Features
Morley Greene: Trez Capital is Trés Terrific
By GERRY POSNER “Serendipity” is how Morley Greene describes what has brought him success in life. Perhaps he’s right, but I concluded, after chatting with him and reading articles about him – the most recent one in the Toronto Globe and Mail, that it was more than serendipity that has given Morley the life that he has now at age 81.
The only child of Abe and Sara Greenberg, Morley was raised across the street from St. John’s High School at Machray Avenue and Salter Street. Not surprisingly, he attended St. John’s High School, though he ultimately graduated Grade 12 at West Kildonan Collegiate. Morley admits he was a disinterested student. His tenacity carried him through though and, as he got older, his interest in learning blossomed.
Law was the path Morley Greene chose and it was a part of his life for over 32 years, after graduating from the University of Manitoba law school. His law career began in Winnipeg, then Edmonton and finally, Vancouver. His career took off almost right from the start, and it was not long after that he started his career that he was made a partner at the very prestigious law firm of Buchwald Asper Henteleff.
The future looked promising and soon after he was married, he was the father of three children. In 1976, Morley, just 35 years old, and with a young family, made a bold decision – a decision which changed his life forever. He decided to leave Winnipeg and try to take his tent and talent elsewhere. He credits the late Izzy Asper with paving his way to another high powered law firm in Edmonton. Izzy called his friend, Aaron Shtabsky, and soon Morley was ensconced at Shtabsky and Company. He specialized in tax, mortgages and the real estate industry. Had Morley remained in Edmonton, it would likedly have been all that he needed for the rest of his life in order to be a financial success.
But then another opportunity presented itself to Morley. The Imperial Development Group came calling. This company, led by Donald Gales, Gerald Libling and Gerald Raizen was in the midst of major property acquisitions and development in Winnipeg and elsewhere. Morley was invited to join the company in an executive capacity. It was a major step up for Morley.
In 1979, he and his family moved back to Winnipeg and things went well – until they didn’t. The high interest rates of the 1980s were no doubt a key factor in the eventual dissolution of the Imperial Group. Morley Greene had to start over.
In 1991 he headed further west – this time to Vancouver, where he joined the very well know law firm of Owen Bird. He became licensed to practice law in British Columbia, his third call to the Bar – after Manitoba and Alberta. For six more years Greene was once again a hard working lawyer in a big firm. But then Morley made a second major decision that changed the course of his entire career. In 1997, he gave up law and decided to take on an entirely new challenge in an industry for which he had been advising as legal counsel for a significant part of his legal career.
In 1997 Morley struck out on his own and started a corporation he called Trez Capital (the name came from a variation of the French word “Treize,” which means thirteen). The company began as a mortgage lender. I will not dig deep into all the projects with which Trez Capital has been involved over the years, but there are very many.
Trez Capital has set new standards for the industry over the past 25 years with institutional-grade processes and strict compliance adherence. The history of the company is well recorded in the recent Globe and Mail article featuring Morley and the story of Trez to which I referred earlier.
What is important to acknowledge is this: From nothing (well not quite, as Morley did raise $3 million dollars to start with from private investors), Morley has made Trez the biggest real estate lender in Canada after the banks. Dwell on that statement. The company has funded more than 1600 transactions for a total value of $14 1/2 billion (you read that right), all channeled into different multi-family dwelling, industrial and office projects.
Trez Capital is active all over Canada and the US. The company has offices in Toronto, Montreal, Dallas, Palm Beach, Atlanta, New York, Seattle, Los Angeles and Vancouver. The company has over 170 employees and assets of over $4 billion under its management. Think about it – all that from a Winnipeg kid from the north end.
I would suggest that part of what made Morley and his company so successful is the way he approaches his work and indeed, his relationships with the people around him. Morley interacts well with everyone and demonstrates a genuine interest in them. Moreover, he is not afraid to admit mistakes. He was quite concerned, for instance, that as a result of the Covid pandemic, Trez Capital would face unpredictable problems, so the company made the decision to stop lending.
Morley anticipated defaults coming – and a lot of them. He was wrong – and he admits it. Instead, there were no defaults and, in fact, Trez Capital had a record number of payoffs on its loans. The result of all that is that, throughout the pandemic the company has remained in good shape and it has resumed investing and lending across North America.
Maybe the most telling part of the Trez Capital story is that the company has over 30,000 individual investors and many of those investors (and indeed, many borrowers) have been investing with (and borrowing from) Trez Capital since 1997 – when the company first began. That tells me that Morley knows what being in a relationship-driven business is all about and that he and his team have developed an esteemed – and well-deserved reputation for trustworthiness.
