Sunday, February 24, 2013

Was Charles Mitchell or Bernard Marcus the cause of crash in 1929?

Was Charles Mitchell or Bernard Marcus the cause of crash in 1929? Maybe or maybe both men had dealing with super attorney at time Max D. Steuer.
The financial troubles that lead to recession ego back to different time,indeed,back to nineteen thirties went crash of 29 cause in part the great depression.The headlines are same,bank overextended,foolish investment built on promise that downturn in economy are obsolete that goods times last forevermore.Oh names are different,now faded by history such names as Charles Mitchell,Bernard Marcus,Carter Glass the Senate Pecora Commission and the Bank of United States are long gone from public psyche but in it's day these names ring a bell of public distrust of our financial system-sounded familiar?
Bernard Marcus was a banker,his father had started up the Bank of United States,which had nothing to do with the American government,but unfortunately many people,particularly recent immigrants,indeed,they thought they hard earn money was safe for it was government bank but it wasn't.Like so many bankers of the day,Marcus speculated and when market was sky high all was right with world,but day reckon come and bank with 59 branches and 440,000 depositors fail,the largest bank failure of it's day.Marcus did go to jail and prosecutor was one Max D. Steuer.
Now  the king of speculation back then was another banker Charles Mitchell who was Chairman of National City Bank(today know as Citibank).Mitchell face wrath of nation,first he faced the angry of chief council Ferinand Pecora of Senate Committee looking to crash,both Pecora and Senator Carter Glass blame Mitchell for clash,indeed,out these hearing the Glass-Steagall come fruition,it lasted until the late nineteen nineties,when government stop being watch dog over and become pussy  cat.
Michell would be indicted by Dewey,however,the one man who beat Dewey in courtroom was Max D. Steuer Mitchell's defence lawyer and Mitchell not only beat rap,but live to see another on Wall Street and regain his fortune and indeed respect.

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