|Paul M. Warburg
Paul M. Warburg
•Vice Governor, Board of Governors, 1916–1918
•Member, Board of Governors, 1914–1916
•Born: August 10, 1868
•Died: January 24, 1932
Paul M. Warburg was sworn in as a member of the first Federal
Reserve Board on August 10, 1914. He was appointed vice chairman
(called “vice governor” before 1935) on August 10, 1916. He resigned
from the Board on August 9, 1918.
Warburg was born in Hamburg, Germany, in 1868. He graduated from
high school in Hamburg in 1886 and began working for an exporting
firm there. He then moved on to positions at shipping and banking
companies in London and Paris. He returned to Hamburg in 1895 and
became a partner in the banking firm M.M. Warburg and Company,
founded by his great-grandfather.
Warburg was a partner in the family firm until 1907. However, in
1902, he moved to New York City and joined his father-in-law’s
company as a partner overseeing international loans to several
governments. In 1911, he became a naturalized US citizen.
Warburg was considered one of the top authorities on central banking
both in Europe and the United States and was active in the monetary
reform movement taking place in the United States in the early
1900s. He gave speeches, published several articles advocating the
establishment of a US central bank, and was an unofficial advisor to
the National Monetary Commission, which was established following
the Panic of 1907 to study banking system reform. In 1910, Warburg
was one of six men, including Sen. Nelson Aldrich, to participate in
a secret meeting on Jekyll Island, Georgia, that resulted in a plan
for a National Reserve Association. Although the “Aldrich plan” was
rejected by Congress, it laid the foundation for the 1913 Federal
Reserve Act, which created the Federal Reserve System. President
Woodrow Wilson appointed Warburg to the new entity’s first Board in
Although Warburg left the Federal Reserve Board in 1918, he
continued to serve the Federal Reserve as a member of the Federal
Advisory Council (1921–26). He resumed his activities in business
and philanthropic circles as well. For example, he founded and was
the first chairman of the Executive Committee of the American
Acceptance Council in 1919. In 1921, he organized the International
Acceptance Bank to promote US government financing of reconstruction
in Europe following the war.
Warburg was also a director of the Council on Foreign Relations
(1921–32), a trustee of the Institute of Economics (1922–27), and a
trustee of the Brookings Institution after it merged with the
Institute of Economics in 1927. He also helped establish the Carl
Schurz Memorial Foundation in 1930. He served at various times as a
director of the Baltimore and Ohio Railroad, Union Pacific Railroad,
and Western Union Telegraph Company. Warburg was also a director of
the Julliard School of Music and a trustee of Tuskegee College.
Warburg continued to take an active interest in the nation’s
monetary affairs and banking system. In March 1929, he warned that
the wild stock speculation resulting from stock price increases and
improper bank lending practices would have disastrous results if
left unchecked. On October 29 of that year, the stock market
Throughout his career, Warburg was a prolific writer. Most notable
among his published works was a two-volume set on the Federal
Reserve System published in 1930. The Yale University Library
(Manuscripts and Archives) is the repository for Warburg’s papers
dating from 1904 to 1932. The collection includes 169 volumes on
banking and finance.
Warburg died at his home in New York in 1932. At the time of his
death, he was chairman of the Manhattan Company and a director of
the Bank of Manhattan Trust Company, Farmers Loan and Trust Company
of New York, and First National Bank of Boston.
Written by the Board of Governors of the Federal Reserve System. See
Frederic A. Delano
Frederic A. Delano
1916 – 1918
1918 – 1920
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The Warburg family is a prominent German and American banking family
of German Jewish and originally Venetian Jewish descent, noted for
their varied accomplishments in biochemistry, botany, political
activism, economics, investment banking, law, physics, classical
music, art history, pharmacology, physiology, finance, private
equity and philanthropy.
They are thought to have originated as the Venetian Jewish del Banco
family, Anselmo and Abraham Ha Levi Kahana de Palenzuela from Spain,
one of the wealthiest Sephardic German families in the early 16th
century. Following restrictions imposed on banking and the Jewish
community, they moved to Bologna, and thence to Warburg, in Germany,
in the 16th century, after which they later took their name. The
first known ancestor was Simon von Kassel.
The family later established itself in Altona, near Hamburg in the
17th century, after the Thirty Years' War, and it was in Hamburg
that M. M. Warburg & Co. was established in 1798, among the oldest
still existing investment banks in the world. Other banks created by
members of the family include M.M.Warburg & Co.; Warburg Pincus; and
S. G. Warburg & Co., renamed UBS Warburg in 1995, following its
acquisition by UBS.
