"A member of the Baring banking family, Edward Charles Baring became a partner of Barings Bank in 1856 and rose to the position of senior partner in 1882. Under his emerging leadership, Barings Bank, the United Kingdom's oldest merchant bank, became increasingly involved in international securities, especially from the United States, Canada, and Argentina.
However, Edward was forced to step down after excessive risk-taking on poor investments in Argentina brought the near insolvency of Barings Bank. Without the sufficient reserves to support the Argentine bonds, an acute recession unfolded, and an international consortium had to be assembled, including most of the other major London banks, to create a fund to guarantee the debts and avert a larger depression. Without that bailout, some believe the entire private banking system of London would have collapsed. After all, it is considered the nineteenth century's most famous sovereign debt crisis, remembered as the Panic of 1890.
This banker's history is responsible for the name of this city, Revelstoke." - Comrade (the human)
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