#425 The Merchant Bankers

In every merchant banking dynasty there is one pioneer who began with nothing and died rich. The Rothschilds started out as coin changers in the ghetto. The bearings and textiles, the Hambros and foodstuffs, the Warburgs and Silver, and the Weshburg's began in grains. grandfather arrived in town in style. So the authors

uh grandfather was a merchant baker. He said people in town used to call him Albert the Benevolent because he would lend them money at five percent. I had no idea what that meant. Later I heard that when Albert the Benevolent liked the man, He would lend him money without any collateral.

Taking a chance on the man's promise to pay him back. Later, grandfather switched from corn to credit. In the manner of all merchant bankers. And opened a coin changing office. Grandfather then extended the firm into the banking house.

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