An institution whose whole purpose had been to safeguard the money of the country’s poorest ended up destroying it.
Author John Steele Gordon
It had been a near-run thing but the Panic of 1907 subsided—and the crisis had one positive outcome.
Having devoted his entire adult life to accumulating one of the great fortunes of the age—while spending as little as possible in the process—George Peabody spent his last decade giving it away.
When we think of Gilded Age bankers, we tend to think of top-hatted men with names like Morgan, Stillman and Peabody. But there is one conspicuous exception: Amadeo Peter Giannini.
By greatly facilitating transactions, William Boyle’s credit card helped the global economy to grow, and benefited bankers, merchants and customers alike.