December 8, 1936, marked a peculiar day in Washington D.C. as two closed banks, District National and Northeast Savings, began sending out postcards to their depositors, hinting at a massive payout. The move, orchestrated by Controller of the Currency J.F.T. O’Connor, was set to distribute approximately $1.5 million in dividends to those who presented the postcards at designated locations. The announcement, however, raised eyebrows among financial experts, who questioned the legitimacy of the process.
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Key Facts
- State: National
- Category: White Collar Crime
- Era: Historical
- Source: Library of Congress — Chronicling America ↗
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