Who is Charles Schwab?

Charles M. Schwab was a famous American steel magnate and businessman. He headed as the president of Bethlehem Steel, which became the second largest steelmaker company in the world and also was one of the biggest heavy manufacturers in the world.  In 1928, he received the Bessemer Gold Medal for his “outstanding services to the steel industry”. He eventually earned a lot of wealth and owned some of the most extravagant and luxurious houses. Schwab built “Riverside” in New York for astounding US$7 million which was the most ambitious private house ever built in New York. He also had a lavish 44 room summer estate named “Immergrün”. Schwab also gained notoriety for his spending habits, extramarital affairs, and high stake gambling. Before the Great Depression could hit him, Schwab had already spent at between $25 million and $40 million. His company, Bethlehem Steel had to dissolve their champion soccer team following the financial losses during the internecine 1928-1929 ‘Soccer Wars’. The Great Depression in 1929 crashed the stock market and washed off all the wealth of Schwab. His holdings in Bethlehem Company’s stock became worthless and he was over US$ 300,000 in debt.

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