When the pandemic was in full force, Trez Capital, led by Morley Greene, reached out to its investor base, calling them each week to keep them informed as to the current status of the company. Morley and his top brass also made sure that all key employees were informed as to what was transpiring, in accordance with the most rigorous standards of corporate transparency – further evidence of a corporation that places a premium on individual relationships.
At 81, Morley is still very active in Trez Capital, even though he has ascended to a more hands-off role as Chairman and Chief Executive Officer. When I spoke to him, he was busy in his Dallas office. He spoke very proudly of his three children: daughter Mara – now Madam Justice Mara Greene of the Ontario Court of Justice (and, in her spare time a hockey player); daughter Sara Greene, a professor at McMaster University in the Faculty of Social Work; and son Jonathan, an assistant professor in the Faculty of Political Studies at Trent University.
As I mentioned at the outset, Morley attributes his success to serendipity. I would suggest otherwise. In my view, Morley’s life work and in particular, his creation and building of Trez Capital is a testament to Morley Greene’s work ethic, tenacity and commitment to valuable relationships – trés outstanding and nothing less.
Features
Susan Roadburg: The Road Less Travelled
By GERRY POSNER Robert Frost was not likely thinking of Susan Roadburg when he penned his famous line in the poem “The Road Less Travelled.” Yet, the line which says “Two roads diverged in the wood, and I took the road less travelled and that has made all the difference” certainly is a line which applies to the life and career of Sue Roadburg, once Susan Rumberg, daughter of the late Betty and Joe Rumberg. It was not a straight road for Sue, but it was a path with twists and turns.
A former resident of Montrose and later Oak Streets in the south end of Winnipeg, Sue finished her high school education at Grant Park High School. The plan was to get a BA and then enter either Nursing or Social Work. What stepped in her way was her first stop on the road – Eaton’s. Back then -the 1960s, Eaton’s had what was known as a junior council – one for males and one for females. Well, after a selection process, Sue was chosen by Eaton’s to be Grant Park’s junior councillor. She received a uniform and performed simple duties, including weekly meetings with senior Eaton’s executives, getting volunteers for the annual Eaton’s Santa Claus parades (Who could forget them?), ushering at Eaton’s sponsored rock concerts and sundry other tasks. From that time to many years forward, Sue and Eaton’s were a team. She even worked for them during her university years.
Clearly, the affection Sue had for her work at Eaton’s was reciprocated as, upon the resignation of the then youth fashion director, Sue was offered that job. Her plans for nursing or social work were derailed. Sue represented Eaton’s by making presentations at high schools; running “HI Set Clubs” for teens; coordinating shows for the University of Manitoba’s “ Freshie Week;” teaching the Seventeen Beauty Workshop; writing a monthly teen newsletter and monthly column for “Youth Beat” – which went to all Winnipeg high schools and selecting fashions for the weekly TV show, Teen Dance Party. You could say that Susan Rumberg was well into the teen world at that time. It was at this time when Susan became Sue as Eaton’s wanted her first and last names to have an unequal number of syllables. Maybe that is why Eaton’s closed up. But you can still call her Susan as many friends still do.
Then, an unusual turn of events led to Sue becoming what might be called the Miss Manners of Manitoba. Susan became connected by good fortune with a woman who ran courses on party manners throughout the US and indeed, for the president’s children. Through that relationship, Eaton’s in Winnipeg ran a course on the topic led by the then Susan Rumberg as she was the teacher of the course to hundreds of Winnipeg girls, ages 5-12. But soon Susan came to realize that she was ready to move on and settled in Montreal where she immediately learned French. The Bay became interested in her and she even upgraded her limited French speaking skills. Soon she had her doing staff training at the downtown store and she did it in both French and English. Not long after, she received an offer to become a buyer for the Bay – with crazy hours and lots of travel time. This was at a time when there were major issues in Quebec about separation, so the buying office moved to Toronto with the young Susan Rumberg – along with the whole department. Toronto brought marriage and three kids.
By this time, Sue was quite well known in the fashion world. She was approached by a student at Seneca College who was required to interview a buyer. At that time, Sue was the jeans buyer. This meeting led to another meeting and before Sue knew it, Seneca got wind of her very helpful role with their students and it was not long before Susan Roadburg was ensconced at Seneca teaching full time, eventually leading to teaching becoming the longest part of her career.
