FORBES | Banking and energy have been entwined since Thomas Edison and Nicola Tesla hunted financing for their electrical schemes, and John D. Rockefeller’s Standard Oil sought to corner the nascent oil market.
American Electric Power, for decades the nation’s largest utility, maintained its headquarters on Wall Street, far from its Midwest service area. The Edison Electric Institute, when I first covered it in 1973, was in New York. When the price of oil cracked for the first time in the 1980s, a slew of banks in Texas and the Southwest failed.
To read the full article, click here.