1 Family organization 1.1 Alsterufer and Mittelweg lines
1.2 American and German Warburgs
1.3 Venetian origins
2 Noteworthy members
3 See also
5 Further reading
6 External links
Alsterufer and Mittelweg lines
The family is traditionally divided into two prominent lines, the
Alsterufer Warburgs and the Mittelweg Warburgs. The Alsterufer
Warburgs descended from Siegmund Warburg (1835–1889) and the
Mittelweg Warburgs descended from his brother Moritz M. Warburg
(1838–1910). They took their nicknames from the brothers' respective
addresses in Hamburg's Rotherbaum neighborhood. The brothers were
grandsons of Moses Marcus Warburg.
Siegmund George Warburg was of the Alsterufer lines; the five
brothers Abraham (Aby) M., Max M., Paul M., Felix M. and Fritz
Moritz Warburg were of the Mittelweg line.
The brothers Moses Marcus Warburg (1763–1830) and Gerson Warburg
(1765–1826) founded the M. M. Warburg & Co. banking company in 1798.
Moses Warburg's great-great grandson, Siegmund George Warburg,
founded the investment bank S. G. Warburg & Co in London in 1946.
Siegmund's second cousin, Eric Warburg, founded Warburg Pincus in
New York in 1938. Eric Warburg's son Max Warburg Jr. (not to be
confused with Eric's father Max Warburg) is currently one of the
three partners of M.M.Warburg & Co., Warburg. Max Warburg's elder
brother Aby Warburg used family resources to establish the
Kulturwissenschaftliche Bibliothek Warburg in Hamburg, since 1934
The Warburg Institute in London. Paul Warburg is most famous as
an architect of the US Federal Reserve System, established in
1913, as a member of the first Federal Reserve Board, and its Vice
Chairman until his resignation in August 1918.
American and German Warburgs
A former townhouse of Felix Warburg's in Manhattan, New York City.
Felix and Paul Warburg emigrated to the United States. Felix Warburg
married Frieda Schiff, only daughter of Jacob H. Schiff, a banker
who grew up in Frankfurt, and had ties to the German Warburgs.
Schiff financed parts of the American rail system through his
investment bank of Kuhn, Loeb & Co. and interacted with newly
American Warburgs as all three worked for and married into the
investment baking firm of Kuhn, Loeb & Co. Beginning with the
marriage of Jacob Schiff in 1875 to Therese Loeb, a daughter of
Solomon Loeb, becoming a full partner in the business firm. In 1895
Paul Warburg married Nina Loeb, daughter of Solomon Loeb of Kuhn,
Loeb & Co.,having met her at the wedding of brother Felix Warburg
who had married Jacob Schiff's daughter, Frieda. Originally it was
Abraham Kuhn who concentrated his family wealth and business
relations with newly immigrated distant cousin Solomon Loeb, by his
marriage to Kuhn's sister. Shortly thereafter the two became full
partners in their newly established New York banking investment firm
of Kuhn, Loeb & Co. In more recent times Schiff's great-great
grandson Drew, previously was married to Al Gore's daughter,
Karenna. Having ties to America and Germany like many other
prominent Jewish financial families, the Warburgs abroad maintained
close ties to their Jewish roots. Felix Warburg's house in New York
City is now the Jewish Museum, and Kfar Warburg in Israel is named
for him. Otto Warburg, a cousin of the German-based Warburgs was a
wealthy botanist who was elected head of the World Zionist
Organization in 1911. Felix's brother, Paul Warburg was one of the
original founders of the board of the U.S. Federal Reserve
System, a collection of 12 regional Reserve Banks headed by a Board
of Governors which regulates and oversees private commercial
banks. As one of the most prominent bankers of his time, his
brother Max Warburg attended the Paris Peace Conference of 1919 at
Versailles, as part of the German delegation.
During the Weimar Republic, Max Warburg served on the board ('Generalrat')
of the Reichsbank from 1924 to 1933, under two successive chairmen,
Hjalmar Schacht, (until 1930), and Hans Luther (1930-1933); until
1934, he was also on the Board of the Bankenverband. Max Warburg
emigrated in 1938. In the 1920s and 1930s, until the end of the
Weimar Republic in 1933, Max Warburg also served on several
Supervisory Boards ("Aufsichtsrat") in industry, notably HAPAG,
Blohm &Voss, Beiersdorf, and, until his resignation in 1932, as a
member of the Supervisory Board ("Aufsichtsrat")  of the German
conglomerate/ chemical firm known as I.G. Farben (Interessen
Gemeinschaft Farben). His brother Paul Warburg, who died in January
1932 - a year before Hitler was elected Chancellor - also served on
numerous Supervisory Boards ("Aufsichtsrat") including allegedly
that of an I.G. Farben wholly owned US subsidiary.
