Archive for June, 2010

The Rod Steiger of 10th and Sansom

Thursday, June 17th, 2010

From: Jewish Exponent Dot Com

The Rod Steiger of 10th and Sansom?
June 17, 2010 – Michael Elkin, Arts & Entertainment Editor

Check.

Unusual chess move, perhaps, but de rigeur and the right move for anyone familiar with the 150-year-history of Carver W. Reed, the company that may just be king of the pawn shops in Center City.

The check? That’s the payoff — payment to customers for those items loaned out to the pawnbroker.

Somewhere, Rod Steiger is smiling — if not adding up the goods to be pawned.

“Oooh, Rod Steiger,” and Tod Gordon twists an imaginary knife in his heart.

He has heard it before, customers and friends citing the star of the film “The Pawnbroker,” the powerful 1964 drama about a Holocaust survivor who buries his heart and his memories in a shop he owns in East Harlem, where the symbolic three balls of the business weigh less heavily than the chains of anger that forever link Sol Nazerman (Steiger) to his concentration-camp past. “People expect to see a Rod Steiger,” Gordon mockingly grouses.

But instead, what they find is an avuncular and avidly friendly 55-year-old Jewish businessman — not with a brutal backstory, but a history of a nice, fourth-generation, family-run company, situated as it has been at the corner of 10th and Sansom for most of its existence, just a diamond’s drop from Jeweler’s Row.

Appropriate since, as Gordon relates, people pawn their jewelry here, the only items he accepts.

It is all a gem of a Father’s Day story, with Tod tied to it by his own grandfather, Harry, who purchased the business from Reed himself in the ’40s.

Now, customers are as likely to get buzzed in by Tod’s daughter, Rebecca, a recent college graduate with whom the paternally pleasant pawnbroker works side by side.

Seeking a seedy experience like those showcased in Hollywood scenarios of old? Try Netflix; what you get here, avows Gordon, is a business that fits in with the neighborhood.

“We look like a jewelry boutique,” he says.

Shop ’til they drop? As loans go out on the jewelry, Gordon is fast to state, most items on loan revert to their owners. Going for broke is not necessarily a forever state of being.

“Some 95 percent of the items we accept are reclaimed,” says Gordon.

What’s the Jewish claim on the business’ heritage?

“I’ve never thought of it” as a Jewish business, he muses.

But others have. Money-lending as a disreputable calling goes back centuries, with Shylock portrayed as a greedy merchant of venom by Shakespeare.

Indeed, in last year’s In Hock: Pawning in America From Independence Through the Great Depression, Wendy Wolosin wrote: “Works of popular culture had largely succeeded in creating a coherent, seemingly logical stereotype: the pawnbroker had become implicitly the Jewish pawnbroker — the Jew broker — and as Jews and pawnbrokers became increasingly stigmatized, the stereotypes reinforced each other.”

But stereotypes they were, and families like the Gordons have served as living, breathing antidotes to such fallacies.

“It’s not like someone says, ‘I want to be a pawnbroker’ for my career,” contends Gordon. “You learn from generations before you.”

And the Gordons have learned to make prospective customers comfortable. “At first, people can seem ill at ease coming in,” he concedes.

But it’s pull up to the counter and share a glass — well, diamonds, that is — or two.

“Later, they come back, calling out, ‘Tod!’” he kibitzes, in irreverent reference to the shout-outs to Norm on the TV series “Cheers.”

He adds: “Almost all my business is repeat business.”

And he repeats a mantra that is meaningful, especially to a businessman with excellent street cred — whether it be Sansom Street or elsewhere: “Everything we do is regulated” by laws meant to protect the customer.

A Family Affair
Gordon protects his legacy by having brought his daughter into the business. Her dual background in psychology and business in college helps quite a bit, both claim.

Stories about pawnbrokers can break the heart: Tales of customers in need of quick cash, losing cherished heirlooms forever.

“Customers have nine months to renew their contract,” explains Gordon, and even in cases where they don’t, he stresses that he’s not eager to cash in on someone else’s heartache.

“I’ve had items here for five to 10 years,” he claims.

No one has ever pawned the crown jewels, but there have been cases of extraordinary items. And while Rebecca affectionately kibitzes with her father, calling him the best of the best, he says that she is making the business even better, showing off her Internet and Web-design prowess and their new Facebook page.

