Financial History Issue 117 (Spring 2016) | Page 4

Financial history The magazine of the Museum of American Finance in association with the Smithsonian Institution Issue 117 • Spring 2016 (ISSN 1520-4723) IN THIS ISSUE FEATURES 13 First Entrepreneur George Washington had a talent for business and innovation.  By Edward G. Lengel Kristin Aguilera Editor EDITORIAL ADVISORY BOARD Howard A. Baker, Esq. Howard Baker Associates Lawrence A. Cunningham The George Washington University 16 Doing Well by Doing Good The catastrophe bond is financial engineering that does what it should.  By Gregory DL Morris Brian Grinder Eastern Washington University Gregory DL Morris Freelance Journalist Arthur W. Samansky The Samansky Group Bob Shabazian 20 Dear Chairman Boardroom battles and the rise of shareholder activism.  By Jeff Gramm American Stock Exchange (ret.) Myles Thompson Columbia Business School Publishing Robert E. Wright Augustana University Jason Zweig The Wall Street Journal 24 Municipal Insolvency in the 1930s Cities and states were in dire straits before they had pension obligations.  By Frederick J. Sheehan Jr. ART DIRECTION Alan Barnett Design MUSEUM STAFF David J. Cowen, President/CEO Kristin Aguilera, Deputy Director Tony Critelli, Accountant Jeanne Driscoll, Director of Development Maura Ferguson, Director of Exhibits Chris Meyers, Director of Education Sarah Poole, Collections Manager Linda Rapacki, Managing Director of Visitor Services and Operations Mindy Ross, Director, External Relations Copyright 2016 by the Museum of American Finance, publisher, 48 Wall Street, New York, NY 10005. Telephone: 212-908-4110; fax: 212-908-4601. All rights reserved. Financial History is the official membership magazine of the Museum of American Finance. Annual individual membership is $55. Payment must be made in dollars, by credit card or check payable to the Museum of American Finance. 28 America’s First Black Friday Jay Gould, Jim Fisk and the Gold Panic of 1869.  By Donald P. Morgan and James Narron 31 A Self-Made Man on Wall Street The rags to riches story of Elias Cornelius Benedict.  By Whitney McKendree Moore 34 Wall Street Women Celebrate Milestone The Financial Women’s Association marks 60 years of leadership in advancing women on Wall Street.  By Kimberly Weinrick and Ria Davis 2    FINANCIAL HISTORY  |  Spring 2016  | www.MoAF.org