Art Cashin, the legendary figure known for his influence on Wall Street, passed away at the age of 83 on December 2, 2024. A long-time director of floor operations for UBS at the New York Stock Exchange, Cashin was more than just a trader; he was celebrated as Wall Street's very own version of Walter Cronkite, often serving as the trusted commentator for CNBC viewers for over 25 years.
Born Arthur D. Cashin Jr. in 1941, he was rooted deeply in Jersey City, New Jersey, where he began his foray onto Wall Street at just 17 years old. Following the sudden death of his father, he embarked on his career at the brokerage Thomson McKinnon; by 23 years old, he was recognized as one of the youngest members of the New York Stock Exchange. Cashin's professional life was characterized by unique charm and storytelling ability, rendering him both relatable and respected among investors and analysts alike.
Reflecting on his early aspirations, Cashin took a brief detour from finance when he ran for mayor of Jersey City. Though he was defeated, he was unflinching, quipping, "once they discovered I was honest, there wasn’t much chance I was going to get elected." He returned to finance, joining PaineWebber in 1980, where he managed its trading floor operations until it was acquired by UBS two decades later.
Known for his daily newsletter, Cashin’s Comments, which blended insightful market analysis with humor, trivia, and recipes, Cashin’s influence extended far beyond the trading floor. This newsletter maintained more than 100,000 subscribers and was eagerly awaited by traders eager for his wit and wisdom.
His storytelling prowess was legendary; stories exchanged over meals at Bobby Van's Steakhouse, where he was known to gather with industry colleagues after closing bell, were staples of the trading community. His friends knew when he was coming because the restaurant had his Dewar's whiskey waiting, representing both his status and approachable spirit.
Cashin was not just focused on financial success; he dedicated significant effort to philanthropy. He founded the NYSE Christmas Dinner Fund back in 1982, initiating the distribution of meals to underprivileged families during the holiday season. One year alone saw over 185,000 meals delivered within the community, earning him recognition and accolades, including special commendation from then President Ronald Reagan.
His charitable efforts didn’t stop there; Cashin also chaired the NYSE Fallen Heroes Fund, which dispensed over six million dollars to families of first responders following the tragic events of 9/11. Over the years, his contributions were acknowledged with numerous awards, including the prestigious Good Scout Award from the Greater New York Boy Scouts.
Colleagues and admirers alike often referred to Cashin with endearing accomplishments, highlighting both his unique personal flair and his unwavering commitment to integrity. He became known for his aversion to technological trends; even as the world moved rapidly toward digital innovation, Cashin preferred handwritten notes over computers, claiming, "I never learned to use one". His iconic flip phone rarely received attention, standing as a symbol of his old-school approach to both business and life.
Remembered fondly for his jovial presence and charismatic humor, Cashin was likened to the last of the old-school Wall Street figures, bridging several generations of finance culture. He was cherished not only for his financial insights but also for his warmth and ability to connect with both novices and seasoned professionals.
His mentorship was marked by encouraging newcomers and fostering their growth within the industry. He understood the value of nurturing talent, making him not just influential but also pivotal to the evolution of many careers.
Cashin's legacy lives on through his countless contributions to finance and community service. Following his death, his family asked for donations to be sent to the Arthur D. Cashin Jr. Memorial Scholarship fund at Xavier High School, where he was inducted to the Hall of Fame, ensuring his commitment to education continues to inspire future generations.
Art Cashin leaves behind not just the story of his impressive career but also the fond memories of those who knew him as more than just the "Shabbos goy" of Wall Street, for he embodied the very spirit of generosity, character, and dedication within the financial community. His passing marks the end of an era but ensures his influence will be felt for years to come.
