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young men. We need the smartest young stars you’ve got. And don’t even think of passing off older men or second-raters. I’m asking the same thing of every major company in the country, and I’ll be watching very closely how well your men do compared to the best young men from all the other corporation. God forbid the people you pick are less than the best because God, President
Roosevelt, and I would never, ever forgive you.”
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315:. Weinberg handpicked executives with whom he wanted to develop business relationships, and deliberately invited no other investment bankers to join the Council, putting himself in the perfect position to network. Roosevelt admired Weinberg's work greatly, nicknaming him “The Politician” and offering him numerous federal appointments, all of which Weinberg refused.
311:, Weinberg stood out as a prime candidate for the new president's liaison to Wall Street. Indeed, in 1933, Roosevelt assigned Weinberg the task of organizing a group of corporate executives- called the Business Advisory and Planning Council – to serve as a bridge between the government and the private sector during the economic upheaval of the
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and, “I’ll never take a job in government in peacetime, but I’ll take any job in time of war.” Following
Weinberg's success recruiting corporate talent for the Business Advisory and Planning Council, President Roosevelt entrusted Weinberg with an even more important mandate: forming the Industry Advisory Committee under the
275:, who shriveled the market value of Goldman Sachs Trading Corp. from $ 500 million to less than $ 10 million. At this point, Weinberg took over the division, becoming a senior partner in 1930. He became head of the firm in 1930, saving it from bankruptcy, and held that position until his death in 1969.
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When the United States entered World War II in 1941, Weinberg played an active role in engaging
America's private sector to overcome the nation's considerable financial, industrial, and organizational challenges. Weinberg repeatedly proclaimed, “government service is the highest form of citizenship,”
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Weinberg personally met with the CEOs of
America’s top corporations and told them: “Our nation is in grave danger. America needs an enormous number of talented executive leaders to organize a massive war production effort. The President has sent me here to get your help in identifying your very best
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in 1943, Henry Ford II soon became president of Ford Motor
Company – at that time America's largest private corporation. While enormous, Ford Motor Company faced considerable financial and strategic challenges transitioning from military manufacturing to a peacetime economy. Weinberg helped Ford to
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to revitalize the struggling automobile company. In return for
Weinberg's advice, Ford chose Weinberg to lead the underwriting syndicate for Ford Motor Company's 1956 initial public offering. The Ford IPO was the largest the United States had ever seen, raising nearly seven hundred million dollars
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Weinberg's position on the War
Production Board helped him to forge close personal relationships with many of America's top young businessmen. When the war ended, many of these executives hired Weinberg as their investment banker, thereby boosting the prestige of Goldman Sachs’ client engagements.
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Weinberg dropped out of junior high school at P.S. 13, but got a letter of recommendation from one of his teachers to enter the job market. Sidney joined the workforce at the age of ten "selling newspapers at the
Manhattan-Brooklyn ferry terminal, shucking oysters, and carrying feathers for a
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in his 1952 presidential bid; Weinberg's campaigning efforts were critical to gathering support for
Eisenhower among the business community. In return for Weinberg's backing, Eisenhower appointed several of Weinberg's recommendations to important cabinet positions, including
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225:. Sidney married Helen W. Livingston there in 1920. Sidney's name does not appear in any synagogue documents after World War I, indicating less active membership in his adult life.
221:. Sidney's mother, Sophie, was sisterhood president from 1912 to 1913, his father, Pincus, served as president from 1919 to 1921, and the children all attended the Sunday school and
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meets with members of the
Business Council (formerly the Business Advisory Council) in Cross Hall, White House, Washington, D.C., in 1961. (left to right) Leonard F. McCollum;
249:, liked Weinberg, and promoted him to the mailroom, which Weinberg reorganized. To improve Weinberg's penmanship, Sachs sent him to Browne's Business College in Brooklyn.
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Many executives invited Weinberg to join their own companies’ boards. Weinberg served on the boards of many of America's leading blue chip companies, including those of
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in 1932 while working as a member of the Democratic Party's National Campaign Finance Committee, and successfully raised more funds than any other member. Since many on
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and Sidney J. "Jim" Weinberg, Jr., both of whom were partners of Goldman Sachs. His grandson John S. Weinberg was the company's vice chairman and another grandson
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said of Weinberg's service during this period: “His wide and influential friendships were invaluable in inducing outstanding men to come to Washington with us.”
