Black Money Business Jobs : The rise and fall of a Black banking icon

Clyde C Coger Jr

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The rise and fall of a Black banking icon


What happened: Back then, before the Federal Reserve or the FDIC, Binga and other Chicago bankers paid for memberships in the Chicago Clearinghouse, a cooperative of bankers who provided funds to ensure members had access to liquidity in a crisis.

  • That was Binga's downfall. When the Depression hit, he turned to the Clearinghouse — where he'd paid dues for more than a decade. They didn't even acknowledge he was a member, Hayner said.


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