Download Bank Control of Large Corporations in the United States by David M. Kotz PDF

By David M. Kotz

"Truly a uncommon piece of labor, in keeping with new info that had no longer been analyzed prior to. there's an exceptional mixture of historic standpoint, conscientious exam of an outstanding mass of information, and penetrating analysis." 
--Robert Aaron Gordon, constitution Member of the Brookings Panel on monetary Activity
"Contends that because the moment global battle, a small variety of 'giant, well-established' banks in a couple of significant towns have re-emerged because the significant team that controls huge organisations. locations the monetary keep watch over thesis in historic point of view from the Civil struggle to the current after which examines the regulate of the 2 hundred greatest U.S. organizations in 1967-69 by way of proprietor keep watch over, monetary regulate, and no pointed out middle of keep watch over. additionally reviews at the technique of exercise keep watch over. ... the writer unearths sizeable component of the biggest nonfinancial enterprises in 1967-69 have been below the keep an eye on of economic associations; the regulate is exercised throughout the possession of inventory and the position of the bankers as collectors of the corporations."
--Journal of monetary Literature
"Recent empirical proof, made on hand via congressional hearings, unearths that enormous banking teams are workout enormous effect over nonfinancial organisations. this can be comprehensive via stockholdings, creditor relationships, and directorship ties. during this first-class old statistical research, Katz assesses the level and impression of such keep watch over in a aggressive economy." 
--Library Journal

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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.

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