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Author: John Berry McFerrin
Publisher: Vanderbilt University Press
ISBN: 0826504744
Category : History
Languages : en
Pages : 480
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Book Description
This is the fascinating, detailed account of the rise and fall of the largest banking house ever before established in the South, whose financial misfeasance during the prosperous twenties led to its eventual collapse and brought ruin to numerous innocent investors. Caldwell and Company was founded in Nashville in 1917 by Rogers Caldwell, the son of a leading local banker and businessman. Beginning as a small underwriter and distributor of Southern municipal bonds, the firm soon branched out into real estate bonds and industrial securities as well. Control of important banks in Tennessee and Arkansas was acquired; newspapers, and even Nashville's professional baseball team, came under the firm’s ownership. Caldwell and Company was, truly, a pioneer conglomerate. Caldwell and Company also ventured into the realm of politics, supporting certain politicians (notably Colonel Luke Lea) with questionable benefits accruing to the firm, including substantial state deposits in Caldwells Bank of Tennessee. In November 1930 the firm went into receivership. Unethical practices, including overextension in the acquisition of banks, insurance companies, and other business, had already strain Caldwell and Company’s assets. With the 1929 collapse of stock prices. Rogers Caldwell could not meet the company’s obligations, and he began to squeeze all available cash from the various controlled firms. He also negotiated a merger between Caldwell and Company and Banco-Kentucky Company of Louisville—a transaction which must stand as one of the strangest deals in the annals of American business. Even the aforementioned State of Tennessee deposits, which helped float his empire for a while, could not prevent its collapse—a collapse which resulted in a multi-million dollar loss to Tennessee’s Treasury, public hysteria, and clamor for the impeachment of the Governor of Tennessee. Originally Published in 1939, this edition includes a new introduction in which the author comments on the long-run implications of the Caldwell episode and reports the outcome of legal actions, both civil and criminal, still pending at the time the book was first published.
Author: John Berry McFerrin
Publisher: Vanderbilt University Press
ISBN: 0826504744
Category : History
Languages : en
Pages : 480
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Book Description
This is the fascinating, detailed account of the rise and fall of the largest banking house ever before established in the South, whose financial misfeasance during the prosperous twenties led to its eventual collapse and brought ruin to numerous innocent investors. Caldwell and Company was founded in Nashville in 1917 by Rogers Caldwell, the son of a leading local banker and businessman. Beginning as a small underwriter and distributor of Southern municipal bonds, the firm soon branched out into real estate bonds and industrial securities as well. Control of important banks in Tennessee and Arkansas was acquired; newspapers, and even Nashville's professional baseball team, came under the firm’s ownership. Caldwell and Company was, truly, a pioneer conglomerate. Caldwell and Company also ventured into the realm of politics, supporting certain politicians (notably Colonel Luke Lea) with questionable benefits accruing to the firm, including substantial state deposits in Caldwells Bank of Tennessee. In November 1930 the firm went into receivership. Unethical practices, including overextension in the acquisition of banks, insurance companies, and other business, had already strain Caldwell and Company’s assets. With the 1929 collapse of stock prices. Rogers Caldwell could not meet the company’s obligations, and he began to squeeze all available cash from the various controlled firms. He also negotiated a merger between Caldwell and Company and Banco-Kentucky Company of Louisville—a transaction which must stand as one of the strangest deals in the annals of American business. Even the aforementioned State of Tennessee deposits, which helped float his empire for a while, could not prevent its collapse—a collapse which resulted in a multi-million dollar loss to Tennessee’s Treasury, public hysteria, and clamor for the impeachment of the Governor of Tennessee. Originally Published in 1939, this edition includes a new introduction in which the author comments on the long-run implications of the Caldwell episode and reports the outcome of legal actions, both civil and criminal, still pending at the time the book was first published.
Author: Elmus Wicker
Publisher: Cambridge University Press
ISBN: 9780521663465
Category : Business & Economics
Languages : en
Pages : 196
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Book Description
This is the first study of five US banking panics of the Great Depression. Wicker's findings challenge many of the commonly held assumptions about the events of 1930 and 1931, and will be of use to monetary and financial historians and macroeconomists.
