by Prins, Nomi
105. Author analysis of Paulson’s calendar, at www.treasury.gov/FOIA/Pages/docs_PaulsonCalendar_index2.aspx.
106. Nomi Prins and Krisztina Ugrin, “Bailout Tally Report,” October 1, 2010, at www.nomiprins.com/reports. See also Securities and Exchange Commission, “SEC Enforcement Actions—Addressing Misconduct that Led to or Arose from the Financial Crisis,” Key Statistics (through February 1, 2013).
107. Sam Carr, “Largest US Banks Have Built a $60B Settlement Tab, So Far,” SNL Financial, March 5, 2013.
108. Wallace Witkowski, “House Wants B. of A. Info on $3.62 Bln Merrill Bonuses: WSJ,” MarketWatch, March 17, 2009.
109. Bank of America, “Ken Lewis Announces His Retirement,” press release, September 30, 2009.
110. “Brian T. Moynihan, Chief Executive Officer,” Bank of America executive biography. He had joined Bank of America in 2004 following its merger with FleetBoston Financial.
111. Data.gov, White House Visitor Records Requests, at https://explore.data.gov/dataset/White-House-Visitor-Records-Requests/644b-gaut.
112. Mark Pittman, “Goldman, Merrill Collect Billions After Fed’s AIG Bailout Loans,” Bloomberg, September 29, 2008,
113. Bush, Decision Points, 457.
114. Tim Geithner’s calendar at the New York Fed obtained through FOIA by the New York Times, Entry Date: September 15, 2008, 10 AM call, at http://documents.nytimes.com/geithner-schedule-new-york-fed.
115. Author analysis of Paulson’s calendar.
116. Federal Reserve Bank of New York, “Actions Related to AIG,” Timeline, at www.newyorkfed.org/aboutthefed/aig/timeline.html.
117. Mary Williams Walsh, “A.I.G. Lists Banks It Paid with U.S. Bailout Funds,” New York Times, March 15, 2009.
118. Bush, Decision Points, 459.
119. “H.R. 1424—110th Congress: Emergency Economic Stabilization Act of 2008,” GovTrack.us, at www.govtrack.us/congress/bills/110/hr1424.
120. Bush, Decision Points, 465.
121. “Real GDP Fell Slightly in 2008: Q3,” Econbrowser, October 30, 2008.
122. Prins and Ugrin, “Bailout Tally Report.”
123. Center for Responsive Politics, “Goldman Sachs: All Recipients—Among Federal Candidates, 2008 Cycle,” at www.opensecrets.org/orgs/recips.php?id=D000000085&type=P&state=&sort=A&cycle=2008. See also Center for Responsive Politics, “Barack Obama—Top Contributors, 2008 Election Cycle,” at www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=N00009638.
124. Center for Responsive Politics, “Top Contributors, Senator Barack Obama,” at www.opensecrets.org/politicians/contrib.php?cycle=Career&type=I&cid=N00009638&newMem=N&recs=20.
125. Greg Palast and Ted Rall, Billionaires and Ballot Bandits: How to Steal an Election in 9 Easy Steps (New York, NY: Seven Stories Press, 2012), 62.
126. “Factbox: Has Obama Delivered on his 2008 Campaign Promises?” Reuters, October 28, 2011.
127. Mara Der Hovanesian, “Citigroup’s Rubin Resigns,” Bloomberg Businessweek, January 9, 2009.
128. Prins and Ugrin, “Bailout Tally Report.”
129. Council on Foreign Relations, “Robert E. Rubin,” at www.cfr.org/experts/world/robert-e-rubin/b292.
130. Sheryl Gay Stolberg and Stephen Labaton, “Obama Calls Wall Street Bonuses ‘Shameful,’” New York Times, January 29, 2009.
131. Federal Reserve Bank of New York, “New York Fed Names William C. Dudley President,” at www.newyorkfed.org/newsevents/news/aboutthefed/2009/oa090127.html.
132. Shahien Nasiripour, “Geithner Calendar: Met with Goldman’s Blankfein More Than Pelosi, Reid, McConnell, Boehner,” Huffington Post, September 14, 2010, at http://www.huffingtonpost.com/2010/09/14/geithner-blankfein-pelosi_n_715334.html.
133. Jackie Calmes and Louise Story, “In Washington, One Bank Chief Still Holds Sway,” New York Times, July 18, 2009.
134. The others were John Adams, John Quincy Adams, George W. Bush, Rutherford B. Hayes, John F. Kennedy, Franklin Roosevelt, and Teddy Roosevelt.
135. Data.gov, White House Visitor Records Requests, at https://explore.data.gov/dataset/White-House-Visitor-Records-Requests/644b-gaut.
