Features
New book looks at the fight by law-abiding Jews to rein in the New York Jewish underworld in early 20th century
The Incorruptibles: A True Story of Kingpins, Crime Busters, and the Birth of the American Underworld
Reviewed by BERNIE BELLAN For those readers who can remember the story of “The Untouchables,” the crime-fighting unit led by Elliot Ness, which was established by the Bureau of Prohibition in the US in the 1930s, tales of shoot-outs between courageous crime-fighting “good guys” and villainous underworld bootleggers and other assorted criminals would probably be thought of as something that wouldn’t have its origin in a Jewish-led crime-fighting unit established several years earlier.
But, would you believe that not too many years before the often bloody events that were depicted in “The Untouchables” came to pass there was another organization in New York City – led by Jewish crime fighters at that time, which had a somewhat tacit affiliation with the New York City Police Department, and whose purpose was to wage war on Jewish criminals on New York’s East Side? That organization was known as “The Incorruptibles” and the story how it came to be created is told in a fascinating new book, titled “The Incorruptibles: A True Story of Kingpins, Crime Busters, and the Birth of the American Underworld,” written by a New York crime reporter by the name of Dan Slater.
As someone who has long had a fascination with shady Jewish characters, I’ve come to realize over the years that a rollicking good story of a Jewish mobster, such as the close friendship a former Winnipegger by the name of Al Smiley had with the notorious Bugsy Siegel, about which Martin Zeilig wrote for The Jewish Post & News in March 2017, resonates with readers in ways that stories about more righteous Jews don’t.
While Martin’s story about Al Smiley was by no means the first story we’ve ever had about Jewish mobsters, a quick search of our online archive would lead you to numerous stories about Jewish gangsters and other assorted criminals.
In the summer of 2023 we ran two stories in relatively rapid succession that elicited a higher than usual amount of interest from readers. One was my review of a book called “Jukebox Empire,” about someone by the name of Wilf Rabin, who actually grew up in Morden, Manitoba. The other story was about bootlegger Bill Wolchock, written by Bill Redekopp, and which appeared in our 2023 Rosh Hashanah edition. Later, when I posted that story to our website it received so many views that I’ve returned it to our home page twice since. (You can now read that story if you missed it by reading it here: “Booze, Glorious Booze”
All this serves as a preamble to my review of “The Incorruptibles.” I have to couch what I’m about to write with an admission: As a youngster growing up in a sheltered environment, and attending the Talmud Torah, where all we were ever told about was Jewish “heroes,” and the only villains were Jews who didn’t lead properly observant lives, reading “The Incorruptibles” came as a real shock to my conception of how much Jews could be associated with the most sordid type of criminal activity.
It’s one thing to realize that many Jews were involved with bootlegging – something that has developed an almost romantic connotation over the years through books, movies and television programs, but to learn that in the latter part of the 19th century Jews in New York were in control of that city’s: prostitution (and most prostitutes were Jewish!); drugs (however, with the understanding that drugs, including heroin and cocaine, were legally available in the U.S. until 1907 and could be readily purchased in pharmacies); gambling; and protection rackets – does come as somewhat of a shock to a sheltered Winnipeg Jew.
Dan Slater’s depiction of life in New York City at the turn of the 20th century is unremittingly harrowing. For the first part of the 20th century the lower East Side of New York was the most densely populated area on Earth. Housing conditions were horrible and the hundreds of thousands of new immigrants arriving yearly – beginning in the 1870s, from what was known as the Pale of Settlement in Eastern Europe – fleeing persecution and pogroms, found themselves being shunted into unspeakably barbaric working conditions in lower East Side factories, predominantly garment factories – owned by fellow Jews. (The author actually spends a considerable amount of time explaining how exactly the Pale of Settlement came into being and how sudden and incredibly violent wholesale persecution of hundreds of thousands of Jews could happen almost overnight – with the death of a particular czar, for instance.)
