In May 1974, Franklin’s foreign-exchange losses led to the first ma...
Citations (1)
- The House of Morgan - An American Banking Dynasty and the whole source · open book
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. When Bankhaus Herstatt, West Germany’s biggest private bank, mysteriously failed in June, it saddled Morgan Guaranty with a $13-million loss.
chapter: 30. Sheiks