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A bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly or through capital markets. A bank connects customers with capital deficits to customers with capital surpluses. Due to their critical status within the financial system and the economy generally, banks are highly regulated in most countries. Most banks operate under a system known as fractional reserve banking where they hold only a small reserve of the funds deposited and lend out the rest for profit. They are generally subject to minimum capital requirements which are based on an international set of capital standards, known as the Basel Accords
The oldest bank still in existence is Monte dei Paschi di Siena, headquartered in Siena, Italy, which has been operating continuously since 1472
Segna di Bonaventura, also known as Segna de Bonaventura, and as Segna di Buonaventura, was an Italian painter of the Sienese School. He was active from about 1298 to 1331. In 1306 he painted a panel for the office of the Biccherna in the Palazzo Pubblico in Siena. In 1317 he painted an altar panel for the convent of Lecceto (near Siena). In 1319 he repaired a figure of the Virgin in the Palazzo Pubblico. In 1321 he painted a panel for the Palazzo Pubblico. Segna di Bonaventura’s sons Niccolò di Segna and Francesco di Segna di Bonaventura were also painter of the Sienese School.
Like Duccio, Segna di Bonaventura’s paintings are characterized by graceful curvilinear rhythms and subtle blends of colors. The Alte Pinakothek (Munich), the Honolulu Academy of Arts, the Metropolitan Museum of Art, the Minneapolis Institute of Arts, the North Carolina Museum of Art, and the Pinacoteca Nazionale di Siena are among the public collections having paintings by Segna di Bonaventura.
The heritage of the House of Morgan traces its roots to the partnership of Drexel, Morgan & Co., which in 1895 was renamed J.P. Morgan & Co. (see also: J. Pierpont Morgan). Arguably the most influential financial institution of its era, J.P. Morgan & Co. financed the formation of the United States Steel Corporation, which took over the business of Andrew Carnegie and others and was the world's first billion-dollar corporation. In 1895, J.P. Morgan & Co. supplied the United States government with $62 million in gold to float a bond issue and restore the treasury surplus of $100 million. In 1892, the company began to finance the New York, New Haven and Hartford Railroad and led it through a series of acquisitions that made it the dominant railroad transporter in New England. Although his name was big, Morgan owned only 19% of Morgan assets. The rest was owned by the Rothschild family following a series of bailouts and rescues attributed by some to Morgan's stubborn will and seemingly "non-existent" investment savvy.
Built in 1914, 23 Wall Street was known as the "House of Morgan", and for decades the bank's headquarters was the most important address in American finance. At noon, on September 16, 1920, a terrorist bomb exploded in front of the bank, injuring 400 and killing 38. Shortly before the bomb went off, a warning note was placed in a mailbox at the corner of Cedar Street and Broadway. The warning read: "Remember we will not tolerate any longer. Free the political prisoners or it will be sure death for all of you. American Anarchists Fighters." While there are many hypotheses regarding who was behind the bombing and why they did it, after 20 years of investigation the FBI rendered the case inactive without ever finding the perpetrators
In August 1914, Henry P. Davison, a Morgan partner, traveled to the UK and made a deal with the Bank of England to make J.P. Morgan & Co. the monopoly underwriter of war bonds for the UK and France. The Bank of England became a "fiscal agent" of J.P. Morgan & Co., and vice-versa. The company also invested in the suppliers of war equipment to Britain and France. Thus, the company profited from the financing and purchasing activities of the two European governments.
Attack At noon, a horse-drawn wagon passed by lunchtime crowds on Wall Street in New York City and stopped across the street from the headquarters of the J.P. Morgan bank at 23 Wall Street, on the Financial District's busiest corner. Inside, 100 pounds (45 kg) of dynamite with 500 pounds (230 kg) of heavy, cast-iron sash weights exploded in a timer-set detonation, sending the slugs tearing through the air. The horse and wagon were blasted into small fragments, but the driver was believed to have left the vehicle and escaped. The 38 victims, most of whom died within moments of the blast, were mostly young people who worked as messengers, stenographers, clerks and brokers. Many of the wounded suffered severe injuries. The bomb caused more than $2 million in property damage ($23 million inflation adjusted) and destroyed most of the interior spaces of the Morgan building
The Justice Department's Bureau of Investigation (BOI) did not immediately conclude that the bomb was an act of terrorism. Investigators were puzzled by the number of innocent people killed and the lack of a specific target, other than buildings that suffered relatively superficial, non-structural damage. Exploring the possibility of an accident, police contacted businesses that sold and transported explosives. By 3:30 p.m., the board of governors of the New York Stock Exchange had met and decided to open for business the next day. Crews cleaned up the area overnight to allow for normal business operations the next day, but in doing so they destroyed physical evidence that might have helped police investigators solve the crime
E pluribus unum (pronounced /ˈiː ˈplʊərɨbəs ˈuːnəm/; Latin [ˈeː ˈpluːrɪbʊs ˈuːnũː]) — Latin for "Out of many, one" — is a phrase on the Seal of the United States, along with Annuit cœptis and Novus ordo seclorum, and adopted by an Act of Congress in 1782. Never codified by law, E pluribus unum was considered a de facto motto of the United States until 1956 when the United States Congress passed an act (H.J. Resolution 396), adopting "In God We Trust" as the official motto.
The phrase Novus ordo seclorum (Latin for "New Order of the Ages") appears on the reverse of the Great Seal of the United States, first designed in 1782 and printed on the back of the United States one-dollar bill since 1935. The phrase also appears on the coat of arms of the Yale School of Management, Yale University's business school. The phrase is often mistranslated as "New World Order"