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🔗 United States 🔗 Finance & Investment 🔗 Economics 🔗 Business

The Panic of 1907 – also known as the 1907 Bankers' Panic or Knickerbocker Crisis – was a financial crisis that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% from its peak the previous year. Panic occurred, as this was during a time of economic recession, and there were numerous runs on banks and trust companies. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered bankruptcy. Primary causes of the run included a retraction of market liquidity by a number of New York City banks and a loss of confidence among depositors, exacerbated by unregulated side bets at bucket shops.

The panic was triggered by the failed attempt in October 1907 to corner the market on stock of the United Copper Company. When this bid failed, banks that had lent money to the cornering scheme suffered runs that later spread to affiliated banks and trusts, leading a week later to the downfall of the Knickerbocker Trust Company—New York City's third-largest trust. The collapse of the Knickerbocker spread fear throughout the city's trusts as regional banks withdrew reserves from New York City banks. Panic extended across the nation as vast numbers of people withdrew deposits from their regional banks. It is the 9th largest decline in U.S. stock market history.

The panic might have deepened if not for the intervention of financier J. P. Morgan, who pledged large sums of his own money, and convinced other New York bankers to do the same, to shore up the banking system. This highlighted the impotence of the nation's Independent Treasury system, which managed the nation's money supply yet was unable to inject liquidity back into the market. By November, the financial contagion had largely ended, only to be replaced by a further crisis. This was due to the heavy borrowing of a large brokerage firm that used the stock of Tennessee Coal, Iron and Railroad Company (TC&I) as collateral. Collapse of TC&I's stock price was averted by an emergency takeover by Morgan's U.S. Steel Corporation—a move approved by anti-monopolist president Theodore Roosevelt. The following year, Senator Nelson W. Aldrich, a leading Republican, established and chaired a commission to investigate the crisis and propose future solutions, leading to the creation of the Federal Reserve System.

🔗 Biography 🔗 Aviation 🔗 Aviation/Aviation accident 🔗 Canada 🔗 Finance & Investment 🔗 Aviation/aerospace biography 🔗 Crime and Criminal Biography 🔗 Crime and Criminal Biography/Organized crime

Kenneth Leishman (June 20, 1931 – December 14, 1979), also known as the Flying Bandit or the Gentleman Bandit was a Canadian criminal responsible for multiple robberies between 1957 and 1966. Leishman was the mastermind behind the largest gold theft in Canadian history. This record stood for over 50 years, until it was surpassed by the Toronto Pearson airport heist in 2023. After being caught and arrested by the Royal Canadian Mounted Police (RCMP), Leishman managed to escape twice, before being caught and serving the remainder of his various sentences.

In December 1979, while flying a Mercy Flight to Thunder Bay, Leishman's aircraft crashed about 40 miles (64 km) north of Thunder Bay.

🔗 Internet 🔗 Computing 🔗 Computing/Computer hardware 🔗 Finance & Investment 🔗 Economics 🔗 Law 🔗 Computing/Software 🔗 Computing/Free and open-source software 🔗 Computing/Computer science 🔗 Cryptography 🔗 Cryptography/Computer science 🔗 Numismatics 🔗 Guild of Copy Editors 🔗 Numismatics/Cryptocurrency 🔗 Cryptocurrency 🔗 Open 🔗 Computing/Computer Security

Bitcoin (₿) is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its source code was released as open-source software. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

Bitcoin has been criticized for its use in illegal transactions, its high electricity consumption, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.

🔗 Finance & Investment 🔗 China 🔗 Economics

Zhima Credit (Chinese: 芝麻信用; pinyin: Zhīma Xìnyòng), also known as Sesame Credit, is a private credit scoring and loyalty program system developed by Ant Financial Services Group (AFSG), an affiliate of the Chinese Alibaba Group. It uses data from Alibaba's services to compile its score. Customers receive a score based on a variety of factors based on social media interactions and purchases carried out on Alibaba Group websites or paid for using its affiliate Ant Financial's Alipay mobile wallet. The rewards of having a high score include easier access to loans from Ant Financial and having a more trustworthy profile on e-commerce sites within the Alibaba Group.

