Financial Titans Support Quest for a New Finance Museum Venue

Last week in New York, a significant fundraising event was hosted by major players in the finance industry to support the quest for a new home for a finance museum, which had to give up its storied Wall Street location.

The Museum of American Finance's gala witnessed billionaire Ken Griffin addressing the attendees via giant video screens at the stylish Ziegfeld Ballroom in Manhattan. Mark Carney, the chairman of Brookfield Asset Management and former Bank of England governor, paid tribute to ex-Federal Reserve Vice Chairman Richard Clarida. Major banks like JPMorgan Chase and Wells Fargo were present, having purchased tables at the event.

Before being honored with an award, Howard Marks, co-founder of Oaktree Capital Management, spoke with Reuters. He quoted the philosopher Santayana, emphasizing the importance of learning from history to avoid financial missteps and missed opportunities.

The gala drew 455 participants and successfully raised $1.5 million for the museum. Despite this achievement, the museum's precious artifacts - which include a bond signed by George Washington, an original ticker tape from the 1929 stock market crash, and some of the earliest US currency - are currently stored in a temporary facility in Georgia. The collection had previously been located in Queens, New York City, for several years.

The evening was also a gastronomic delight with guests enjoying delicacies like burrata and braised beef short ribs. The audience expressed their admiration when a historic bond from the Louisiana Purchase was displayed on the large screens. Additionally, a mention of President Ronald Reagan received a round of applause.

At the gala, Mr. Carney reminisced about a vital lesson from his tenure at Goldman Sachs about the necessity of clear understanding in financial dealings to prevent panic.

Receiving an award, Mr. Clarida expressed his pride in the Federal Reserve's actions during the pandemic, arguing that their decisive moves prevented an economic disaster.

The finance museum has witnessed challenges over the years, including disruptions caused by the Covid-19 pandemic. Its prior location on 48 Wall Street, which was once the Bank of New York's original headquarters founded by Alexander Hamilton, was a significant piece of financial history. The museum first opened in 2008 just before the global financial crisis took hold.

The museum's collection has been on the move since a pipe burst in 2018, damaging the exhibition halls. More recently, the artifacts were shifted from Queens to a storage site in Georgia. Still, the museum's dedication to finding a permanent physical location remains unwavering, as shared by its President and CEO David Cowen during the event.

Currently, the museum maintains its presence by publishing a magazine, hosting virtual events, and running traveling exhibitions. It has also made headway in digitizing its extensive collection to facilitate accessibility.

Lina Lin, a Yale University freshman and recipient of a scholarship from the museum, shared how the museum's virtual courses sparked her interest in economics. She voiced a preference for a centralized physical location for its role as a focal point for learning and gathering.

finance, museum, fundraising