Bernard A. Newcomb
Encyclopedia
Bernard A. Newcomb is an American
businessperson and philanthropist who, along with William A. Porter
, founded the online discount stock brokerage firm
, E*TRADE.
. He is the middle child of Lyle and Agnes Newcomb. Born with congenital cataracts
, Newcomb has always been legally blind.
He attended the Oregon School for the Blind
from kindergarten through second grade, having to board during the week and return home on weekends. He attended public schools in Scio through high school where he graduated as class valedictorian
.
Newcomb was the first in his family to attend college as a business major at Oregon State University
and consistently made dean's list and graduated third in his class in the College of Business. Newcomb received his B.A. in Business Administration from Oregon State University in 1965. He was a member of the Delta Sigma Phi fraternity. Upon graduation, he found that accounting firms and banks did not consider him employable because of his blindness. His college counselor persuaded General Electric
to hire Newcomb in their data processing department at the Hanford Project in Richland, Washington
, where he was employed for three years.
, Newcomb met Bill Porter who had recently purchased an Apple II
computer with the idea that a personal computer could be used to buy and sell stock, but having no means of accessing the necessary information with his modem. During the conversation, Porter convinced Newcomb to become partners and create a company that would enable an individual with a personal computer to trade stocks from home—to disintermediate
stock buying. Newcomb's role was to develop the programming for the project.
In 1992, PC Magazine
featured Trade*Plus on its cover. In 1992, The San Jose Business Journal named Trade*Plus the year's fastest growing private company in Silicon Valley. In 1996, Trade*Plus was renamed E*TRADE Group and went public. Newcomb retired soon after and established a philanthropic foundation, the Bernard A. Newcomb Foundation.
Newcomb co-launched a company called ITXS with Herb Swanson and Mike Symons in 2000. ITXS was an auction site for high-end, pre-owned or surplus IT related material.
Newcomb was awarded with the Helen Keller
Achievement Award by the American Foundation for the Blind
in 2006 for his work to improve the quality of life of the blind.
In 2005 Newcomb, donated $5mil to the Peninsula Community Foundation, which has since merged with Community Foundation Silicon Valley to become Silicon Valley Community Foundation.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessperson and philanthropist who, along with William A. Porter
William A. Porter
In 1982, William A. Porter and Bernie Newcomb founded the first ever electronic stock brokerage, E*TRADE — heralding both the demise of the ticker tape and the advent of the electronic trading age....
, founded the online discount stock brokerage firm
Stock broker
A stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...
, E*TRADE.
Early life
Newcomb grew up in Scio, OregonScio, Oregon
Scio is a city in Linn County, Oregon, United States. The population was 838 at the 2010 census.-Geography:According to the United States Census Bureau, the city has a total area of , all of it land.-History:...
. He is the middle child of Lyle and Agnes Newcomb. Born with congenital cataracts
Cataract
A cataract is a clouding that develops in the crystalline lens of the eye or in its envelope, varying in degree from slight to complete opacity and obstructing the passage of light...
, Newcomb has always been legally blind.
He attended the Oregon School for the Blind
Oregon School for the Blind
The Oregon School for the Blind , was a state-run public school in Salem, Oregon, United States, serving blind and vision impaired students of kindergarten through high school grades through residential, day school, and part-time enrollment programs. Opened in 1873, the school was operated by the...
from kindergarten through second grade, having to board during the week and return home on weekends. He attended public schools in Scio through high school where he graduated as class valedictorian
Valedictorian
Valedictorian is an academic title conferred upon the student who delivers the closing or farewell statement at a graduation ceremony. Usually, the valedictorian is the highest ranked student among those graduating from an educational institution...
.
Newcomb was the first in his family to attend college as a business major at Oregon State University
Oregon State University
Oregon State University is a coeducational, public research university located in Corvallis, Oregon, United States. The university offers undergraduate, graduate and doctoral degrees and a multitude of research opportunities. There are more than 200 academic degree programs offered through the...
and consistently made dean's list and graduated third in his class in the College of Business. Newcomb received his B.A. in Business Administration from Oregon State University in 1965. He was a member of the Delta Sigma Phi fraternity. Upon graduation, he found that accounting firms and banks did not consider him employable because of his blindness. His college counselor persuaded General Electric
General Electric
General Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...
to hire Newcomb in their data processing department at the Hanford Project in Richland, Washington
Richland, Washington
Richland is a city in Benton County in the southeastern part of the U.S. state of Washington, at the confluence of the Yakima and the Columbia Rivers. As of the 2010 census, the city population was 48,058. April 1, 2011 estimates from the Washington State Office of Financial Management put the...
, where he was employed for three years.
Creation of E*TRADE
In 1980, in Palo Alto, CaliforniaPalo Alto, California
Palo Alto is a California charter city located in the northwest corner of Santa Clara County, in the San Francisco Bay Area of California, United States. The city shares its borders with East Palo Alto, Mountain View, Los Altos, Los Altos Hills, Stanford, Portola Valley, and Menlo Park. It is...
, Newcomb met Bill Porter who had recently purchased an Apple II
Apple II series
The Apple II series is a set of 8-bit home computers, one of the first highly successful mass-produced microcomputer products, designed primarily by Steve Wozniak, manufactured by Apple Computer and introduced in 1977 with the original Apple II...
computer with the idea that a personal computer could be used to buy and sell stock, but having no means of accessing the necessary information with his modem. During the conversation, Porter convinced Newcomb to become partners and create a company that would enable an individual with a personal computer to trade stocks from home—to disintermediate
Disintermediation
In economics, disintermediation is the removal of intermediaries in a supply chain: "cutting out the middleman". Instead of going through traditional distribution channels, which had some type of intermediate , companies may now deal with every customer directly, for example via the Internet...
stock buying. Newcomb's role was to develop the programming for the project.
In 1992, PC Magazine
PC Magazine
PC Magazine is a computer magazine published by Ziff Davis Publishing Holdings Inc. A print edition was published from 1982 to January 2009...
featured Trade*Plus on its cover. In 1992, The San Jose Business Journal named Trade*Plus the year's fastest growing private company in Silicon Valley. In 1996, Trade*Plus was renamed E*TRADE Group and went public. Newcomb retired soon after and established a philanthropic foundation, the Bernard A. Newcomb Foundation.
Post E*TRADE work & charities
In 1997, Newcomb gave Oregon State University the largest stock gift in its history: $ 6.1 million in stock from the company he helped found and created four new endowments to directly benefit students and academic programs in the College of Business. Each year he meets with the winners of the scholarship that bears his name.Newcomb co-launched a company called ITXS with Herb Swanson and Mike Symons in 2000. ITXS was an auction site for high-end, pre-owned or surplus IT related material.
Newcomb was awarded with the Helen Keller
Helen Keller
Helen Adams Keller was an American author, political activist, and lecturer. She was the first deafblind person to earn a Bachelor of Arts degree....
Achievement Award by the American Foundation for the Blind
American Foundation for the Blind
The American Foundation for the Blind is an American non-profit organization that expands possibilities for people with vision loss. AFB's priorities include broadening access to technology; elevating the quality of information and tools for the professionals who serve people with vision loss; and...
in 2006 for his work to improve the quality of life of the blind.
In 2005 Newcomb, donated $5mil to the Peninsula Community Foundation, which has since merged with Community Foundation Silicon Valley to become Silicon Valley Community Foundation.