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St. Mary'S Catholic High School,: Fujairah

Henry Villard arrived in Gold Creek, Montana in 1883 to complete the transcontinental railroad funded by Deutsche Bank. However, Villard's company soon defaulted on its loans, costing Deutsche Bank its investment, as Villard had misused the funds. Later, when Villard approached Deutsche Bank again for railroad funding, it agreed despite his past failures. The companies again went bankrupt, though Villard denied blame. Deutsche Bank continued growing through European industrialization, becoming one of the largest banks by 1913. However, it faced controversy for its role financing the Nazi regime and Auschwitz concentration camp during World War II. After the war, the British controlling Deutsche let its pre-war director, implicated in war crimes, resume leadership

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Shreya Ray
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53 views1 page

St. Mary'S Catholic High School,: Fujairah

Henry Villard arrived in Gold Creek, Montana in 1883 to complete the transcontinental railroad funded by Deutsche Bank. However, Villard's company soon defaulted on its loans, costing Deutsche Bank its investment, as Villard had misused the funds. Later, when Villard approached Deutsche Bank again for railroad funding, it agreed despite his past failures. The companies again went bankrupt, though Villard denied blame. Deutsche Bank continued growing through European industrialization, becoming one of the largest banks by 1913. However, it faced controversy for its role financing the Nazi regime and Auschwitz concentration camp during World War II. After the war, the British controlling Deutsche let its pre-war director, implicated in war crimes, resume leadership

Uploaded by

Shreya Ray
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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ST.

MARY’S CATHOLIC HIGH SCHOOL,


FUJAIRAH
CBSE (2021 -2022)
LIBRARY- SUMMARY SHEET

STUDENT NAME: Shreya Ray CLASS & SEC: 8B

Date Name of the book Author


14.10.2021 DARK TOWERS David Enrich

SUMMARY
In 1883, German immigrant Henry Villard arrived in Gold Creek, Montana to nail in the last spike of
the transcontinental railroad his company had built. Georg von Siemens of Deutsche bank was
there because he had funded the railroad. But despite the big celebration, Villard’s company was
falling apart.
Weeks later, his bank defaulted on its loans and its investors, including Deutsche, lost everything.
Soon it came out that Villard had used the borrowed money to fund his over-the-top mansion in
Manhattan. He denied blame for the whole debacle.

Later, in Germany, Villard again became acquainted with Siemens, and oddly enough, Siemens
decided to do business with him again. He funded more United States railroad networks, but soon
the companies under Villard went bankrupt again. Predictably, Villard again ducked the blame.
Despite the shady characters Deutsche did business with, it continued to grow. It benefited
immensely from European industrialization, and by 1913, it was the sixth-largest bank worldwide.
In 1933 when Hitler came to power, Deutsche bank was the main financier for the regime. The
bank was in charge of converting the gold stolen from victims of the Holocaust and turning them
into cash. Deutsche also financed the construction of the Auschwitz concentration camp, and they
funded the factory that produced the poison gas used in the camps’ death chambers.
After the war, what was left of the Berlin headquarters of the bank was now under the control of
the British. They decided it would be beneficial to use the strong German bank to resuscitate the
economy. Shockingly, they let the previous director, Hermann Abs, off the hook for his war crimes,
and he was soon running Deutsche again

NEW WORDS I HAVE LEARNED:

Swooning- Faint, especially from extreme emotion.

Aura- The distinctive atmosphere or quality that seems to surround and be generated by a
person, thing, or place.

Pronouncement- A formal or authoritative announcement or declaration.

Resonance - The quality in a sound of being deep, full, and reverberating.

Divination - The practice of seeking knowledge of the future or the unknown by supernatural
means.

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