President Hoover thanks the head of Chase Banks for services rendered to the nation

Hoover, Herbert Clark, American politician and 31st President of the USA (1874-1964). Typed letter signed.

€ 650,00

Typed on White House stationery and signed by President Herbert Hoover in the penultimate year of his presidency. His recipient, Albert H. Wiggin (1868-1951), was head of Chase National Bank, one of America's top banks, and as such had been consulted by the Hoover Administration for his suggestions for financially steering the country through the Great Depression. However, when this letter was written, Wiggin was already under investigation by the Pecora Commission, tasked with investigating the circumstances of the Wall Street Crash of 1929. The ensuing report revealed that once the crash began in September, Wiggin had almost immediately begun short-selling his own bank's stock to a Canadian shell company. This was not yet illegal or in any way regulated, but became so under the "Wiggin Provision".

Hint of soiling, but well preserved.