It was amidst this churning cesspool of a city that Jewish criminal activity of all sorts ran rampant. Two images from “The Incorruptibles” in particular haunted me. One was Slater’s explanation how so many young Russian Jewish women – most in their early or mid-teens, and only recently arrived in New York, were forced into prostitution. Many of these young women would go to a dance – looking to find some relief from the slave-like conditions that permeated the factories in which they worked. While at the dance, they would be approached by a young Jewish man who would offer them a drink. These guys, known in the colloquial as “Alphonses,” or, in Yiddish, as “schimchas,” would lace the girls’ drinks with drugs (a common occurrence to this day) and take the girls home, where they would rape them. But – now defiled, the girl could not possibly return to her family home out of shame; thus, tens of thousands of young Jewish women were forced into prostitution.
The other image that haunts me was the widespread practice of “horse poisoning.” Protection rackets have probably been around from time immemorial, but in this particular incarnation, criminals would confront business owners with a choice: Pay for “protection” or see your means of transportation (and remember, this was at a time when a horse-drawn buggy or carriage was the principal means of transportation) poisoned.
(There is actually a photo in “The Incorruptibles” of a horse lying dead on a New York street after it had been poisoned. Apparently it happened on a regular basis to the point where it didn’t draw much attention.)
While the book chronicles one sordid story after another so that the reader can understand just how tough life was on the lower East Side – often with reference to the colourful names of some of the most famous Jewish thugs who terrorized their fellow Jews, such as “Bald Jack Rose” or “Big Jack Zelig” (no relation to Martin Zelig – I checked), the biggest mobster of them all was the legendary Arnold Rothstein.
Rothstein is undoubtedly most famous for reputedly having fixed the 1919 World Series by bribing eight members of the Chicago White Sox, the overwhelming favourite to defeat the Cincinnati Reds, to throw the series. (It has never been proven absolutely conclusively that Rothstein did that, but as “The Incorruptibles” explains, the evidence points overwhelmingly in his direction.)
Rothstein was the kind of gambler who could lose $350,000 in a single night of playing poker – and not worry about it.
Here is an example of Slater’s ability to describe a character, when he sums up Arnold Rothstein: “Picture in one individual a sentimental and tender lover, a genial and humorous companion, a charitable giver, a loyal friend—and—a wholesale drug dealer, a crooked sports fixer, a welching gambler, a stolen securities fence, a rum-ring mastermind, a corrupter of police, a grafter through politics, a gunman, a judge-briber, a jury-tamperer, a blackmailer, a pool shark, a swindler.”
But, up against the villains of “The Incorruptibles,” Slater also depicts the stories of two very talented – and brave, young Jewish men, who were willing to challenge the criminal class: A lawyer by the name of Harry Newburger and Abe Shoenfeld, the son of a well-known New York reformer by the name of Mayer Shoenfeld.
As Slater explains, it was only when members of New York’s largely German-Jewish upper class began to take note of the horrid conditions in which the vast majority of the Eastern European Jews who had recently immigrated to America were living did an impetus to try and change things develop. Two men, Jacob Schiff (who is described as the J.P. Morgan of his day in terms of his vast wealth), and Felix Warburg, together with the rabbi of the leading temple of its day, Rabbi Judah Magnes of Temple Immanu-El, organized a group known as the “Kehilah.”
The Kehilah mandated Newburger and Shoenfeld to do whatever they deemed necessary to begin cleaning up the lower East Side. Of course, given how corrupt New York officials were at the time – under the control of the notorious Tammany Hall, led by “Big Jim Sullivan,” most of the New York City Police Department was also thoroughly under the control of criminals, which made the challenge set out for Newburger and Shoenfeld all the more difficult.
The book describes, sometimes in painful detail, the difficulties faced by the group assembled by Newburger and Shoenfeld, known, naturally, as “The Incorruptibles.” They weren’t above busting heads themselves, it turns out.
