Everything about Paul Warburg totally explained
Paul Moritz Warburg (
August 10,
1868 —
January 24,
1932) was a
German-American banker and early advocate of the U.S
Federal Reserve system.
Warburg was born into a successful Jewish
banking family in
Hamburg,
Germany. He and his brothers
Max Warburg and
Felix Warburg were partners in the family firm of
M.M.Warburg & CO, but while Max remained in Germany as head of that business, Felix and Paul moved to
New York City in
1901, where they purchased partnerships in the investment firm of
Kuhn, Loeb & Co., where at the time, the influential
Jacob Schiff was senior partner.
Paul Warburg became known as a persuasive advocate of
central banking in America, in
1907 publishing
"Defects and Needs of Our Banking System" in the
New York Times and
"A Plan for A Modified Central Bank". His efforts were successful in
1913 with the founding of the
United States'
Federal Reserve, to which he was appointed a member of the first Federal Reserve Board by President
Woodrow Wilson.
In
1919 he founded and became first chairman of the American Acceptance Council. He became a director of the
Council on Foreign Relations at its founding in 1921, remaining on the board until 1932.
In
1921, he organized and became first chairman of the International Acceptance Bank of New York, then the world's largest acceptance bank. In
1929, International Acceptance was acquired by
Bank of Manhattan, with Warburg becoming chairman of the combined organization.
The cartoon character, "Daddy" Oliver Warbucks in the
Little Orphan Annie series, was purportedly inspired by the life and times of Paul Warburg. The Paul M. Warburg chair in Economics at
Harvard University was named in his honour, a title which is currently held by Professor
Robert J. Barro.
His son
James was a financial adviser to
Franklin D. Roosevelt in the first years of his presidency.
Further Information
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