I am sure JP would be proud to see his legacy coming in to restore confidence — though I doubt the all-night meeting was as dramatic as lining up the Trusts in his library and passing around the subscription pad until it was full, back in '07. I am checking the wire for any gold shipments from London, maybe Tuesday. And the Curb rates still below triple digits last time I looked, so that's a help. Commodity corner still holding up fine, and I've seen no lines at the Knickerbocker. All in all an unchanged week.

James Sogi adds:

The mob should be satisfied with the sacrifice of the Governor and a major brokerage. Just as after Charles Barney went down, they had to stop the carnage somewhere. The Panic of 1907 by Robert F. Bruner and Sean D. Carr is a good recount. See especially page 133 on what happened Monday morning after the brokerage credit crisis was relieved.

Stefan Jovanovich replies:

"The mob"? The Governor was such a pathetic amateur as a criminal that he managed to trigger the most basic surveillance mechanism in the Federal banking system by repeatedly splitting cash transactions to keep them under the $10,000 limit so that they do not require reporting. If he'd had had the gumption to walk into the bank and ask for $50,000 all at once and filled out the form and put the cash in a safe deposit box, no one would have been the wiser.


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