Founder and Chairman Emeritus of the Museum of American Finance, John E. Herzog, has authored a volume on the history of the legendary Wall Street firm his family founded, Herzog, Heine, Geduld.
The securities trading behemoth started modestly, when his grandfather, walking Manhattan's Lower East Side, began trading currencies, earning a modest "spread" changing notes and handling remittances for newly-arrived emigres. Once the firm was formed it made only four or five trades on a typical day. Rapid changes after becoming active in the firm made him sole proprietor. It's an unconventional story about integrity, not greed, where wrongs are quickly righted and fairness is never mistaken for generosity. For Herzog, the reward is sharing success with all who made it possible. The exquisitely timed sale of Herzog, Heine, Geduld to Merrill Lynch in 2000 provided the ultimate reward.