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Chase National Bank was formed in 1877 by John Thompson.It was named for former United States Treasury Secretary and Chief Justice Salmon P. Chase,although Chase did not have a connection with the bank.

The Chase National Bank acquired a number of smaller banks through its Chase Securities Corporation throughout the 1920s. Its most significant acquisition though was the Equitable Trust Company of New York in 1930, the largest stockholder of which was John D. Rockefeller Jr. This made it the largest bank in America and indeed the world.

Reader question: In the following passage from Barack Obama’s speech to Congress on February 24, what does “day of reckoning” mean? “Regulations -- regulations were gutted for the sake of a quick profit at the expense of a healthy market. People bought homes they knew they couldn't afford from banks and lenders who pushed those bad loans anyway. And all the while, critical debates and difficult decisions were put off for some other time on some other day. “Well, that day of reckoning has arrived, and the time to take charge of our future is here. “Now is the time to act boldly and wisely, to not only revive this economy, but to build a new foundation for lasting prosperity.”

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