Sidney Weinberg
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| Sidney Weinberg | |
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| Born | October 12, 1891 |
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| Died | July 23, 1969 (aged 77) |
| Nationality | United States |
| Occupation | Investment banker |
| Employer | Goldman Sachs |
Sidney James Weinberg (October 12, 1891 – July 23, 1969) was a long-time leader of the Wall Street firm Goldman Sachs, nicknamed “Mr. Wall Street” by The New York Times.[1] In a rags-to-riches story, he rose from a janitor's assistant, making $3/week, to CEO.[2]
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[edit] Early life
Weinberg's background contrasted sharply with that of the traditional Ivy League Wall Streeter. Weinberg was one of eleven children of a wholesale liquor dealer and never got farther than P.S. 13. His family were active members of Congregation Baith Israel Anshei Emes in Brooklyn, joining when the synagogue was on Boerum Place, and remaining with it when it moved to Cobble Hill. Sidney's mother, Sophie, was sisterhood president from 1912 to 1913, his father, Pincus, served as president from 1919 to 1921, and the children all attended the Sunday school and Talmud Torah. Sidney married Helen W. Livingston there in 1920.[3][4]
[edit] Career at Goldman Sachs
Weinberg started with Goldman Sachs as a $3-a-week janitor's assistant.[2] After a World War I stint in the Navy, he became a securities trader . He became a Goldman Sachs partner in 1927 and helped run the investment trusts, including Goldman, Sachs Trading Corp. The share price fell from $232 to $2 after the Wall Street Crash of 1929. Weinberg became head of the firm in 1930, saving it from bankruptcy, and held that position until his death in 1969.
[edit] Family
Weinberg had two children, John Livingston Weinberg and Sidney J. "Jim" Weinberg, Jr.
[edit] Notes
- ^ Whitman, Alden (1969-07-24). "Sidney J. Weinberg, Known as 'Mr. Wall Street,' Is Dead at 77". New York Times. http://select.nytimes.com/gst/abstract.html?res=F20F10FC3C5D1A7B93C6AB178CD85F4D8685F9.
- ^ a b Malcolm Gladwell. "The Uses of Adversity", The New Yorker, November 10, 2008.
- ^ Barton, Evan. "Brooklyn’s Oldest Synagogue Celebrates Its 150th Anniversary", Brooklyn Eagle, June 22, 2006.
- ^ Levin, Carol. "The Weinberg Family: Leaders during the Synagogue’s Golden Age"PDF (77.1 KB), The Synagogue Journal, Kane Street Synagogue, Issue 11, March 17, 2006.
[edit] External links
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