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375:, said of Wiggins, "In the entire investigation, it is doubtful if there was another instance of a corporate executive who so thoroughly and successfully used his official and fiduciary position for private profit" (Pecora, p. 161). As a result of all the controversy, the “Wiggin Provision” was promptly named after him which prevented company directors from selling short on their own stocks and making a profit from their own company's demise.
394:, "One of the best counsels on the depression was set forth in an annual report by Albert H. Wiggin, chairman of the board of the Chase National Bank, in January, 1931." In 1949 Wiggin sold his 24 percent interest in American Express, stipulating that it would not be broken up or wind up owned by Chase. Although Wiggin never did anything illegal, he eventually retired under pressure from the bank after 30 plus years of successful banking.
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Wiggin had an integral role in creating commercial and industrial accounts that ultimately gained Chase's revenue. He also invited other important businessmen from other big companies to see if they wanted to become Chase directors. Chase's deposits had an immediate effect as they soared from $ 91
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his personal shares in Chase
National Bank at the same time he was committing his bank's money to buying. He shorted over 42,000 shares, earning him over $ 4 million. His earnings, moreover, were tax-free, since he used a Canadian shell company to buy the stocks. Wiggin was not alone; other
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million at the end of 1910 to $ 2.074 billion twenty years later. Capital and surplus soon followed by increasing from $ 13 million to $ 358 million. The amount of
Shareholders Chase had gone from twenty in 1904; to 2,189 in 1921; to 50,510 in 1929, and even reached 89,000 by 1933.
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1932–33. Wiggin was also the only member of the
Federal Reserve Bank to have a law written precisely against his actions, the “Wiggin Provision”, when Albert was forced to “resign in disgrace after it was revealed that he had been short-selling his own bank’s stock”
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Wiggin went to New York in June 1899 to become vice president of the prestigious
National Park Bank. He also was vice president of two small Manhattan institutions, the Mutual Bank and the Mount Morris Bank. By his early thirties, Wiggin was already a
144:. At the age of twenty-three, he worked his way up towards an assistant for a national bank examiner in Boston. In 1892 he married Jessie Duncan Hayden with whom he had two daughters. In 1894 he became the assistant cashier of the
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in major U.S. corporations at prices above the current market. The action halted the slide that day and returned stability to the market. While the market slide continued on Monday, Wiggin was lauded as a hero for his actions.
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Beginning in 1911, he started assembling a collection of art prints, drawings, watercolors, and books. Among the French, British, and
American works of art on paper that Wiggin acquired were prints by
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Under Albert Wiggin, Chase
National Bank entered a period of rapid growth, spurred by the acquisition of several New York financial institutions and the creation of a
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once described him as "the most colorful and attractive figure in the commercial banking world" of his time. Wiggin was the
Director of privately owned
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Wiggin became an important player on the world financial stage and in 1923 opened a Chase
National Bank representative office in
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as a runner. Eight months later, he worked as a bookkeeper for another Boston bank run by his uncle called the
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as investors in Chase
National Bank. By 1918, Wiggin made Chase the fourth largest bank in the United States.
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by over 100 of the world's most powerful financiers that called upon
European nations to remove their
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of more than fifty major American corporations. He was responsible for bringing in members of the
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investigation into the Wall Street crash was that, beginning in September 1929, Wiggin had begun
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executives in powerful positions had done the same thing. The committee counsel,
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As head of one of America's most important banks, Wiggin was consulted by the
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Albert Wiggin died on May 21, 1951, at the age of 83, at his summer home,
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which began lending directly to governments and businesses throughout
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Wall Street People: True Stories of the Great Barons of Finance
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256:. He gained recognition as one of the up-and-coming in the
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96:(February 21, 1868 – May 21, 1951) was an American
594:"In This '30s Bank Scandal, The Chiefs Were Disgraced"
187:. Other works from his assemblage can be found at the
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567:"Who made money during the 1929 stock market crash?"
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195:. He was made a lifetime member of the board of
467:"Director of Federal Reserve Bank of New York"
227:which gave grants to institutions such as the
260:banking community for his role in organizing
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287:division that made his bank second only to
440:"Wiggin, Albert Henry (1868-1951), banker"
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89:in 1917 in Manhattan at a war bond parade
626:. John Wiley & Sons. pp. 198–.
382:for suggestions on how to deal with the
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495:"When Washington Took On Wall Street"
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362:However, what later came out in the
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231:and the Department of Medicine at
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330:barriers to international trade.
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220:plus he and his wife formed the
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136:in 1885 and went on to work for
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222:Albert H. and Jessie D. Wiggin
623:100 Minds That Made the Market
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146:Third National Bank of Boston
134:English High School of Boston
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291:. In 1917, Wiggin was made
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338:On Black Thursday of the
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350:, vice president of the
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599:The Wall Street Journal
388:Smoot-Hawley Tariff Act
352:New York Stock Exchange
324:round robin declaration
193:Baltimore Museum of Art
189:New York Public Library
138:J.B Moors & Company
119:Medfield, Massachusetts
55:Medfield, Massachusetts
403:Greenwich, Connecticut
268:and in 1911 succeeded
132:Wiggin graduated from
100:. General Electric's
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73:Greenwich, Connecticut
678:at Wikimedia Commons
474:fraser.stlouisfed.org
386:. Wiggin opposed the
380:Hoover Administration
185:Boston Public Library
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229:United Hospital Fund
117:Born in the town of
709:Winthrop W. Aldrich
684:Business positions
676:Albert Henry Wiggin
266:Chase National Bank
233:Columbia University
210:Middlebury, Vermont
153:Henri Fantin-Latour
94:Albert Henry Wiggin
23:Albert Henry Wiggin
653:The New York Times
592:Karen Blumenthal.
526:The New York Times
499:www.vanityfair.com
301:Rockefeller family
297:board of directors
289:National City Bank
250:National Park Bank
206:Middlebury College
127:James Henry Wiggin
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706:Succeeded by
692:A. Barton Hepburn
674:Media related to
633:978-0-470-13951-6
571:The Straight Dope
552:978-0-471-27428-5
364:Pecora Commission
212:, he endowed the
177:Jean-Louis Forain
173:Thomas Rowlandson
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67:(1951-05-21)
65:May 21, 1951
732:1951 deaths
727:1868 births
258:Wall Street
216:Scholarship
85:Wiggin and
721:Categories
703:1917-1930
409:References
320:Free trade
285:securities
224:Foundation
125:minister,
47:1868-02-21
699:Chase CEO
274:president
123:Unitarian
113:Biography
293:Chairman
191:and the
605:Jan 18,
577:Jan 18,
505:Jan 18,
479:Jan 18,
451:Jan 18,
312:England
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356:shares
328:tariff
316:Europe
308:London
98:banker
470:(PDF)
197:MIT's
628:ISBN
607:2023
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547:ISBN
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218:Fund
204:For
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
