| Followers | 38 |
| Posts | 13177 |
| Boards Moderated | 0 |
| Alias Born | 07/09/2002 |
Friday, November 16, 2018 5:24:13 PM
Armand Hammer's father, Julius, was a medical doctor who was very active in the Socialist Labor Party of America, so he named his son Armand Hammer after their party logo.
While finishing medical school in 1919 Armand Hammer and his brothers made their fortune selling a high-alcohol ginger extract, which proved extremely lucrative during prohibition with first year sales in excess of One Million Dollars ! That's $15 million in today's Dollars, yet sales expanded wildly each year.
After he completed medical school, newly wealthy and before he began his internship, Armand wisely realized he'd made a mistake and had absolutely no interest in being a doctor like his father. That was a great choice for both he and his future patients.
Armand Hammer used his new earned wealth to travel to the Soviet Union in 1921 and sold pencils to Lenin and remained there until 1930 building pencil factories. In his passport application, Hammer stated that he intended to visit only western Europe. FBI Director J. Edgar Hoover, who by then had sent Armand's father Julius to prison for socialist activities, said he knew Armand's claim was false, but allowed Hammer to travel anyway. A skeptical FBI watched Armand Hammer through this trip, and for the rest of his life.
Later, Armand Hammer eventually specialized in oil deals with the Soviet Union through the Occidental Petroleum company his brothers founded in 1920.
Like many wealthy people later in life Armand took to collecting art and purchased the oldest art gallery in America, the Knoedler, in 1971. Knoedler's Vice President in charge of 19th- and 20th-century painting, John Richardson, later said "Hammer knew and cared as much about art as Al Capone".
Armand Hammer would have wasted his life if he had become a medical doctor, and probably would have not have served patients well.
While finishing medical school in 1919 Armand Hammer and his brothers made their fortune selling a high-alcohol ginger extract, which proved extremely lucrative during prohibition with first year sales in excess of One Million Dollars ! That's $15 million in today's Dollars, yet sales expanded wildly each year.
After he completed medical school, newly wealthy and before he began his internship, Armand wisely realized he'd made a mistake and had absolutely no interest in being a doctor like his father. That was a great choice for both he and his future patients.
Armand Hammer used his new earned wealth to travel to the Soviet Union in 1921 and sold pencils to Lenin and remained there until 1930 building pencil factories. In his passport application, Hammer stated that he intended to visit only western Europe. FBI Director J. Edgar Hoover, who by then had sent Armand's father Julius to prison for socialist activities, said he knew Armand's claim was false, but allowed Hammer to travel anyway. A skeptical FBI watched Armand Hammer through this trip, and for the rest of his life.
Later, Armand Hammer eventually specialized in oil deals with the Soviet Union through the Occidental Petroleum company his brothers founded in 1920.
Like many wealthy people later in life Armand took to collecting art and purchased the oldest art gallery in America, the Knoedler, in 1971. Knoedler's Vice President in charge of 19th- and 20th-century painting, John Richardson, later said "Hammer knew and cared as much about art as Al Capone".
Armand Hammer would have wasted his life if he had become a medical doctor, and probably would have not have served patients well.
We've run out of other people's Social Security taxes needed to subsidize our low income tax rates.
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
