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Banks sometimes need cash overnight to meet regulatory requirements, so they borrow from one another until morning. The rate they pay helps set benchmarks that feed into the cost of loans and credit cards.
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A financial panic sent bankers to Morgan’s library, where he kept them until they agreed on a $25 million bailout for trust companies. The rescue began with a…
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As Nazi Germany moved toward confiscating Jewish property, hiding an account holder’s identity could help protect assets. Switzerland’s 1934 banking law made…
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In the US, businesses turn over qualifying unclaimed balances after a period of inactivity. The state generally holds the property for its owner, who can…
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Under the Suffolk system, country banks kept deposits in Boston so their notes could be redeemed there at face value. Banks outside the arrangement risked…
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The president chooses the Fed’s board, but Congress doesn’t have to approve each interest-rate decision. That leaves monetary policy in the central bank’s…
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Lenders can write rules into a loan that tie executives’ hands: no dividends, no acquisitions, and no certain financial risks while the debt remains unpaid.…
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