Category Archives: Business & Finance

Jews in the World of Business and Finance

Jew of the Week: Isaac Rice

Chess Master, Musician, Submarine Tycoon

Isaac Rice

Isaac Leopold Rice (1850-1915) was born in Bavaria to a German-Jewish family, and grew up in Philadelphia. At 19, he went back to Europe and studied music at the National Conservatory of Paris. At the same time, he was a European correspondent for the Philadelphia Evening Bulletin, and regularly wrote newspaper articles. After three years, Rice briefly moved to England and became a music teacher. He was an avid chess player and won a UK chess championship in Manchester. Rice then moved to New York and wrote his first book, the philosophical “What is Music?” He taught music classes for ten hours a day in order to support his struggling parents and siblings, and spent several more hours composing new music. In 1878 he enrolled in Columbia Law and graduated at the top of his class two years later. Rice worked primarily with railroad companies, and over the next decade became the most famous railroad lawyer in America. Meanwhile, he co-founded Columbia’s school of political science, and taught the subject (along with law and economics) for four years. He also established Forum Magazine, and was a regular contributor for decades. Rice was fascinated by electricity and its potential. In 1892 he bought out the failing Electro-Dynamic Company, producer of motors and generators. He then founded the Electric Vehicle Company, and is thought to be the first person in New York to have a car, bringing another dozen motorized cabs to operate in the city for the first time. In 1897, Rice bought the Electric Storage Battery Company and the Holland Torpedo Boat Company, creating his new Electric Boat Company. Rice secured a contract with the US government to build America’s first submarines (designed by John Philip Holland). He went on to supply the US Navy with 85 submarines and 722 submarine chasers, which were instrumental in World War I, as were his 580 motor boats for the British Royal Navy. Rice sold his Electric Boat Company for $2 million several months before he passed away. His companies later formed General Dynamics, today one of the largest military contractors in the world, employing over 100,000 people, and still the main supplier of the Navy’s submarines. (The company’s most famous creation: the F-16 fighter jet.) Rice continued to play chess and host tournaments until his last days. He is credited with playing a key role in boosting the popularity of chess in America. Rice was president of the Manhattan Chess Club, and discovered a classic opening move of chess that is named after him (the Rice Gambit). His large New York home, which he built in 1903, is an official historical landmark, and currently houses a yeshiva.

Amazing Discovery of Biblical Joseph’s Statue in Egypt

Words of the Week

This is a fight for the homeland – it is either us or the Israelis. There is no middle road. The Jews of Palestine will have to leave. We will facilitate their departure to their former homes. Any of the old Palestine Jewish population who survive may stay, but it is my impression that none of them will survive.
– former PLO chairman Ahmed Shukairy

New York City is famous for its cabs. It all began with a set of motorized cabs, like the Electrobat on the right (designed by Morris and Salom) – first introduced by Isaac Rice.

Jew of the Week: Larry Tanenbaum

Owner of the Toronto Raptors and Maple Leafs

Lawrence M. Tanenbaum (b. 1945) was born in Toronto, the grandson of religious Polish-Jewish immigrants. His father was a real estate tycoon and the founder and owner of York Steel Construction. Tanenbaum studied economics at Cornell University, where he managed the school’s hockey team. Upon graduating, he became the general manager of Kilmer Van Nostrand, a construction company that his father had recently bought out. Tanenbaum expanded the company rapidly. Among their many projects across the Americas are the Toronto, Atlanta, Miami, and Calgary train and subway networks. After a merger with another company in 1984, Tanenbaum became the CEO of Canada’s largest road paving company. Meanwhile, he created two new subdivisions for Kilmer: its Developments wing which is a leading Canadian real estate firm, and Kilmer Sports, for which Tanenbaum is most famous. Kilmer Sports has a 25% share of Maple Leafs Sports & Entertainment Ltd., and Tanenbaum is the chairman of both the Toronto Maple Leafs hockey team and the Toronto Raptors basketball team. The former is among the most valuable sports clubs in the world, while the latter won the NBA Championship last week for the first time in its history. In fact, Tanenbaum played an instrumental role in bringing a professional basketball team to Toronto. Although he lobbied the NBA for years, the contract was ultimately awarded to another businessman. Undeterred, Tanenbaum vowed to buy it out, and did so in 1998 with the team having struggled tremendously in its first years. Tanenbaum quickly turned its fortunes around (together with Vince Carter, who was drafted that same year.) Tanenbaum is a big sports fan himself, and goes to as many Leafs and Raptors games as he can. MLSE also owns the Toronto Argonauts, Toronto FC, and two more teams, making it Canada’s largest sports company, and one of the largest in the world. Last year, Tanenbaum (with a partner) bought the rights to bottle and distribute Coca-Cola in Canada. Tanenbaum and his family are huge philanthropists, donating countless millions to schools, hospitals, and charities. Among his largest donations are $60 million to Toronto’s Mount Sinai Hospital, $20 million to Montreal’s Neurological Institute and Hospital, $5 million to the University of Toronto, and $50 million to the UJA. He is a co-founder of the Centre for Israel and Jewish Affairs. Tanenbaum was awarded the Order of Canada in 2007. He plans to take the Toronto Raptors on an all-expenses paid trip to Israel as a victory present.

Words of the Week

Five thousand years of continuous history of the Jewish people have built an ethic. And the ethic has been built around family, the importance of learning and good behaviour. You build on those tenets. You never stop learning, whether that’s reading the Bible, the Talmud, the New Yorker or Engineering News Record. And ethical behaviour is about conducting your relationships on an ethical basis. You’re honest with people.

– Larry Tanenbaum