Sue’s teaching led to yet another twist in the road. As part of the course work a program was created for her to develop what was called a boutique “lab.” She taught and also was able to get her students involved in the translation of books into action. She would attend vendor appointments on Fridays with the merchandise managers and buyers. She also helped the advertising manager put on a huge fashion show at the big hall at Seneca Collage. The accounts payable manager paid all the invoices and presented financial statements, relating to what had been learned in Retail Math. (She also taught that subject.) A new class took over each semester. Sue developed an infrastructure for the class much like those of the large companies that her students aspired to work for upon graduation. In short, textbook theories were brought to life through this boutique experience, a kind of ‘hands-on” approach.
Sue just finished her teaching career a few years ago. She is still connected to the industry through FGI (Fashion Group International), an organization for executives in the fashion industry. She is even the nominating chair for the board of the only Canadian chapter located in Toronto. And Sue was recently recognized by FGI with what is known as The Visionary Award by FGI. This is what might be called reaching the top of the mountain in her field.
Sue’s road is less travelled to Winnipeg these days, but she still has some ties there. Her brother Ross Rumberg is buried there. There are still friends from her past. Her memories are strongly connected to her Winnipeg days. What Sue might also say is that Rumberg to Roadburg was the first of the many roads she travelled, but she is still charting out new paths.
Features
Donald Trump and the 2024 Jewish Vote
By HENRY SREBRNIK How did American Jews vote in the November 5, 2024 presidential election? There’s no simple answer. American Jews are a hard-to-define religious and ethnic group spread across multiple American Census categories, possessing last names from at least a dozen different languages and clustered in places that are often overwhelmingly non-Jewish. It takes a team of demographers and sociologists to determine a plausible American Jewish population figure.
So deciding who qualifies as a Jewish voter is not that easy. Must they feel a sense of belonging to the Jewish people, however defined? Or can they be “simply” Jewish, perhaps with a non-Jewish partner and children not being brought up as Jews? (After all, we have Jews by birth who are “anti-Zionists” and supporters of Palestinian efforts to destroy Israel.) That’s why figures vary widely.
American Jews number less than 2.5 per cent of the total U.S. population. To be sure, Jews vote in much greater percentages (approximately 80 per cent) than the rest of the American public (about 66 per cent). But the Jewish role in American politics goes well beyond the ballot box. In 2016, the Jerusalem Post reported on a study showing that Jews donate 50 per cent of all funding to the Democratic Party and 25 percent of all funding to the Republican Party. For the 2024 election, Forbes revealed that the top 15 donors to the Kamala Harris campaign were all people who identified as Jewish.
For about a century, American Jews, however defined, have been a reliable piece of the Democratic Party base, usually delivering two-thirds or more of their votes to the party’s presidential nominee. Over the last half century, going back to the 1968 election, Jews have favored the Democratic candidate by about 71 to 29 per cent. But in 2024, change was in the air, despite the absurd claims by some people that Donald Trump was an “antisemite.”
It turns out this proved largely baseless, according to the “2024 Jewish Vote Analysis,” a report released on November 20, 2024 by WPA Intelligence, a conservative political consultancy and analytics firm. In examining available exit polling, city and county data, and precinct data, it suggested that Trump’s strongest gains were among “those who live the most Jewish lives and reside in the most Jewish communities.”
Looking at Jewish neighbourhoods and towns, “the trends are stark and unmistakable,” WPA Intelligence stated. “Because Judaism is in some ways a communal religion and observant Judaism requires localized infrastructure, Jews who live in Jewish areas tend to be more religious and engaged. And in these neighborhoods, we see large shifts towards Trump.” Some of the most dramatic swings in the Jewish vote happened in New York. It also identified shifts in heavily Jewish areas of California, Florida, Michigan, New Jersey,and Pennsylvania. (California, New Jersey, and New York are where more than 45 per cent of American Jews live.)
“The trend is apparent from Trump’s near-unanimous support among Chassidic and Yeshivish Jews; to his rapid consolidation of the Modern Orthodox vote; to incremental gains even in more liberal Jewish areas such as Oak Park and Upper Manhattan,” the report added. “So, too, is it diverse ethnically and geographically, occurring coast to coast and overrepresenting Persian and ex-Soviet Jewish communities.”
Trump received the “overwhelming” majority of votes in New York City precincts with a Jewish population of at least 25 per cent. His 2024 performance in New York marked a substantial improvement over the 2020 and 2016 elections.
Trump also enjoyed greater success in heavily Jewish enclaves of deep-blue Democratic cities such as Chicago and Los Angeles, according to data compiled by the Chicago Board of Election Commissioners and the Los Angeles Times, respectively.
