There's a myth that Al Capone coined the term 'money laundering'

Al Capone's business structure kept him from ever getting charged for bootlegging

During the Prohibition era, Al Capone sold then-illegal alcohol through people who funneled cash and held bank accounts for him. His name never showed up on any paperwork, meaning it was impossible to actually charge him with bootlegging or any of his violent crimes. But no paper trail for his lavish lifestyle also meant he wasn't paying taxes, which is how prosecutors ultimately put Capone in jail.

Money laundering is a three-step process: placement, layering, and integration

"Placement" occurs when dirty money is introduced into the financial system. Then "layering" happens when the money is moved around to disguise where it actually came from. Finally, the money is placed in other assets or investments in a step called integration.

The United States had a washing machine that cleaned dirty dollar bills

In the early 1900s, the US Treasury Department had a machine that washed and ironed old, soiled paper bills. The machine helped the Treasury save money by decreasing printing costs for new dollar bills, but had nothing to do with the modern understanding of money laundering.

A Chinese-Mexican alliance marked one of history's largest nonviolent money laundering schemes

In 2019, Chinese-American gangster Xizhi Li was arrested for an expansive money laundering scheme spanning four continents. Li reportedly laundered hundreds of millions of dollars for cartel members, wealthy Chinese Americans, and other foreign countries.

The St. Valentine's Day massacre is still unsolved

On Feb. 14, 1929, several men believed to be working for Chicago gangster George "Bugs" Moran, an enemy of notorious mobster Al Capone, were killed by several gunmen dressed as police. No one was ever brought to trial for the murders.

Get to know the five families that ran the NYC mafia

In the 1900s, there were five families in New York City who dominated the crime scene. These five families organized expansive criminal operations—ranging from prostitution and price extortion to money laundering—and have inspired stories like "The Godfather."

How the Bank of Italy became Bank of America

Amid the devastation of the 1906 earthquake in San Francisco, Italian immigrant and local banker Amodei Giannini managed to keep hold of a substantial amount of currency. On a handshake, Giannini loaned needy locals money to rebuild. The enterprising banker would go on to form one of the first banks for the middle class, the Bank of Italy, which would go on to become the Bank of America in 1930. Read about the founder here.

Credit reporting's earliest origins in the 1700s resemble a game of telephone, with rural merchants asking their most esteemed neighbors to vouch for them to sleuthing urban lenders

It would be decades before the system evolved into something more formulaic. For instance, New York City's Mercantile Agency—which was created to formalize information and rumors about borrowers, sorting the reports into enormous ledgers—wasn't started until 1841.

Robber barons, the monopolistic business people of the 19th century, explained

“Robber baron” was a term used to describe 19th-century businesspeople who engaged in monopolistic business practices and didn’t face much business regulation, resulting in significant wealth.

Before it was a drink, coffee was used for handwashing

Five centuries before the caffeinated drink was consumed, coffee beans were used for their aromatic quality. One 10th-century text explains how it "obliterates greasy smells of food on hands and whatever of sweets and fats. Whether traveling or at home, neglect not to wash your hands with it."

The term 'startup' can be traced back to a 1976 Forbes article

The magazine article included what’s widely considered the first recorded use of the word “startup.” The following year, the publication Business Week went on to use the term in a piece as well.

Dry goods stores sold products such as textiles and linens

RH Macy started Macy’s as a dry goods store in 1858. At the time, the store was located on New York City’s 14th Street. Dry goods stores later rebranded themselves for the future of retail around the 1930s.

Before using his own name, Jean-Michel Basquiat tagged his graffiti as SAMO

In the late '70s, Basquiat, alongside Al Diaz, began tagging downtown New York with the name "SAMO©," usually followed by a phrase criticizing the art establishment. The tag became notorious in the New York art scene, and Basquiat eventually revealed he was behind it.

The term ‘mortgage’ was born out of the French word for ‘dead pledge’

Borrowing money to buy a house has been a global practice since the Romans in the fifth century BCE. But before the mortgage, there was the “dead pledge,” which labeled the property as “dead” to the borrower until they paid off their loan to the lender.

The origins and evolution of the Triple Crown

For nearly 100 years we’ve referred to the Kentucky Derby, the Preakness, and the Belmont Stakes as the “Triple Crown.” But where did that term come from? It was popularized by a sports writer in the early 1930s. But this Old Smoke Clothing article, authored by the woman who wrote the book on Sir Barton, explores the British origins and how it gained popularity with Gallant Fox’s win in 1930.

LVMH's history can be traced back to 1854, the year Louis Vuitton was started

Louis Vuitton was founded by a craftsman's apprentice who specialized in trunk-making. Since its merger with Moët Hennessy in 1987, which created LVMH, the conglomerate has been considered a powerhouse in the business world. "I would argue that next to Apple, no other company on the planet dominates their industry as completely as LVMH," one financial expert said.

How the Montreal Protocol made CFCs the most valuable Miami contraband after cocaine

Following the 1990s production ban, smugglers flooded Miami with illegal chlorofluorocarbons used in air conditioning. A 15-kilogram cylinder bought for $70 in Europe could sell for $242 in the US, fueling multimillion-dollar black-market trade. (Some users may experience a paywall.)

How did flea markets get their name?

