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Jul 21, 2023 · Updated: February 09, 2024. Around noon on one of the worst days in the history of Wall Street, Charles E. Mitchell hurried up the steps of the House of Morgan, a two-story gray building across from the New York Stock Exchange. It was Oct. 24, 1929, and disaster had struck. When the market opened, stocks plummeted so fast the exchange’s ...
Charles Edwin Mitchell (October 6, 1877 – December 14, 1955) was an American banker whose incautious securities policies facilitated the speculation which led to the Crash of 1929. First National City Bank's (now Citibank ) controversial activities under his leadership were a major contributing factor in the passage of the Glass-Steagall Act .
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Assigned to probe the causes of the 1929 crash, he led what became known as the “Pecora commission,” making front-page news when he called Charles Mitchell, the head of the largest bank in ...
tem in the 1920s and 1930s-in which Mitchell also played a role-and suggest that a more potent source of the Great Depression lies therein. Called by many the greatest bond salesman who ever lived, Charles E. Mitchell was also singled out during the Depression as the man "more responsible than all the others put together for the excesses
Apr 24, 2012 · Film Description. By 1929, Charles Mitchell, President of the National City Bank (which would become Citibank), had popularized the idea of selling stock and high yield bonds directly to smaller ...
Jun 11, 2012 · Extremely successful both as an investment and as a commercial banker, Charles E. Mitchell was identified by contemporaries as the epitome of the unscrupulous “money changers” whose speculative dealings they felt played a major role in the Crash of 1929 and the ensuing economic collapse. This portrayal has been echoed and elaborated by ...
Mar 6, 2020 · Disregarding the volatility of the stock market, they invested their entire life savings. Others bought stocks on credit (margin). When the stock market took a dive on Black Tuesday, October 29, 1929, the country was unprepared. The economic devastation caused by the Stock Market Crash of 1929 was a key factor in the start of the Great Depression.
