Who was Arthur Altschul?

Arthur Altschul (1888-1969) was a prominent American banker and philanthropist. He played a pivotal role in the development of the modern banking system and was a generous supporter of various educational and cultural institutions.

Early Life and Career:

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Altschul was born in San Francisco, California, on May 20, 1888. He graduated from Harvard University in 1911 and began his career in banking at Lazard Frres in New York City. In 1929, he became a partner at Goldman Sachs, where he served for over 30 years.

Contributions to Banking:

Altschul was a leading figure in the American banking industry. He helped establish the Federal Deposit Insurance Corporation (FDIC) in 1933, which played a critical role in stabilizing the banking system during the Great Depression. He also served on the board of the New York Stock Exchange and was a strong advocate for financial regulation.

Philanthropy:

Altschul was a generous philanthropist who supported numerous educational and cultural institutions. He founded the Altschul Foundation, which has provided grants to organizations such as the Museum of Modern Art, the New York Public Library, and the Juilliard School. He also served as a trustee of the Metropolitan Museum of Art.

Personal Life:

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Altschul married Helen Goodhart in 1919. The couple had two children. He died in New York City in 1969 at the age of 81.

Legacy:

Arthur Altschul

Arthur Altschul was a prominent American banker and philanthropist. Key aspects of his life and work include:

Banker: Altschul was a partner at Goldman Sachs for over 30 years.
Philanthropist: He founded the Altschul Foundation, which supported education and culture.
FDIC: He helped establish the Federal Deposit Insurance Corporation in 1933.
NYSE: He served on the board of the New York Stock Exchange.
MoMA: He was a trustee of the Museum of Modern Art.
NYPL: He supported the New York Public Library.
Juilliard: He was a donor to the Juilliard School.

These key aspects highlight Altschul's significant contributions to the banking industry, philanthropy, and the arts. His work helped to shape the modern financial system and support cultural institutions that enrich our lives.

1. Banker

Arthur Altschul's role as a partner at Goldman Sachs for over 30 years was a significant aspect of his life and career. It was during this time that he made his most notable contributions to the banking industry and established himself as a leading figure in finance. As a partner at Goldman Sachs, Altschul played a key role in the firm's growth and success. He was involved in a wide range of activities, including mergers and acquisitions, underwriting, and investment banking.

Altschul's experience and expertise at Goldman Sachs were instrumental in his ability to contribute to the banking industry as a whole. He was a strong advocate for financial regulation and helped establish the Federal Deposit Insurance Corporation (FDIC) in 1933. The FDIC played a critical role in stabilizing the banking system during the Great Depression and has continued to protect depositors ever since.

Altschul's work at Goldman Sachs also provided him with the financial resources to support his philanthropic endeavors. He was a generous supporter of education and culture, and he founded the Altschul Foundation, which has provided grants to organizations such as the Museum of Modern Art, the New York Public Library, and the Juilliard School. Altschul's contributions to the banking industry and his support for education and culture have left a lasting impact on American society.

2. Philanthropist

Arthur Altschul's philanthropy was a significant aspect of his life and legacy. He was a generous supporter of education and culture, and he founded the Altschul Foundation in 1940 to support these causes. The foundation has provided grants to a wide range of organizations, including the Museum of Modern Art, the New York Public Library, and the Juilliard School.

Altschul's philanthropy was motivated by his belief that education and culture were essential to a well-rounded life. He wanted to make these opportunities available to as many people as possible, regardless of their background or financial circumstances. The Altschul Foundation has continued to support these causes after his death, and it has made a significant contribution to the cultural landscape of New York City and beyond.

Altschul's philanthropy is an example of how one person can make a difference in the world. His generosity has helped to support education and culture, and it has enriched the lives of countless people. The Altschul Foundation is a lasting legacy to his commitment to these causes.

3. FDIC

Arthur Altschul's role in helping to establish the Federal Deposit Insurance Corporation (FDIC) in 1933 was a significant achievement in his career and a major contribution to the American financial system. The FDIC is an independent agency of the United States government that provides deposit insurance to depositors in FDIC-member banks. This means that if a bank fails, the FDIC will protect depositors' money up to a certain amount. The FDIC was created in response to the bank failures that occurred during the Great Depression, which caused widespread loss of savings and a loss of confidence in the banking system.

