The Senate Banking and Currency Committee issued its 400-page final report documenting the systematic corruption, fraud, and market manipulation that caused the 1929 Wall Street crash and subsequent Great Depression. The investigation, which began on March 4, 1932 with Senate Resolution 84 and …
Ferdinand PecoraU.S. Senate Committee on Banking and CurrencySenator Duncan Fletcherfinancial-regulationcorporate-accountabilitycongressional-oversightinstitutional-integrity
J.P. Morgan Jr., head of the most powerful banking house in America, testified before the Pecora Commission in hearings that riveted the nation. The New York Times headline on May 24, 1933 blared: “Morgan Paid No Income Tax for 1931 or 1932.” Morgan admitted under oath that he and his …
J.P. Morgan Jr.J.P. Morgan and CompanyFerdinand PecoraU.S. Senate Committee on Banking and CurrencyCalvin Coolidge+1 morefinancial-regulationinsider-tradingcorporate-accountabilitytax-evasionpolitical-corruption
The Pecora Commission revealed that Albert Wiggin, chairman of Chase National Bank, had secretly profited from his bank’s collapse during the 1929 crash. Beginning in September 1929, even as Wiggin publicly committed Chase’s funds to investment pools intended to stabilize the falling …
Albert H. WigginChase National BankFerdinand PecoraU.S. Senate Committee on Banking and Currencyfinancial-regulationinsider-tradingcorporate-accountabilitytax-evasionbanking-fraud
Charles E. Mitchell, chairman of National City Bank (predecessor to Citigroup), began testimony before the Senate Banking Committee’s Pecora investigation after receiving a subpoena on January 24, 1933. Under Ferdinand Pecora’s meticulous questioning, Mitchell confessed that his 1929 …
Charles E. MitchellNational City BankNational City CompanyFerdinand PecoraU.S. Senate Committee on Banking and Currencyfinancial-regulationcorporate-accountabilitytax-evasionbanking-fraudcongressional-oversight
Republican Senator Peter Norbeck appointed Ferdinand Pecora, a former New York deputy district attorney, as the fourth chief counsel to the Senate Banking and Currency Committee’s investigation into the Wall Street crash. Pecora, son of Italian immigrants who grew up in Hell’s Kitchen, …
Ferdinand PecoraSenator Peter NorbeckSenator Duncan FletcherU.S. Senate Committee on Banking and Currencyfinancial-regulationcorporate-accountabilitycongressional-oversightinstitutional-integrity
The U.S. Senate passed Senate Resolution 84, authorizing the Committee on Banking and Currency to investigate “practices with respect to the buying and selling and the borrowing and lending” of stocks and securities following the 1929 Wall Street crash. The investigation, chaired …
U.S. Senate Committee on Banking and CurrencySenator Peter NorbeckSenator Duncan Fletcherfinancial-regulationcorporate-accountabilitycongressional-oversightgreat-depression