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December 4, 2011
Bank of America?
Do Europeans understand that we don't really protect the term "America" with the same viggor we do "Kleenex" or "Pepsi?"
That is to say, it does look pretty fucked up when the Bank of America is having trouble. It puts so many Western countries in doubt. Seriously, the US country that decided they could adopt that somewhat over-large delineator as part of their name should have been stopped by someone.
Maybe it's not too late.
The history of Bank of America dates back to 1904, when Amadeo Giannini
founded the Bank of Italy in San Francisco in an effort to cater to
immigrants denied service by other banks. Giannini was raised by the
Fava/Stanghellini family, as his father was shot while trying to collect
on a $10.00 debt. When the 1906 San Francisco
earthquake struck, Giannini was able to scavenge all deposits out of the
bank building and away from the fires. Because San Francisco's banks
were in smoldering ruins and unable to open their vaults, Giannini was
able to use the rescued funds to commence lending within a few days of
the disaster. From a makeshift desk consisting of a few planks over two
barrels, he lent money to anyone who was willing to rebuild. Later in
life, he took great pride in the fact that all of these loans were
In 1922, Giannini established Bank of America and Italy in Italy by buying Banca dell'Italia Meridionale, the latter established in 1918.
On March 7, 1927, Giannini consolidated his Bank of Italy (101 branches) with the newly formed Liberty Bank of America (175 branches). The result was the Bank of Italy National Trust & Savings Association with capital of $30 Billion, and resources of $115 Billion.
In 1928, A. P. Giannini merged with Bank of America, Los Angeles and consolidated it with his other bank holdings to create what would become the largest banking institution in the country. He renamed the Bank of Italy on November 3, 1930, calling it Bank of America. The resulting company was headed by Giannini with Orra E. Monnette serving as co-Chair.
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