Business face-offs with her father? No jewelers’ rows here; just understanding and communication with the man who gave her the best advice in life, she says: “He always told me, ‘Do what makes you happy.’ ”

And that, she says, is working with her dad: “It’s a blessing.”

“He’s always right — no matter how many times I try to prove him wrong,” she laughs.

If Tod’s ever had to wrestle with the direction his business has taken him, well, Gordon’s been trained for that as well: He founded and formerly owned and operated Extreme Championship Wrestling.

Appropriately, this man with a variety of interests was also a past president of the local Variety Club — giving back an important trait as he learned early on being raised in a Jewish home — as well as the State Pawnbrokers Association, dual facets of a fascinating career.

As another customer waits to be let in, Gordon concedes the special buzz he gets from life is from being dad to Rebecca and his two other children, noting that he was created for this role.

After all, he reveals of that special date in 1955, “I was born on Father’s Day.”

Broke, USA by Gary Rivlin

Monday, June 14th, 2010

Well written and painstakingly researched, the author does a wonderful job of exposing blatant corruption recently in some parts of the subprime lending industry. Rivlin does a masterful job at documenting events, people, and companies whose actions in part led to the current credit crisis and housing bust. A must read for any American wanting to know what really happened to their 401(k).

The author does show an unfortunate but understandable bias against any and all forms of short-term consumer credit offered to those who may be exempt from more mainstream transactions. This broad brush approach of condemning everyone offering credit to less fortunate Americans does a disservice to much-needed industries in the US. A vast majority of otherwise un-creditworthy consumers benefit greatly by some of these financial products.

I say this because I was a pawnbroker for 30 years and I now consult and offer business coaching within the pawn shop industry. My original reason for purchasing the book is because the pawnbroking industry is offered in the sub title of the book along with a very unattractive picture of a pawn shop, hopefully carefully chosen by the publisher and not the author, adorning the front of the book.

Funny thing is, the pawnbroking industry is barely even mentioned in the author’s book. It is possible Rivlin may have discovered in his research that pawn shop loans are a very worthy 3000-year-old form of credit that causes no one any harm and does not necessarily create debt. Maybe the author found out that pawnbroking transactions are not just about the working poor. Or maybe the choice of cover and subtitle were just a more iconic match to the title of the book rather than a picture of Wall Street financiers.

Pawn Shop Owner Protects Himself

Thursday, June 10th, 2010

From WLS AM Dot Com

Pawnshop owner protects himself with gun

A convicted felon was shot to death as he tried to rob a Northwest Side pawnshop Tuesday afternoon — the third incident involving a citizen shooting an assailant in the city in the past two weeks.

The man killed was identified as Michael McMillan, 24, of 309 N. Menard Ave., according to a spokesman for the Cook County Medical Examiner’s Office. McMillan was pronounced dead at Our Lady of the Resurrection Medical Center at 1:17 p.m., the spokesman said.

The slain suspect was convicted in 2006 of armed robbery and sentenced to boot camp, court records show.

Police sources said the owner of Fullerton Pawners Inc. shot the robber at about 1 p.m. inside the store. Two accomplices, one wearing a black backpack, ran away. One may have been wounded, sources said.

Police have recovered a revolver they believe the slain robber was wielding, sources said.

Joseph Barats, president of the store at 5900 W. Fullerton Ave., declined comment. On a YouTube video, Barats said the store is family-owned. He took over the business about five years ago, he says in the video.

“We have the nicest stuff,” he says. “We are like the real pawn stars. Every day something is happening here.”

Police were reviewing video of the incident, taken from a surveillance camera in the store, sources said.

Detectives also were interviewing witnesses Tuesday night to determine if any charges should be brought against the shooter — including charges involving the city’s handgun ban.

The U.S. Supreme Court is expected to rule this month on the constitutionality of Chicago’s longstanding ban. Already, members of the gun lobby have pointed to two earlier incidents as reasons to lift it.

On June 3, a 27-year-old South Austin man shot and wounded a man who jumped through the window of a home as he was running away from police officers during a drug bust. And on May 26, an 80-year-old Korean War veteran shot and killed a suspected burglar at his home in East Garfield Park. The veteran was robbed at gunpoint last year, his family said.

Neither resident was charged with violating the handgun ban. In both instances, the slain robbers were convicted felons.

–Sun-Times Media Wire, Chicago Sun-Times

 

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Pawnonomics by Stephen Krupnik tells the infamous history of the pawn broking industry and shines a bright light into
its darkest corners, while also pointing out some pinnacles along the way.