7 Powerful Wall Streeters Start Business from Scratch

in Wall-street

It is known that many powerful Wall Streeters attended Ivy League Universities and now live in the lap of luxury. However, to have such success like today, many of them used to live in impoverished conditions. They earned little money to make end meets during and before their journey to the top of the financial world. Here are seven wealthy Wall Streeters who started out with nothing.

 

Jon Corizine grew up on a small family farm in Illinois. His father was an insurance seller and his mother is an elementary school teacher. The CEO of MF Global began his career in banking and finance. He worked for Midwestern banks in the early and mid 1970s. In 1975, he worked for Goldman Sachs.

 


Jon Corizine started his business experience in the bond department of Continental Illinois National Bank.

Jon Corizine started his business experience in the bond department of Continental Illinois National Bank.

 


Gary Gensler grew up in a working-class home. He worked for Goldman Sachs for 18 years and then for the Treasury Department.

Gary Gensler grew up in a working-class home. He worked for Goldman Sachs for 18 years and then for the Treasury Department.

 


Phil Falcone is the founder of Harbinger Capital. His net worth reaches $2.2 billion. However, the journey to the top of the financial world was rough. He is the youngest of a poor family with nine children. His father was a utility superintended. He had to stop his hockey career due to a knee injury.

 


Phil Falcone started his career as a junior junk-bond trader.

Phil Falcone started his career as a junior junk-bond trader.

 


Lloyd Blankfein grew up in Brooklyn. His father was a postal worker and his mother was a receptionist. Blankfein worked as a lifeguard. While studying, he had to work in the cafeteria to earn a living. After graduation, he entered the investment banking world.

 


Lloyd Blankfein has received $137.74 million over the last five years.

Lloyd Blankfein has received $137.74 million over the last five years.

 


Ray Dalio’s funds produced returns in the 20% range last year. However, it is little known that he worked as a golf caddy and then used his money to buy his first stock (Northeast Airlines). His stock tripled in value by he reached 12 years old. He worked at Dominick and Dominick LLC and Shearson Hayden Stone. In 1983, he founded his hedge fund which becomes the world’s largest.

 


Ray Dalio used earnings from working as a golf caddy to buy stocks.

Ray Dalio used earnings from working as a golf caddy to buy stocks.

 


John Stumpf grew up on a dairy and poultry farm. Prior to graduation, he worked as a bread maker. He shared a room with his brothers.

 


John Stumpf has been president of Wells Fargo & Company since August 2005.

John Stumpf has been president of Wells Fargo & Company since August 2005.

 

Glenn Dubin’s father was a taxi driver and his mother was a hospital administrator. After graduation with a degree in economics from Stony Brook University, he co-founed Highbridge Capital Management with his childhood friend.

 


Gleen Dubin worked as a retail stock broker at E.F. Hutton & Co.

Gleen Dubin worked as a retail stock broker at E.F. Hutton & Co.

 

 

Bloomberg Says Wall Streeters Are Struggling To Make Ends Meet

 

Related links:

World’s Most Powerful Women on Wall Street

Legendary investors unveil their portfolios

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JENNIFER QUINN has 361 articles online and 29 fans

Economics is the study of our lives,our jobs, our homes, our families and the little decisions we face every day. Thus, I am keen on reading and studying economic issues.

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7 Powerful Wall Streeters Start Business from Scratch

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This article was published on 2012/05/02