Again, one of the more interesting aspects of history to emerge from this book is that men would often switch sides at the drop of a hat – to go from violently attacking one particular group – at the behest of this or that mobster, to attacking the same group they were supposed to be defending the next day.
As has already been noted, the garment trade played a pivotal role in the development of New York City into becoming not only a magnet for immigrants, it also also played a prominent role in New York’s becoming the vast economic powerhouse that it is today. Slater notes that, at one point, 80 percent of all garments produced in the U.S. came from the lower East Side.
As workers began to organize themselves into unions, garment factory owners hired thugs, known as “shtarkers” (strong men) to beat up workers, occasionally to kill union organizers. In time though, the tide began to turn and, as unions gathered strength, the same tactics of violence and intimidation that had been used against workers began to be employed by unions – with workers who dared to cross picket lines (known colloquially as “scabs”) often being on the receiving end of that violence, occasionally ending with them being killed.
Newburger and Shoenfeld were thrust into the midst of this turmoil, trying to bring some peace to the labour disputes. Ironically, Mayer Shoenfeld (Abe’s father) was a longtime advocate for workers’ rights, but he would not talk to his son, who tried to straddle both worlds – of employers and employees.
“The Incorruptibles” describes the many battles fought to rein in the gambling, prostitution, protection rackets, and what became the illegal drug trade that were part and parcel of life on New York’s East Side. As the years went by, the Jewish dominance of the New York underworld gave way to the ascendance of the Italian mob. (Slater also acknowledges the roles that other groups also played in New York criminal activity, including the Irish), but his main focus is on Jewish criminals.
“The Incorruptibles” is a long and detailed book, drawing upon a great many different sources, and at times, the proliferation of names entering the scene can be more than a little confusing. But, for anyone who has an interest in reading something that peels back the layers of a very disturbing aspect of Jewish history that might not fit all that well with the notion of Jewish righteousness, then “The Incorruptibles” might be of interest.
“The Incorruptibles: A True Story of Kingpins, Crime Busters, and the Birth of the American Underworld”
By Dan Slater
432 pages
Published by Little, Brown and Company, 2024
Features
Exchange Rate Factors: What Global Events Mean for Savvy Investors
When Russia invaded Ukraine in 2022, it created ripples in all financial markets, including currency markets. The Euro weakened while the dollar surged and emerging market currencies wobbled. Global factors can quickly affect financial markets and shake established trends. Apart from such rare events, currencies tend to change their price because of interest rates, inflation, and overall investor confidence. For investors managing money abroad, understanding these movements is critical to avoid losses and mitigate risks.
Below, we will break down how global political, economic, and cultural events influence exchange rates, with insights for savvy investors.
Economic factors
There are several key exchange rate factors with a consistent history of shaking financial markets. These factors include inflation, interest rates, trade balances, employment rates, and so on. Since economic factors are shaping markets almost daily, we start with those.
Inflation and interest rates
Inflation and interest rates are closely connected as one can easily affect the other. When inflation rises, central banks step in and raise interest rates to reduce inflation, and when inflation is lower, central banks can lower interest rates to make borrowing money cheaper. As a result, investors closely monitor these two metrics to anticipate changes in interest rates. Higher inflation makes currencies weaker, and whenever banks change the rates, the changes are immediately reflected in global currency rates. In the United States, the Federal Reserve is the central bank that sets interest rates in the country.
Trade balances and economic growth
A country that exports more than it imports has a stronger demand for its currency. More demand equals a stronger currency. However, the Japanese yen was always weaker against the dollar because the BOJ of Japan tends to have super low rates near 0 to support its exporters. Economic growth also increases demand for local currency as more investors try to invest in the country’s economy. Long-term investors often track this data to detect early signs of any changes in currency strength.
