Dictionary Home »
Webster's New World Finance and Investment Dictionary » Schwab, Charles M.
Schwab, Charles M.
Schwab, Charles M. definition - finance
Not
the discount brokerage firm founder, but a powerful figure in the steel
industry around the end of the 19th century. He started out at 17 as a laborer
earning $1 a day, but by 35 he was the president of Andrew CarnegieÂ’s steel
mills. Those companies would later be combined with J.P. MorganÂ’s steel mills,
which included most of the steel producers in the United States, creating U.S.
Steel. After three years as president of the company, he left and began
focusing on building up one of his small steel companies, Bethlehem Steel Corp.
Although he created enormous wealth, he also was a big spender and his fortune
shrunk. He died penniless in New York in 1939.
Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.
Comments
Improve this definition.
Browse dictionary definitions near Schwab, Charles M.
Share on Facebook