March 1933 Banks ordered to close

"Black Monday on October 19, 1987

 is the name commonly attached to a sudden, severe, and largely unexpected stock market crash that struck the global financial market system. In the United States, the Dow Jones Industrial Average (DJIA) fell exactly 508 points (22.6%), accompanied by crashes in the futures and options markets."


https://en.wikipedia.org/wiki/Black_Monday_(1987)

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"WASHINGTON —  The Treasury Department asked the FBI last fall to investigate allegations that regulators delayed until after Election Day, 1988, their closing of a Colorado savings and loan where President Bush’s son, Neil, was a director, documents show.

An FBI spokesman confirmed on Monday that the agency has been investigating Silverado Banking, Savings & Loan Assn. for more than a year, but he declined to say whether the effort covers charges of pressure to delay Silverado’s closing."

"The Treasury Department’s inspector general, who started the investigation into the savings and loan in June, 1990, referred the matter to the FBI last October, letters obtained under a Freedom of Information Act request show.

The Denver-based financial institution was seized by regulators in December, 1988, and its failure is expected to cost taxpayers about $1 billion."

"In a June, 1990, hearing, a former federal thrift regulator told the House Banking Committee that his superiors in Washington had ordered him in October, 1988, to wait for two months before closing Silverado. 

Kermit Mowbray, former president of the now-defunct Federal Home Loan Bank Board in Topeka, Kan., testified under oath that his bosses ordered the delay despite a recommendation by field supervisors that Silverado be seized in October.


At the time, Neil Bush’s father, then vice president, was making his successful run for the presidency."

"The statements by Mowbray, who was the top S&L; regulator for the four-state region that includes Colorado, led to an investigation by Treasury’s inspector general, Donald E. Kirkendall.


Mowbray later said he did not recall who among his superiors had told him to postpone Silverado’s shutdown.

 Mowbray could not be reached for comment Monday."

https://www.latimes.com/archives/la-xpm-1991-08-06-fi-723-story.html

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 "During the wave of bank closings in March 1933, Governor William H. Murray ordered all banks in the State of Oklahoma to close. 

Champlin refused and continued to operate the bank which was financially sound.

 In response, the governor called out the National Guard. Captain Stephen J. England led eighteen militia men into town to close the bank, earning the First National Bank of Enid the distinction of the only bank ever to be closed by the military in American history"

https://en.wikipedia.org/wiki/H._H._Champlin_House