Category Archives: Business & Finance

Jews in the World of Business and Finance

Jew of the Week: Temerl Sonnenberg Bergson

Europe’s Greatest Jewish Businesswoman

Tamar “Temerl” bat Avraham of Opoczno (c. 1765-1830) was born in Poland to a wealthy and deeply religious Jewish family. She married young, but her first husband tragically died soon after. She got remarried to a young businessman named Dov Ber (“Berek”) Zbytkower. He went on to become immensely wealthy, and supplied the Polish and Russian armies. He took on the last name “Sonnenberg”, and was nicknamed the “Polish Rothschild”. Meanwhile, besides being a devoted mother of six children, Temerl was busy supporting the nascent Hasidic movement, founded just a few decades earlier by the Baal Shem Tov. Temerl played a huge role in bringing Hasidism to Poland. In fact, she financed the construction of Warsaw’s first Hasidic synagogue. She paid the salaries of numerous Hasidic rabbis in Poland (along with non-Hasidic rabbis), including the great Simcha Bunim of Peshischa. Temerl was a huge philanthropist and gave to all kinds of other causes as well. In 1818 alone, she donated some 54,000 rubles to Polish charities. After her husband passed away, Temerl took over his business. (In honour of their father, her children changed their last name to “Berekson”, or “Bergson”, which is why she came to be known as Temerl Bergson, too.) She also founded her own new bank. Temerl was one of the top businesswomen in all of Europe at the time. She was so influential that the Russian government gave her special permission to buy an estate, making her only the third Jew to own property outside the ghettos. She continued to do everything she could to assist the plight of the Jews. In 1824, she used her influence to rescind a government decree against Jewish pilgrimages. In fact, some Hasidic leaders came to refer to her as Reb Temerl! (A title traditionally reserved for men.) In her will, she left 300,000 zlotys to charity. Temerl was called the “Polish Hasidah”, and her tombstone states: “To her nation she was a protector against oppression—a helper during distress. To the poor she was a mother. She was a virtuous woman, powerful and famous.” The renowned philosopher and Nobel laureate Henri Bergson was her great-grandson.

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Words of the Week

The Sabbath is the day we focus on the things that have value but not a price, when we neither work nor employ others to do our work, when we neither buy nor sell, in which all manipulation of nature for creative ends is forbidden and all hierarchies of power or wealth are suspended.
– Rabbi Jonathan Sacks

Jew of the Week: Jacques Spreiregen

The World’s Coolest Hats

Yakov Henryk Spreiregen (1894-1982) was born to a Jewish family in Warsaw. The family immigrated to France when he was a young man—where he changed his name to Jacques—and then to England to escape the First World War. Spreiregen found a job working for a hatmaker, but was soon called up to serve in the military. After returning to England following his service, he started importing military-style berets from France. He then began making his own hats from high-quality angora wool. In 1938, Spreiregen leased an old thread factory in northwest England and founded Kangol (a name he made up from “knitting angora wool”). The company initially struggled to turn a profit, and many of the first employees were his own family members. Eventually, the hats did become popular, and earned a reputation for quality and durability. During World War II, Spreiregen won a contract to outfit the British army with berets. By the end of the war, he was making a million hats a year! Kangol later outfitted the English Olympic team, and the crew of British Airways. The company went public in 1952. Two years later, Spreiregen started a new division to produce helmets and seat belts. Kangol went on to become the largest seat belt manufacturer in Europe. In 1964, Kangol made a deal with The Beatles to make their branded hats. Soon, Kangol hats were popular among American hip hop artists, too, and have since been sported by the likes of Grandmaster Flash, Madonna, Brad Pitt, and Princess Diana. The most famous wearer of Kangol hats is undoubtedly Samuel L. Jackson, who has said that it’s a family tradition going back to his grandfather. Spreiregen retired from the company in 1972. Just a few years later, it would officially become the world’s largest hatmaker. Because Americans would often ask for the “kangaroo” hats when shopping, Kangol made their logo a kangaroo in 1983, a year after Spreiregen passed away.

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Words of the Week

The real danger of antisemitism is not what others think of us, but what it makes us think of ourselves.
– Rabbi Manis Friedman

Jew of the Week: Milton Friedman

The Great Liberator

Milton Friedman (1912-2006) was born in Brooklyn to poor Jewish immigrants from what is today Ukraine (then part of Hungary). He graduated high school at just 15 and earned a big scholarship to Rutgers University. Initially wishing to be a mathematician, the Great Depression inspired Friedman to become an economist instead. After post-graduate studies at the University of Chicago, and a fellowship at Columbia University, Friedman headed to Washington to work as an economist for the government. To help pay for World War II, it was Friedman who introduced the payroll withholding tax system (“pay-as-you-earn”), where income taxes are deducted automatically from an employee’s paycheck. (Friedman later regretted it very much and said he wished it hadn’t been necessary.) He also spent much of the war working on weapons design and military statistics. He finally earned his Ph.D from Columbia after the war, following which he took a professorship at the University of Chicago, where he taught for the next 30 years. He wrote a popular weekly column for Newsweek, for which he won a prestigious award. His 1962 book Capitalism and Freedom was an international bestseller and made Friedman world-famous, while his A Monetary History of the United States became the standard textbook for understanding the Great Depression and the effects of monetary policy. Friedman argued passionately for a free-market economy and for the government to stay out of business. He proposed such important concepts as the permanent income hypothesis, the quantity theory of money, floating exchange rates, sequential sampling, and the natural rate of unemployment. He also argued for abolishing the Federal Reserve, whom he blamed for many economic ills. He was opposed to minimum wages and foresaw that they would actually lead to increases in unemployment. He is also credited with bringing an end to America’s military draft, transitioning the US military into an all-volunteer paid army. He believed conscription was unethical and prevented young men from choosing their own life path. Friedman later said abolishing the draft was his greatest and proudest accomplishment. Friedman won the Nobel Prize in Economics in 1976. After retiring from the University of Chicago the following year, he continued to do research in San Francisco, and also worked on a popular ten-part TV show called Free to Choose (the companion text of which was the bestselling nonfiction book of 1980). Friedman was an economic advisor to Ronald Reagan, and was called the “guru” of the Reagan administration. In 1988, he won a National Medal of Science and a Presidential Medal of Freedom. Friedman stayed busy until his final days, and his last article for The Wall Street Journal was published a day after his death! He has been called “the Great Liberator” and has been compared to Adam Smith. The Milton Friedman Prize for Advancing Liberty is named after him. He is widely considered one of history’s most significant economists. Today was his yahrzeit.

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Words of the Week

A society that aims for equality before liberty will end up with neither equality nor liberty.
– Milton Friedman