By Jerry W. Markham
This finished monetary background of the USA makes a speciality of the expansion and enlargement of banking, securities and coverage because the colonial interval. The publication breaks down into classes of frenzied hypothesis, quiet development, panics and livid enlargement.
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Extra resources for A Financial History of the United States (3-volume set) (1970-2001) From the Age of Derivatives to the New Millenium
Some $800 million was withdrawn from the bank in less than four days. The Comptroller of the Currency then persuaded the New York Clearing House banks to set up a loan arrangement of $600 million in order to keep the Franklin National Bank afloat. 7 billion from the federal government. A large amount of the funds in the Franklin National Bank were foreign funds or funds held abroad that were not insured. The FDIC and the Federal 20 FINANCIAL TURMOIL Reserve Board kept Franklin National afloat long enough to allow those depositors to withdraw their funds.
There was also some doubt whether such payments were illegal under American law because there was no express prohibition against bribing foreign officials. The SEC created a voluntary disclosure program as an alternative to the litigation of the legality of these “questionable” payments. This allowed corporations to confess their sins and avoid an SEC enforcement action. The firms making 24 FINANCIAL TURMOIL confession were required to conduct an internal investigation to determine the extent of such practices and to take steps to prevent such conduct in the future.
F. F. ” Brokerage firms began offering shareholders an opportunity to build their investment accounts through small investment programs and by dividend reinvestments. Merrill Lynch used a “Sharebuilder Program,” which was quite popular. Merrill Lynch then employed 20,000 individuals and had almost 250 offices. , which had been hurt badly by the stock market crash of 1929, had recovered and was in the top ten largest firms on Wall Street in the 1970s. F. ; and Shearson, Hayden, Stone. Investment banking was a lucrative business.