IN THIS ISSUE
▶ By Bethany Bengtson and Mark J . Higgins
▶ By Paulina Bren
▶ By Daniel C . Munson
▶ By Michael A . Martorelli
▶ By Samuel Stein
▶ By Ramon Vasconcellos
▶ By Lawrence A . Cunningham and Stephanie Cuba
IN THIS ISSUE
FEATURES
The magazine of the Museum of American Finance
in association with the Smithsonian Institution
Issue 152 • Winter 2025 ( ISSN 1520-4723 )
Kristin Aguilera Editor
EDITORIAL ADVISORY BOARD
Howard A . Baker , Esq . Howard Baker Associates Lawrence A . Cunningham University of Delaware Peter C . Earle American Institute for Economic Research Brian Grinder Eastern Washington University Mark Higgins Index Fund Advisors ( IFA ) Institutional Gregory DL Morris Freelance Journalist Susie Pak St . John ’ s University Arthur W . Samansky The Samansky Group Myles Thompson Columbia Business School Publishing Janice Traflet Bucknell University Robert E . Wright Central Michigan University Jason Zweig The Wall Street Journal
ART DIRECTION Alan Barnett Design
MUSEUM STAFF David J . Cowen , President / CEO Kristin Aguilera , Deputy Director Robert Dinkelmann , IT / Technology Maura Ferguson , Director of Exhibits Sarah Poole , Collections Manager
Linda Rapacki , Managing Director of Visitor Services and Operations
Mindy Ross , Director , External Relations
Copyright © 2025 by the Museum of American Finance , publisher . All rights reserved .
Financial History is the official membership magazine of the Museum of American Finance .
10 Rediscovering an American Treasure
The true value of Hetty Green ’ s legacy .
▶ By Bethany Bengtson and Mark J . Higgins
16 She-Wolves
Marianne Spraggins ’ battle for a seat at the table .
▶ By Paulina Bren
20 Dance of the Millions
The Great Sugar Bull Market of 1915 – 1920 and the subsequent catastrophic collapse .
▶ By Daniel C . Munson
24 70 Years of Organized Labor Unions
The emergence of the AFL-CIO .
▶ By Michael A . Martorelli
28 Financial Fraud : New Tactics , Old Strategies
The evolving history of financial and accounting fraud .
▶ By Samuel Stein
32 Renaissance Banking
Early Italian innovations in accounting and finance .
▶ By Ramon Vasconcellos
36 From Ballrooms to Broadband
Navigating the changing landscape of shareholder engagement .
▶ By Lawrence A . Cunningham and Stephanie Cuba
2 FINANCIAL HISTORY | Winter 2025 | www . MoAF . org