Banking-Fraud

Pecora Commission Exposes Albert Wiggin's Short Selling of Chase Bank Stock

1933-05-23 00:00:00 +0000 UTC | Importance: 9/10

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. Wiggin Chase National Bank Ferdinand Pecora U.S. Senate Committee on Banking and Currency financial-regulation insider-trading corporate-accountability tax-evasion banking-fraud

Charles Mitchell Testifies Before Pecora Commission, Resigns in Disgrace

1933-02-21 00:00:00 +0000 UTC | Importance: 9/10

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. Mitchell National City Bank National City Company Ferdinand Pecora U.S. Senate Committee on Banking and Currency financial-regulation corporate-accountability tax-evasion banking-fraud congressional-oversight

Panic of 1819 Erupts from Second Bank Speculation and Baltimore Branch Fraud

1819-01-01 00:00:00 +0000 UTC | Importance: 8/10

The United States experiences its first major peacetime financial crisis as the speculative bubble in western land collapses, triggering the Panic of 1819 and a prolonged economic depression. The crisis directly results from the Second Bank of the United States’ reckless lending practices, …

Second Bank of the United States William Jones Langdon Cheves Baltimore branch directors financial-crisis banking-fraud speculation accountability-evasion economic-extraction

Second Bank of the United States Chartered, Immediately Plagued by Speculation and Fraud

1816-04-10 00:00:00 +0000 UTC | Importance: 8/10

Congress charters the Second Bank of the United States as a privately owned institution with a 20-year federal charter, five years after the expiration of the First Bank of the United States. President James Madison, who had opposed the First Bank as unconstitutional in 1791, now supports the Second …

President James Madison U.S. Congress Second Bank of the United States William Jones financial-corruption banking-fraud institutional-capture speculation