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By Kristin Aguilera
Wall Street veteran John E . Herzog announced a final $ 5 million gift to the Museum of American Finance , the institution he founded more than 25 years ago , at an event held in his honor on May 17 . Herzog established the Museum in response to the Crash of ’ 87 and has been the institution ’ s largest donor ever since .
Herzog ’ s most recent gift , which he communicated to the Museum ’ s Board of Trustees on his 80th birthday , represents the sum he had earmarked for the institution in his will . His gift echoes the advice of Andrew Carnegie , who advocated philanthropy within one ’ s lifetime .
“ This final gift is a display of my confidence in the ability of the Museum ’ s leadership to successfully carry it into the future and sustain it as a permanent institution ,” said Herzog .
In 2010 , Herzog stepped down as Chairman of the Board and became Trustee Emeritus , making way for new leadership and a new class of Trustees poised to usher the institution into the future . Since then , the Museum has added 28 new Trustees and has greatly expanded its individual and corporate donor bases .
“ We are extraordinarily grateful to John for his support of the Museum over nearly three decades ,” said Chairman Richard Sylla . “ However , like any non-profit institution , the Museum ’ s future depends on a broad commitment from a variety of donors , members and constituents .”
In addition to increasing the size and stature of its Board , the Museum has also
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engaged new audiences through enhancements to its educational and programmatic offerings . Many of its educational initiatives now focus on promoting personal financial literacy , which is lacking in both children and adults across nearly every segment of the population .
The Museum is always seeking increased participation from financial firms — both as donors and as programmatic partners — while serving as a neutral public forum for addressing topical financial issues and events . In the past two years , the Museum has presented more than 50 programs on a wide variety of current — and often forward-looking — topics , ranging from Bitcoin to IPOs to electronic trading .
The May 17 reception marked a symbolic moment in the Museum ’ s history , as its founder entrusted responsibility for the institution to the next generation of leaders and supporters .
Former Trustees in attendance included ( clockwise from back left ): Ken Winans , Tom Levis , Bill Pinzler , Bill Behrens , Michael Lipper , Jason Zweig and Timothy Schantz .
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John Herzog speaks at the May 17 event held in his honor . |
Trustees John Davidson and David Shuler .
Barbara Brown , Guy Taylor , Sidney Mobell and Gabriel Suprise .
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Alan Barnett |
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MAY 10
1965
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In New Bedford , MA , a young Warren Buffett takes control of a decrepit textile company called Berkshire Hathaway Inc . |
MAY 14
1997
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Amazon . com , Inc . goes public on the Nasdaq , offering three million shares at an initial price of $ 28 per share . |
MAY 16
1949
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The Tokyo Stock Exchange , originally founded in 1878 , reopens for business following World War II . |