ABSTRACT
In the fall of 1929, the stock market began to behave in a manner unbecoming to stock markets. The Bank of America, into which the Bank of Italy had been transformed when A. P. Gianini decided to invade southern California, was particularly vulnerable. Its policies had been shaped in the belief of continued expansion. Business conditions did not improve, but the bank slowly began a comeback. The return of Gianini was most important. He had built up a billion dollar institution, and he was the idol of many people. The public knew that the bank had been weakened after his retirement and they believed that it would now revive. The investment bankers were nothing but the cheapest sort of promoters and do not forget that during the 'twenties almost every commercial bank in the country was in the investment business. It is simply ludicrous for that gang to complain about the Securities Act.
