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This biographical novel recounts the extraordinary intuitions of the Italian-American visionary founder of the world’s largest bank, the Bank of America.
Amadeo Peter Giannini was an innovator and humanist, who always put the common good ahead of personal gain. He revolutionized the banking system when he financed the reconstruction of San Francisco after the 1906 earthquake by making micro-loans to hundreds of Italian immigrants lacking collateral. The other banks, which required collateral in order to make a loan, were unable to put the money into circulation.
He was a visionary in the film industry, financing the movie, The Kid, by an unknown and extravagant Charlie Chaplin who was turned down by other banks. It was the first time a loan was granted without interest and repaid from box office revenues. The same happened with Walt Disney for his masterpiece, Snow White. In addition, Giannini realized the potential of the new audio technology developed by two young inventors, Bill Hewlett and David Packard, and financed the industry that the two entrepreneurs began in a garage in Palo Alto.
Another successful project financed by Giannini’s bank was the construction of the Golden Gate Bridge, a daring steel structure designed by Joseph Strauss, an engineer without solid credentials. The loan was granted without interest, with the understanding that it would be repaid from toll revenues. And it did, many times over.
Giannini revealed his acumen as a venture capitalist when he persuaded Henry Kaiser to convert his enterprise from the construction of roads and bridges to ship building. During WWII, with Giannini’s encouragement, the shipyard was able to build 24 ships in record time, which were used to transport the troops to Europe.
After the war, Giannini’s bank contributed $37M to Italy’s reconstruction, one year in advance of the Marshall Plan.
And much more…This book tells it all.
