seal Confirms Existence of Biblical Governor

The Kabbalah of Moses’ Miracle-Working Staff

Words of the Week

To the Jews we owe the idea of equality before the law, both divine and human; of the sanctity of life and the dignity of the human person; of the individual conscience and so of personal redemption; of the collective conscience and so of social responsibility; of peace as an abstract ideal and love as the foundation of justice, and many other items which constitute the basic moral furniture of the human mind.
– Paul Johnson

Jacob and Miriam Ghermezian with their four sons in the 1990s.

Jews of the Week: Philips Family

Gerald and Anton Philips

Gerald Leonard Frederik Philips (1858-1942) was born in the Netherlands, the son of a wealthy Dutch-Jewish financier (who was the first cousin of Karl Marx). In 1891, inspired by the recent invention of the light bulb, he decided to open his own light bulb and electronics company. His father purchased an abandoned factory where they set up shop and started producing carbon-filament lamps under the Philips brand the following year. The company did poorly, and nearly went bankrupt before younger brother Anton Frederik Philips (1874-1951) joined the business. A great salesman, with terrific innovations of his own, Anton quickly changed the company’s fortunes. Philips got another boost during World War I, when it filled the void left by the embargo on German electronics. By the 1920s, Philips had become a large corporation, and would soon establish the model for future electronics multinationals. After making their own vacuum tubes and radios, Philips’ introduced a new type of electric razor, the wildly popular Philishave. (It was invented by lead engineer and fellow Jew Alexandre Horowitz.) During the Holocaust, the family fled to the United States and ran the business from there. One son, Frits Philips, remained behind, and spent several months in an internment camp. He would save the lives of 382 Jews that he employed in his factory, convincing the Nazis that they would assist the war effort. In 1963, Philips introduced the compact audio cassette, revolutionizing the world of music forever. They did it again less then a decade later with the first home video cassette recorder. In the 1980s, Philips developed the LaserDisc, and together with Sony, brought about the age of the CD. Similarly, in 1997 Philips and Sony developed the Blu-ray disc. Today, Philips is still the world’s largest lighting manufacturer, employing over 100,000 people, with revenues of nearly €25 billion. In 2012, Greenpeace ranked Philips first among energy companies and tenth among electronics companies for their green initiatives and commitment to sustainability. This is very much in line with Gerald and Anton Philips’ original vision. The brothers were noted philanthropists, and supported many educational and social programs in their native Netherlands.

Words of the Week

Incidentally, Europe owes the Jews no small thanks for making people think more logically and for establishing cleanlier intellectual habits – nobody more so than the Germans, who are a lamentably déraisonnable race who to this day are still in need of having their “heads washed” first. Wherever the Jews have won influence they have taught men to make finer distinctions, more rigorous inferences, and to write in a more luminous and cleanly fashion; their task was ever to bring a people “to listen to raison.”
– Friedrich Nietzsche

A 1968 Philips audio cassette recorder; a Philips Magnavox video recorder; Philishave rotary razor; and an early LaserDisc player model