IN THIS ISSUE
▶ By Bob Pisani, Arthur and Peter Cashin, Admiral Bill Owens, Richard A. Gephardt, Dennison( Dan) Veru and Peter S. Lynch.
▶ By Justene Hill Edwards
▶ By Gregory DL Morris
▶ By Mark J. Higgins
▶ By Brett Gardner
▶ By Simon Constable
▶ By Eric Brothers
IN THIS ISSUE
FEATURES
The magazine of the Museum of American Finance
in association with the Smithsonian Institution
Issue 153 • Spring 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
5 Words of Wisdom
Remarks delivered at the 2025 MoAF Gala.
▶ By Bob Pisani, Arthur and Peter Cashin, Admiral Bill Owens, Richard A. Gephardt, Dennison( Dan) Veru and Peter S. Lynch.
14 Savings & Trust
The rise and betrayal of the Freedman’ s Bank.
▶ By Justene Hill Edwards
18 Leading by Example
Iconoclast and institution founder, entrepreneur and financier, William Donaldson led a life of integrity and achievement.
▶ By Gregory DL Morris
22 Short-Term Gains and Long-Term Pain
The history of US entitlements.
▶ By Mark J. Higgins
28 Warren Buffett’ s Early Investments: Walt Disney Productions
Buffett’ s 1966 purchase of 5 % of Disney’ s common stock is one of the most famous investments of his early career, but it was an unusual investment at the time.
▶ By Brett Gardner
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.
32 Tulips, Paper Money, Limited Liability and Financial Crime
A look at cryptocurrency through the lens of history.
▶ By Simon Constable
36 Coin or Paper?
The story of the silver certificate.
▶ By Eric Brothers
2 FINANCIAL HISTORY | Spring 2025 | www. MoAF. org