Origins of "Bank of America"

[shri]

Spotted this on my twitter feed ... figured with all the talk about gold and catastrophic events, this one deserved a thread of its own, just so that it does not get lost.

Giannini began by selling fruits and vegetables from a horse-drawn wagon. But he was made for bigger things. At age 34, he launched a small bank in the Italian neighborhood of North Beach, San Francisco. At the time, big banks lent only to large businesses, handled deposits of the wealthy, and frowned on aggressive advertising.

The novice financier knocked on doors and buttonholed people on the street. He persuaded "unbanked" immigrants that gold and silver coins were safer in vaults than under mattresses. Moreover, the money would earn interest at his "Bank of Italy."

https://www.occ.treas.gov/about/who-...f-america.html

[huja]

They sold the bonds that financed the Golden Gate Bridge. IIRC they merged with NationsBank about 15 years ago and for a short time was called BankAmerica.

[mrgoodkat]

Where do I get myself a horse-drawn wagon in HK?

[shri]

Where do I get myself a horse-drawn wagon in HK?

I think some of the old rickshaws from Star Ferry are still around.

[tf19]

Where do I get myself a horse-drawn wagon in HK?

Get married in Disco Bay

[DimSumBond]

Back in the day barriers of entry were much lower would you say? Nah, what's my excuse?

[shri]

Back in the day barriers of entry were much lower would you say? Nah, what's my excuse?

Back in the day, the cost of entry in this specific situation was probably a handshake and/or your life.