The Stock Market Crash of 1929 – Part 2: Age of Illusion
Conflicted: A History Podcast
National City's Bond Salesmen
National City Bank sold 15 billion dollars worth of securities in nine years. The bank's offiliate, national city company was a separate paper company wholly owned by the bank and sometimes en sharing down to the last man - yet free to plunge in the market at will because of its nominal status as a non bank. Was it unethical? Absolutely. Was it illegal? Not in the slightest. You cannot wet nurse people from the time they are born until the day they die. They got to wade in and get stuck. And that is the way men are educated and cultivated. In other words, if you were stupid enough to get suckered out of your own money, you had it coming.
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