Most members of the German Warburg family had fled to the United
States or Great Britain by the end of 1938. However, Max Warburg's
brother, Fritz Warburg, who was preparing his exile in Sweden, was
arrested by the Gestapo in Hamburg in early November 1938 and spent
some months in prison before he could leave for Stockholm in May
1939. His daughter Eva came to organize the emigration for 500
German Jewish children from Germany and Austria to Sweden in 1938
and 1939. Also, three cousins, mother, Gerta and daughters Betty
and Helene Julie (Burchard) Warburg, stayed in Altona. Gerta and
Betty died in the Sobibor extermination camp in 1940 and Helena
Julie in Auschwitz in 1942. A life size portrait of
Helene Julie by the Norwegian artist Edvard Munch today hangs in the
Kunsthaus in Zurich (The Lady in White). Eric Warburg, son
of Max Warburg, returned to Germany as an officer (colonel) in the
American Air Force and was influential in restoring
German-Jewish relations and rebuilding Germany's economic
ties after the Second World War through his international business
associations. Eric's son, also called Max, is currently a
partner in M.M. Warburg & Co. in Hamburg.
The Warburg family is thought to have originated from Venice, at
which point they bore the surname del-Banco. The historical
documents describe Anselmo del Banco as Jewish and as having been
one of the wealthiest residents of Venice in the early 16th century.
In 1513, del Banco was granted a charter by the Venetian government
permitting the lending of money with interest. Del Banco left with
his family after new restrictions were placed upon the Jewish
community coinciding with the establishment of a Ghetto. The family
settled in Bologna, and from there to the German town of Warburg,
and adopted that town's name as their own surname, after having
moved to Hamburg after the Thirty Years' War.
Otto Heinrich Warburg, 1931
Moses Marcus Warburg (1763–1830), founder, with his brother Gerson
Warburg (1765–1825), of M. M. Warburg & Co. in 1798. Sara Warburg
(1805–1884) married to Abraham Samuel Warburg (1798–1856), her
cousin Rosa Warburg (1833–1908), married to Paul Schiff,
director of the Creditanstalt of Vienna
Siegmund Warburg (1835–1889), married to Théophilie Rosenberg
Abraham Samuel Warburg (1864–1933)
Georg Gabriel Warburg (1871–1923) Siegmund George Warburg
(1902–1982), founder of S. G. Warburg & Co, London
Moritz M. Warburg (1838–1910), married to Charlotte Oppenheim
Abraham M. Warburg (1866–1929), German art historian
Max M. Warburg (1867–1946), banker Eric M. Warburg (1900–1990),
founder of Warburg Pincus, married to Dorothea Thorsch (1912–2003)
Max Warburg (b.1948)
Marie Warburg, married to Michael Naumann (b.1941), journalist
Paul M. Warburg (1868–1932), father of the Federal Reserve, married
Nina Loeb (1863–1912) in 1895, the daughter of Solomon Loeb James
Warburg (1897–1969), economist, banker, advisor to Franklin D.
Roosevelt, married to Kay Swift (1897–1993) Andrea Swift Warburg,
married to Sidney Kaufman. Katharine Kaufman Weber (b.1955),
novelist, married to Nicholas Fox Weber.
Bettina Warburg (1900-1990) psychiatrist.
Katharine Warburg (1870–1935), married to Isaac Dorfman (1868–1929),
Felix M. Warburg (1871–1937), New York banker with Kuhn, Loeb & Co.,
philanthropist, married Frieda Schiff (1876–1958), daughter of Jacob
H. Schiff and granddaughter of Solomon Loeb in 1895. Carola Warburg
Rothschild (1896–1987), married to Walter N. Rothschild, son of
Simon F. Rothschild Walter N. Rothschild Jr.
Phyllis Rothschild Peters Farley
Carol Rothschild Bradford Noyes, married Amory Howe Bradford (d.
1998), son of Arthur Howe Bradford; married 1965 to diplomat Charles
P. Noyes David A. Bradford
Carola Bradford Lea
Peter A. Bradford, married Katherine Bradford Arthur Bradford
Laura Rothschild Bradford Kirkpatrick
Frederick Marcus Warburg (1897–1973), married to Wilma L.
