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During the Civil War, banking houses were syndicated to meet the federal government's need for money to fund its war efforts. Jay Cooke launched the first mass securities selling operation in U.S. history employing thousands of salesmen to float what ultimately amounted to $830 million worth of government bonds to a wide group of investors. [4]
These banks could issue bank notes against specie (gold and silver coins) and the states regulated the reserve requirements, interest rates for loans and deposits, the necessary capital ratio etc. Free banking spread rapidly to other states, and from 1840 to 1863 all banking business was done by state-chartered institutions.
The investment banking industry, including boutique investment banks, have come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolistic behavior, taking both sides in transactions, and more. [50] Investment banking has also been criticized for its opacity. [51]
The Federal Reserve is the central bank of the United States. The central banking system of the United States, called the Federal Reserve system, was created in 1913 by the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907.
Pages in category "Investment banking" ... Interest Rate Commission Agent Banking System; Investment bank; History of investment banking in the United States; L.
The company agreed to be acquired by Bank of America on September 14, 2008, at the height of the Financial crisis of 2007–2008, the same weekend that Lehman Brothers was allowed to fail. The acquisition was completed in January 2009 [2] and Merrill Lynch & Co., Inc. was merged into Bank of America Corporation in October 2013.
Pages in category "History of banking in the United States" The following 24 pages are in this category, out of 24 total. This list may not reflect recent changes .
J. & W. Seligman & Co., founded in 1864, was a prominent U.S. investment bank from the 1860s to the 1920s, until the divestiture of its investment banking arm in the aftermath of the Glass–Steagall Act. The firm was involved in the financing of several major U.S. railroads in the 1870s and the construction of the Panama Canal in the early 1900s.