Paul Warburg

Paul Moritz Warburg ( born August 10, 1868 in Hamburg, † January 24, 1932 in New York ) was the scion of the Hamburg banker Warburg family who is active with the bank MM Warburg & CO in banking today. While he, like his brothers Max and Felix banker, was his brother Aby worked as an art historian.

Life

After training in a bank in Hamburg met Paul Moritz Warburg more years in London and Paris. 1893, during a stay in the United States, he married a daughter of Solomon Loeb, a co-founder of the New York banking house of Kuhn, Loeb & Co.. Upon his return to Hamburg, he became a partner in the family owned bank. From 1900 to 1902 he was a member of the Hamburg Parliament. While his brother Max continued the bank, he and his brother Felix Warburg to New York, where they were in 1902 partner of Kuhn, Loeb & Co..

1910, Warburg an American citizen.

Paul Warburg proposed the establishment of a private U.S. central bank ( Federal Reserve Bank) along German lines to take the money from the state sovereignty. In 1903 he published a pamphlet entitled plan for a central bank. The triggered by the temporary insolvency of the Knickerbocker Trust Company and the threatening situation of the Trust Company of America in the fall of 1907 severe financial crisis gave his proposal a new urgency. The result of his efforts was finally right after the election of Woodrow Wilson of the Owen -Glass Act of 1913 and thus the creation of the Fed. The chair offered to him by the Federal Reserve Bank declined from Paul Warburg as only just naturalized German Jew. However, he became a member of its Supervisory Board, as well as the influential Council on Foreign Relations.