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IPFS News Link • American History

Why Bernie's Right About Glass-Steagall

• arclein

The first instance occurred in the 1920s when Charles "Sunshine" Mitchell became president of what was then National City Bank. The bank was the largest in the U.S. and its securities affiliate, under his aggressive management, had also become the country's largest investment operation, with sixty-nine sales offices in fifty-eight cities. Much of National City Bank's growth, however, was at the expense of its growing clientele of unwary investors, who became victims of shoddy securities offerings the bank originated and, most famously, the notorious investment pools the bank sponsored in the Roaring Twenties.