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In mid-March, with Covid-19 sweeping the globe and stock markets crashing everywhere, radio talk-show host Gary Goldberg reminded listeners, as he had many times before, to keep their head while others were losing theirs.
During his nearly 50 years as a financial adviser, he had seen many Wall Street booms and busts, and he assured his anxious audience that the government would step in.
"This Federal Reserve and this country will do whatever they can to support the world economy," he said. "There are things that can and will be done."
By month's end, President Donald Trump had signed a massive economic-relief package into law. Listeners who heeded Goldberg's advice not only avoided immense losses but benefited as the stock market hit new highs.
Goldberg's show, Money Matters, has been a mainstay of New York radio since 1984, appearing on WABC, WOR and other stations. He answers people's financial questions, such as whether oil-stock dividends are at risk (Yes!), and should they stop contributing to their 401(k) plan (No!). He interviews A-list guests such as former Labor Secretary Robert Reich, Hollywood mogul Jeffrey Katzenberg and Goldman Sachs strategist Peter Oppenheimer.
The radio show also helped Goldberg build a significant money-management firm, Gary Goldberg Financial Services, where his radio listeners made up about 40% of accounts. "Real money management for real people" is his slogan. Before making it in finance and media, the Bronx-born Goldberg was a waiter, an art-school model and a rent collector.
But six years ago, Goldberg, then 74, decided it was time to sell his business, which had $750 million under management. Bruderman Brothers, a Wall Street firm with a long history of its own, agreed to pay him $13 million and keep him on the job.
A match made in heaven? No.
"It was," Goldberg said, "one of the biggest mistakes of my life."
Matthew Bruderman, the company's chief executive, and Goldberg don't agree on anything except that they're furious...