New PDF release: Bank Control of Large Corporations in the United States

By David M. Kotz

"Truly a unusual piece of labor, in response to new information that had now not been analyzed earlier than. there's a good blend of old standpoint, conscientious exam of an outstanding mass of knowledge, and penetrating analysis." 
--Robert Aaron Gordon, constitution Member of the Brookings Panel on monetary Activity
 
"Contends that because the moment global conflict, a small variety of 'giant, well-established' banks in a number of significant towns have re-emerged because the significant staff that controls huge firms. areas the monetary keep an eye on thesis in ancient viewpoint from the Civil conflict to the current after which examines the keep watch over of the 2 hundred biggest U.S. companies in 1967-69 when it comes to proprietor keep watch over, monetary regulate, and no pointed out middle of keep watch over. additionally reviews at the technique of exercise regulate. ... the writer reveals big element of the biggest nonfinancial organizations in 1967-69 have been below the regulate of monetary associations; the keep watch over is exercised during the possession of inventory and the position of the bankers as collectors of the corporations."
--Journal of financial Literature
 
"Recent empirical proof, made to be had via congressional hearings, finds that giant banking teams are workout immense effect over nonfinancial organizations. this can be entire via stockholdings, creditor relationships, and directorship ties. during this very good ancient statistical research, Katz assesses the level and influence of such regulate in a aggressive economy." 
--Library Journal
 

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Pp. 57-60. 51. Raymond Goldsmith, Financial Institutions (New York, 1968), p. 164. From the 1880s through World War I life insurance companies put about two-fifths of their funds into corporate bonds and stock. 52. Moody, Masters of Capital, pp. 126-28. 53. House Banking and Currency Committee, Report. , p. 83. 54. Moody, Masters of Capital, p. 150. 55. Corey, p. 354; House Banking and Currency Committee, Report. , pp. 60-71. 56. House Banking and Currency Committee, Report. , p. 89. THE EVOLUTION OF FINANCIAL CONTROL Kuhn, Loeb and Company also had control or influence over numerous corporations by 1912.

11. , p. ) See also Campbell, chap. 2. 12. Moody, Masters of Capital, p. 25. 27 28 BANK CONTROL OF LARGE CORPORATIONS the predatory practices of certain railroad capitalists. Jay Gould, Daniel Drew, and James Fisk were notorious for buying control of a railroad, looting its assets, and selling out before the damage became generally known. An outstanding example involved Gould's control of the Union Pacific in the late 1870s. He bought up a series of unused, worthless railroad lines which, when combined together, paralleled the Union Pacific's main route.

This foreshadowed the emergence of commercial banks as the dominant financial institutions after World War II. The economic and financial conditions of the 1920s — a prolonged economic boom and a rising volume of security issues — not only stimulated increasing competition among financial institutions in New York and other Northeastern cities. 88. Marquis James and Bessie Rowland James, Biography of a Bank (New York, 1954). p. 198. 89. Goldsmith, Financial Institutions, p. 168. 90. Carosso, p. 272.

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


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