Franklin National Bank
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Franklin National Bank, based in Franklin Square in Long Island, New York was once the United States' 20th largest bank. On October 8, 1974, it collapsed in obscure circumstances, involving Michele Sindona, renowned Mafia-banker and member of the irregular freemasonic lodge, Propaganda Due. It was at the time the largest bank failure in the history of the country.
[edit] Banking innovations
Under the leadership of Arthur T. Roth, the Franklin National Bank introduced many banking innovations, such as:
- The bank credit card (1952)
- Junior savings accounts (1947)
- The drive up teller window (1950)
- A no-smoking policy on banking floors (1958)
[edit] Collapse
In 1972, Michele Sindona, a banker with close ties to both the Mafia and the irregular Freemasonic lodge, P2, purchased controlling interest in Long Island's Franklin National Bank. On 8 October 1974, the bank was declared insolvent due to mismanagement and fraud, involving losses in foreign currency speculation and poor loan policies[1]. Convicted in 1980 in the U.S., "mysterious Michele" was extradited to Italy. In March 1986, he was poisoned in his cell while serving a life sentence [2] [3].
[edit] External links
- Breaking the Bank Roth Built by George DeWan, Newsday Long Island History Site
