Financial heavyweights in New York City recently joined forces to support a vital cause: finding a new home for the Museum of American Finance. The museum, displaced from its iconic Wall Street address, held a fundraising gala at Manhattan’s Ziegfeld Ballroom.
Billionaire Ken Griffin welcomed attendees virtually, while Mark Carney, chair of Brookfield Asset Management and former Bank of England governor, paid tribute to Richard Clarida, former Federal Reserve Vice Chairman. Major financial institutions like JPMorgan Chase and Wells Fargo turut secured tables at the event.
The gala emphasized the importance of financial history. Honoree Howard Marks, co-founder of Oaktree Capital Management, quoted philosopher George Santayana, reminding the audience that “those who are ignorant of history are doomed to lose money and/or miss opportunity.”
The event raised $1.5 million for the museum’s relocation. However, the museum’s valuable collection, including artifacts like a George Washington bond and a 1929 stock market crash ticker tape, remains in temporary storage in Georgia after years in New York City’s Queens borough.
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Guests enjoyed a luxurious dinner while historical artifacts, including the Louisiana Purchase bond, were displayed on large screens. Carney, drawing on his experience at Goldman Sachs, advised attendees to be critical of explanations that lack clear rationale. Clarida, meanwhile, expressed pride in the Federal Reserve’s response to the pandemic.
The Museum of American Finance has faced challenges, including damage from a burst pipe and displacement from its previous home at 48 Wall Street. Despite these setbacks, the museum continues its mission through virtual lectures, publications, and events.
While seeking a new physical space, the museum has digitized a significant portion of its collection and continues to educate individuals about finance. This includes supporting scholars like Lina Lin, a Yale University freshman who received a museum scholarship.
As discussions about a new location continue, the Museum of American Finance remains dedicated to preserving and sharing the history of American finance.
