Frank Smeal
Encyclopedia
Frank Paul Smeal was a partner of the Goldman Sachs
Group of New York City.
A limited partner of Goldman, Sachs & Co., Mr. Smeal spent his 38-year career on Wall Street as an expert in the municipal bond
market. As executive vice president and treasurer at Morgan Guaranty Trust co., he was instrumental in counseling New York City through its 1975–76 fiscal crisis. He became a partner and member of the senior management committee of Goldman Sachs in 1977 and retired in 1985.
Mr. Smeal was born in Sykesville, Pennsylvania
in rural Jefferson County, the son of a coal
miner, and credited his mother, Mary, for inspiring him to seek a college degree. It took five years of working part-time as a "soda jerk
" and a mortgage
on his parents' home before he could achieve his goal of a college education. To get there, he had to hitchhike five miles a day. A few years ago he said he went to college to stay out of the mines where his father had worked. "That's why Penn State is my first love after my wife and family. It gave me the education I needed."
His philanthropic support of Penn State also extended to endowing a fellowship in business administration, a faculty chair in literary theory and comparative criticism, a creative writing award and a graduate assistantship in botany
and plant pathology. In 1989, he and his wife, Mary Jean, donated $10 million to Pennsylvania State University
, which renamed the Smeal College of Business
in their honor.
He died Tuesday, April 8, 2003, after a long illness, at the age of 84.
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
Group of New York City.
A limited partner of Goldman, Sachs & Co., Mr. Smeal spent his 38-year career on Wall Street as an expert in the municipal bond
Municipal bond
A municipal bond is a bond issued by a city or other local government, or their agencies. Potential issuers of municipal bonds includes cities, counties, redevelopment agencies, special-purpose districts, school districts, public utility districts, publicly owned airports and seaports, and any...
market. As executive vice president and treasurer at Morgan Guaranty Trust co., he was instrumental in counseling New York City through its 1975–76 fiscal crisis. He became a partner and member of the senior management committee of Goldman Sachs in 1977 and retired in 1985.
Mr. Smeal was born in Sykesville, Pennsylvania
Sykesville, Pennsylvania
Sykesville is a borough in Jefferson County, Pennsylvania, United States. The population was 1,246 at the 2000 census.Sykesville is the birthplace of Olga Madar , first woman to be a vice-president in the United Auto Workers and founder of the Coalition of Labor Union Women in...
in rural Jefferson County, the son of a coal
Coal
Coal is a combustible black or brownish-black sedimentary rock usually occurring in rock strata in layers or veins called coal beds or coal seams. The harder forms, such as anthracite coal, can be regarded as metamorphic rock because of later exposure to elevated temperature and pressure...
miner, and credited his mother, Mary, for inspiring him to seek a college degree. It took five years of working part-time as a "soda jerk
Soda jerk
A soda jerk was a person — typically a youth — who operated the soda fountain in a drugstore, often for the purpose of preparing and serving ice cream soda. This was made by putting flavored syrup into a specially designed tall glass, adding carbonated water and, finally, one or two scoops of ice...
" and a mortgage
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
on his parents' home before he could achieve his goal of a college education. To get there, he had to hitchhike five miles a day. A few years ago he said he went to college to stay out of the mines where his father had worked. "That's why Penn State is my first love after my wife and family. It gave me the education I needed."
His philanthropic support of Penn State also extended to endowing a fellowship in business administration, a faculty chair in literary theory and comparative criticism, a creative writing award and a graduate assistantship in botany
Botany
Botany, plant science, or plant biology is a branch of biology that involves the scientific study of plant life. Traditionally, botany also included the study of fungi, algae and viruses...
and plant pathology. In 1989, he and his wife, Mary Jean, donated $10 million to Pennsylvania State University
Pennsylvania State University
The Pennsylvania State University, commonly referred to as Penn State or PSU, is a public research university with campuses and facilities throughout the state of Pennsylvania, United States. Founded in 1855, the university has a threefold mission of teaching, research, and public service...
, which renamed the Smeal College of Business
Smeal College of Business
The Smeal College of Business is the business school of Penn State University, University Park, Pennsylvania. It was founded in 1953, and is named after Mary Jean and Frank Smeal. The College offers undergraduate, graduate, doctoral degrees, including a Master of Business Administration Program,...
in their honor.
He died Tuesday, April 8, 2003, after a long illness, at the age of 84.