Bernard Baruch

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Bernard Mannes Baruch (pronounced /bəˈruːk/; August 19, 1870 – June 20, 1965) was an American financier, stock-market speculator, statesman, and political consultant. After his success in business, he devoted his time toward advising U.S. Presidents Woodrow Wilson and Franklin D. Roosevelt on economic matters.

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Early life, education, and career

Bernard Baruch was born in Camden, South Carolina to Simon and Belle Baruch. He was the second of four sons. His father Dr. Simon Baruch (1840–1921) was a German immigrant of Jewish ethnicity who came to the United States in 1855. He became a surgeon on the staff of Confederate general Robert E. Lee during the American Civil War and a pioneer in physical therapy.[1] His mother's Sephardic Jewish ancestors came to New York as early as the 1690s and were in the shipping business. In 1881 the family moved to New York City, and Bernard Baruch graduated from the City College of New York eight years later. He eventually became a broker and then a partner in A.A. Housman & Company. With his earnings and commissions he bought a seat on the New York Stock Exchange for $18,000 ($434,000 in today's dollars). There he amassed a fortune before the age of thirty via speculation in the sugar market. In 1903 he had his own brokerage firm and gained the reputation of "The Lone Wolf on Wall Street" because of his refusal to join any financial house. By 1910, he had become one of Wall Street's best-known financiers. Baruch College (part of the City University of New York) was named after him as well as a residential building on the Stony Brook University campus.

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