The Armstrong Committee Examines the Insurance Industry
At a glance:
- Series: Great Events from History II: Business and Commerce Series
- Categories: Government and Politics, Economics, Law, Legal History, Courts
- Subcategories: Business, Laws, Acts, Legislation, Corruption, Fraud
- Curriculum: American History 1901-1950
- Geographical Location: New York City
- Date: 1905
Article abstract: In 1905, evidence of chicanery sparked a New York State investigation of the insurance industry that prompted the passage of reform legislation.
Summary of Event
Late in 1904, Thomas W. Lawson, a former Wall Street speculator turned muckraking journalist, charged that the assets of several major insurance companies were being used by powerful investment banks to manipulate the stock market. This caused an uproar in the New York State capital of Albany, followed by demands for an investigation. A brief inquiry was mounted that came up...
[The entire page is 2612 words long]