In November 1973, Morgan president Walter Hines Page warned friends...
Citations (1)
- The House of Morgan - An American Banking Dynasty and the whole source · open book
In November 1973, Morgan president Walter Hines Page warned friends at Franklin National Bank against excessive foreign-exchange gambling and quietly alerted the New York Fed to the problem. In May 1974, Franklin’s foreign-exchange losses led to the first major bank run since the Depression and the biggest bank failure in U.S. history.
chapter: 30. Sheiks