On February 5

On this day in ...
... 1997, Crédit Suisse, the Swiss Bank Corporation, and Union Bank of Switzerland, the 3 largest banks in Switzerland, announced the establishment of a '''humanitarian fund for the victims of the Holocaust,'' with an initial worth of around $70 million." The move marked the 1st offer of banks' own funds, and was, according to this New York Times report, an effort "to head off threats from them and from New York institutions of sanctions against Swiss banks, a pillar of the Swiss economy, that would further harm" reputations "battered" by "Switzerland's close financial relationship with Nazi Germany."

(Prior February 5 posts are here and here.)

On September 2

On this day in ...
... 1969 (40 years ago today), the ATM machine made its American début, "dispensing cash to customers at Chemical Bank in Rockville Center, New York." (photo credit) As a wee child this IntLawGrrl marveled while a relative who worked for a Chicago ad agency tried to describe to very dubious family members his newest account: a machine that made money. At least that's how it sounded to us at the time. Today, of course, the invention is the key to global, 24/7 personal banking; it's liberated workers from bankers' hours and tourists from travelers' cheques. Unlike a certain music festival, no T-shirts have been made to celebrate this 40th birthday. Yet it seems likely that the latter's done more than the former to rock our world.

(Prior September 2 posts are here and here.)

On July 5

On this day in ...
... 1991, all British branches of the Bank of Credit and Commerce International were closed on account of allegations of fraud. Approximately 120,000 patrons, with deposits of £250 million, were affected by the scandal at the bank known as BCCI. Many countries besides Britain were involved; indeed, BCCI's Latin American dealings spurred an investigation in the United States. (photo credit)
... 1962, following years of war, Algeria gained its independence from France.