Paul Warburg
Paul Moritz Warburg (
August_10,
1868 -
January_24,
1932) was a
German-American banker and early advocate of the U.S
Federal Reserve system.
Warburg was born into a successful
banking family in
Hamburg,
Germany. He and his brothers
Max Warburg and
Felix Warburg were partners in the family firm of
M. M. Warburg & Co., but while Max remained in Germany as head of that business, Felix and Paul moved to
New York City in
1901, where they purchased partnerships in the investment firm of
Kuhn, Loeb & Co., where at the time, the influential
Jacob Schiff was senior partner.
Paul Warburg became known as a persuasive advocate of
central banking in America, in
1907 publishing
"Defects and Needs of Our Banking System" in the
New York Times and
"A Plan for A Modified Central Bank". His efforts were successful in
1913 with the founding of the
United States' Federal Reserve, to which he was appointed a member of the first Federal Reserve Board by President
Woodrow Wilson.
His son
James was a financial adviser to
Franklin D. Roosevelt in the first years of his presidency.
The cartoon character, "Daddy" Oliver Warbucks in the
Little Orphan Annie series, was purportedly inspired by the life and times of Paul Warburg. Professor
Robert J. Barro holds the Paul M. Warburg chair in economics at
Harvard universitySee also
*
Warburg*
Warburg family*
Council on Foreign Relations*
History of Central Banking in the United States*
Kuhn, Loeb & Co.External links
*
Paul Warburg's Crusade to Establish a Central Bank in the United StatesReferences
* Birmingham, Stephen.
Our Crowd. Pocket Books, 1977
* Chernow, Ron.
The Warburgs. Random House, 1993
* Collins, Theresa M. Otto.
Kahn - Art, Money & Modern Time. The University of North Carolina Press, 2002
* Kuhn, Loeb & Co.
Kuhn, Loeb & Co. A Century of Investment Banking. New York: privately printed, 1967
* Kuhn, Loeb & Co.
Kuhn Loeb & Co. Investment Banking Through Four Generations. privately printed, 1955
* Warburg, Paul M.
The Federal Reserve System. The Macmillan Company, 1930.