🔗 Finance & Investment 🔗 New York City 🔗 Fraternities and Sororities

Kappa Beta Phi (ΚΒΦ) is a secret society with at least one surviving chapter, based on Wall Street in New York City, that is made up of high-ranking financial executives. The purpose of the organization today is largely social and honorific. The current honor society meets once a year at a black-tie dinner to induct new members.

🔗 Companies 🔗 Finance & Investment 🔗 Lists 🔗 Business 🔗 Business/Accounting

This page lists the largest annual and quarterly earnings and losses in corporate history. In general terms the oil and gas industry is the one generating both largest annual and quarterly earnings. In contrast, both the annual and quarterly losses are more distributed across industries.

🔗 Internet 🔗 Computing 🔗 Finance & Investment 🔗 Economics 🔗 Computing/Software 🔗 Computing/Free and open-source software 🔗 Cryptography 🔗 Cryptography/Computer science 🔗 Numismatics 🔗 Numismatics/Cryptocurrency 🔗 Cryptocurrency

Dogecoin ( DOHJ-koyn, code: DOGE, symbol: Ð) is a cryptocurrency featuring a likeness of the Shiba Inu dog from the "Doge" Internet meme as its logo. Introduced as a "joke currency" on 6 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014.

Compared with other cryptocurrencies, Dogecoin had a fast initial coin production schedule: 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Dogecoin had been mined. While there are few mainstream commercial applications, the currency has gained traction as an Internet tipping system, in which social media users grant Dogecoin tips to other users for providing interesting or noteworthy content. Dogecoin is referred to as an altcoin.

🔗 United States 🔗 Finance & Investment

The term 3-6-3 Rule describes how the United States retail banking industry operated from the 1950s to the 1980s. The name 3-6-3 refers to the impression that bankers had a stable, comfortable existence by paying 3 percent interest on deposits, lending money out at 6 percent, and being able to "tee off at the golf course by 3 p.m."

The implication was that the banks were less competitive during that period than in subsequent years due to tight regulations that limited the formation and location of banks as well as restrictions on interest rates that could be charged or paid. As a result, bankers had "power and prestige ... while profits were steady and certain". These regulations were loosened in the 1980s.

Richmond Federal Reserve senior economist John R. Walter argues that, although there is evidence that restrictions on banks before the 1980s did limit the competitiveness of banking markets and thereby granted some banks monopoly power, "the regulatory restrictions probably had a limited effect on competition" during the time in question. Chicago Federal Reserve researchers Robert DeYoung and Tara Rice argue that, "Like most good jokes, the 3-6-3 rule mixes a grain of truth with a highly simplified view of reality."

The rule has been noted positively following the late-2000s financial crisis as a preferable way for banks to operate following the bailout of major banks.

Australia's banking system, which was deregulated in the 1990s in a manner similar to that in the U.S., also came to be characterized in the same way as did the United Kingdom's.

🔗 Finance & Investment 🔗 Economics

In finance, the greater fool theory suggests that one can sometimes make money through the purchase of overvalued assets — items with a purchase price drastically exceeding the intrinsic value — if those assets can later be resold at an even higher price.

In this context, one "fool" might pay for an overpriced asset, on the assumption that he can probably sell it to an even "greater fool" and make a profit. This only works as long as there are new "greater fools" willing to pay higher and higher prices for the asset. Eventually, investors can no longer deny that the price is out of touch with reality, at which point a sell-off can cause the price to drop significantly until it is closer to its fair value.

🔗 United States 🔗 Finance & Investment 🔗 Lists 🔗 Business

This is a list of the largest United States bank failures with respect to total assets under management at the time of the bank failure (banks with $1.0 billion or more in assets are listed here). Assets of the banks listed here are figures provided by the Federal Deposit Insurance Corporation.