Financial History 140 Winter 2022 - Page 15

mortgage-backed securities department , as well as a diverse range of fixed income products , and had also served as Goldman ’ s chief information officer .
After several years of leading his own hedge fund , he took on one of the most challenging assignments : the rebuilding of a failed residential lender for IndyMac during the height of the 2007-2008 Financial Crisis . Under his leadership , Indy- Mac was renamed One West Bank and returned to profitability within one year . With One West Bank based in Southern California , Secretary Mnuchin moved to LA to rebuild the financial institution from the ground up . It also provided an opportunity for us to meet on a regular basis and for the Secretary to take an active role in the community . His insights and leadership changed so many organizations , from the UCLA Health System to the Museum of Contemporary Art to the Center for Financial Markets at the Milken Institute .
He served for four years as Secretary of the Treasury , where he brought his innovative experience to help maintain a strong economy , foster economic growth and create job opportunities by promoting the conditions that enabled prosperity both at home and abroad . For his service to our country and the world during good and extremely difficult times , it is an honor to introduce the 77th Treasury Secretary of the United States , Steven Mnuchin .
STEVEN T . MNUCHIN 77th Secretary of the US Treasury Managing Partner , Liberty Strategic Capital
First of all , I want to thank Mike Milken for that incredibly kind introduction . I ’ ve known Mike for many years , and it ’ s incredible the work that he ’ s done with so many organizations , and I couldn ’ t think of a better person to introduce me . I am quite proud to receive the Whitehead Award for Distinguished Public Service and Financial Leadership . I had the opportunity to meet John Whitehead many times . John was co-chairman and co-senior partner of Goldman Sachs right before I joined . I believe he retired in 1984 . It ’ s an honor to receive this award because he was such a terrific leader in so many ways and very much distinguished in financial leadership and public service .
It was a great honor for me to be Treasury Secretary and serve the country . We are very proud of the economic growth and foreign policy that we did . And , in COVID , I ’ m extremely proud of the work we did with the House and Senate to pass the CARES legislation 96-0 and 100-0 , so incredible bipartisan support . And I truly believed that legislation would help so many families and businesses survive the beginning of COVID , when we shut down the entire economy . Not only did we do the PPP ( Paycheck Protection Program ) in record speed that helped many small businesses , but we ’ re also proud of the work we did with the airlines , national security and other issues .
So , I ’ m honored to follow other Treasury Secretaries who have also received this award , and I thank you very much for this great honor .
RICHARD SYLLA Former Chair , Museum of American Finance
Good evening . I ’ m here tonight to introduce my friend , John Herzog , and to present him with a Special Recognition of Service from the Museum . While many people have contributed to the Museum ’ s success over the past three decades , perhaps nobody has had more of an impact on this institution than John . Without his inspiration — nearly a third of a century ago now — to found a finance museum , none of us would be here tonight .
John has dedicated most of his life to finance and financial history . He spent his active career at Herzog Heine Geduld , Inc ., which was founded by his father in
1926 . He joined the firm in 1959 and spearheaded its expansion to become the thirdlargest Nasdaq market maker . He retired from active management on Wall Street when Merrill Lynch acquired the firm in the year 2000 . The story of John ’ s career is candidly told in his book , A Billion to One , published by the Museum in 2017 .
John also was long the chairman of R . M . Smythe & Co ., Inc ., one of the world ’ s premier auction houses , specializing in antique stocks and bonds , bank notes , coins , autographs and photographs . In 1988 , he founded the Museum of American Finance , donating a part of his extensive collection of financial documents and memorabilia to the Museum .
John and I first met in 1990 , when I arrived at NYU to teach financial history . We quickly found that we shared the view that Americans and others too little appreciated and too often misunderstood the key role of finance in building our dynamic US economy . John and I have worked together for more than three decades to make this key role of finance and economic life more appreciated and better understood . For the two of us , it has been a rewarding partnership and a labor of love .
It is , therefore , my honor and privilege tonight to acknowledge John ’ s role in the Museum ’ s own history , and to thank him for having the vision and foresight to found an institution that has not only furthered the historical study of finance , but has helped thousands of people improve their own financial lives through the Museum ’ s programs , events and outreach .
John has already received his award , but I will read the inscription :
“ This award is presented to John E . Herzog from the Museum of American Finance in recognition of his visionary founding of the Museum and more than three decades of service as chairman and trustee .”
Therefore , I would like to thank you personally for all you have done for the Museum , and to let you know how much I have enjoyed working with you on Museum projects over the years . You have done a great thing in founding this institution and have created a legacy we all can be proud of .
www . MoAF . org | Winter 2022 | FINANCIAL HISTORY 13