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Rosenwald offers timely lessons in wealth management
Key Excerpts from Article on Website of Boston Globe
Posted: September 6th, 2015
http://www.bostonglobe.com/arts/movies/2015/08/27/rosenwald-...
Something changed in America between the time of Julius Rosenwalds death in 1932 and the current presidential election cycle, in which a billionaire leads one partys polls by spreading what his detractors see as a message of greed, xenophobia, and entitlement. Owner of the retailing giant Sears, Roebuck & Co., Rosenwald was the son of an immigrant who started out as a door-to-door peddler and, through hard work and opportunities, opened his own store ... and became very rich. Why has nobody heard of him? He wasnt a big self-promoter and he didnt think wealth marked him as exceptional. In an archival film snippet in Aviva Kempners artless but essential documentary, Rosenwald, he is heard to say, Dont be fooled by believing that because a man is rich he is necessarily smart. There is ample proof to the contrary. Now imagine those words uttered by certain billionaires today. Rosenwald was not just humble and wise. Despite his canny capitalism, he was what might today be called a socialist. He believed in spreading the wealth - or at least his own. He believed in social justice and racial equality. He quietly spent millions building more than 5,000 schools (monickered affectionately Rosenwald schools) for African-American children in the South. He befriended Booker T. Washington and generously endowed the great black educators Tuskegee Institute. For decades his Rosenwald Fellowships benefited gifted people such as Marian Anderson, Ralph Bunche, and James Baldwin.
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