Flea markets are a great place to find some great deals, but why do they have such an unappealing name? One explanation is what you might expect: The earliest descriptions of these second-hand markets suggested the items might be unclean. But that's not the only plausible suggestion. This article breaks down two other possibilities, complicating our understanding of the word's etymology.

The Chumash manufactured shell beads for thousands of years, eventually as money

The practice was unique to the Chumash among North American Indians. Some researchers have made the case theirs was the first use of money on the continent.

Monsanto got its start in the early 1900s producing saccharin

The company was originally called Monsanto Chemical Works and was founded in 1901 by John Francis Queeny who was then a wholesale drug buyer. He named the company Monsanto for his wife's maiden name. At first, the company began producing saccharin with borrowed equipment and secondhand machines, aiming to produce domestically what was then being imported from Germany. (Some users may encounter a paywall.)

A Bay Area lab was supplying MLB players with steroids

The Bay Area Laboratory Co-operative, also known as BALCO, began as a modest vitamin shop, but by the 1990s it was at the center of a doping scheme that rocked Major League Baseball and other professional sports.

The history of the Caesar salad

Despite what you might guess from its name, the Caesar salad wasn't invented in ancient Rome. The popular dish was created in the 1920s by two Italian brothers who'd emigrated to the United States and opened a popular restaurant in Tijuana called Caesar's Palace. This history of the popular entrée digs into that history and unpacks how it became a restaurant staple.

The bloody history of the true crime genre

The true crime genre appears to have crawled out of an unlocked closet between 1550 and 1700. Rising literacy rates and printing technologies during this period led to leaflets and ballads-turned-broadsides that graphically regurgitated the findings. These products often included woodcuts of the crime's "unsavory acts.". Such content was snapped up by the "artisan class and above" as poorer classes lacked the funds to fuel the hobby.

The ‘three-martini lunch’ was popularized on Madison Avenue

Advertising executives working on Madison Avenue in the 1960s and ’70s popularized the so-called “three-martini lunch” between businesspeople during the work week. Admen of the time supposedly believed alcohol brought more creativity to the second half of their workday. This article explains why three-martini lunches are no longer commonplace.

The cholera bacteria was first isolated in 1854—but the discovery was largely ignored

The pathogen was isolated by the Italian physician Filippo Pacini in Florence, Italy, though his discovery was largely ignored in favor of the popular miasma—bad air—theory of disease at the time. The pathogen was separately isolated about three decades later by German microbiologist Robert Koch.

In 1915, workers recovered a submarine-like vessel from the Chicago River, prompting fears of German espionage

The term 'algorithm' originated from the Latinized name of al-Khwārizmī, a 9th-century mathematician whose works introduced Arabic numerals and the decimal-based numeral system to Europe and whose treatise 'Al-Jabr' gave algebra its name.

The word 'jazz' evolved from 'jasm,' 19th-century American slang for 'energy'

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

'Saturday Night Fever,' the 1977 film that introduced disco to the mainstream, was based on a fabricated magazine story.

The concept of phantom limbs, the perception that amputated limbs are still present, dates back to a French military surgeon in the 16th century.

The Mona Lisa's celebrity status and repeated restorations have obscured what made the painting so revolutionary for its time

The story of Dollree Mapp, whose legal challenge over her 1957 conviction for possessing "obscene material" led to a major strengthening of the Fourth Amendment

The American cockroach is actually from Africa, an apparent hitchhiker aboard ships carrying enslaved people, with evidence suggesting the bug may have arrived in the New World as early as the 1600s.

The name 'Silicon Valley' arose from the founding of Shockley Semiconductor Laboratory in Fairchild Semiconductor in 1956-57, founded near Stanford University in Palo Alto

Memecoins are a type of cryptocurrency—a form of digital currency with a wide variety of uses—created around popular 'memes,' or viral internet jokes.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

The US first hosted the World Cup in 1994, a tournament that lives in soccer infamy for its poor planning and the murder of Colombian player Andres Escobar, who'd accidentally scored on his own net.

In 1939, baseball star Lou Gehrig delivered his inspirational 'Luckiest Man' speech after retiring due to the health condition that now bears his name.

In 2019, a laptop loaded with six of the worst malware in history and described as 'an exhibit of historical weaponry' sold for $1.3M.

Hear 50 years of iconic hip-hop samples, the genre's foundational looped tracks

Domino's Pizza's 30-minute delivery guarantee was responsible for the chain's 1980s surge, but it was discontinued after the company was found liable for delivery driver accidents.

The use of fungi to detoxify land and water—a process known as mycoremediation—has been used to clean up natural resources affected by the 2025 California wildfires.

The most expensive ad of all time was for Chanel No. 5 perfume and cost roughly $33M to produce in 2004—about $57M in today's dollars.

Apollo astronauts left items in the moon's 'toss zone,' including golf balls, family photos, and bags of human waste, to make room for lunar rocks.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

To reduce wrinkles in clothing, research recommends gentle wash cycles with more water and tumble drying with smaller loads and longer times.

Dirty lightning is a thunderstorm created from friction between rising and falling flows of ash and smoke during volcanic eruptions.

The Brothers Grimm were lawyers before they were storytellers, but became interested in fairy tales as they began investigating how rules and customs had been passed down through cultures.