Category Archives: Business & Finance

Jews in the World of Business and Finance

Jew of the Week: Albert Ballin

The Inventor of Cruises

Commemorative Stamp of Albert Ballin

Albert Ballin (1857-1918) was born in Hamburg, Germany to a lower-middle class family. At 17, Ballin’s father died so the young man took over his father’s work at an emigration agency. By 22, he owned the agency, and at 29 he was the director of HAPAG, a ship liner providing service from Hamburg to New York. Ballin transformed the company into the world’s largest sea company with 175 ships. He revolutionized the business, focusing on providing customer service and a comfortable voyage. By using return voyages to deliver goods, Ballin was able to cut the price of a Transatlantic trip by nearly 40%. This work made it possible for myriads of Jews to escape Eastern Europe before, and during, the World Wars, saving countless lives. He would often sail on his own ships and ask the customers how their voyage could be improved. To make sea travel even better, Ballin constructed a massive neighbourhood on an island near Hamburg’s port (later called BallinCity) where voyagers could relax, shop, pray, and receive health inspections and travel documents. Ballin pioneered the production of ever larger and more luxurious ships. Perhaps his greatest legacy is the invention of the cruise ship. When Transatlantic voyages were perilous in the winter, Ballin had an idea to use his idle ships in other ways, outfitting them for “pleasure cruises”, where the voyage was not only a means to get somewhere, but the destination itself. Many scoffed at the idea (some said Ballin totally lost his mind), but the first such voyage, a 57-day Mediterranean adventure in 1891, was a huge success and sparked the cruise ship industry. Ballin became the German Emperor’s ship operator, and was nicknamed the “Kaiser’s Jew”, though his religion cost him many great opportunities. The Kaiser once admitted that Ballin would have been made Chancellor if he weren’t a Jew. A gentle and kind man, Ballin also donated anonymously to a great many causes, and strove to make peace between the European powers. Unable to prevent World War I, he was labelled as a “pacifist traitor” of Germany, and at 61, overdosed on sleeping pills. His home in Hamburg is now the UNESCO Institute for Lifelong Learning.

Words of the Week

Why is the Torah called “fire”? Just as fire receives no impurities, so too the words of Torah.
– Talmud, Berachot 22a

Jew of the Week: Muriel “Mickie” Siebert

The First Woman of Finance

Muriel Siebert – the First Woman of Finance

Muriel Faye Siebert (1928-2013) was born to a Jewish family in Ohio. At 22, having dropped out of university, and with just $500 in hand, she moved to New York City. Siebert got a job on Wall Street making $65 a week, and quickly moved up the ranks. Frustrated that she earned only a fraction of what her male colleagues did, she decided to buy her own seat in the New York Stock Exchange (with a price tag of $445,000). After two years of hard effort, during which time she faced severe sexism and anti-Semitism, Siebert became the first woman to do so, and the first woman to own a stock brokerage. She would remain the only such woman for 10 years (among over 1300 males!), and continued throughout to fight for equal rights – not only in salaries and opportunities, but even basic necessities like a ladies bathroom. In 1977, Siebert was appointed New York’s Superintendent of Banks (another first), overseeing over $500 billion in finance. Under her watch, not a single New York bank failed, at a time when a great many others did. From there, Siebert ran for the Senate, but was unsuccessful. She returned to her brokerage and continued working into her old age. Both a feminist and a great philanthropist, Siebert gave millions of dollars to the cause, helping countless women open their own businesses and find success in the world of finance. She served as president of New York Women’s Agenda, developing a popular program called ‘Financial Literacy for Women’ (which was later adopted to New York’s high school curriculum). Siebert was awarded 19 honorary doctorates, and was elected to the National Woman’s Hall of Fame. Sadly, the ‘First Woman of Finance’ passed away last Saturday after a battle with cancer. Click here to see a recent interview with Muriel Siebert.

Words of the Week

In youth, one learns to talk; in maturity, one learns to be silent. This is man’s problem: that he learns to talk before he learns to be silent.
– Rabbi Nachman of Breslav

Jew of the Week: Bernard Baruch

Bernard Baruch

Bernard Mannes Baruch (1870-1965) was born in South Carolina to German-Jewish immigrants. His father was a doctor specializing in hydrotherapy and appendectomies, and a key military surgeon in the Civil War. The family moved to New York City, where Baruch first worked as an office boy for $3 a week. After college, he became a stock broker and made a fortune trading sugar (though he would lose and regain his fortune several times). By 30, he was among the most successful financiers of all time, nicknamed “The Lone Wolf of Wall Street” as he worked independently and resisted joining a financial house. In 1916, Baruch left finance and became an adviser to President Woodrow Wilson. He was soon the chairman of the War Industries Board and managed America’s economic mobilization for World War I. At the end of the war, Baruch attended the Paris Peace Conference and was a central supporter of the League of Nations (the precursor of the UN). Baruch continued to advice future presidents, including Roosevelt, whom he helped to create the National Recovery Administration for fair business, industry and labour practices. After World War II, Baruch worked at the UN, particularly to stem nuclear arms proliferation. He would be sought as an adviser until the last days of his life, counselling a total of nine American presidents. He was famous for discussing global issues and politics while sitting on public benches in Central Park (in NYC) and Lafayette Park (in Washington, DC) and was thus called the “Park Bench Statesman”. Baruch was also a noted philanthropist throughout his life, contributing millions to charities and colleges. Click here to learn a few investment tips from Bernard Baruch.

Words of the Week

There are free men with the spirit of a slave, and slaves whose spirit is full of freedom. He who is true to his inner self is a free man, while he whose entire life is merely a stage for what is good and beautiful in the eyes of others, is a slave.
– Rabbi Avraham Itzhak Kook