By David M. Kotz
Read Online or Download Bank Control of Large Corporations in the United States PDF
Best banks & banking books
This ebook is the tale of ways 4 busy executives, from varied backgrounds and diverse views, have been stunned to discover themselves converging at the inspiration of narrative as a very useful lens for realizing and dealing with organisations within the twenty-first century. the concept that narrative and storytelling might be so strong a device on the earth of firms used to be at first counter-intuitive.
The Evolution of significant Banks employs quite a lot of ancient facts and reassesses present financial research to argue that the advance of non-profit-maximizing and noncompetitive relevant banks to oversee and keep watch over the industrial banking procedure fulfils an important and traditional functionality.
Worldwide, a revolution is happening in finance for low-income humans. The microfinance revolution is offering monetary providers to the economically lively bad on a wide scale via competing, financially self-sufficient associations. In a number of international locations this has already occurred; in others it's lower than approach.
The Silver Bomb isn't a ebook approximately a few predictive monetary philosophy, yet really a frank, no-excuses glimpse on the present country of items, and a good, candid, examine logical results. The prestidigitations of crucial banking, that have until eventually lately been protected from scrutiny through a cloak of pro-banking cultural bias, are laid naked inside those pages.
- The Regulation of Investment in Utilities: Concepts and Applications (World Bank Working Papers)
- International Banking for a New Century
- The Rise and Decline of the Medici Bank: 1397-1494
- Banking, the State and Industrial Promotion in Developing Japan, 1900-73
Extra resources for Bank Control of Large Corporations in the United States
This was particularly true before the middle of the first decade of the twentieth century. An example was the attempt by Harriman to establish a route linking the Union Pacific Railroad to Chicago, enabling it to compete directly with the Morgan-dominated lines. This effort by Harriman led to a battle for control of the Northern Pacific Railway in 1901. Harriman, backed by StillmanRockefeller money, attempted secretly to buy control of the Northern Pacific, which was then run by Morgan-backed James J.
Mellon (New York, 1933), p. 55. 58. Moody, Masters of Capital, p. 54. 59. , pp. 63-64. 60. House Banking and Currency Committee, Report. , p. 75. 61. , p. 74; Moody, Masters of Capital, p. 66. 62. Carosso, p. 100. 63. House Banking and Currency Committee, Report. , p. 90. 37 38 BANK CONTROL OF LARGE CORPORATIONS By 1914 a few powerful groups of financial institutions had formed outside the Northeast. The most important one centered around the Mellon National Bank of Pittsburgh. 64 Their most important holdings, however, were Gulf Oil, the largest independent oil company, and the monopolistic Aluminum Company of America.
39 Enormous promoters' profits were made in this consolidation. The high interest and dividend burdens imposed by overcapitalization encouraged high steel prices. Overcapitalization was the rule for other banker-promoted consolidations. "40 The development of United States Steel over the next three decades illustrates the caution and conservatism of bankcontrolled corporations. 41 The conservative, anticompetitive bias of investment bankers may be explained as the result of two factors. First, a banker's success requires getting other people to entrust their money to him.