Tuesday, July 12, 2011

Lords of Finance - On Bankers

There is an interesting parallel on the perception of bankers after 1932 and the one today. As Ahmed puts it "Bankers were now increasingly viewed as crooks and rogues". He then mentions the usual congressional hearings, with some fancy stories that sound familiar:
[The public learned] that Albert Wiggins, president of Chase, had sold the stock of his bank short at the height of the bubble and collected $4million in profits when it collapsed(...) Charles Mitchell, (...) of the National City Bank, had lent $2.4million to bank officers without collateral(...) only 5 percent of which was repaid(...), J.P. Morgan had not paid a cent of income taxes in the three years from 1929 to 1931.

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