These gains have been confirmed by the Jewish website Tablet. “Who Won the Jewish Vote?” by Armin Rosen, published on November 14, 2024, includes very detailed comparisons of precinct-level numbers from the 2020 and 2024 elections. It indicated that Trump did improve his performance in a range of Jewish neighborhoods across America. “From the yeshivas of Lakewood, New Jersey, to the bagel shops of New York’s Upper West Side; from Persian Los Angeles to Venezuelan Miami; from the Detroit suburbs to the Chabadnik shchuna in Brooklyn’s Crown Heights, Jewish areas voted in higher percentages for the Republican candidate than they did in 2020.”
Nearly every neighborhood in New York with a notable density of Jewish-specific businesses and institutions, be they Hasidic, Litvish, Syrian, Russian, Bukharan, Conservative, Reform or modern Orthodox, voted heavily Republican or saw a rise in Trump’s performance.
In Brooklyn, the Midwood precincts containing Yeshiva of Flatbush voted 62 per cent for Trump. In Brighton Beach, Brooklyn’s main post-Soviet Jewish enclave, Trump’s support was consistently in the 75-90 per cent range. In Crown Heights, headquarters of the Chabad Hasidic movement, Trump got 62 per cent of the vote this time around, likely on the strength of higher turnout among Chabadniks. Back in 2016, when Trump ran against Hillary Clinton, he won 69 per cent of the vote in all of Assembly District 48, which encompasses Borough Park and Midwood (both largely Jewish communities). This year, he won 85 per cent of the vote in the district.
In the Bronx, Trump received 30 per cent of the vote in the precinct containing the Riverdale Jewish Center, and 38 per cent in the precinct with the neighborhood’s Chabad house. In Manhattan, a few of the borough’s lightest-blue Democratic precincts have the Yeshiva University campus at their center, and Trump managed to receive 37 per cent of the vote there. The Upper West Side, a traditional liberal Jewish political and cultural bastion, remained dark blue. But even there it was possible to see a shift.
Ranging a bit further afield, at least one plausible study, a poll taken by the Teach Coalition, an advocacy group founded by the Jewish Orthodox Union, found overall Jewish support for Trump in the New York suburbs at 40 per cent. Nassau County, where Jews make up close to 20 per cent of the population, saw Trump win it by five per cent, while Joe Biden took it by 10 in 2020.
The returns from other major American Jewish population centers tell a similar story, according to Tablet. Over 600,000 Jews live in New Jersey. The modern Orthodox stronghold of Teaneck gave Trump 35 per cent. In fact, he won 70 per cent of the vote in districts where most of the town’s synagogues are located. In Lakewood, where nearly every strain of Orthodox Judaism is represented, “Some of the precinct results are eye-watering,” reports Tablet. There, Kamala Harris got just 11.2 per cent. In one Lakewood precinct, District 27, Trump won all the votes, 366–0, and in another, District 36, he won 560 votes, losing only a single vote.
Trump carried Passaic County, home to a sizable Orthodox Jewish constituency. Jews make up about 25 percent of the county’s population and it has been a Democratic stronghold for decades. Biden took it with 57.5 per cent to Trump’s 41 per cent four years ago. In 2024, Trump won it with 50 per cent to Harris’s 46.5 percent. That’s a 16-point overall swing in Trump’s favor.
Voting data indicates that there was a significant shift among Jewish voters in in the crucial state of Pennsylvania. It was one of the few states without a large Orthodox Jewish population where Trump did especially well with Jewish voters. Harris did win Pennsylvania Jewish voters by seven percentage points, 48-41, according to a survey conducted by the Honan Strategy Group for the Teach Coalition. However, 53 per cent of Jewish voters said they would have pulled the lever for her had Pennsylvania governor Josh Shapiro been her running mate, while support for Trump would have dropped to 38 per cent. Jewish community leaders claimed that Shapiro was subjected to an ugly, antisemitic campaign that led to him being passed over for the slot.
The Miami area is home to over 500,000 Jews. Aventura is one of the community’s bellwethers, and Trump gained 59.7 per cent this year. An almost identical shift happened in the Miami Beach community of Surfside, where Trump took 61 per cent. Bal Harbour, another Jewish enclave, saw Trump gain 72 per cent.
In Palm Beach County, there are about 175,000 Jews out of a population of 1.5 million, or about 12 per cent. Harris won this county by 0.74 per cent, while Biden won it by 13 per cent in 2020. Trump’s vote climbed nearly seven per cent while hers dropped an equal amount off Biden’s number. Almost exactly the same type of shift happened in Broward County, where Biden got 64 per cent in 2020; the vote shifted 14 per cent toward Trump this year. Jews make up about 10 per cent of the Broward population.