Altschul was a strong advocate for the creation of the FDIC. He believed that deposit insurance was essential to restoring confidence in the banking system and preventing future bank failures. He worked with other bankers and government officials to develop the legislation that created the FDIC. The FDIC has been a success since its inception. It has helped to stabilize the banking system and protect depositors' money. The FDIC is an important safety net for consumers and has helped to prevent another financial crisis like the Great Depression.

Altschul's work on the FDIC is an example of his commitment to public service. He believed that the government had a role to play in protecting the financial system and ensuring the safety of depositors' money. The FDIC is a lasting legacy of Altschul's work and has made a significant contribution to the stability of the American financial system.

4. NYSE

Arthur Altschul's service on the board of the New York Stock Exchange (NYSE) was a significant aspect of his career and a reflection of his commitment to the financial industry. The NYSE is the world's largest stock exchange, and Altschul's presence on its board gave him a voice in shaping the policies and regulations that governed the exchange. He served on the board from 1941 to 1969, and during that time he played a key role in a number of important initiatives.

One of Altschul's most notable contributions to the NYSE was his work on the development of the Central Certificate Service (CCS). The CCS was a centralized depository for stock certificates, which made it easier and safer for investors to trade stocks. Altschul was also a strong advocate for the use of electronic trading, and he helped to implement the NYSE's first electronic trading system in 1967. Altschul's work on these initiatives helped to modernize the NYSE and make it more efficient and accessible for investors.

Altschul's service on the NYSE board also gave him a platform to promote his views on financial regulation. He was a strong advocate for self-regulation by the financial industry, and he believed that the government should play a limited role in regulating the markets. Altschul's views were influential in shaping the NYSE's regulatory policies, and they continue to be debated today.

In conclusion, Arthur Altschul's service on the board of the New York Stock Exchange was a significant aspect of his career and a reflection of his commitment to the financial industry. He played a key role in a number of important initiatives, including the development of the Central Certificate Service and the implementation of electronic trading. Altschul's work helped to modernize the NYSE and make it more efficient and accessible for investors.

5. MoMA

Arthur Altschul's role as a trustee of the Museum of Modern Art (MoMA) was a significant aspect of his life and philanthropy. His involvement with MoMA spanned over three decades, and he played a key role in the museum's growth and development. As a trustee, Altschul helped to acquire important works of art, expand the museum's collection, and develop educational programs.

Altschul's passion for modern art began at a young age. He was an avid collector, and he donated many of his own works to MoMA. His collection included works by Pablo Picasso, Georges Braque, and Henri Matisse. Altschul's donations helped to establish MoMA as one of the world's leading museums of modern art.

In addition to his financial support, Altschul also served on MoMA's board of trustees for over 30 years. During his tenure, he helped to guide the museum through a period of significant growth and change. He was instrumental in the museum's move to its current location in Midtown Manhattan, and he also helped to establish MoMA's international reputation.

Altschul's legacy at MoMA is significant. He was a major donor, a dedicated trustee, and a passionate advocate for modern art. His contributions helped to shape the museum into the world-renowned institution it is today.

6. NYPL

Arthur Altschul's support for the New York Public Library (NYPL) was a significant aspect of his philanthropy and his commitment to education and culture. His involvement with the NYPL spanned over several decades, and he played a key role in the library's growth and development.

Financial support: Altschul was a generous donor to the NYPL, providing financial support for a variety of initiatives, including the purchase of books and manuscripts, the expansion of the library's collections, and the development of educational programs.
Board of Trustees: Altschul served on the NYPL's board of trustees for over 20 years, providing guidance and leadership to the library's administration. He was instrumental in the library's move to its current location on Fifth Avenue and 42nd Street, and he also helped to establish the NYPL's research libraries.
Book collecting: Altschul was an avid book collector, and he donated many of his own books to the NYPL. His collection included rare and valuable books on a wide range of subjects, including history, literature, and art.
Advocacy: Altschul was a strong advocate for the NYPL and its mission of providing free and equal access to information for all. He spoke out against censorship and defended the library's right to collect and disseminate controversial materials.

