Finance museum seeks permanent home amid Wall Street gathering

Last week, prominent figures from the financial industry congregated in New York City to support a finance museum struggling to find its footing after losing its iconic Wall Street address.

At the Museum of American Finance gala held at Manhattan's Ziegfeld Ballroom, billionaire Ken Griffin greeted attendees through massive video screens. Mark Carney, chair of Brookfield Asset Management and former Bank of England governor, paid tribute to former Federal Reserve Vice Chairman Richard Clarida. Institutions like JPMorgan Chase and Wells Fargo secured tables at the event.

"The philosopher Santayana said: those who are ignorant of history are doomed to repeat it," remarked Howard Marks, billionaire co-founder of Oaktree Capital Management. "This is equally true in the investment business: those who are ignorant of history are doomed to lose money and/or miss opportunity."

The gala raised $1.5 million for the museum, which is grappling with challenges regarding its collection and physical space. Objects including a bond signed by George Washington and a ticker tape from the 1929 stock market crash are currently in temporary storage in Georgia, following years in New York City's Queens borough.

Despite setbacks, guests at the gala dined lavishly and appreciated glimpses of historical artifacts projected onto screens. Carney shared insights from his tenure at Goldman Sachs, urging caution against feigned knowledge in financial dealings.

Meanwhile, Clarida expressed pride in the Fed's response to the pandemic, highlighting its decisive actions to prevent economic collapse.

The museum's journey has been fraught with difficulties, from displacement due to a burst pipe in 2018 to the challenges posed by the Covid-19 pandemic. Its former home at 48 Wall Street, once the headquarters of the Bank of New York, holds historical significance but is no longer accessible.

David Cowen, President and CEO of the finance museum, emphasized the importance of a physical location while acknowledging ongoing conversations regarding discounted or donated space.

Despite the setbacks, the museum continues its operations, offering virtual lectures, publications, and traveling exhibitions to generate revenue. The digitisation of archives and objects signifies a commitment to preserving financial history.

As the search for a permanent home continues, individuals like Lina Lin, a scholarship recipient from Yale University, underscore the importance of physical accessibility and financial education.

(With Reuters inputs)