Author: Arthur E. Wilmarth Jr
Publisher: Oxford University Press, USA
ISBN: 019026070X
Category : Banking law
Languages : en
Pages : 601
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Book Description
Banks were allowed to enter securities markets and become universal banks during two periods in the past century - the 1920s and the late 1990s. Both times the ensuing unsustainable booms led to destructive busts - the Great Depression of the early 1930s and the Global Financial Crisis of2007-09. Both times, universal banks made high-risk loans and packaged them into securities that were sold as safe investments to poorly-informed investors. Both times, governments were forced to arrange costly bailouts.Congress passed the Glass-Steagall Act of 1933 in response to the Great Depression. The Act broke up universal banks and established a decentralized financial system composed of three separate and independent sectors: banking, securities, and insurance. That system was stable and successful for overfour decades until the big-bank lobby persuaded regulators to open loopholes in Glass-Steagall during the 1980s and convinced Congress to repeal it in 1999.In Taming the Megabanks, Arthur Wilmarth, Jr. argues that we must separate banks from securities markets again to avoid another devastating financial crisis and ensure that our financial system serves Main Street business firms and consumers instead of Wall Street bankers and speculators. Wilmarth'scomprehensive and detailed analysis of the roles played by universal banks in the two worst financial catastrophes of the past century demonstrates that a new Glass-Steagall Act would make our financial system much more stable and less likely to produce boom-and-bust cycles. And giant universalbanks would no longer dominate our financial system or receive enormous subsidies.Congress did not adopt a new Glass-Steagall Act after the Global Financial Crisis. Instead, Congress passed the Dodd-Frank Act. Dodd-Frank's highly technical reforms tried to make banks safer but left the dangerous universal banking system in place. Universal banks continue to pose unacceptablerisks to financial stability and economic and social welfare. They exert far too much influence over our political and regulatory systems because of their immense size and their undeniable "too-big-to-fail" status.Taming the Megabanks forcefully makes the case for a a new Glass-Steagall Act to break up universal banks. A more decentralized and competitive system of independent banks and securities firms would not only provide better service to Main Street businesses and ordinary consumers but also bringstability to a volatile financial system.
Author:
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Category : Drugs
Languages : en
Pages : 448
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Category : Caldwell County (Mo.)
Languages : en
Pages : 1284
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Author: Hubert Horton McAlexander
Publisher: LSU Press
ISBN: 9780807129739
Category : Literary Criticism
Languages : en
Pages : 364
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Book Description
“Splendid. . . . McAlexander’s biography only makes it clearer than ever that Peter Taylor was our last great southern man of letters.”—Chicago Tribune “For those of us to whom Taylor’s writing is among the chief glories of 20th-century American literature, Peter Taylor: A Writer’s Life has much to tell us about how he emerged from what he called ‘the small old world we knew...in Tennessee’ and explored that world with such acuity, clarity, and unsentimental love.”—Jonathan Yardley, Washington Post Book World “McAlexander has done a splendid job of tracing the progression of Taylor’s writing through the circumstances of a surprisingly frenetic life...Anyone interested in the evolution of fiction writing in the last century will be delighted to come upon this volume...fascinating, sometimes amusing, and often heartbreaking.”—New York Times Book Review Hubert H. McAlexander’s accomplished portrait of Peter Taylor (1917–1994) achieves a remarkable intimacy with this central figure in the history of the American short story and one of the greatest southern writers of his time. McAlexander knits together the facts of Taylor’s life in a compelling, seamless account: his deep and distinguished family roots in Tennessee; his close bonds with writers from three generations, including Allen Tate, Robert Lowell, and James Alan McPherson; his establishment of the dysfunctional family as a force in American literature; and his perseverance as a writer, finally rewarded with the Pulitzer Prize at age seventy. Exhaustively researched and engagingly written, Peter Taylor presents a vivid picture of the man, the artist, and his literary milieu.
Author: Joseph Chitty
Publisher:
ISBN:
Category : Negotiable instruments
Languages : en
Pages : 876
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Author: Lowell H. Harrison
Publisher: University Press of Kentucky
ISBN: 0813188016
Category : History
Languages : en
Pages : 602
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Book Description
The Filson Club History Quarterly, first published in 1926, has long enjoyed a reputation as one of the nation's finest regional historical journals. Over the years it has published excellent essays on virtually every aspect of Kentucky history. Gathered together here for the first time are twenty-eight selections, chosen from the first fifty years of the journal's publication. These essays span the range of Kentucky history and culture from frontier criminals to best sellers by Kentucky women writers, and from Indian place names to twentieth century bank failures. Included among the essayists are Thomas D. Clark, J. Winston Coleman, Jr., Robert E. McDowell, Lowell Harrison, Hambleton Tapp, Julia Neal, Allan M. Trout, and many other well-known authorities on Kentucky history. The editors have arranged these essays into five chronological periods, which include the pioneer era, the antebellum years, the Civil War, the late nineteenth century, and the twentieth century. They have carefully chosen essays that provide a topical diversity within each category. Included in this volume are two brief introductory essays sketching the history of The Filson Club and The Filson Club History Quarterly.
Author: Sir John Bayley
Publisher:
ISBN:
Category : Bills of exchange
Languages : en
Pages : 678
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Author: John Bayley
Publisher:
ISBN:
Category :
Languages : en
Pages : 682
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