Historical Events tagged with "insolvency"
Turns out history loves a label—battles, breakthroughs, and the occasional disaster, all neatly tagged for your browsing pleasure. Because sometimes you just need every weird invention in one place.
Economics & Industry
Franklin National Bank collapses due to fraud
October 8th, 1974 50 years ago
Franklin National Bank in New York, once the largest bank failure in U.S. history, collapsed primarily due to fraudulent activities and mismanagement. The bank, founded in 1927, faced issues arising from speculative investments and questionable transactions. On October 7, 1974, the New York State Superintendent of Banks declared it insolvent, leading to its closure and a significant financial fallout for depositors and the banking sector. The aftermath heightened scrutiny of banking practices and regulations.
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