In Los Angeles, where 560,000 Jews live, an article by Louis Keene, “How a Jewish Neighbourhood in Liberal Los Angeles Became a Stronghold for Trump,” published December 10 in the Forward newspaper, provides a detailed picture of the Jewish electorate. The political shift in Pico-Robertson, an Orthodox neighborhood in LA’s Westside, reflects voters “with a change of heart and changing demographics.”
Formerly majority Democratic, in 2024 for the first time, parts of Pico-Robertson turned red. Its two largest precincts swung for Trump, who received about 51 per cent of the votes compared to 44 per cent for Harris. Rabbi Elazar Muskin, who leads Young Israel of Century City, one of the oldest and largest synagogues in the neighbourhood, estimated that up to 90 per cent of his congregation voted for Trump, largely because of Israel.
As Yeshivish and Mizrahi Jews — those of Middle Eastern or North African heritage — have established a greater presence in Pico-Robertson, the area has become increasingly defined by a conservative culture and electorate. There is also a booming Persian population, as well as emergent Chabad and other Hasidic Jews.
A poll of Orthodox voters by Nishma Research in September found 93 per cent of Haredi voters supporting Trump; while data on the Persian Jewish community’s politics is harder to come by, community leaders said the numbers are similar.
Elsewhere in LA, the presence of a Chabad house or a synagogue was a reliable predictor of Trump support. For instance, Trump got 40 per cent of the vote in the North Hollywood precinct where Adat Yeshurun Valley Sephardic and Em Habanim Sephardic are located.
Los Angeles in turn mirrors the general trend in the rest of the country. Michigan is home to 116,000 Jews. West Bloomfield, centre of the Detroit-area Jewish community, went 43.7 per cent for Trump. Illinois’ 319,000 Jews live mainly in Chicago. Trump picked up votes in the Far North Side wards where Orthodox Jewish voters live, especially in the 50th Ward, where his vote increased to 46.85 per cent from 33.77 per cent in 2020.
Of course the Republican vote did not just come from the very religious. Trump also clearly gained among those most committed to Jewish identity, regardless of affiliation or observance, who were driven by concerns over left-wing antisemitism after the October 7 massacre.
Over the course of his campaign, Trump repeatedly touted his support for the Jewish state during his first term in office. While courting Jewish voters, Trump reminded Jews about his administration’s work in fostering the Abraham Accords, promising to resume the efforts to strengthen them. Trump also recognized Israel’s sovereignty over the Golan Heights, a strategic region on Israel’s northern border previously controlled by Syria, and he also moved the U.S. embassy in Israel to Jerusalem, recognizing the city as the Jewish state’s capital.
We must lay to rest the nonsense about Trump being antisemitic, lest we are to believe that the more Jewish you are, the more likely it was that you voted for an enemy of the Jewish people. Americans, including Jews, returned the arguably most pro-Israel president since the founding of the modern Jewish state to the White House.
Henry Srebrnik is a professor of political science at the University of Prince Edward Island.
Features
Blockchain’s Potential in Canadian Supply Chains
Blockchain technology has been gaining significant traction in various industries, and one area where it shows great promise is in supply chain management. In Canada, companies are beginning to realize the benefits of adopting blockchain to improve transparency, security, and efficiency in their operations. By providing a decentralized and immutable ledger, blockchain allows supply chain participants to track goods in real time, ensuring authenticity and reducing fraud.
In Canada, industries such as agriculture, manufacturing, and retail are exploring how blockchain can address long-standing issues like inefficiency, data breaches, and lack of transparency. For example, a food producer in Canada could use blockchain to track the journey of its products from the farm to the store, ensuring that consumers receive fresh, safe, and verified products. With blockchain’s ability to provide a secure and transparent record of every step in the supply chain, businesses can reduce costs and enhance trust with consumers.
One of the key challenges in implementing blockchain across various sectors is integrating real-world data with the decentralized network. This is where Chainlink comes in. Chainlink is a decentralized oracle network that enables smart contracts to securely connect with external data sources, APIs, and payment systems. By utilizing Chainlink’s services, Canadian companies can create more reliable and automated processes within their supply chains. For example, real-time data about inventory or product quality can be directly integrated into blockchain applications, further enhancing transparency and reducing errors.
To leverage Chainlink’s capabilities, Canadian businesses can use platforms like MoonPay to buy Chainlink easily and securely. This integration of blockchain technology and payment solutions offers a smooth entry into the world of decentralized networks for Canadian companies looking to innovate.
In conclusion, blockchain has the potential to revolutionize Canadian supply chains by providing a more secure, transparent, and efficient way to track goods and manage processes. With the support of services like Chainlink and platforms such as MoonPay to simplify transactions, businesses can take full advantage of the benefits of blockchain technology, driving growth and innovation across industries.
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