Muriel Siebert

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Muriel “Mickie” Siebert, born September 11, 1932 known as "The First Woman of Finance", was the first woman to own a seat on the New York Stock Exchange and the first to head one of its member firms.

According to her autobiography, before starting Siebert & Co., she worked with the legendary Robert Brimberg ("Scarsdale Fats") of Brimberg & Co. In the mid-1990's, Siebert & Co. merged into a furniture holding company, J. Michael & Sons, that was liquidating, thereby becoming a publicly-traded company. On December 28, 1967, in a single instant the face of high finance in America was changed forever when Muriel Siebert became the first woman - one among 1,365 men - to own a seat on the New York Stock Exchange.

Siebert began her career in finance working for various brokerages, and in 1967 began her own firm, beginning by doing research for institutions and buying and selling financial analyses. In 1975, Muriel Siebert and Company became the nation's first discount broker, when the Securities and Exchange Commission first permitted broker commissions to be negotiable. In 1977, Siebert became the Superintendent of Banks for the State of New York, with oversight of all of the banks in the state, regulating about $500 billion. Not one bank failed during her tenure, despite failures nationwide. In 1990 she created the Siebert Philanthropic Program, through which she shares half of her firm's profits from new securities underwriting with charities of the issuers' choices. The program offers buyers of new securities a chance to help charities in their communities. More than $2 million has been contributed through this innovative program. Ms. Siebert started her career as a $65 a week trainee in research at Bache & Co., and became an industry specialist (airlines/aerospace). She later became a partner at Finkle & Co., as well as at Brimberg & Co. She was born in Cleveland, Ohio, and attended what is now known as Case Western Reserve University. Although she did not graduate, she now holds 17 honorary doctoral degrees. In 1977 Ms. Siebert took a leave of absence from her firm to serve five years as the first woman Superintendent of Banking for the State of New York under Governor Hugh Carey. As such, she was responsible for the safety and soundness of not only the banks, but also other financial institutions in New York State. She is known as an outspoken speaker who pulls no punches in lectures, panels and talk shows. And never once has she remarked, "I'm not a feminist, but . . .". She often exhorts industry to utilize women more aggressively: "American business will find that women executives can be a strong competitive weapon against Japan and Germany and other countries that still limit their executive talent pool to the male 50 percent of their population." What better proof of Muriel Siebert's premise than the story of her own career? The American business world would have been less productive -- and far less interesting -- if it had succeeded in keeping her out.

A favorite word of Muriel Siebert's is "risk." She has advised, "The men at the top of industry and government should be more willing to risk sharing leadership with women and minority members who are not merely clones of their white male buddies. In these fast-changing times we need the different viewpoints and experiences, we need the enlarged talent bank. The real risk lies in continuing to do things the way they've always been done."

Muriel Siebert not only proves what she preaches, but she practices it too. "Risk" could be her middle name. Her best-known gamble made historic waves in 1967 when she applied to become the first woman member of the New York Stock Exchange. Although she had risen to a partnership in a leading Wall Street brokerage firm and had made big money for colleagues, her effort was patronized, ridiculed or openly opposed by many men on Wall Street. She was turned down by nine of the first ten men she asked to sponsor her application.

Before considering her for membership, the Stock Exchange imposed a new condition: she needed a letter from a bank saying they would lend her $300,000 of the near-record $445,000 seat price. But banks would not commit to lend her the money until the Stock Exchange would agree to admit her! It took many months to overcome this double-bind and find the needed bank loans and sponsors. Muriel Siebert finally was elected to membership on December 28, 1967. On December 28, 1997 she celebrated her 30th anniversary. To commemorate 30 years of service as the first woman member of the New York Stock Exchange, she was invited to ring the closing bell at the New York Stock Exchange (NYSE) on January 5, 1998