Category Archives: Business & Finance

Jews in the World of Business and Finance

Jew of the Week: Simon Kremser

Inventor of Buses 

A modern-day Kremser carriage in Germany

Simon Kremser (1775-1851) was born in the German city of Breslau (now Wroclaw, Poland). He followed in the footsteps of his father, a wealthy merchant. During the Napoleonic Wars, Kremser helped to provide funds for the Silesian Army against Napoleon, and managed the Prussian royal family’s war chest. He was awarded the Iron Cross, and was eventually granted citizenship, becoming one of the first Jews to be a German citizen. In 1825, Kremser had an idea for a public carriage line that would quickly and cheaply transport people across Berlin. He got permission from King Friedrich William III, and designed a large horse-drawn carriage that could seat up to 20 people. Such carriages are still known as “kremsers” in Germany today. By 1835, Kremser ran three different “bus” lines in Berlin. The idea of public buses soon spread across Europe. As the king’s official hauler, Kremser was also the one commissioned to return the famous Brandenburg Gate Quadriga to Berlin in 1814 after it had been snatched by Napoleon. Little else is known of Kremser, and no picture of him has survived. It is believed that he lived out his last years in Russia, where he served the royal family and was given the honorary military rank of major.

Words of the Week

The only wealth that I truly own is that which I have given away to good causes. Everything else – all my holdings – are simply under my control for the moment, but they can be lost in the next moment due to a bad decision, war, an accident or other cause which I cannot control. However, the good institutions that my money has built are forever; they can never be taken or lost.
– Sir Moses Montefiore 

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”