Category Archives: Business & Finance

Jews in the World of Business and Finance

Jew of the Week: Helena Rubenstein

First Self-Made Female Millionaire

Chaya Helena Rubinstein (1872-1965) was born in the Jewish ghetto of Krakow, Poland, the oldest of eight daughters in a very religious family. Her cousin was Martin Buber. At age 16, she was arranged to be married but refused to go along with it, instead running away to Switzerland, and then Australia. Although she spoke no English, the local ladies fell in love with her fashion sense and makeup. After agreeing to sell off most of what was in her luggage, she realized she could start a business. With help from an aunt, Rubinstein found her way to the region of Coleraine, famous for its millions of sheep, which produce lanolin, the key ingredient in her creams. Rubinstein worked as a waitress by day, and experimented with her creams by night. With some help from a wealthy admirer, Rubinstein launched her business. It didn’t take long for her to open up her own shop in the heart of Melbourne. Within five years, she opened two more locations: in Sydney and London, England. At the time, women were barred from getting bank loans, so Rubinstein saved up all the money herself and paid in cash. In 1912, she moved to Paris with her first husband, and there opened a new salon. During World War I, the family fled to New York, and Rubinstein opened up shop there as well. Business boomed, and Rubinstein expanded to another twelve cities. She soon became the most famous businesswoman in the world—and the richest. She has been credited as the world’s first self-made female millionaire. After her first marriage fell apart, Rubinstein tied the knot with a Georgian prince, and took on the title “Helena Princess Gourielli”. Rubinstein was a huge philanthropist, and her charity distributed around $130 million to causes around the world. She had a great life-long rivalry with Elizabeth Arden, of whom she said: “With her packaging and my product, we could have ruled the world.” Rubinstein faced a tremendous amount of adversity, as well as anti-Semitism. (In 1941, she was rejected from living in a Park Avenue apartment because she was Jewish, so she bought the whole building!) Nonetheless, she persevered through it all and became a pioneer in the cosmetics industry, in business, and in marketing, continuing to work into her 90s. Among her innovations were waterproof mascara and what may be the first sunscreen. Today, her company is owned by L’Oréal, which presents the Helena Rubinstein Women in Science Awards yearly in her honour.

Words of the Week

We have been waiting for 2,000 years. Is that hurrying?
Golda Meir, to King Abdullah of Jordan in a May 10, 1948 meeting, when he asked not to “hurry” to declare independence.

Helena Rubinstein cuts the ribbon at the grand opening of her Museum of Art in Tel-Aviv (1959)

 

Jew of the Week: Abraham Seneor

The Crown Rabbi Who Built Spain

A Castilian maravedi gold coin issued in 1191

Abraham Seneor (1412-1493) was born in Segovia, Castile, into a wealthy Sephardic Jewish family who served as treasurers and accountants for Spanish monarchs. Seneor himself served the Castilian crown. In 1469, he was the key negotiator that arranged the marriage of Isabella of Castile to Ferdinand of Aragon, resulting in the eventual birth of the new Kingdom of Spain. Seneor became Isabella’s main advisor and confidante. In 1480, Isabella decreed that Seneor would receive a lifetime pension of a whopping 100,000 maravedi coins per year for his invaluable services. He was also appointed the Jewish chief justice and “crown rabbi”. In this role, he worked together with his close friend and fellow rabbi-treasurer, Don Isaac Abarbanel. Between the two of them, they were able to raise the sums needed for the Spanish to defeat the Moors in the War of Grenada. They were also the ones that got crown support and funding for Christopher Columbus’ first trip to America. Seneor often intervened on behalf of the Jews, and saved countless Jewish lives by ransoming those that had been captured by pirates. In 1492, the Spanish decreed the Edict of Expulsion to exile all Jews who did not convert to Christianity. Seneor was 80 years old, and knew he wouldn’t survive exile and expulsion. While the younger Abarbanel refused to stay in Spain (although he was given an exemption), the older Seneor decided to convert, at least publicly, in order to keep his influential role and try to ease the plight of the Jews as much as possible. He helped secure temporary refugee for the Jews in Portugal, then did whatever he could to make sure the Jewish exiles did not lose all of their wealth. Still, he was unable to survive the stress of the ordeal and passed away just months after the Expulsion. Seneor had taken on the new name Fernando Coronel, starting a new lineage of Spanish nobility. The Coronel children continued to play important roles in Spanish affairs for decades to come. Many of them were arrested by the Inquisition for continuing to practice Judaism in secret; some were executed and others deported. A great number ultimately returned to Judaism in Holland and the Americas.

Words of the Week

Israel was extraordinary in being the one socially revolutionary people in the Near East to produce a literature and to survive as a distinctive cultural and religious entity.
Norman Gottwald, renowned professor of Biblical studies and political activist

Jew of the Week: Johann Kremenezky

The Man Who Powered Europe—and Zionism

Yonah Yosipovich Leibensohn Kremenezky (1850-1934) was born in Odessa, Ukraine to a Russian-Jewish family. He studied electrical engineering and worked on designing Russia’s first railways. In 1874, Kremenezky moved to Berlin to further his studies at the city’s Technical University. He then got a job working for Siemens, and was sent across Europe to build the continent’s first street lighting systems, starting in Paris and ending up in Vienna in 1878, where he settled permanently. Two years later, Kremenezky founded his own factory that produced lamps and batteries—the first of its kind in the Austro-Hungarian Empire. By 1883, he had become very well-known as a scientist-industrialist (a European Edison), and Crown Prince Rudolf personally asked him to help “electrify” his empire. Kremenezky did just that, laying electrical cables and setting up lighting systems, as well as building the empire’s first power plant. Meanwhile, his lamp factory designed all sorts of new lights, including ornamental bulbs and what we now know as “Christmas lights”. Kremenezky lights were a huge hit, exported around the world, even to the United States. For playing a key role in rebuilding and repowering Vienna after World War I, Kremenezky was awarded with the Ehrenbürgerrecht, the city’s highest decoration for citizens (a street in Vienna was named after him, too). Meanwhile, back in 1896, Kremenezky had met Theodor Herzl and the two became best friends. Kremenezky became a passionate Zionist, gave countless funds in support of the movement, as well as essential electrical know-how to power the future State. In 1898, he set a 500-franc prize for anyone who would write a fitting hymn for the Zionist movement. This eventually led to the adoption of HaTikvah as Israel’s national anthem. Around the same time, Hermann Schapira proposed the establishment of a Jewish National Fund that would legally purchase land in Israel and help settle Jews there. Schapira didn’t live to realize his dream, but Kremenezky was convinced and established the Jewish National Fund a couple of years later, serving as its first chairman. It was he who came up with the JNF “blue box” to collect charity. The JNF went on to play a central role in the establishment of Israel, purchasing over 50% of Israel’s landmass, developing some 250,000 acres of its land, building nearly 200 dams and reservoirs, and establishing over 1000 parks. Perhaps most famously, the JNF has planted over 260 million trees in the Holy Land, partly thanks to its Tu b’Shevat tree-planting drive which still runs to this day. A true friend, Kremenezky was the only one by Herzl’s bedside when he passed away, and financially supported Herzl’s family afterwards. When Kremenezky himself passed away, he was eulogized as a “simple, modest Jew, who did a great for the Zionist movement.” He was awarded the prestigious Wilhelm Exner Medal for excellence in scientific research and innovation, and multiple institutions and streets in Israel are named after him.

Words of the Week

There is no significant example in history, before our time, of a society successfully maintaining moral life without the aid of religion.
– Will Durant