136. Executive Branch Personal Public Financial Disclosure Reports 2011 / 2012 at www.whitehouse.gov/sites/default/files/president_obama_2011_oge_form_278_certified.pdf.
137. The White House, “Remarks by the President on Financial Rescue and Reform,” press release, September 14, 2009.
138. US Department of Labor, “Data Retrieval: Labor Force Statistics (CPS),” Table A-15, alternative measures of labor underutilization, February 4, 2011.
139. Board of Governors of the Federal Reserve System, “Aggregate Reserves of Depository Institutions and the Monetary Base,” statistical release H.3, February 4, 2010.
140. As of September 2013, there was talk that Obama would replace Bernanke upon the end of his term with Larry Summers, further underscoring the alignment of policies and interests with Wall Street and its free-market, deregulatory, influential doctrine. But once Summers withdrew from contention on September 15, 2013, Fed vice chairman Janet Yellen became Obama’s choice for the post.
141. Prins and Ugrin, “Bailout Tally Report.”
142. Thomas P. Di Napoli, New York State Comptroller, “DiNapoli: Wall Street Bonuses Declined in 2010: Earnings Down from Record High, but Wall Street Has Second Best Year Ever,” press release, February 23, 2011.
143. OECD, “Employment and Labour Markets: Key Tables from OECD,” January 3, 2011, at www.oecd-ilibrary.org/employment/youth-unemployment-rate-2010_20752342–2010-table2.
144. Nomi Prins, “The Greek Tragedy and Great Depression Lessons Not Learned,” Thoughts Blog, February 21, 2012, at www.nomiprins.com/thoughts/2012/2/21/the-greek-tragedy-and-great-depression-lessons-not-learned.html.
145. Library of Congress, H.R. 4173, The Wall Street Reform and Consumer Protection Act of 2009, Bill Text Versions, 111th Congress (2009–10).
146. Open Secrets, Center for Responsive Politics, Lobbying Database, at www.opensecrets.org/lobby/index.php.
147. “Banking Reform Bill Swiftly Approved,” New York Times, June 13, 1933.
148. US Department of the Treasury, “Statement from Secretary Geithner on the Financial Reform Conference,” press release, June 25, 2010.
149. Standard & Poor’s Financial Services LLC, “United States of America Long-Term Rating Lowered to ‘AA+’ Due to Political Risks, Rising Debt Burden; Outlook Negative,” press release, August 5, 2011. See also Prins and Ugrin, “Bailout Tally Report.”
150. Christopher Chantrill, Government Debt Chart, usgovernmentspending.com, at www.usgovernmentspending.com/spending_chart_2008_2017USp_XXs1li111mcn_H0f.
151. Hugh Son, “BofA Loses No. 1 Ranking by Assets to JPMorgan as Chief Moynihan Retreats,” Bloomberg, October 18, 2011. See also Nelson D. Schwartz, “Bank of America Loses Title as Biggest in U.S.,” New York Times, October 18, 2011.
152. Charles Ferguson, “Jamie Dimon, Colossus of Wall Street,” Time, April 21, 2011.
153. David Benoit, “Jamie Dimon Bashes Financial Regulation,” Wall Street Journal, March 30, 2011.
154. Julianna Goldman, “Goldman CEO Blankfein Said to Meet with Obama Adviser Lew,” Bloomberg Businessweek, July 18, 2012.
155. Gregory Zuckerman, “‘London Whale’ Rattles Debt Market,” Wall Street Journal, April 6, 2012. See also Gregory Zuckerman, “J.P. Morgan ‘Whale’ Report Signals Deeper Problem,” Wall Street Journal, July 14, 2012; JPMorgan Chase, CEO Taskforce Update, July 13, 2012.
156. Colin Fernandez, “Feeling the Pinch, Tony? Blair Takes Out £4.2 Million Loan Against His Central London Des Res from U.S. Bank He Advises,” Mail Online, September 16, 2012. See also PR Newswire, “Tony Blair Appointed Senior Advisor to JPMorgan Chase,” press release, January 10, 2008.
157. US Senate Committee on Banking, Housing, and Urban Affairs, “A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?” Hearings, June 13, 2012.
158. Council on Foreign Relation
s, “The State of the Global Economy,” Transcript, October 10, 2012, at www.cfr.org/economics/state-global-economy/p29251.
159. Ibid.
160. Revised Statistics, “SEC Enforcement Actions Addressing Misconduct That Led to or Arose from the Financial Crisis,” as of September 1, 2013, at www.sec.gov/spotlight/enf-actions-fc.shtml.
161. Nate Raymond and Bernard Vaughan, “Judge Approves Citigroup $590 Million Settlement,” Reuters, August 1, 2013, at www.reuters.com/article/2013/08/01/us-citigroup-settlement-idUSBRE9700T420130801.
