I believe the FORMER carried on the margin - to the tune of 10% sometimes.
Defaulting on these margin calls led to what we now refer to as "a big
problem." The LATTER has learned something from the mistakes of their
forebears; margins are granted only to the worthy (solvent) and even then at
a conservative rate. Higher risks are not margined at all by some brokerages
or at a higher rate (90%) by others.