Previously published in Examiner
Part 9 of the women in the corporate world series
Early career of Muriel Siebert
Muriel Siebert was originally refused a seat on the stock exchange.
She worked researching financial analyzes for various companies and despite her vast knowledge of the financial market she was refused a seat on the stock exchange that very year. Yet, Siebert’s reputation of success preceded her .She was even a partner of two big brokerage houses and that was not good enough, though it would have been if she was a man. When she asked to be sponsored for a seat 9 out of the 10 men she asked ridiculed her, after all, despite her accomplishments and successes she was still a woman!
To qualify for a seat the New York Stock Exchange imposed a new condition on her; she had to get a bank loan to afford the price of the seat, a condition that had not been required for anyone else. The bank in turn said that she had to get the seat before they would back the loan. This created a vicious circle and finally in December of 67 it was sorted out and Siebert got her historic seat!
By 1975, Seibert & Co. became the first discount brokerage firm in the USA, after the Security and Exchange Commission made the decision that broker commission rates did not have to be fixed but negotiable. Muriel Seibert also became the superintendent of banks (regulating about $5 billion dollars) for the State of New York, in 1977. Despite bank failures across the nation no bank failed during her time as superintendent in New York. In the 1990’s she created other companies and Siebert Entrepreneurial Philanthropic Plan is one where new securities can help out charities.
Muriel Siebert has 17 honorary doctorates and she was enlisted into the National Women’s Hall of Fame in 2003.
The Maverick of Wall Street, Muriel Siebert is an exceptional woman and a role model for all women then and now.
If you are a working woman in Montreal and want to connect with a working network of women you can contact:
Contacts for Businesswomen
The Women’s Entrepreneurial Networking System