Muriel Siebert, Woman in the World of High Finance

Muriel Siebert attended Case Western Reserve University in Cleveland, Ohio where she was born. She did not complete her education there, but now holds 17 honorary degrees.

She trained for her financial career at Bache & Co. eventually specializing in airlines and aerospace. She was a partner at Finkle & Co. and Brimberg & Co.

Siebert was one of the few women even working in the world of finance at brokerage firms. At that time, there were no women-owned brokerage firms in New York.

Siebert changed that in 1967 when she established her own brokerage firm, Muriel Siebert & Co. It is the only woman-owned New York Stock Exchange (NYSE) brokerage firm that is also a national brokerage firm.

Siebert was the first woman to own a seat on the NYSE; the only woman among its 1,365 male members. Getting there wasn't easy.

Not only did Siebert have to sharpen her teeth by working for other brokerage firms, the NYSE insisted that Siebert get a letter from a bank offering loans of $300,000 on the seat price of $445,000. This unprecedented condition imposed by the NYSE was a double-edged sword: banks would not lend Siebert the money until the NYSE agreed to admit her.

Undaunted, Siebert worked for months until she finally found the bank loans and sponsors needed to get her the seat on the NYSE. December 28, 1967, she was finally elected to membership.

To commemorate her being the first woman to hold a seat on the NYSE, for her thirty year anniversary, Siebert was allowed to ring the closing bell on January 5, 1998. Her dog, Monster Girl, was there to support her mistress.

Always an advocate for women, Siebert stated, "The men at the top of industry and government should be more willing to risk sharing leadership with women and minority members who are not merely clones of their white male buddies. In these fast-changing times we need the different viewpoints and experiences, we need the enlarged talent bank. The real risk lies in continuing to do things the way they've always been done." [1] Muriel Siebert & Co. website

Siebert served for five years as the first woman Superintendent of Banking for the state of New York from 1977 to 1982. In this role, she took on the responsibility for the safety and soundness of banks and other financial institutions for the state of New York.

Though this may sound an easy task, the undertaking during the beginning of a financial crisis proved to be challenging. Interest rates were climbing. Banks were failing all over the country. Siebert forced banks in New York State to merge, persuaded stronger financial institutions to assist weaker ones. She reorganized banks that showed financial trouble. She convinced one bank president to cut his salary in half - from $200,000 to $100,000.

For those who dragged their feet with her requests, in some cases, her demands, she jokingly reminded them that the initials for her title were "S.O.B." - Superintendent of Banking.

Even though some of the moves she made to save the financial institutions of her state were considered controversial, Siebert's actions paid off. Not one financial institution or bank in the state of New York failed during her five year tenure.

After serving for five years as Superintendent of Banking, Siebert made an unsuccessful bid for a Republican seat in the United States Senate. She came in second out of three candidates.

While Siebert was overseeing financial institutions for the state of New York, her company had been in a blind trust run by her employees. Unfortunately for Siebert, this was a mistake. Her company was in chaos, but she stoically and successfully rebuilt her entire company.

Siebert Brandford Shank & Co., LLC, is Siebert's firm's municipal affiliate. It is ranked in the top fifteen public finance firms in the country.

Siebert remains in charge of her company, overseeing daily operations in its seven branches. In 1990, Siebert created the Siebert Entrepreneurial Philanthropic Plan, a program offering buyers of new securities the opportunity to benefit charities in their communities. By 2006, the program had contributed over $5 million to various organizations.

Siebert was inducted into the National Women's Hall of Fame in 1994. She was inducted into the Junior Achievement U.S. Business Hall of Fame in 2009.

Siebert has been quoted as saying, "American business will find that women executives can be a strong competitive weapon against Japan and Germany and other countries that still limit their executive talent pool to the male 50 percent of their population."[1]

Muriel Siebert is living proof of that.

Sources:

[1] Muriel Siebert & Co. website
National Women's Hall of Fame
www.greatwomen.org/women.php