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milliner." At one point, Sidney found jobs as a runner at three different brokerage houses. The conflicts of interest cost him all three positions.
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404:(roughly five billion dollars in today's terms), and considerably promoting Goldman Sachs’ position on Wall Street as a top investment bank.
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as a janitor's assistant at $ 3/week, where his responsibilities included brushing the firm's partners’ hats and wiping the mud from their
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Wall Streeter. Weinberg was one of eleven children of a Jewish immigrant wholesale liquor dealer. His family were active members of
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655:"Goldman Sachs | Commemorates 150 Year History - Sidney Weinberg Leads the Firm for More than Three Decades"
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in 1927 and helped run the investment trusts, including Goldman Sachs Trading Corp. He co-ran the division with
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In 1942, Weinberg was promoted to the position of assistant to the chairman of the War Production Board.
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Levin, Carol. "The Weinberg Family: Leaders during the Synagogue’s Golden Age", Kane Street Synagogue,
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was the company's head of European business before co-founding the boutique investment bank
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Perhaps Weinberg's most important relationship from the War Production Board was with
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Ellis, Charles D. The Partnership: The Making of Goldman Sachs. Penguin Books, 2009.
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win the presidency in 1964, Johnson appointed Weinberg's recommendations of
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Weinberg's background contrasted sharply with that of the traditional
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Weinberg married Helen Livingston in 1920 and the couple lived in
163:(October 12, 1891 – July 23, 1969) was a long-time leader of the
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522:"Sidney J. Weinberg, Known as 'Mr. Wall Street,' Is Dead at 77"
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story, he rose from a janitor's assistant, making $ 3/week, to
568:"Brooklyn’s Oldest Synagogue Celebrates Its 150th Anniversary"
690:"Sidney Weinberg Networked His Way To The Top Of Wall Street"
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was on Boerum Place, and remaining with it when it moved to
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Anderson, Jenny; Landon Thomas Jr. (14 January 2006).
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636:"Business: Everybody's Broker Sidney Weinberg"
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260:. Goldman Sachs bought Weinberg a seat on the
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395:recruit a group of new executives including
853:United States Navy personnel of World War I
742:"Sidney Weinberg Jr. and the End of an Era"
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878:20th-century American businesspeople
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412:While a lifelong fundraiser for the
390:. Following the death of his father
369:National Dairy Products Corporation
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848:Jewish American military personnel
769:Biography on Goldman Sachs Website
740:Craig, Susanne (14 October 2010).
688:Riquier, Andrea (April 30, 2016).
620:. New York: Doubleday. p. 50.
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309:1932 presidential election
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493:. They had two children,
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843:Jewish American bankers
616:Cohan, William (2011).
549:"The Uses of Adversity"
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455:J.P. Stevens & Co.
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471:Secretary of Commerce
459:Secretary of the Army
373:B.F. Goodrich Company
301:Franklin D. Roosevelt
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161:Sidney James Weinberg
868:People from Brooklyn
557:, November 10, 2008.
447:Secretary of Defense
439:Charles Erwin Wilson
422:Dwight D. Eisenhower
340:Charles Erwin Wilson
321:War Production Board
299:Weinberg befriended
782:Business positions
644:, December 8, 1958.
491:Scarsdale, New York
408:Political influence
213:, joining when the
70:New York City, U.S.
54:New York City, U.S.
718:The New York Times
527:The New York Times
435:Treasury Secretary
431:M.A. Hanna Company
427:George M. Humphrey
401:Theodore O. Yntema
353:Ford Motor Company
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178:The New York Times
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838:1969 deaths
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721:. p. 3
592:, Issue 11"
305:Wall Street
219:Cobble Hill
165:Wall Street
827:Categories
809:1930–1969
751:4 February
725:16 January
420:candidate
418:Republican
392:Edsel Ford
287:President
203:Ivy League
197:Early life
76:Occupation
47:1891-10-12
264:in 1925.
254:U.S. Navy
243:overshoes
215:synagogue
815:Gus Levy
797:Chairman
696:15 March
313:New Deal
211:Brooklyn
148:Children
86:Employer
269:partner
183:Fortune
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485:Family
449:; and
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595:(PDF)
509:Notes
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799:and
753:2013
727:2013
698:2019
641:TIME
477:for
473:and
469:for
457:for
445:for
433:for
399:and
346:Ford
338:CEO
153:John
60:Died
41:Born
801:CEO
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429:of
209:in
191:CEO
175:by
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