Q&A: Who was the 1st black to work on the new york stock exchange and name the owners of fubu?

Question by knightbat: Who was the 1st black to work on the new york stock exchange and name the owners of fubu?

Best answer:

Answer by param
Founders Daymond John, Alexander Martin, Carl Brown, and Keith Perrin own FUBU.

Co-founder, President, and CEO: Daymond John
CFO: Theresa Wang
President, Marketing and Public Relations: Leslie Short

A walk down wall street: a modern history of black achievement in the financial markets
For decades, African Americans have worked on Wall Street–the center of high finance–and gained wealth and power while overcoming seemingly insurmountable odds. Here’s a 100k back at more than 50 years of milestones achieved by African Americans on The Street.

1949: Thorvald McGregor and Lawrence L. Lewis are considered the first blacks to become registered stockbrokers.

1950: Brokerage house F. L. Salomon opens a branch at Harlem’s legendary Hotel Theresa and hires black stockbrokers in an attempt to attract investments from African American lawyers. doctors and professionals.

1952: Norman McGhee launches his investment firm. McGhee & Co., which is believed to be the first black-owned firm to obtain a National Association of Securities Dealers (NASD) license.

1953: Lilia St. John becomes the first black woman to pass the New York Stock Exchange (NYSE) exam to work for Openheimer & Co.

1955: Philip Jenkins co-founds Special Markets Inc., the first black-owned and operated brokerage located in the Wall Street financial district. His reputation was held in such high regard that the black press dubbed him “The Wizard of Wall Street.” [1]

1967: Investment pioneer Norman McGhee launches what is believed to be the first black-owned mutual fund, the Everyman Fund.

1968: Russell Goings becomes the first black branch manager for Shearson Hammill Inc.’s Harlem branch. He eventually buys the branch from the firm and renames it First Harlem Securities. [2]

1970: Joseph L. Searles III becomes the first black floor member of the NYSE. However, because of a downturn in the market, Searles would have to relinquish his seat in less than a year.

1970: Henry Parks becomes the first African American CEO to take his company, Parks Sausage, public. The food manufacturer was listed on NASDAQ. [3]

1971: Johnson Products Co., the nation’s largest black haircare products manufacturer, becomes the first black-owned company to be traded on the American Stock Exchange. [4]

1971: Daniels & Bell becomes the first black firm to purchase a seat on the NYSE. Later that year, black-owned First Harlem Securities would also become a NYSE member firm. [5]

1973: Maynard Jackson is elected mayor of Atlanta. Through the implementation of his minority business set-aside program, several black investment banks are tapped to underwrite municipal bonds and establish national reputations. Jackson’s model is replicated by other big-city mayors and federal agencies. [6]

1974: Henry Parker is elected the state treasurer of Connecticut. He is responsible for enabling black firms to manage a significant portion of $ 800 million in pension funds.

1979: After 26 years in business, Ernesta Procope’s insurance brokerage moves to an address on Wall Street, the first business in the financial district owned by a black woman. She becomes known as the “First Lady of Wall Street,” [7]

1983: John Rogers launches Ariel Capital Management Inc., the first black-owned asset manager. More than 20 years later, the firm grows to manage more than $ 19 billion in assets. [8]

1984: Aulana Peters is named the first black member of the Securities and Exchange Commission, the federal body charged with regulating the securities industry. [9]

1985: Franklin Raines is named a partner of the global investment bank Lazard Freres, making him the first African American to achieve that level at a majority-owned investment bank. (In 1999, Raines would become the first black CEO of one of the nation’s 500 largest corporations when he assumes the helm of Fannie Mae.)

1987: Reginald Lewis’ investment firm TLC Group Inc. acquires Beatrice International Food Co, for $ 985 million in a leveraged buyout. Renamed TLC Beatrice International, the company becomes the first black-owned company to generate more than 1 billion in revenues. [10]

1987: Clifton becomes chairman of the Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), a $ 70 billion pension fund, making him the first black to head one of the 1,000 largest publicly-traded companies.

1991: BET Holdings CEO Bob Johnson completes the landmark initial public offering that makes his business the first black-owned company traded on the NYSE. [11]

1993″ Grigsby Brandford senior manages the refund of $ 502; million in leased revenue bonds issued by the Los Angeles Convention Center–at the time, the largest deal of its kind and the largest bond transaction of any kind for Los Angeles. His firm beats out Goldman Sachs and Morgan Stanley.

2002: Stanley O’Neal becomes CEO of Merrill Lynch, the first African American to lead a major Wall Street powerhouse. [12]

For more information on black achievement of Wall Street, read In The Black: A History of African Americans on Wall Street by Gregory S. Bell (a BLACK ENTERPRISE Series book), available at www.blackenterprise.com/books. Also, look for the upcoming documentary Wall Street in the Black. To learn more about this documentary, whose supporters include Ariel Capital Management and Lehman Brothers, go to www.WallStreetBlacks.com.

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