• Thought of the Day

    Thought of the Day

    2000: I know of nothing more despicable and pathetic than a man who devotes all the waking hours of the day to making money for moneys sake.

    –John D. Rockefeller, in Ron Chernow, Titan: The Life of John D. Rockefeller, Sr. (New York: Random House, 1998), p. 122.

Today in Financial History

1988: The savings-and-loan crisis worsens as Financial Corp. of America, parent of the country's second-largest savings & loan company, files for Chapter 11 bankruptcy protection. And the Federal Home Loan Bank Board, which oversees the floundering thrift industry, announces that it will merge five more failed savings & loans today-for a total of 49 bailouts since August 18, at a cost of $11 billion.

The Wall Street Journal, September 12, 1988, p. A3.

1789: Alexander Hamilton is nominated, confirmed and sworn in as the nation's first Secretary of the Treasury.

Ron Chernow, Alexander Hamilton (New York: Penguin, 2004), p. 288