The Business of Banking
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Probably, the most important component of Schiff’s banking expertise was his ability to assemble and manage syndications. Syndicating loans to groups of institutions and individuals was a primary methodology employed by banks in the late nineteenth and early twentieth centuries to bring to market large bond and stock issues. Kuhn Loeb assembled a syndicate to sell the Japanese loans. The background to and implementation of syndicates are described in this section. They were in large part to be vilified by later investigations.