Muriel Siebert facts for kids
Quick facts for kids
Muriel Siebert
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Siebert in an advertisement
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| Born | September 12, 1928 |
| Died | August 24, 2013 (aged 84) New York City, New York, U.S.
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| Other names | Mickie Siebert |
| Known for | First woman to own a seat on the NYSE |
Muriel Faye Siebert (born September 12, 1928 – died August 24, 2013) was a very important American businesswoman. She made history as the first woman to own a spot, called a "seat," on the New York Stock Exchange (NYSE). This meant she could trade stocks directly on the exchange. She was also the first woman to lead a company that was a member of the NYSE. She joined 1,365 men on the exchange on December 28, 1967. People sometimes call her the "first woman of finance."
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Muriel Siebert's Early Life and Career
Muriel Siebert was born in Cleveland, Ohio. She came from a Jewish family. Muriel started her career working at different companies that helped people buy and sell stocks. These companies are called brokerages.
In 1967, she decided to start her very own company. She named it Muriel Siebert & Co., Inc.. Her company helped big organizations with their financial research. It also bought and sold financial analyses for them.
Joining the New York Stock Exchange
In the same year, Muriel wanted to join the New York Stock Exchange. To do this, she needed to buy a "seat" on the exchange. This was a big deal because it allowed her to trade stocks there.
She asked ten investors to support her application. Nine of them said no. The NYSE also made a tough rule for her. They said she needed a letter from a bank. This letter had to promise her a loan of $300,000. This money was needed to buy her seat, which cost a lot.
Banks would not promise her the money until the NYSE agreed to let her join. It was a difficult situation. But Muriel kept trying. Finally, on December 28, 1967, she was accepted as a member of the NYSE.
Changes in the Stock Market
In 1975, a new rule came out. The Securities and Exchange Commission (SEC) allowed companies to negotiate how much they charged for trading stocks. Before this, everyone paid the same fee.
Muriel Siebert did not like this new rule. She strongly spoke out against "discount brokers." These were companies that offered lower fees. She even ran many advertisements. In these ads, she called the low rates "low ball."
Leading New York's Banks
In 1977, Muriel was given a very important job. She became the Superintendent of Banks for New York State. In this role, she was in charge of all the banks in the state. She oversaw about $500 billion.
During her time in this job, not a single bank in New York failed. This was amazing, especially since banks were failing in other parts of the country. Muriel remembered thinking about her journey. She had left college without finishing. Yet, she was now leading all the banks in New York!
After Her Public Service
After her time as Superintendent, Muriel went back to her own company. She later ran for a Senate seat in New York. She was part of the Republican primary election. She finished second in that race.
In the mid-1990s, her company, Siebert & Co., became a publicly traded company. This meant that anyone could buy shares of her company. Muriel remained the President of her firm. She was often asked to share her thoughts on financial markets. She even appeared in a documentary film called Risk/Reward in 2003.
Helping Others and Giving Back
Muriel Siebert was a strong supporter of women and minorities. She wanted to see more of them succeed in business. She believed that including more women and minorities would make American businesses stronger.
She once said that leaders should be willing to share power. She felt that different ideas and experiences were needed. This was especially true in a fast-changing world. She believed that not taking these risks was the real danger.
The Siebert Entrepreneurial Philanthropic Plan
In 1990, Muriel started a special program. It was called the Siebert Entrepreneurial Philanthropic Plan. Through this plan, she shared half of her company's profits. These profits came from helping companies sell new stocks. She gave this money to charities chosen by the companies.
This program allowed buyers of new stocks to help charities in their own communities. By 2006, this program had given more than $5 million to different charities.
Muriel also served as the president of the New York Women's Agenda in 1998. During her time there, they created a program. It taught women about "Financial Literacy." This program helped women learn how to manage their money. It continued even after her death.
Muriel was also on the boards of many charity groups. These included The Economic Club of New York and the Boy Scouts of America.
Awards and Recognitions
Muriel Siebert received many honors for her achievements.
- In 1969, she won the Golden Plate Award from the American Academy of Achievement.
- From 1981 to 1983, Bonnie Tiburzi held special luncheons. These honored "Women of Accomplishment," and Muriel was one of them.
- To celebrate her 30th anniversary on the New York Stock Exchange, she rang the closing bell on January 5, 1998.
- She also rang the closing bell on December 28, 2007. This was exactly 40 years after she joined the NYSE.
- In 1994, Muriel Siebert was added to the National Women's Hall of Fame.
- In 2009, she was inducted into the Junior Achievement U.S. Business Hall of Fame.
- She received special degrees from several universities. These included Wagner College and Case Western Reserve University.
- In 2016, a room at the New York Stock Exchange was named Siebert Hall in her honor. This was the first time a room there was named after a person.
Personal Life
Muriel Siebert was born in Cleveland, Ohio on September 12, 1928. She attended Western Reserve University from 1949 to 1952. However, she left without graduating when her father became ill. Muriel never married or had children.
Death
Muriel Siebert passed away on August 24, 2013. She was 84 years old. She died from problems related to cancer at Memorial Sloan-Kettering Cancer Center. She is survived by her sister, Elaine Siebert.
Images for kids
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A 1970s advertisement for Muriel Siebert & Co., Inc.
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