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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. |