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Born on September 6, 1888, in Boston, Massachusetts, America, Joe Kennedy the first Chairman of the Securities and Exchange Commission from 1934-1935.
He was not only an investor and financial professional but a politician, businessperson, diplomat, and film producer. Read on to know more about Joe Kennedy.
His net worth was approximately $400 million, accumulated from his role as bank president and investments.
He was 6 ft tall (183 cm).
He was born on September 6, 1888, and died on November 18, 1969. At the time of his death, he was 81 years old.
Joseph Patrick Kennedy was one of the three kids born to Mary Augusta Hickey and Patrick Joseph Kennedy, to be specific, the one who survived. From his childhood times, he always was disclosed to the thriving business and political career his father maintained. Despite the poverty of East Boston, America, Joseph Kennedy watched his father care for the Irish immigrant community that he represented. His father's way of showing communal responsibility helped him earn respect from the community and he was considered a pillar of the community.
Since teenager, he has been involved in activities close to entrepreneurial behavior. A good example of that would be him organizing the neighborhood baseball match by raising donations for all the necessary things and earning the money by selling tickets. He believe that his ideas would take him from one business to another and in the ‘50s, he was a multi-millionaire. At 13, his father enrolled him in the Boston Latin School which was drastically different from the regular Catholic parochial school he had been attending earlier. Classmates from this Boston School helped Kennedy develop necessary social associations with the upper class of Boston. He became popular among his classmates and was eventually elected as the colonel of the school's cadet regimen and class president in his senior year. He has always been fond of competition which is why he continued playing baseball, basketball, and football. He received a good education that helped him get into Harvard University despite his grades not being very impressive.
He enrolled himself at Harvard University in the fall of 1908. Despite being one of the top universities that could provide him with a fine education and future business associations, Kennedy faced a little discrimination and painful exclusions from the elite social circles as he was an Irish Catholic and from East Boston.
After graduation, Joseph Kennedy found out why he was unable to get through the banking industry and it was the ethnic prejudice. In those days, people from the same level as the Boston brahmins were part of the banking and finance industry and in fact, his Harvard classmates we are also entering the industry. Kennedy wanted to develop connections and gain ideas about the workings of the banking industry. He worked long hours but he earned only $1,500 a year. Despite the difficulties, he was able to gain valuable insights and the training he needed. In 1914, he used his skills to save a small local bank, the Columbia trust company, and his father was a board member of the company. As a reward for his actions, the bank shareholders decided to appoint him for the presidential role.
He was only 25 when he became one of the youngest bank presidents in the nation and that helped him improve his reputation as a person with a great future. The early banking experiences became a backdrop for his future financial success.
With his bank president position, Kennedy was seen as a qualified suitor for Rose Elizabeth Fitzgerald. Rose Fitzgerald and Joseph Kennedy married on October 7, 1914.
Joseph Kennedy is known for breaking several stereotypes and economic restrictions and becoming one of the youngest banking professionals to become the president of a company at 25. By 1920, the family of six resettled to a bigger house in Brookline, which was not very far from Beals St.
As the country entered into the first world war, Joseph Kennedy took a turn from the finance to industrial areas and he took the assistant general manager position at Bethlehem Steel's Fore River Shipyard in Quincy, Massachusetts. It was an important managerial undertaking and the organization was already one of the largest shipyards during the war period, and the work started to boom. Joe Kennedy came back to the finance industry after the war ended. In 1926, he managed to get a contract to buy a production studio in the movie industry. As soon as his new business cough, Kennedy relocated from Brookline to New York. In the next few years, he worked through several mergers, acquisitions, and independent productions that made him and his investors a wealthy group.
In 1927, right after he moved to New York, he turned out to be a successful name in the film industry and became a multi-millionaire. He retired from the film production in 1930. In November 1957, Fortune magazine published a piece about the richest Americans and the list included Joseph Kennedy, and his estimated net worth was between $200-400 million making him one of the 16 wealthiest Americans.
Kennedy was a millionaire by the age of 30, through his bank presidency and investments in the stock market, and the movie business.
After succeeding in the majority of the industries, Kennedy returned to the world of politics and supported Franklin Delano Roosevelt in the presidential campaign in the 1932 election.
On December 19, 1961, Joseph Kennedy suffered an attack that led to paralysis of the right side of his body, and then, he was unable to speak. He eventually gave in on November 18, 1969, at the age of 81.
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