“If I were to put any of our 17,000 depositors behind my desk to pass on the type of security (that) borrowers offer these days they wouldn’t make the loans. Then why should I? I haven’t been making much money lately, but I’ve been playing a lot of golf.”
The Chicago History Journal blog looks at John Milton* Nichols, president of the First National Bank of Englewood (“Home of the Manganese Steel Safe Deposit Vaults”) who maintained 100% liquidity in order to guarantee his customers’ investments, fought Roosevelt over the FDIC, and… played lots of golf.
* The era of naming kids [normal first name] [middle name that turns the first and middle names into a reference to a great historical figure] [last name] was a great one.