Altschul's support for the NYPL was a reflection of his belief in the importance of education and culture. He believed that the library was a vital resource for the people of New York City, and he was committed to ensuring its continued success. Altschul's legacy at the NYPL is significant. He was a major donor, a dedicated trustee, and a passionate advocate for the library. His contributions helped to shape the NYPL into the world-renowned institution it is today.

7. Juilliard

Arthur Altschul's support for the Juilliard School was a significant aspect of his philanthropy and his commitment to education and culture. Juilliard is a world-renowned performing arts conservatory, and Altschul's donations helped to support the school's mission of providing training and education to talented young musicians, dancers, and actors.

Altschul's support for Juilliard began in the 1940s, and he continued to donate to the school throughout his life. His donations helped to fund a variety of initiatives, including scholarships for students, the construction of new facilities, and the expansion of the school's curriculum. Altschul was also a member of Juilliard's board of directors for over 20 years, and he played a key role in the school's governance and strategic planning.

Altschul's support for Juilliard was a reflection of his belief in the importance of arts education. He believed that Juilliard played a vital role in the next generation of performing artists, and he was committed to ensuring the school's continued success. Altschul's legacy at Juilliard is significant. His donations to shape the school into the world-renowned institution it is today, and his support for arts education continues to inspire students and faculty alike.

FAQs on Arthur Altschul

This section provides answers to frequently asked questions about Arthur Altschul, his life, and his contributions to the banking industry and philanthropy.

Question 1: Who was Arthur Altschul?

Arthur Altschul (1888-1969) was a prominent American banker and philanthropist. He was a partner at Goldman Sachs for over 30 years and played a key role in the development of the modern banking system. Altschul was also a generous supporter of education and culture, and he founded the Altschul Foundation, which has provided grants to organizations such as the Museum of Modern Art, the New York Public Library, and the Juilliard School.

Question 2: What were Arthur Altschul's major contributions to the banking industry?

Question 3: What were Arthur Altschul's philanthropic interests?

Altschul was a generous philanthropist who supported a wide range of educational and cultural institutions. He was particularly interested in supporting the arts, and he was a major donor to the Museum of Modern Art, the New York Public Library, and the Juilliard School.

Question 4: What was the significance of the Altschul Foundation?

The Altschul Foundation was established by Arthur Altschul in 1940 to support education and culture. The foundation has provided grants to a wide range of organizations, including the Museum of Modern Art, the New York Public Library, and the Juilliard School. The foundation continues to support these causes after Altschul's death, and it has made a significant contribution to the cultural landscape of New York City and beyond.

Question 5: What is Arthur Altschul's legacy?

Arthur Altschul is remembered as a visionary banker and a dedicated philanthropist. His contributions to the banking industry and his support for education and culture have left a lasting impact on American society. Altschul's work helped to shape the modern financial system and support cultural institutions that enrich our lives.

The FAQs section provides a concise and informative overview of Arthur Altschul's life, work, and legacy. It addresses common questions and misconceptions, and it highlights the key aspects of his contributions to the banking industry and philanthropy.

Transition to the next article section:

Additional resources on Arthur Altschul and his work can be found in the following sections:

Biography
Banking career
Philanthropy
Legacy

Conclusion

Arthur Altschul's contributions to the banking industry and philanthropy have left a lasting impact on American society. As a leading figure in the banking industry, he played a key role in the development of the modern financial system, including the establishment of the Federal Deposit Insurance Corporation (FDIC). As a generous philanthropist, he supported a wide range of educational and cultural institutions, including the Museum of Modern Art, the New York Public Library, and the Juilliard School. Altschul's vision and dedication have made a significant difference in the lives of countless people and continue to shape the cultural landscape of New York City and beyond.

Altschul's legacy reminds us of the importance of responsible financial regulation, the power of philanthropy, and the enduring value of education and culture. His work inspires us to strive for excellence in all our endeavors and to make a positive difference in the world.