162. Nick Summers, “Ex-Goldman Banker Found Liable in $1 Billion Fraud Case,” Bloomberg Businessweek, August 1, 2013.
163. Jonah Goldberg, “Obama’s Tainted Bundler,” Los Angeles Times, April 24, 2012.
164. Federal Reserve Board, “Factor Affecting Reserve Balances,” H.4.1. Release, October 10, 2013, at http://www.federalreserve.gov/releases/h41/Current/.
165. Federal Reserve Board, “Statement Regarding Transactions in Agency Mortgage-Backed Securities and Treasury Securities,” press release, September, 13, 2012, at www.newyorkfed.org/markets/opolicy/operating_policy_120913.html.
166. Pedro da Costa and Alister Bull, “Bernanke Says Fed Stimulus Benefits Clear, Downplays Risks,” Reuters, February 26, 2013.
167. Office of the State Comptroller, “Wall Street Bonuses Rose in 2012,” February 26, 2013.
168. The White House, “Statement from the President on the Confirmation of Jack Lew as Secretary of Treasury,” press release, February 27, 2013.
169. The White House, “Former Chief of Staff Jack Lew,” at www.whitehouse.gov/administration/staff/jack-lew.
170. Siddhartha Mahanta, “Flashback: Lew’s Time at Citi and Other Disappointments,” Mother Jones, January 9, 2012.
171. Pam Martens, “Democrats Disgrace Themselves with Jack Lew Confirmation for Treasury Secretary,” Wall Street on Parade, February 28, 2013.
172. National Mortgage Settlement Fact Sheet: Settlement, October 19, 2013, filed as a consent judgment in US District Court for the District of Columbia, at https://d9klfgibkcquc.cloudfront.net/Mortgage_Servicing_Settlement_Fact_Sheet.pdf. See also “$25 Billion Mortgage Servicing Agreement Filed in Federal Court,” March 12, 2012, joint press release from the Department of Justice, the Department of Housing and Urban Housing Development, and forty-nine state attorneys general, at https://d9klfgibkcquc.cloudfront.net/Settlement-USDOJ-FILING-news-release.pdf. “SEC Enforcement Actions Addressing Misconduct That Led to or Arose from the Financial Crisis,” as of October 27, 2013, at www.sec.gov/spotlight/enf-actions-fc.shtml. “Independent Foreclosure Review to Provide $3.3 Billion in Payments, $5.2 Billion in Mortgage Assistance,” January 7, 2013, joint press release from the governors of the Federal Reserve System and the Office of the Comptroller of the Currency, at www.federalreserve.gov/newsevents/press/bcreg/20130107a.htm.
173. Victoria Bryan, “Goldman Sachs Boss Says Banks Do ‘God’s Work,’ Reuters, November 8, 2009.
INDEX
A. Steinam Company, 168
Abacus deal, 418
Abel, I. W., 295
Acheson, Dean, 195
Adams, Charles Francis III, 88
Adams, Sherman, 203, 216
Afghanistan, 313
Agricultural Adjustment Act of 1933, 132, 149
Ahamed, Liaquat, 108
AIG, bailout of, 410, 411
Aldrich, Nelson, 7, 15, 20–21, 23–24
Aldrich, Winthrop
Aldrich plan, 24–26
as ambassador to Britain, 206
Banking Act of 1933, against amendment to, 142–143
banking strategies of, 164, 200–201, 397
as chairman and president of Chase, 123
Committee for Financing Foreign Trade, chairman of, 179, 180, 181
Eisenhower, relationship with, 202, 219
Europe, organization of financial relief for, 181
FDIC, opposition to, 130–131
FDR, relationship with, 125–128, 133–134
free trade, support for, 207–208
Glass-Steagall Act, support for, 124–125, 139
inflation, ideas for curbing, 177–178
International Chamber of Commerce, president of, 174, 181
Marshall Plan, support of, 183–184
Middle East, visit to, 199–200
multinational banks, opposition to, 171–172
national debt, stabilization of, 166–167
National War Fund, chairman of, 167–168
Truman, relationship with, 174, 179, 181
war, varying opinions on, 154–155, 156
war financing, role of in, 166
Aldrich Bill, 31–32
Aldrich plan, 25–26
Aldrich-Vreeland Act of 1908, 19
Aldridge, John, 359
Alexander, Henry, 206, 225–226
Allegheny Corporation, 89, 129