Gerald Felix Warburg (c.1902–1971), well-known cellist and
conductor, married Natica Nast (1905–1987), daughter of Condé
Paul Felix Warburg (c.1904–1965)
Edward Warburg (1908–1992), philanthropist and benefactor of the
arts, married to Mary Warburg (1908–2009) David Warburg Ian Warburg,
married to Jane Green (1968–) author, philanthropist.
Daphne Warburg (b. 1949), married to Michael Ramon Langhorne Astor,
eldest son of Jakie Astor.
Olga Warburg (1872–1895)
Fritz M. Warburg (1879–1962) living in Stockholm during World War I
and II, father of Eva Warburg who organized Kindertransport to
Sweden in 1938 and -39.
Louisa Warburg (1879–1973), married to Julius Derenberg (1873–1928)
Walter Julius Derenberg (1903–1975), legal scholar
RelativesEmil Warburg, (1846–1931), German physicist
Otto Heinrich Warburg (1883–1970), physiologist and biochemist
(Nobel prize in Medicine, 1931)
Otto Warburg (1859–1938), botanist and president of the Zionist
M. M. Warburg & Co.
S. G. Warburg & Co.
Kuhn, Loeb & Co.
1.^ a b "Warburg family". Encyclopædia Britannica. Retrieved 6
2.^ Our Crowd: The Great Jewish Families of New York, by Stephen
Birmingham, Syracuse University Press 1996, page 190
3.^ Aschoff, Diethard (1986). "Simon von Kassel: ein Hessisches
Budenschicksal in der Zeit Philipp des Großmütigen". Zeitschrift des
Vereins für Hessische Geschichte. 91: 31–49.
4.^ "https://warburg.sas.ac.uk". Warburg Institute, London.
2016-05-20. External link in |title= (help)
5.^ Warburg, Paul M. (1930). The Federal Reserve System: Its Origin
and Growth. New York: Macmillan.
6.^ Broz, J. Lawrence (1997). The International Origins of the
Federal Reserve System. Ithaca, London: Cornell University Press. p.
141. ISBN 9780801475955.
7.^ "Federal Reserve History Paul Warburg". Federal Reserve History.
8.^ Whitehouse, Michael A. (May 1989). "Paul Warburg's Crusade to
Establish a Central Bank in the United States". The Region
(publication of the Federal Reserve Bank of Minneapolis).
9.^ Naclerio, Richard A. (2013). "Paul M. Warburg: Founder of the
United States Federal Reserve". History Faculty Publications (99) –
via Sacred Heart University.
10.^ Naomi Wiener Cohen, Jacob H. Schiff: a study in American Jewish
11.^ Lowenstein, Roger (2015). America's Bank: The Epic Struggle to
Create the Federal Reserve. New York: Penguin Random House. ISBN
12.^ Fereral Reserve Board (2002). "Board of Governors of the
Federal Reserve System Planning Document" (PDF). Federal Reserve
13.^ "Records of American Delegation at United States' National
Archives: RECORDS OF THE AMERICAN COMMISSION TO NEGOTIATE PEACE
1918-31". Records of American Delegation at United States' National
14.^ Macmillan, Margaret (2001). Peacemakers: The Paris Peace
Conference of 1919 and Its Attempt to End War. London: John Murray.
15.^ Dorothea Hauser and Christoph Kreutzmüller (2007). "Max
Warburg", in Hans Pohl (ed.), Deutsche Bankiers des 20. Jahrhunderts.
Stuttgart: Steiner. pp. 419–432.
16.^ Chernow, Ron (1993). The Warburgs: The Twentieth Century
Odyssey of a Remarkable Jewish Family. New York: Random House. p.
365. ISBN 978-0525431831.
17.^ Hauser, Dorothea, Zwischen Gehen und Bleiben: Das Sekretariat
Warburg und sein Netzwerk des Vertrauens, 1938 – 1941, in: Susanne
Heim; Beate Meyer; Francis R. Nicosia (eds.), "Wer bleibt, opfert
seine Jahre, vielleicht sein Leben". Deutsche Juden 1938-1941.
Göttingen: Wallstein Verlag. 2010. pp. 127–128.
18.^ Rudberg, Pontus, The Swedish Jews and the Victims of Nazi
Terror, Uppsala 2015, pp. 48-49.
