In 2014, Sylvia Bloom retired at the age of 96 and passed away two years later. Her niece, Jane Lockshin, became the executor of her estate. While reviewing the financial records, Lockshin discovered over $9 million, which was divided among three brokerage firms and 11 banks. Lockshin noted that Bloom had never mentioned her wealth, believing it was a private matter.
Bloom worked as a legal secretary at Cleary Gottlieb Steen & Hamilton for 67 years, starting in 1947 as one of the first employees of the firm. She was the daughter of Eastern European immigrants, grew up in Brooklyn, and attended Hunter College in the evenings while working during the day. She and her husband, Raymond Margolies, who was a firefighter and later a teacher, lived in a rent-controlled apartment. Margolies died in 2002, and it is suggested that he may not have known about his wife’s financial status.
Bloom’s method of accumulating wealth was closely linked to her job. Lockshin explained that secretaries at that time managed their bosses’ lives, including their personal investments. This meant that when her boss bought stocks, she would make the same purchases for herself, but in smaller amounts due to her lower salary. She spent her long career in a position that few associate with significant wealth, and she never displayed her riches.
In her will, Bloom decided that most of her estate would go towards scholarships for students who needed financial help for college, without specifying an organization. As a long-time treasurer of the Henry Street Settlement board, Lockshin contacted the executive director, David Garza, to share the news. Henry Street received a donation of $6.24 million, which marked the largest individual gift in the settlement’s 125-year history. This contribution established the Bloom-Margolies Scholarship Fund, managed through the organization’s Expanded Horizons College Success Program. An additional $2 million was designated for Hunter College, Bloom’s alma mater, and another scholarship fund.
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Source: Upworthy, by Adam Albright-Hanna