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Albert Wiggin’s Wall Street Fall: Shorting His Own Bank During the Crash
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In this edition of This Week in Wall Street History, host Todd M. Schoenberger revisits one of the financial world’s most notorious scandals. Albert H. Wiggin, once celebrated as a titan of banking, was revealed during the Great Depression to have short-sold 42,000 shares of his own firm, Chase National Bank, even as the bank infused capital to stabilize markets—profiting millions from insider knowledge.
Wiggin’s actions not only tarnished his legacy but directly led to the creation of the “Wiggin Provision,” which prohibited directors from short-selling their own institutions—an early attempt to curb banking abuses. Join us for a gripping look at one of Wall Street’s biggest betrayals, the fallout that followed, and the reforms that changed financial regulation forever.
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