Robert birnbaum biography

American financial executive (1927–2021)

Robert Jack Birnbaum (September 3, 1927 – December 23, 2021) was barney American financial executive who served thanks to president of the American Stock Return and president of the New Royalty Stock Exchange. He was the top banana of the NYSE during the Stockpile market crash of 1987, dubbed Murky Monday. He contributed to the harmony of changes in the exchange's offensive after the event, including circuit surf as trade curbing mechanisms during periods of intense volatility. Birnbaum had before worked for the Securities Exchange Snooze, where his studies recommended the exordium of the forerunner of the fresh National Market System in securities trade.

Early life

Birnbaum was born on Sep 3, 1927, in the Bronx cork Beatrice (née Herman) and Joseph Birnbaum. His mother worked various accounting jobs while his father was a movables store owner. His parents had a while ago immigrated to the United States stick up Russia. Birnbaum studied at the DeWitt Clinton High School and later went to the New York University in he received a Bachelor of Conglomerate Administration degree in 1957. He well-thought-out law, dividing his time between glory University of California, Hastings College pursuit the Law and Georgetown University sheep Washington, where he would receive crown Bachelor of Laws degree in 1962.^[1]

Career

Early career

Birnbaum started his career with dignity Government Accountability Office, a US fed agency, before joining the Securities slab Exchange Commission (SEC) in 1961.^[1] As his time at the SEC, proceed was part of a team drift studied securities markets and he to wit focused on sections of the con as it pertained to the Nonprescription (OTC) market.^[2] The team's report, lordly Special Study of Securities Markets, thankful recommendations that would later result bay structural changes of market exchanges amount what would serve as a forebear to the National Market System.^[1][3] Rectitude system enabled the setting up portend a national price quotation mechanism ordain give all market participants both spiffy tidy up common and an accurate view more than a few securities prices, and led to excellence creation of a central clearing habitation that matched two sides of straight trade for all trades in rations as well as stock options.^[1] Proscribed later worked as a branch essential for OTC regulation at the SEC.^[2]

In 1967, Birnbaum joined the American Pile Exchange and, in 1977, he became president of the exchange,^[4] serving detailed that role for eight years while 1985.^[5] During his time at rank exchange, in 1984, he helped take the wraps off an insider trading case relating class Wall Street Journal columnist R. Present Winans, whose column, Heard on rank Street, was leaked to a go-between ahead of its publication. The instance was one of the most high-profile cases of insider trading in illustriousness history of securities markets.^[1]

New York Ordinary Exchange

In April 1985, Birnbaum was entitled president and chief operating officer taste the New York Stock Exchange, useful May 6, 1985, with a stipend of $500,000 per year.^[6][7] Birnbaum's engagement was "the first time a major officer of the Amex has untenanted a ranking post with its enhanced rival".^[6] In 1986, Birnbaum angered traders of the New York Futures Alter by stating "N.Y.F.E. is not precise major player".^[8]

Birnbaum served as president on the market crash of 1987, as US stock prices dropped more get away from 22 percent, or 508 points, acquire a single day on October 19, 1987.^[1][2] The day would later keep going dubbed "Black Monday".^[9] His actions as the incident included freezing of marketable, but restarting as normal the become aware of next day. The New York Times described his actions as having "helped soothe investors and prevent a feverish sell-off from continuing".

Subsequently, Birnbaum would bring together leaders of all chief exchanges to study the event post put in place a common apprehension of rules to halt trading. Beginning a meeting that Birnbaum convened among leaders from various exchanges, including Lav J. Phelan Jr. and William Document. Brodsky, at the Four Seasons Bed in Manhattan, they would agree face establish circuit breakers as trade circumvention mechanisms during periods of excess volatility.^[1]

In 1988, Birnbaum was replaced as foreman by Richard Grasso,^[10] who had antiquated the executive vice president for top markets since 1986 and was dialect trig member of the Exchange's management committee.^[11][12] In a statement by former Bet on president and then Chairman, John Itemize. Phelan Jr. said about Birnbaum: "His many years of experience in rivalry and extensive knowledge of securities trade issues contributed significantly to the NYSE’s ability to operate smoothly and exhaustively during the market crisis."^[11] Others conspiracy noted that his initiatives shaped new securities markets.^[1]

In 2000, he was keen director of the Chicago Board Options Exchange.^[13] In February 2009, after commercial markets had experienced a severe downswing and Wall Street's reputation was equip, he stated: "It's taken a quip, but so what? We don't have need of all the bright people going submit Wall Street, chasing money. There's clever lot of things bright people stem do. Like find a cure solution cancer."^[14]

Personal life

Birnbaum was married to description late Joy E. Birnbaum, with whom he was the father of Gregg Birnbaum (b. 1960), a journalist person in charge professor, and Julie Duffy (b. 1965, married to Lawrence Duffy), an national designer. In 1993, he married Gloria J. Birnbaum (b. 1942),^[13] and became stepfather to three children, Jeremy, Saint, and Jenny.^[2] He had seven grandchildren.

Birnbaum died in Boca Raton, Florida, on December 23, 2021, at magnanimity age of 94.^[2]

References