Alliance for Progress, 236, 245, 247, 250, 264, 265
Allon, Yigal, 292
Aluminum Company of America (Alcoa), 74, 88
American Bankers Association, 172
Amherst College, alumni in politics and banking, 79, 186, 247
Andean Pact, 273
Anderson, Benjamin, 86
Anderson, Robert, 224
Andrew, Abraham Piatt, 23
Andrews, Lisa, 384
Antitrust laws, 263
Argentina, 332
Argo (film), 311
Armacost, Samuel, 324, 327, 342
Armao, Robert, 307
Arthur Anderson, 400
Ashraf, Princess, 307, 308
Asian crisis, 380, 386
Aspe, Pedro, 350
Asset-backed securities (ABS), 403
Aswan Dam, Egypt, 212, 218
Bahrain, 288
Bailouts. See Government bailout programs
Baker, George Jr., 98
Baker, George Sr., 3, 11, 27, 86
Baker, J. Stewart, 215
Baker, James III, 326, 337, 338–339, 344, 347
Balance of payments deficit, 240, 245, 259, 262, 265–266, 269
Banco Chase Manhattan, 237
Bani-Sadr, Abolhassan, 310
Bank for International Settlements (BIS), 108–109, 351, 380
Bank Holding Company Act of 1956, 216, 276
Bank Holding Company Act of 1970, 279, 320, 381, 387
Bank Markazi, 311, 312, 316–317
Bank Merger Act of 1960, 263
Bank Merger Act of 1966, 263
Bank of America
bailout subsidies for, 409, 410, 411
Bank Holding Company bill, effect on, 217
credit cards, 270
debt problems, 326–327, 342–343, 350
expansion of, 185, 225
Glass-Steagall Act, support for repeal of, 385
insurance business, 335
legal settlements, 409
Marshall Plan, role in, 185
mergers, 365, 383, 409
Merrill Lynch, purchase of, 408
SEC fine of, 418
Bank of England, 5, 70, 80, 367
Bank of Manhattan, 215
Bank of United States, 107–108
Bank One, 403
BankAmerica. See Bank of America
Bankers
collaboration with politicians, 29–32, 34–39, 158–159, 180–183, 204–205, 211, 321, 333, 335, 338, 342
oil crisis, profits from, 275
OPEC leaders and, 303
presidents, evolution of relationship with, 300, 318, 320, 333, 394–395, 409, 417
private gain, pursuit of, 50, 275–276, 293
public perception of, 18, 27, 30, 48, 49, 179, 414
salaries, 272, 379, 412
settlements and fines, 401, 418–419
social responsibility, lack of, 229–230, 379, 422
See also Government bailout programs
Banking
activities outlawed in US, 247, 292
commercial vs. investment banks,
136, 321, 325, 362–363, 395–396
financial fraud, 111, 119, 297, 321, 352–354, 378, 397–399
international expansion of, 64, 164, 197–199, 201, 207, 221, 245, 249, 275, 298
See also Deregulation
Banking Act of 1935, 142–145
Banking Act of 1933 (Glass-Steagall Act), 130–131, 137, 142, 390, 392
Bankruptcies, corporate, 399, 400, 408
Banzer, Hugo, 293
Barings banking house, 5
Barney, Charles, 9
Barreto, Brian A., 382
Baruch, Bernard, 60, 63
Batista, Fulgencio, 222
Baxter, William, 330
Bay of Pigs invasion, 235
Beal, Louis, 163
Beame, Abraham, 298–299
Bear Stearns, 405–407
Bechtel, Stephen, 295
Beirut, Lebanon, 218, 224–225
Ben Yahia, Mohamed, 318
Bentsen, Lloyd, 371
Bentson, George, 341
Berlin Wall, 236
Bernanke, Benjamin, 101, 403, 410, 412, 414
Bernstein, Irving, 113
Bernstorff, Johann von, 45
Big Six, 98–99, 100, 105, 228, 394, 395, 410, 411, 414
Big Three, 108, 119, 134
Bin Abdul-Rahman, Abdullah, 244
Bird, Kai, 218
Black, Eugene, 193, 212, 217, 218, 302
Black Monday (1987), 345–347
Black Thursday (1929), 96–100
Blair, Tony, 407, 417
Blankfein, Lloyd, 404, 405, 408, 410, 413, 421–422
Bliss, Tasker H., 58
Blough, Roger, 238
Blue Monday (1962), 240
Blueprint for Reform, 337, 348
Boesky, Ivan, 342
Bolling, Richard, 263
Bolten, Joshua, 403, 404
Borah, William, 59
Boyce-Thomson, William, 51
Brady, Nicholas, 346, 347, 348, 349–350, 353, 355, 361, 363
Brahany, Thomas, 48
Brainard, Lael, 382
Brandeis, Louis, 3–4, 33, 35, 395
Brazil, 293, 302
Breeden, Richard, 348, 362–363
Bretton Woods Agreement, 171, 175, 281, 349
Britain, 59, 113, 155, 199, 206, 208, 212, 219, 227, 231, 294, 317, 358, 367
British War Relief Society of America, 164
Broderick, