Category Archives: Business & Finance

Jews in the World of Business and Finance

Jew of the Week: Eytan Stibbe

Second Israeli in Space

Eytan Meir Stibbe (b. 1958) was born in Haifa to Jewish parents who had made aliyah from the Netherlands. He grew up partly in the United States. Stibbe joined the Israeli Air Force and became an F-16 fighter pilot. He served under the command of Ilan Ramon, who would go on to become Israel’s first astronaut. Stibbe served with distinction, and once tied a record by shooting down four enemy aircraft in a single battle over Lebanon in 1982. In another mission, he downed a total of five Syrian aircraft! Stibbe was awarded the Distinguished Service Medal, and went on to teach at the IAF Flight Academy. Altogether, he served with the Israeli Air Force for some 43 years. Meanwhile, in 1984 he joined Israel Aircraft Industries to help modify and improve Israel’s own Lavi fighter jet. The following year, he co-founded Elar, a new Israeli military tech developer. When he left the company in 2011 and sold all of his shares, he had become a millionaire. Stibbe then turned his attention to his new Vital Capital Fund, which invests specifically in projects designed to alleviate poverty and clean up the environment. The Fund has helped bring sanitation, electricity, and healthcare to millions of people around the world, and has won numerous awards for its philanthropic work. Stibbe has always dreamed of following his mentor Ilan Ramon to space. He purchased a $55 million ticket on board a SpaceX craft, in collaboration with Axiom Space, which took off on April 8th for a ten-day mission. This is the first ever privately-funded human mission to space, and Stibbe is now only the second Israeli ever to go to space. He is not only a passenger, but also doing important scientific work, carrying out a total of 35 experiments, including on space radiation, optics, and quantum communications. Because of several delays, the Rakia mission (from the Biblical Hebrew word for outer space) ended up overlapping with Passover. And so, Stibbe took with him a Pesach seder kit prepared by Chabad, with shmurah matzah and four mini-cartons of grape juice (wine is prohibited on the ISS!) The return trip has also been delayed due to poor weather, and is expected to finally return to Earth this Sunday.

Passover: Fighting for Freedom

Words of the Week

Moses spoke not about freedom but about education. He fixed his vision not on the immediate but on the distant future, and not on adults but children. In so doing he was making a fundamental point: It may be hard to escape from tyranny but it is harder still to build and sustain a free society. In the long run there is only one way of doing so – to defend a country you need an army, but to defend a civilization you need education.
Rabbi Jonathan Sacks

Jew of the Week: Licoricia of Winchester

A Medieval Jewish Banking Pioneer

Licoricia (d. 1277) was born to a Jewish family in medieval England. After becoming widowed at a young age and being left with four children to take care of, she survived by working as a moneylender. As women did not have the legal right to be involved with banking at the time, she was able to cut deals using a male attorney. Licoricia grew her business rapidly. By 1242 her reputation was so impressive that she married David of Oxford—then the richest Jew in England—who actually divorced his wife, with permission from King Henry III, in order to marry Licoricia! Unfortunately, her new husband died just two years later and the king used the opportunity to imprison Licoricia in the Tower of London and extract from her a whopping 5000 marks. She paid the fine, and from it 4000 marks were used to rebuild Westminster Abbey. Licoricia returned to Winchester and further expanded her finance business. Aside from King Henry III, her other notable clients were Queen Eleanor of Provence and Simon de Montfort. In 1275, King Edward I prohibited Jews from moneylending. (This didn’t help him: while Jews only charged 2 or 3 percent interest, the Lombards that replaced them charged up to 50 percent!) Two years later, Licoricia was murdered in her home in an unsolved mystery. Licoricia’s son Benedict was the only Jew in medieval European history known to have become a guildsman, allowing him to be an official citizen and permitting him to own real estate. He was ultimately hanged. Her other son Asher was temporarily imprisoned in Winchester Castle, where he inscribed the following message on the wall of his cell that still survives today: “On Friday, eve of the Sabbath in which the [Torah] portion Emor is read, all the Jews of the land of the isle were imprisoned. I, Asher, inscribed this.” In 1290, King Edward expelled all Jews from England, and they would not return until the 1600s, partly thanks to the efforts of Rabbi Menashe ben Israel. Last week, the city of Winchester unveiled a statue of Licoricia, on Jewry Street in front of her historic home. At the base of the statue is the Torah verse to “love your fellow as yourself” in English and Hebrew.

12 Women in History Who Impacted Jewish Scholarship

Practical Jewish Meditation

Words of the Week

The worst offenders are preachers who preach and expound to the masses what they themselves do not understand. Would that they keep silent about what they do not know.

– Rabbi Moshe ben Maimon (1138-1204), “Maimonides”

Jew of the Week: Harold Grinspoon

The Philanthropist Behind PJ Library

Harold Grinspoon (Credit: Robert Charles Photography)

Harold Grinspoon (b. 1929) was born and raised in Newton, Massachusetts to a family of Jewish-Russian immigrants. He had a difficult childhood, struggling with dyslexia and rampant anti-Semitism, poverty, and losing his father at 19. While a student at Marlboro College, he had his first business idea: Putting together some meagre savings, he bought an old laundry machine and put it in the college dorm, charging 25 cents per load. Meanwhile, he worked on an ice cream truck and soon left school to manage a whole fleet of them. After serving in the Navy, Grinspoon bought his first property in 1959. He renovated it and rented out one of the units, and from there steadily built his real estate development business. He founded Aspen Square Management, now one of America’s top-50 private developers, with 15,000 apartments across 16 states. When diagnosed with cancer at age 59, Grinspoon realized he wanted to do something more meaningful with his life. He was particularly troubled by Jewish assimilation and intermarriage. Together with his wife, he founded the Harold Grinspoon Foundation to fund a variety of Jewish causes, and has since donated over $200 million. At one Passover seder, Grinspoon saw how excited his grandkids were to read Jewish books, and came up with the idea of sending a free Jewish book once a month to every Jewish home. Thus, in 2005 he launched PJ Library. Today, PJ Library operates around the world, delivering nearly 1 million free books each month to kids in some 30 countries. PJ Library also delivers popular Arabic-language books to Arab Israeli children. (It’s the largest Arabic book program in the world!) Meanwhile, PJ Library runs weekend and after-school programs, along with over 3000 events a year. The Harold Grinspoon Foundation funds other Jewish programs, too, including Jewish camps and day schools. In 2015, Grinspoon signed The Giving Pledge to donate more than half of his wealth. Grinspoon and his PJ Library have won a number of prestigious awards, including one from the Library of Congress. Grinspoon has been called “the most important Jewish philanthropist you’ve never heard of”. He is also an avid artist and sculptor, and is still very active at 92 years old. Sign up to PJ Library here!

Words of the Week

We are indignant when we are fooled by others but live comfortably with our unconscious desire for self-deceit.
Rabbi Abraham Joshua Heschel