Paul Warburg was born in Germany in 1868. The son of Moses Warburg and brother of Felix Warburg (1871-1937) of M. M. Warburg & Co of Hamburg, moved to the United States, where he became a partner of Kuhn, Loeb and Co, where he joined Otto Kahn and Jacob Schiff. Warburg, a member of the Democratic Party, was a member of Brains Trust that advised Franklin D. Roosevelt when he was governor of New York. Warburg died in 1932.