was born on this date in 1870. Giannini was one of Time’s 20 most influential builders and titans of the 20th century. Daniel Kadlec wrote the story:
Like a lot of folks in the San Francisco area, Amadeo Peter Giannini was thrown from his bed in the wee hours of April 18, 1906, when the Great Quake shook parts of the city to rubble. He hurriedly dressed and hitched a team of horses to a borrowed produce wagon and headed into town–to the Bank of Italy, which he had founded two years earlier. Sifting through the ruins, he discreetly loaded $2 million in gold, coins and securities onto the wagon bed, covered the bank’s resources with a layer of vegetables and headed home.
In the days after the disaster, the man known as A.P. broke ranks with his fellow bankers, many of whom wanted area banks to remain shut to sort out the damage. Giannini quickly set up shop on the docks near San Francisco’s North Beach. With a wooden plank straddling two barrels for a desk, he began to extend credit “on a face and a signature” to small businesses and individuals in need of money to rebuild their lives. His actions spurred the city’s redevelopment.
That would have been legacy enough for most people. But Giannini’s mark extends far beyond San Francisco, where his dogged determination and unusual focus on “the little people” helped build what was at his death the largest bank in the country, Bank of America, with assets of $5 billion. (It’s now No. 2, with assets of $572 billion, behind Citigroup’s $751 billion.)
Most bank customers today take for granted the things Giannini pioneered, including home mortgages, auto loans and other installment credit. Heck, most of us take banks for granted. But they didn’t exist, at least not for working stiffs, until Giannini came along.
…Giannini also made a career out of lending to out-of-favor industries. He helped the California wine industry get started, then bankrolled Hollywood at a time when the movie industry was anything but proven. In 1923 he created a motion-picture loan division and helped Mary Pickford, Charlie Chaplin, Douglas Fairbanks and D.W. Griffith start United Artists. When Walt Disney ran $2 million over budget on Snow White, Giannini stepped in with a loan.
…When Giannini died at age 79, his estate was worth less than $500,000. It was purely by choice. He could have been a billionaire but disdained great wealth, believing it would make him lose touch with the people he wanted to serve. For years he accepted virtually no pay, and upon being granted a surprise $1.5 million bonus one year promptly gave it all to the University of California. “Money itch is a bad thing,” he once said. “I never had that trouble.”