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Concept
Bernard Baruch
Summary
Bernard Mannes Baruch (August 19, 1870 – June 20, 1965) was an American financier and statesman.
After amassing a fortune on the New York Stock Exchange, he impressed President Woodrow Wilson by managing the nation's economic mobilization in World War I as chairman of the War Industries Board. He advised Wilson during the Paris Peace Conference. He made another fortune in the postwar bull market, but foresaw the Wall Street crash and sold out well in advance.
In World War II, he became a close advisor to President Roosevelt on the role of industry in war supply, and he was credited with greatly shortening the production time for tanks and aircraft. Later he helped to develop rehabilitation programs for injured servicemen. In 1946, he was the United States representative to the United Nations Atomic Energy Commission (UNAEC), though his Baruch Plan for international control of atomic energy was rejected by the Soviet Union.
Bernard Baruch was born to a Jewish family on August 19, 1870, in Camden, South Carolina. His parents were Belle (née Wolfe) and Simon Baruch, a physician. He was the second of four sons, including brothers Herman B. Baruch, Sailing Wolfe Baruch, and Hartwig Nathaniel Baruch.
In 1879, the family moved from Camden to New York City, where Bernard and his brothers attended local schools. He studied at and graduated from the City College of New York.
Baruch married Annie Griffin, an Episcopalian, of New York. They had three children: Belle Baruch; Bernard Baruch Jr.; and Renée Baruch.
Baruch became a broker and then a partner in A.A. Housman & Company. With his earnings and commissions, he bought a seat on the New York Stock Exchange for $19,000 (). There, he amassed a fortune before the age of 30 speculating on the sugar market, which was booming in Hawaii. Baruch founded the Intercontinental Rubber Company of New York, which dominated the guayule rubber market in the U.S. with holdings in Mexico. His partners in the enterprise were Senator Nelson Aldrich, Daniel Guggenheim, John D. Rockefeller Jr.
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