19.^ Yad Vashem and Memorial book. "Victims of the Persecution of
Jews under the National Socialist Tyranny in Germany 1933 - 1945"
prepared by the German Federal Archives. German Federal Archives.
21.^ Wenzel, Gertrud (1981). Broken Star: The Warburgs of Altona.
Smithtown, NY: Exposition Press.
22.^ Ron Chernow, The Warburgs (Vantage: 1993)
24.^ Warburg, Eric M. (1983). Times and Tide. Hamburg: Hans
Christians. pp. 173–219.
25.^ Warburg, Eric M. (1983). Times and Tide. Hamburg: Hans
Christians. p. 222.
26.^ Adler, Cyrus (1937). "Felix M. Warburg in Memoriam". Bulletin
of the American Schools of Oriental Research. 68: 2–4.
27.^ Bird, Kai (1992). The Chairman: John J. McCloy. The Making of
the American Establishment. New York: Simon & Schuster. pp. 324
(Talk with McCloy, 1949).
28.^ Adler, Cyrus (1937). "Felix M. Warburg in Memoriam". Bulletin
of the American Schools of Oriental Research (68): 2–4. JSTOR
29.^ Chernow, Ron (1993). The Warburgs: The Twentieth Century
Odyessy of a Remarkable Jewish Family. New York: Random House. pp.
30.^ Aschoff, Diethard (1986). "Simon von Kassel: Ein Judenschicksal
in der Zeit Philipps des Großmütigen". Zeitschrift des Vereins für
Hessische Geschichte und Landeskunde. 91: 31–48.
31.^ Roeck, Bernd (2005). "Die Warburgs". In Reinhardt, Volker; Lau,
Thomas (eds.). Deutsche Familien: Historische Portraits von Bismarck
bis Weizsäcker (in German). C. H. Beck. ISBN 978-3406529054.
32.^ "Carola W. Rothschild, Ex-Girl Scout Official". The New York
Times. September 1, 1987.
33.^ Whitman, Alden (July 11, 1973). "Frederick M. Warburg, 75,
Dies; Investment Banker, Sportsman". The New York Times.
34.^ "Gerald F. Warburg, 69, Is Dead; Cellist and a Patron of the
Arts". The New York Times. February 15, 1971.
35.^ "Paul Felix Warburg Dead; Was 61; Funeral Services Tomorrow".
Jewish Telegraph Agency. October 11, 1965.
Attali, Jacques (1985). A Man of Influence: The Extraordinary Career
of S.G. Warburg. Bethesda, MD: Adler & Adler. ISBN
Chernow, Ron (1993). The Warburgs: The Twentieth-century Odyssey of
a Remarkable Jewish Family. New York: Random House. ISBN
Farrer, David (1974). The Warburgs: The Story of a Family. New York:
Stein and Day. ISBN 978-0-8128-1733-1.
Ferguson, Niall (2010). High Financier: The Lives and Time of
Siegmund Warburg. New York: Penguin Press. ISBN 978-1-59420-246-9.
Klessmann, Eckart (2004). M.M.Warburg & CO 1798–1998: Die Geschichte
des Bankhauses. Hamburg.
Ratto, Pietro (2019). Rockefeller e Warburg. Le famiglie più potenti
della terra. Bologna: Arianna Editrice [it]. ISBN 978-88-6588-209-2.
Rosenbaum, Eduard (1962). M.M.Warburg & CO, Merchant Bankers of
Hamburg; A Survey of the First 140 years, 1798 to 1938. London.
Rudberg, Pontus (2015). The Swedish Jews and the Victims of Nazi
terror. Uppsala: Uppsala University. ISBN 978-91-554-9358-5.
Rudberg, Pontus (2017). The Swedish Jews and the Holocaust. Abingdon
& New York: Routledge. ISBN 9781138045880.
Slovin, Francesca Cernia (1995). Aby Warburg. Un banchiere prestato
all'arte. Biografia di una passione. Venezia: Marsilio [it]. ISBN
This article incorporates text from a publication now in the public
domain: Singer, Isidore; et al., eds. (1901–1906). "Warburg". The
Jewish Encyclopedia. New York: Funk & Wagnalls.
Irving Katz's review of The Warburgs: The Twentieth-Century Odyssey
of a Remarkable Jewish Family by Ron Chernow
Gossler (Berenberg-Gossler) ·
Asaf Jahi ·
Categories: Warburg family
American people of German-Jewish descent
Business families of the United States
History of banking
History of the Federal Reserve System
History of private equity and venture capital
Jewish American philanthropists