Key West Lou / AMADEO GIANNINI…..PEOPLE’S BANKER
A major whoring class in America today are bankers.
A perfect example. The banks caused the 2008 recession. Were in not for the government bailing them out with taxpayer dollars, the banks would have gone under.
The banks saved, they then turned around and screwed their customers royally. Especially homeowners whose mortgages the banks held. Millions of Americans were forced into foreclosure and lost their homes.
Bankers have always been considered bad guys. Recall Jesus throwing the money lenders out of the temple. Their reputations have not improved one iota in the centuries since.
There was a banker who extended a helping hand to his customers without the customary bullshit that accompanies borrowing money. Years ago and even today. His name, Amadeo Giannini.
In 1904, Giannini opened the Bank of Italy in San Francisco. The Bank of Italy developed into the Bank of America. Prior thereto, Giannini had been in the produce business. He sold out in 1892 at the age of 31 and retired.
Italian immigrants at the turn of the century were greatly discriminated against. Banks refused to do business with them.
Giannini was one of the first bankers to offer banking services to middle class Italian-Americans. Note, middle class. Prior to that time, banks only did business with upper class persons.
Giannini was upset Italian immigrants were not able to bank. Such led to his opening the Bank of Italy in San Francisco.The Bank was opened in a converted saloon. He made it known that the bank was for the “little fellow.”
It was the bank for hardworking immigrants that other banks would not serve. He offered savings accounts and loans.
His customers had no accountants or paperwork. Giannini judged them by their “character,” not “wealth.”
Deposits the first year totaled $8,780. The next year, $700,000, $13.5 million in 2002 dollars.
In 1906, disaster struck San Francisco. The earthquake and resultant fires leveled most of the city.
Giannini set up a temporary bank. He collected deposits, made loans, and proclaimed San Francisco would rise from the ashes.
His bank began operations literally in the street. From a plank set on 2 barrels. Giannini made loans on a handshake to those interested in rebuilding. In later years, Giannini was proud to report that everyone of those loans was paid.
Prior to the earthquake and fire, money was kept in vaults. When the vaults were opened, the heat would destroy the cash. The heat was that intense when a vault door was reopened.
The banks were reluctant to open the vaults. Many vaults remained closed for weeks and banks were unable to do business.
Giannini anticipated the danger. He emptied his vaults immediately, thereby avoiding the danger.
The money was moved to his home in San Mateo 18 miles away.
Giannini had a concern that thieves might steal the money while in transit. He came up with a plan. He moved the money in a garbage wagon. The money was hidden beneath the garbage.
While others could not make loans or do any kind of banking, Giannini was ready on the go. He was one of the few bankers who had cash. He was easily able to provide for withdrawals and making loans.
Giannini banking types no longer exist. Today’s bankers prefer doing business wit the very rich, make it difficult for the middle class to borrow, and care not for those in the lower economic strata.
Staying with banks for a moment.
HSBC is Europe’s largest bank.
This is going to be hard to believe. Its net profit for the second quarter of this year plummeted 96 percent. The net profit was $192 million. The net profit second quarter last year was $4.37 billion.
HSBC attributes its bad times to coronavirus and lower interest rates.
My heart bleeds for HSBC. Welcome to the world of difficult times!
Deutsche Bank. A huge banking enterprise. Suspected of being Putin’s bank and one that has been doing business with Trump and Kushner. Deutsche is/has been Trump and Kushner’s “personal banker.”
Deutsche has a major internal investigation underway.
The personal banker involved is Rosemary Vrablic. The investment “Bergel 715.” Two of her co-workers are claimed to be involved also.
Facts still murky. Appears Vrablic purchased a $1.5 million Manhattan apartment from Bergel. Kushner held an ownership interest in Bergel at the time.
During the time frame being investigated, Deutsche through Vrablic allegedly made $190 million in loans to Trump and Kushner.
Bankruptcies of old time businesses continue.
Men’s Warehouse and Joseph A. Banks’ parent company is Tailored Brands Inc. Tailored Brands filed for bankruptcy.
The result of the coronavirus pandemic.
Sales for both entities were down 60 percent the first quarter of this year.
Lord and Taylor filed for bankruptcy. Lord and Taylor the oldest department store in the U.S.
I loved Lord and Taylor! It was one of my places to visit while in New York City. The store had the best and largest collection of wing back chairs.
Day 145 of my self-quarantine. I’m doing ok. Gets rocky on occasion. Thank God for my writing and researching. Keeps me occupied.
Trump is screwing around with the Post Office. In so doing, he is screwing around with my vote and yours come November.
It is offensive that he would carry the mail in ballot situation this far. The man is no good!
Trump is also considering banning the media from the Republican Convention.
Hackley’s poor baby. Matilda’s milk and the baby not working well together.
Medicines and 3 goats have not helped. Mrs. Hews may be.
In William’s diary entry for this day 1855, he writes, “Yesterday sent the baby to Mrs. Hews four times, she is getting better.”
Enjoy your day!