David Margolis
Encyclopedia
David Israel Margolis was an American
industrialist who served as president and chairman of Colt Industries, who was a confidant of former Mayor of New York City
Ed Koch
.
Margolis was born in the Bronx
on January 24, 1930. He attended the City College of New York
where he received bachelor's and master's degrees in economics. After graduating, he became the assistant treasurer at Raytheon
and treasurer of International Telephone & Telegraph
(ITT). Margolis met Harold Geneen
at a Boston company in the 1950s and followed him to ITT.
He met his wife, the former Barbara Ann Schneider
, in 1958, when she was a security officer at the Massachusetts Institute of Technology
. They married six months later, and moved to New York City in 1959.
Margolis was president of Colt Industries from 1962 to 1995, a firm founded in 1836 by Samuel Colt
, and served as the company's chairman from 1984 to 1995. Margolis expanded the company from its original roles as a firearms manufacturer into a producer of machinery for the aerospace, automobile, chemical and petroleum industries, with annual revenues of $1.6 billion as of 1988.
Margolis and his wife Bobbie, then a volunteer at Rikers Island
, met the future mayor at a 1967 dinner honoring a prison warden, where they were all seated at the same table. Edward Koch was sworn into office as mayor on December 31, 1977 at the Margolis home at 30 East 72nd Street
. In 1979, his wife was named official greeter of New York City—officially the vice chairman of the City Commission for Distinguished Guests—the first woman to hold the honorary post which paid a salary of $1 per year.
A 1980 profile in The New York Times
called Margolis, Koch's right-hand man, quoting Koch who called him one of his "closest friends and advisors". Though Margolis played down his relationship with the mayor, he was described as playing the behind-the-scenes role as the mayor's unofficial labor expert during the 1980 New York City transit strike
, in which subway workers were on picket lines for 11 days. Koch included Margolis in City Hall strategy sessions and consulted with him on budget, economic development and labor issues.
Margolis, a resident of Manhattan
died at age 78 on December 13, 2008 due to cardiac arrest
. He was survived by his wife, a daughter, three sons and five grandchildren.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
industrialist who served as president and chairman of Colt Industries, who was a confidant of former Mayor of New York City
Mayor of New York City
The Mayor of the City of New York is head of the executive branch of New York City's government. The mayor's office administers all city services, public property, police and fire protection, most public agencies, and enforces all city and state laws within New York City.The budget overseen by the...
Ed Koch
Ed Koch
Edward Irving "Ed" Koch is an American lawyer, politician, and political commentator. He served in the United States House of Representatives from 1969 to 1977 and three terms as mayor of New York City from 1978 to 1989...
.
Margolis was born in the Bronx
The Bronx
The Bronx is the northernmost of the five boroughs of New York City. It is also known as Bronx County, the last of the 62 counties of New York State to be incorporated...
on January 24, 1930. He attended the City College of New York
City College of New York
The City College of the City University of New York is a senior college of the City University of New York , in New York City. It is also the oldest of the City University's twenty-three institutions of higher learning...
where he received bachelor's and master's degrees in economics. After graduating, he became the assistant treasurer at Raytheon
Raytheon
Raytheon Company is a major American defense contractor and industrial corporation with core manufacturing concentrations in weapons and military and commercial electronics. It was previously involved in corporate and special-mission aircraft until early 2007...
and treasurer of International Telephone & Telegraph
ITT Corporation
ITT Corporation is a global diversified manufacturing company based in the United States. ITT participates in global markets including water and fluids management, defense and security, and motion and flow control...
(ITT). Margolis met Harold Geneen
Harold Geneen
Harold "Hal" Sydney Geneen , was an American businessman most famous for serving as president of the ITT Corporation.-Biography:...
at a Boston company in the 1950s and followed him to ITT.
He met his wife, the former Barbara Ann Schneider
Barbara Margolis
Barbara Ann "Bobbie" Margolis was an American prisoners' rights advocate who served as the official greeter of New York City under the administration of Mayor of New York City Ed Koch...
, in 1958, when she was a security officer at the Massachusetts Institute of Technology
Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...
. They married six months later, and moved to New York City in 1959.
Margolis was president of Colt Industries from 1962 to 1995, a firm founded in 1836 by Samuel Colt
Samuel Colt
Samuel Colt was an American inventor and industrialist. He was the founder of Colt's Patent Fire-Arms Manufacturing Company , and is widely credited with popularizing the revolver. Colt's innovative contributions to the weapons industry have been described by arms historian James E...
, and served as the company's chairman from 1984 to 1995. Margolis expanded the company from its original roles as a firearms manufacturer into a producer of machinery for the aerospace, automobile, chemical and petroleum industries, with annual revenues of $1.6 billion as of 1988.
Margolis and his wife Bobbie, then a volunteer at Rikers Island
Rikers Island
Rikers Island is New York City's main jail complex, as well as the name of the island on which it sits, in the East River between Queens and the mainland Bronx, adjacent to the runways of LaGuardia Airport. The island itself is part of the borough of the Bronx, though it is included as part of...
, met the future mayor at a 1967 dinner honoring a prison warden, where they were all seated at the same table. Edward Koch was sworn into office as mayor on December 31, 1977 at the Margolis home at 30 East 72nd Street
72nd Street (Manhattan)
72nd Street is one of the major bi-directional crosstown streets in the New York City borough of Manhattan. Where the west end of 72nd Street curves into the south end of Riverside Drive, the memorial to Eleanor Roosevelt stands in Riverside Park. At this end of the street is the landmarked...
. In 1979, his wife was named official greeter of New York City—officially the vice chairman of the City Commission for Distinguished Guests—the first woman to hold the honorary post which paid a salary of $1 per year.
A 1980 profile in The New York Times
The New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
called Margolis, Koch's right-hand man, quoting Koch who called him one of his "closest friends and advisors". Though Margolis played down his relationship with the mayor, he was described as playing the behind-the-scenes role as the mayor's unofficial labor expert during the 1980 New York City transit strike
1980 New York City transit strike
The 1980 New York City transit strike in New York City was the first work stoppage at the New York City Transit Authority since 1966. 34,000 members of Transport Workers Union Local 100 walked off their jobs on April 1, 1980, in a strike with the goal of increasing the wage for contracted workers...
, in which subway workers were on picket lines for 11 days. Koch included Margolis in City Hall strategy sessions and consulted with him on budget, economic development and labor issues.
Margolis, a resident of Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
died at age 78 on December 13, 2008 due to cardiac arrest
Cardiac arrest
Cardiac arrest, is the cessation of normal circulation of the blood due to failure of the heart to contract effectively...
. He was survived by his wife, a daughter, three sons and five grandchildren.