The Medici Bank: Its Organization, Management, Operations and Decline 9781597403818, 9781597400367

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3

BUSINESS HISTORY SERIES

GRADUATE SCHOOL OF BUSINESS ADMINISTRATION NEW YORK UNIVERSITY

Thomas C. Cochran, Editor

THE MEDICI BANK Its Organization, Management, Operations, and Decline

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drawals involved a loss of working capital that was replenished appar-

ently by obtaining interest-bearing deposits. But this method of finance only increased the burden of interest payments at a time when profits were falling off. Risky loans to princes and the resulting capital losses further increased the strain on working capital and the danger of operating with borrowed funds. As losses piled up, working capital shrank still further. To replace it, more borrowing became necessary. Finally bankruptcy was avoided only by dipping into the state treasury.

Lorenzo the Magnificent did not hesitate to salvage his bank by defrauding the Monte delle Dote, a pool or mutual fund for the payment of dowries. It is not surprising that enemies of Lorenzo have accused him of misappropriation of public funds. His admirers have tried to excuse his actions, but they have never been able to prove that the accusation is entirely without foundation. Cracks in the structure of the Medici banking house began to appear even before the death of Cosimo. A survey of the surviving records gives

decidedly the impression that, by that time, the Medici bank had passed the peak of its prosperity and was already on the decline. If Cosimo had lived, it is possible that he might have prevented the building from crumbling and that he might have taken the drastic measures which were necessary to buttress the tottering walls. But his successors did not have his business ability nor that of his younger son Giovanni di Cosimo, who died prematurely in 1463. Piero di Cosimo, the elder son, who was in poor health, had not been trained for business. Nonetheless he did much better than was expected. For a time

he tried to stem the tide by adopting a policy of retrenchment. He declared that “he intended to keep what he had in substance and in credit and not to acquire more in dubious ways.” °° This conservative program was not, or could not be, carried out. Even Piero, who was bedridden most of the time, was prevailed upon by his advisers or was forced by circumstances to make decisions that were inconsistent with his program. After Lorenzo came to the helm, matters went from bad to worse. Political considerations were given priority over cool business judgment. As Lorenzo had little interest in business, vital decisions were postponed. No farsighted policy seems to have been followed. As new

cracks appeared, they were patched up, but patching up did not prevent the cracks from spreading until the entire structure was beyond 98 Sieveking, Handlungsbticher der Medici, p. 50.

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