1907 Bankers' Panic Knickerbocker Crisis

The Panic of 1907 began with a run on the Knickerbocker Trust Co. of New York. News soon emerged that it was caught up in a scam by bankers Augustus Heinze and Charles Morse, who had borrowed and embezzled vast sums to corner the market in shares of United Copper causing the NY Stock Exchange to fall 50% from its peak