Political and geopolitical factors
Elections, sanctions, and overall political stability are also crucial factors. If the country gets under sanctions, its economy crumbles and its currency becomes inflationary, losing its value quickly. Elections are also crucial for a currency’s strength. Geopolitical events can have a serious impact on the currency as well. The most obvious example is the 2016 Brexit events that made GBP lose its value rapidly and violently. Global conflicts, such as wars, can seriously impact global financial assets, especially currency markets. When tensions are high, safe-haven currencies like USD and CHF (Swiss Franc) become very popular among investors as they seek a safe place to protect their capital.
Cultural and social factors
People like tourists, workers, and diaspora communities can shape currencies as well. Tourism usually drives seasonal demand, and countries that are popular destinations during certain seasons experience their currency appreciation as demand spikes. The perception matters as countries seen as safe and opportunity-rich tend to attract more investors, solidifying their currency strength.
Technology and innovation
Technology is seriously affecting everything, especially the financial sector. Digital payment systems, blockchain technology, and fintech startups have made it easy and swift to move money around. Cryptos and stablecoins enable investors to protect their capital using stablecoins during volatile times. The latest trend among banks is to work on CBDCs, which signals a new era where national currencies are blended with technology and blockchain. Despite this, currencies, even in their crypto form, will continue to be influenced by all major factors mentioned above, and knowing how these factors impact your currency is key to keeping your capital safe from risks.
Practical lessons for savvy investors
So, what do all these factors teach us about global currency rates and investing strategies? The key lies in proper preparations and anticipation. Monitoring macro trends, policy announcements, and major geopolitical and political developments is critical.
Diversify
The number one method which is used by professional investors is diversification. This simply means to spread your risks across a basket of assets. By not investing all your capital in one instrument, you can mitigate risks. If one asset experiences a loss, other ones will counter it with returns. Building a diversified portfolio is key to properly diversifying. For example: divide your capital to buy stocks, commodities, currencies, and cryptos so that if one fails to perform, others will counter it. This ensures a stable income without unnecessary losses in the long run.
Hedge
Forex options and ETFs are great hedging assets. Forex options let investors lock in an exchange rate for a future date, which is very useful if you expect volatility but want stability. Currency ETFs, on the other hand, track specific currencies or a basket of currencies and allow easy trading or protection without trading forex directly, but they are still risky.
Monitor the economic calendar
Economic calendar is a free online tool that aggregates important macroeconomic news data such as interest rate decisions, CPI, inflation, employment rates, central bank announcements and speeches, and other crucial information. By monitoring them, investors can always know when important news data will be released, and they can postpone their investment decisions to avoid volatile times and only invest after the main trend is determined.
Features
The Canadian Dollar is on a slow decline. Should you save in euros or US dollars instead?
The Canadian dollar has been losing its value against the dollar this year. For Canadians, this raises a simple question: if your CAD is losing ground, is it better to move savings into euros or U.S. dollars, especially bonds, stocks, or a carry-trade strategy? Carry-trade strategy in this context means to borrow in CAD and invest it in the USA or the EU zone. This is a complex matter, and to understand where the CAD is, how attractive other currencies might be, we need to analyze these currencies more deeply. Below, we will walk you through the data, practical costs, and risks so you can reach a usable conclusion after reading this guide.
Quick snapshot – What the markets say right now
Recently, the Canadian dollar has hit multi-month lows due to weaker oil prices and a post-Fed (U.S. Federal Reserve) market reaction (which raised the rates, making the CAD weaker against the dollar). Canada’s central bank has cut its policy rate to 2.25%, while the Fed’s fund rate remains notably higher at about 3.75-4%. The ECB (European Central Bank) main interest rates are lower than the Fed’s and near the low-to-mid 2% range. While the Euro currency to USD rates remain mostly predictable, due to higher US bond yield rates, the EUR remains stronger, still. The U.S. 10-year Treasuries are around 4.1%, Canada’s 10-year near 3.2%, and Germany’s 10-year around 2.7%, meaning that today the USD-denominated bonds have the highest nominal yield among the three. As a result, the dollar seems much more attractive when it comes to bond yields and stocks.
