The Rise and Fall of Jesse Binga, a Black Chicago Financial Wizard

The chapter surveys the life and career of Jesse Binga, a prominent local real estate mogul and banker. At the peak of his career, Binga controlled the Binga State Bank (BSB) and built the Binga Arcade Building, a five-story office building in the heart of the 35th and State Street black business district. With the onset of the Great Depression, the Binga State Bank, like many others, began to experience financial difficulties. What made matters worse for Binga were revelations that he apparently embezzled money from the BSB to help keep his financial empire afloat. In the end, the Binga State Bank closed its doors and Binga spent time in prison. His dramatic rise and fall represents a fascinating case study of African American entrepreneurship.