Honesty in your hands

In April 1906, an earthquake destroyed the city of San Francisco. More than half of the inhabitants lost their homes. In those days, in the midst of the ruins, a group of men wandered through the streets with carts full of money and gold hidden under fruit and vegetables. They were the deposits of the Bank of Italy that its director, the Italian-American Amadeo Peter Giannini and his collaborators were transferring safe from any looting. Shortly after, the bank reopened in Giannini's home with the precious items hidden in the fireplace. The sign said: "Loans as before, even more than before". A line of desperate people immediately formed. Giannini did not ask for guarantees, he gave money by writing down names and numbers on slips of paper. Not only that, he often went out, going to tent cities, to offer loans to the poorest and to immigrants like him. With his attitude he gave hope to his fellow citizens and contributed significantly to the reconstruction of San Francisco.

But who was Amadeo Peter Giannini really? Born in California in 1870 to Italian immigrants, he had the opportunity to study and work in a bank. At about thirty he decided to found the Bank of Italy, because the institute where he had worked before did not grant loans to immigrants, it made money on money transfers and asked for very high interest. He instead lent to everyone, asked for small commissions. For the poorest, the only guarantee required was honesty: honesty that he knew how to recognize in the calluses on his hands, a sign of dedication to work. In a short time, his bank became the object of increasingly significant investments and deposits. It grew to the point of becoming one of the most important banks in the world: the Bank of America. Giannini was one of the financiers of the Golden Gate, of the cinematographic work of Capra, Disney and Chaplin, and financed the first companies in Silicon Valley. His greatest ability was to give wings to dreamers.

Giannini's ideas were decidedly particular. He did not believe in profit as an end in itself but in capitalism as an opportunity to realize oneself and a tool to meet the needs of the poorest. In fact, he was convinced that banks should help everyone realize their dreams. In fact, most people want to be fulfilled and many succeed through work. Giannini understood that personal satisfaction leads to the spread of well-being and becomes a driving force for social development. It is difficult today to imagine a character like this. We have known the greedy and inhuman side of capitalism and finance. Giannini's story shows that capitalism is an instrument and its moral value depends on the intentions that animate it. Giannini interpreted it as an instrument of social promotion so that the poor could win a better life. And betting on the poor pays off: in 1930, when the Bank of Italy closed its doors to reopen them as Bank of America, it was discovered that over 96% of unsecured loans had been repaid. True wealth is such if it is distributed to spread wealth to as many people as possible. On the other hand, Giannini affirmed that wealth cannot be possessed as it is always wealth that men possess.

Renato Bonomo
NP may 2020