By Robert Wright, Richard Sylla, Charles Royce
In this detailed, well-illustrated publication, readers learn the way fifty monetary firms got here to dominate the U.S. banking process and their influence at the nation's political, social, and financial development. a narrative that spans greater than centuries of conflict, hindrance, and chance, this account reminds readers that American banking was once by no means a hard and fast firm yet has developed in tandem with the country.
More than 225 years have handed considering that Alexander Hamilton created one of many nation's first advertisement banks. over the years, those associations have replaced fingers, names, and destinations, reflecting a wave of mergers, acquisitions, and different restructuring efforts that echo adjustments in American finance. a few names, resembling financial institution of the United States and Wells Fargo, could be established to readers. The origins of others, together with Zions Bancorporation, based via Brigham younger and owned by way of the Mormon Church until eventually 1960, are brilliant. Exploring why a few banks failed and others thrived, this ebook wonders, in gentle of the 2008 monetary concern, even if fresh consolidations have reached or maybe surpassed economically rational limits. A key textual content for navigating the advanced terrain of yank finance, this quantity attracts a desirable genealogy for projecting the monetary way forward for a nation.
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Extra resources for Genealogy of American finance
First Federal Savings and Loan Assoc. Bank of America Utah National Assoc. Bank of America Alaska National Assoc. April 3, 1990 – Present January 1, 1928 – April 27, 1990 January 1, 1916 – July 23, 1999 July 1, 1970 – January 1, 1997 Bank of America Community Development Bank MBNA America Delaware National Assoc. Bankamerica National Trust Co.
The US government had seized control of American International Group (AIG), one the world’s largest insurance companies. AIG became symbolic of the ﬁnancial crisis — incredible amounts of risk-taking without proper controls, a staggering $182 billion government bailout and corporate bonuses that led to public outrage and protest. Yet under the leadership of Robert Benmosche, who took the helm in August 2009, the ﬁrm not only paid back the $182 billion but returned another $22 billion to the government as well.
Testimony of Edward M. ” In The AIG Debacle: Global Impact and the Need for Government Intervention, edited by Peter A. Wayland, 27–53. New York: Nova Science Publishers, 2010. McLean, Bethany and Joe Nocera. All The Devils Are Here: The Hidden History of the Financial Crisis. New York: Penguin, 2010, 69–81, 187–203. Spencer, Andrew. Tower of Thieves: AIG. New York: Brick Tower Press, 2009. Walden, Gene. The 100 Best Stocks to Own in America 5th ed. Chicago: Dearborn Financial Publishing, 1998, 309–311.