The Witch of Wall Street

Did you know...

...That the world's richest American woman in history (adjusted for today's dollars) was Hetty Green? Often called "The Witch of Wall Street", for her stingy ways and dour demeanor, Mrs. Green competed with the Donald Trump's and Warren Buffet's of her time - J.P. Morgan and Andrew Carnegie.

Hetty Green turned a $5 million inheritance from her father, in 1865, into a $26 million fortune by 1885. She used the simple investing strategy of "buy low, sell high" to amass her fortune. She invested in government securities, railroad bonds and real estate, working from a borrowed desk at Chemical National Bank in Manhattan.

Mrs. Green loaned New York City $2.5 million between the years 1898 and 1901. When she died in 1916, her estate was estimated be be worth $100 million (some $2 billion in today's dollars).

Some of the colorful stories about Hetty Green give us a glimpse into the woman she was...

• She is rumored to have eaten oatmeal warmed on a radiator.
• On her 21st birthday Hetty refused to light the candles on her birthday cake so as not to waste them. The next day she wiped the cake off the candles and returned them to the store for a refund.
• Her son dislocated his knee at age 14, in a sledding mishap. Hetty decided to treat the injury at home, instead of taking him to a hospital. She eventually visited free health clinics, but eventually Ned's leg had to be amputated.
• It is rumored that she once spent half the night looking for a two cent stamp.
• Instead of living a life of luxury, as her wealth could certainly afford her, she instead chose to live in dirty rented rooms costing her as little as $5 per week.
• She would buy broken cookies in bulk, always pinching pennies
• She wore the same black dress day after day.

Some of the above was paraphrased from "The First Woman Tycoon" by Christine M. Kreiser, from an article in the June, 2010 issue of American History Magazine

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The American Red Cross was established.

May 22 - 1992 - Johnny Carson hosts his last appearance on The Tonight Show on TV, after almost 30 years. You can view part of that show below...

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"I had rather that my daughter should be burned at the stake, than to have to suffer what I have gone through with lawyers!" Hetty Green - The "Witch of Wall Street"

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Until next time....

Julie