Charles E. Mitchell
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Charles Edwin Mitchell was elected president of National City Bank (now Citibank) in 1921 and in 1929 was made chairman, a position he held until 1933, when he was arrested and indicted for tax evasion by then Assistant U.S. Attorney Thomas E. Dewey.[1][2] He was found not guilty of all criminal charges, but the government won a million dollar civil settlement against him.
He was also president of National City Company which became largest security issuing entity in the world. Under Mitchell the bank expanded rapidly and by 1930 had 100 branches in 23 countries outside the United States. His salesmen sold millions of shares in the bank totaling $650 million, much of which was lost in the 1929 Crash. In 1933 the Senate Pecora Commission investigated Mitchell for his part in tens of millions dollars in losses, excessive pay, and tax avoidance. In November 1929, U. S. Senator Carter Glass said of him, "Mitchell more than any 50 men is responsible for this stock crash."[3]
[edit] References
- ^ Biographical Dictionary of American Business Leaders, John N. Ingham, Greenwood Press, 1983.
- ^ The Great Crash 1929, John Kenneth Galbraith, Houghton Mifflin, 1954.
- ^ Damnation of Mitchell Time Magazine 1929.
| Preceded by James A. Stillman |
President/Chairman of National City Bank 1921–1929 (President with acting duties as Chairman) 1929-1933 (Chairman) |
Succeeded by James H. Perkins |
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