Besides the Iron Lady Geraldine Weiss with her pioneering moves in the field of brokerage and financial investment, Wall Street has also witnessed other pink shadows achieving much success in this market. Among them, Muriel Siebert is the most outstanding person of all. Her successes not only break down society's gender stereotypes but also prove that a degree is not everything if we study hard all our lives. So who is Muriel Siebert? Let's find out with Coin68 through the article below.
Who is Muriel Siebert? Biography of “The First Lady of Wall Street"
Who is Muriel Siebert?
Muriel Siebert was an entrepreneur, trader, and the first female stockbroker to have a full-time trading seat on Wall Street. Her life is a huge source of inspiration for the feminist movement in the United States in general and the financial market in particular, which is created and operated by men.
Muriel Siebert during a session at the NYSE
Muriel Siebert was born on February 11, 1932 in Cleveland, Ohio, USA into a relatively ordinary Jewish family. While in her second year at Western Reserve University, her father had cancer and her family no longer had enough money for Muriel Siebert to pursue a college degree, so in 1954, she went to New York to look for new opportunities. for 500 USD.
However, the financial capital of the world at that time did not treat her easily. On the one hand, American society at that time was still very sexist and the only path women had was to work as secretaries for companies. In addition, because of her Jewish background, she was also discriminated against.
Not having a college degree, being a woman and being Jewish, Muriel Siebert had to go through many rejections, including from Merrill Lynch, before she was later accepted into a brokerage firm. Bache & Co as an intern with a salary of 65 USD/week. Although she is only an intern, Muriel Siebert clearly understands what her purpose here is and that she must work 10 times harder than others to find success in this "white people's" Shard .
Muriel Siebert's career
During her years working at the "heart" of the financial market, Muriel Siebert experienced almost all the humiliations just because she was a woman. To make it easier to understand, when a stock broker convinces a customer to invest, they will receive a commission. But for Muriel Siebert, she only received half or even nothing while her work efficiency was equal or even better than the rest. Those who are jealous of her talent also spread rumors that she did not exchange her customers' nods through persuasion but through other means. However, she always ignores rumors about her success because swans usually do not share a tray with frogs.
But not all words that sound cruel come from a cruel mind. While working with her client, Muriel Siebert asked the client if there was any company that was fair to women? The customer responded that fairness is nonsense in the financial world and that if you want a real position in the market, don't take it, buy it. And she bought it for nearly $500,000 in 1967 after founding Muriel Siebert & Co. Inc. Later that year, she officially became a member of the NYSE after being refused participation 9 times. At that time, the trading floor had 1,365 members, including Muriel Siebert and the rest were all men, which was like a slap in the face to those who always underestimated women on Wall Street.
However, spending nearly half a million dollars to buy a chair at the NYSE is not an impulsive decision or an act of feminist affirmation, but purely from business intentions. Muriel Siebert & Co. Inc was founded by her with the motto of focusing on customers and always aiming at value investing rather than surfing the market, so throughout the development process, Muriel Siebert & Co. Inc is always one of the leading companies in the discount brokerage segment.
Her direct competitor is Ted Weisberg, founder of Seaport Securities, who in an interview Chia about his rival that Muriel Siebert has a very friendly appearance but in the marketplace she is the only woman who recognizes her. earned his respect. Muriel Siebert knows how to play with the men of Wall Street and her attacks are as tough as any big man in the financial world.
10 years after the founding of her company, Muriel Siebert officially became Director of the Bank of New York. She is the first woman to fill this position throughout the bank's history. And in her first and only term, she successfully prevented bank failures as financial markets entered a recession. In 1982, she resigned to run for a seat in the Senate but was unsuccessful because the political scene at that time was still wary of a talented woman like her.
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Above is information about Muriel Siebert and her successes in the financial market. Through the article, we hope Coin68 has given readers the most general perspective on Muriel Siebert and what she has done in the financial world, which is considered a men's playground. Her life is one of the endless inspirations for the feminist movement in the world's largest financial street.
