Tag Archives: Financier

Jew of the Week: Baron Maurice de Hirsch

Moses of the 19th Century

Moritz Tzvi von Hirsch auf Gereuth (1831-1896) was born in Munich to a wealthy German-Jewish family. His grandfather was a banker for the Bavarian king, and became the first Jew to be permitted to own land in Bavaria. His father also served as the court banker, and became a German baron. Hirsch studied in Brussels, then took a banking job himself at age 17. Years later, he branched off on his own, eventually making his fortune from sugar, copper, and railroads. One of his boldest projects was building a Vienna-to-Istanbul rail line. Hirsch settled in Paris where he lived for the remainder of his life, going by the French version of his name, Maurice de Hirsch. In 1860, the Alliance Israélite Universelle (Kol Israel Haverim) organization was founded in Paris to secure human rights and education for Jews around the world. Hirsch became their biggest supporter, essentially bankrolling their operation to the tune of several hundred thousand pounds a year. The organization was most famous for building Jewish schools, including the first schools in pre-State Israel. The Alliance schools were also the first to teach a Hebrew curriculum, playing a key role in the language’s revival. Hirsch also donated countless sums to schools and hospitals across Germany, France, and England. He paid for the renowned Pasteur Institute’s entire biochemistry building. In the last two decades of his life, Hirsch was devoted to easing the plight of Russian Jews. He founded the Jewish Colonization Association in 1891 with a starting budget of £2 million pounds. The money was used to resettle Eastern European Jews in the Americas (particularly in Canada and Argentina), as well as in Ottoman Palestine. Altogether, Hirsch donated £18 million to the organization, the equivalent of about $4 billion today! Needless to say, it played a massive role in getting the Zionist movement off the ground and re-establishing a Jewish state in Israel (though de Hirsch himself didn’t believe it would ever actually happen!) as well as saving countless lives from pogroms and oppression. Maurice de Hirsch is ranked among the most generous philanthropists of all time. His wife, Clara de Hirsch, is also on this list, in her own right. She came from a wealthy banking family, too, and donated another 200 million francs of her own funds. When the couple tragically lost their only son in 1887, Maurice de Hirsch declared: “My son I have lost, but not my heir; humanity is my heir.” For his efforts to launch a mass-exodus and liberation of Jews, he has been called the “Moses of the 19^th Century”.

Words of the Week

I suppose I shall spend all my money in this movement. But, after all, what is the use of money unless you do some good with it?
– Baron Maurice de Hirsch

Jews of the Week: Sasson ben Saleh and David Sassoon

Two years ago, for Jew of the Week’s 7^th birthday in November, we featured a month-long series on one of the world’s most famous Jewish families, the Rothschilds. This year, for Jew of the Week’s 9^th birthday, we will feature a month-long series on the Sassoon family, the “Rothschilds of the East”. This is Part 1. Click here for Part 2.

Sasson ben Saleh (1750-1830) was born in Baghdad to a wealthy Mizrachi Jewish family that had lived in what is today Iraq since the 12^th century. Some say they were descended from the illustrious Sephardic ibn Shoshan family. He took the reins from his father as Baghdad’s Sarraf Bashi, or Chief Banker, at the age of 31. In this role, he was essentially the finance minister of the Iraqi Pashas, and among other things oversaw tax collection and the financing of public works projects. A very religious man, he was renowned for his righteousness and humility, and was called “Sheikh Sasson” by Jews and non-Jews alike. He used much of his fortune to assist the Jewish community and was among Iraq’s greatest philanthropists. Of his seven children, the fifth would become world-famous:

David Sassoon

David Sassoon (1792-1864) was born in Baghdad. After finishing primary school, he got married at the age of 15, and began his training to succeed his father as Baghdad’s financier. However, a new pasha took over and began persecuting the Jewish community. Many fled to Bombay, India, among them David Sassoon and his young family. Sassoon started a textile business, focusing on trade with the British Empire. The conclusion of the First Opium War in 1842 opened China to Western business, so Sassoon began expanding East. He sent his son Eliyahu (Elias) to Guangzhou, making him the first official Jewish trader in China. A couple of years later, they opened a branch of their business—David Sassoon & Co.—in Hong Kong, and then another in Shanghai, making most of their wealth from yarn, cotton, and opium. During America’s Civil War, cotton exports from the Southern states declined so Sassoon stepped in to fill the supply, making a huge fortune. Around this time, the first modern oil rigs were devised, and Sassoon immediately recognized their potential. He began investing in oil, and soon operated 17 mills in India, with as many as 20,000 workers. Like his father, Sassoon never abandoned his faith and was deeply religious. He was a generous philanthropist, too, and supported both Jewish and non-Jewish communities. In Mumbai he built a school, mechanical institute, hospital, and library, as well as the Magen David Synagogue. The massive home he built for his family is now Masina Hospital, and another home is the city’s oldest museum. In the city of Pune, he built the grand Ohel David Synagogue, in addition to a hospital free for all Indians regardless of class or caste. He single-handedly supported all the orphans of the Indian Mutiny of 1857. He was so beloved by the local Indians that they made a marble statue of him to display in the city.

Clockwise from top left: Pune Hospital, David Sassoon’s 1860 gift to the City of Pune; Masina Hospital in Mumbai today, which used to be David Sassoon’s private home; David Sassoon Library and Reading Room in Mumbai; Exterior (top) and interior (bottom) of Magen David Synagogue, built in 1864, and once housing two Jewish schools; and Ohel David Synagogue in Pune, an official Indian Heritage site and the largest synagogue in Asia, built in 1863.

The Jewish Couple That Helped Free Thousands of Slaves

Words of the Week

Fear only two: God, and the man who has no fear of God.
– Hasidic proverb

Click here for Part 2

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