Geoffrey Williams has done a study of the Fraud in the Development of Victorian British Banking. I came across it while doing some research into the failure of the City of Glasgow Bank in 1878.

Two comments were particularly interesting:

"In the first 20 years of the Victorian era, 1837 to 1857, there were more than a half-dozen large-scale bank failures due to fraud in England, as well as a number of others in Ireland and Scotland, not to mention fraud-induced failures of smaller banks."

"Fraud at the high levels of financial institution management appears to have been a major issue across the period, with serious consequences for shareholders, depositors and the general public. The early years of joint stock banking were particularly problematic, with particular problems during the boom years of the 1850, and in the Lancashire region."

Lancashire was the Jiangsu and Zhejiang of its day. Those of you who understand what is going on now in the world of large credits and debits can tell us whether our time is seeing a variation on a 19th century theme.





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