7. The Outlaw Banker
In the lawless environment of the West, some bankers became outlaws in suits. They ran Ponzi schemes, issued worthless notes, or simply vanished with depositors’ savings. The sudden collapse of local banks could devastate entire frontier communities, wiping out life savings overnight. Such betrayals fueled enduring mistrust in Western financial institutions and prompted calls for reform. Learn more about this tumultuous era at Federal Reserve History: Wildcat Banking.