Bonds – Which currency is the best for fixed income?
The short answer is: USD bonds. When it comes to nominal yield alone, US bonds beat almost all other competitors. U.S. government bond yields (10-year) are noticeably higher than Canadian and German/Eurozone bond yields right now. As a result, US bond buyers have more income potential than Canada and the EU. Euro-area core yields are lower, meaning they are paying less than the USA.
However, nominal yield does not mean it is guaranteed real return, and metrics like inflation, currency rates, and hedging costs can impact potential returns directly. If you buy USD bonds but the dollar falls against the CAD, currency losses will most likely wipe out the higher yield rate. If the Fed lowers its rates, it will make the dollar weaker against the CAD and EUR.
Another challenge is that, if you live and spend in Canada, you are using CAD, and when exchanging it for dollars, you get exposed to foreign currency rate risks, which must not be underestimated.
Stocks – Euro or dollar?
Both the EUR and USD have their advantages. USD has strong liquidity and strong long-term performance, while EUR equities offer valuation opportunities and recent relative strength.
Why USD?
The U.S. market remains the most liquid stock market with strong earnings for many tech and large companies. This makes USD stocks very attractive for long-term-oriented investors. S&P has been rising historically, and even after crashes, it often recovers its value relatively quickly.
Why EUR?
European indexes have performed well this year and in many cases cost less than their U.S. counterparts. While cheaper does not always mean better, these indexes still have some growth potential. Some major banks in the EU zone, together with industries, have recovered strongly with a recent focus on military manufacturing, making many EU stocks very attractive, together with local indexes.
However, here is a caveat: if you are using CAD daily and it loses its value against the euro, the returns from euro holdings might shrink, exposing you to greater currency risks.
Carry-trade analysis – Is it viable to borrow CAD and invest it in USD or EUR?
The basic promise of carry-trade is simple yet powerful: you borrow cheaper currency and invest it in currencies with higher yields. In our case, is it lucrative to borrow in CAD and invest in either EUR or USD? To answer this question, we need to look at numbers. BoC policy rate is 2.25%, Fed funds from 3.75%, U.S 10-yr is 4.1%, Canada 10-yr is 3.2%. If we deduct Canadian rates from the U.S. rates, we get around 1.8% positive before costs. So, in theory, it could be lucrative to invest CAD in USD assets using a carry trade. Since the ECB has around 2%, it is not profitable to use a carry-trade strategy for the euro.
The bottom line
While the CAD has been weakening lately, it is still not cheap enough to naively invest in USD or EUR. However, if you want a pure yield and can tolerate foreign exchange rate risks, USD bonds are more attractive today. When it comes to stocks, USD equities provide stable and liquid markets. If you want valuation potential and diversification, then euro equities have become more attractive this year. When it comes to carry-trade strategies, the USD remains more lucrative than the euro, but on paper, traders and investors should evaluate all the risks and costs before investing in any currency.
In the end, Canadians who have CAD for their daily costs should be careful when trying to get exposure to other markets. US bonds, US stocks, US carry-trade, and EU stocks remain attractive choices for experienced investors.
Features
Why Reading Online Reviews Matters Before Making a Purchase
People usually pause before purchasing to read reviews from other customers. It’s become part of everyday online life, a quick way to see how something really performs before making a decision. According to the Pew Research Center, most internet users read reviews to get a better idea of what they’re buying. The feedback from actual users becomes more reliable than marketing statements because it comes from everyday consumers instead of sales-oriented corporate messages.
Reading reviews also helps spot patterns. If the same comment, good or bad, appears again and again, it usually means there’s truth to it. People now use this collective feedback as their main method to evaluate online products and services for quality and reliability.
