in the panic of 1837, hundreds of american businesses, including the rothschild's american agents, went bankrupt. as a result, belmont postponed his departure to havana and began august belmont &amp; company, believing that he could supplant the recently bankrupt firm, the american agency. august belmont and company was an instant success, and belmont restored health to the rothschild's us interests over the next five years. in 1844, belmont was named the consul-general of austria at new york city. he resigned in 1850 because he thought austria was cruel in the way it treated hungary.