When There Are Too Many Options, Reviews Narrow the Field
Shopping online can be overwhelming and a bit of an adventure. There are always more options than anyone needs, hundreds of gadgets, countless household tools, endless entertainment subscriptions. All listings present themselves as excellent value propositions with operational excellence, yet it remains a bit of a challenge when it comes to verifying which ones deliver actual results.
Reviews become useful at this point. Real users provide information about product details, which marketing content fails to show, by sharing their experiences about delivery speed and setup ease and product durability after several months of use. The product details show its operational behavior when used in regular business activities.
Users tend to begin with reviews. For instance, a tech product might have amazing packaging but fall short on battery life or integration. Maybe a new game or casino platform might sound promising, and reviews on trusted choices can confirm whether it includes flexible payment options, a wide content library, and responsive support. When feedback keeps mentioning strong points like clear instructions or helpful customer service, it shows consistency. The product or service delivers its expected results because customers have personally seen its performance.
Reviews Build Faith Through Shared Experience
Reviews gain their strength from the emotional bonds which readers find with each other. Reading about someone else’s experience feels familiar, even if you don’t know them. It’s basic word-of-mouth marketing, like receiving recommendations from a neighbor who has already purchased the item you are considering.
This shared experience has built an informal community of online voices. People rely less on what a brand claims and more on what other users notice. When different reviewers mention similar strengths or small frustrations, it adds authenticity. The story becomes more believable.
Reviews show what other users have experienced, but they do not offer any guidance about what to do. This type of his collective info turns into an important part of how people build trust online. It’s a small thing, but it makes a big difference in how confident we feel about the choices we make.
Balanced Feedback Feels More Honest
A perfect score does not prove that something lacks any imperfections. A combination of positive and less-than-perfect feedback creates a more authentic impression. Small complaints about packaging or delivery delays make glowing reviews sound real. A recent study showed that participants answered honestly instead of trying to make their responses attractive to others.
Most readers know that nothing works flawlessly all the time. People look for reviews which provide both positive and negative aspects because they want to find balanced opinions. Customers can establish realistic purchase expectations through combined information which they can apply before buying. Review systems maintain their value because reviewers maintain honesty in their assessments.
Why Recency and Volume Matter
The best reviews and product ratings are the ones written recently. They reflect how a product or service performs right now, not how it worked a year ago. Things change, materials, delivery services, and even the way companies handle support.
A steady flow of new reviews suggests consistency. When lots of people share their experiences over time, patterns appear. Those patterns tell readers what’s typical, not just what’s possible. It’s the difference between one person’s lucky experience and a reliable average that others can count on.
Quantity matters too. Ten balanced reviews from this month will usually tell more than a single five-star comment from last summer. Together, recency and volume create a clear picture of reliability and quality without relying on assumptions.
Recognising Genuine Reviews
Not every review online is authentic, real, and written by a consumer. Some are written by automated accounts or people hired to post positive comments. Real feedback tends to sound natural and personal. It might mention something specific like the texture of a fabric, how easy the setup was, or whether support staff replied quickly.
Authentic reviews vary in tone and detail. Some are short, others long, some are full of small observations. That mix of styles feels human. On the other hand, copied or fake reviews usually repeat the same phrases or sound overly polished.
Many websites now try to identify and label suspicious posts, but readers can also help by paying attention to repetition, timing, and tone. A quick scan across different platforms usually reveals what’s genuine and what’s not.
Reading Smarter in the Online Marketplace
Reviews have become a solid foundation for how people make decisions online. They give an honest view of how something performs beyond what’s written on the label. Every comment, short or long, adds another piece to the puzzle.
More than that, reviews show how businesses handle problems, how quickly they respond, and whether they follow through on promises. They offer accountability in a world where shoppers and sellers rarely meet face to face.
Reading a handful of reviews won’t guarantee a perfect experience, but it provides helpful context. It shows what’s typical and helps people make choices with more confidence. In an online world full of noise, reviews remain one of the easiest and most reliable ways to learn from others.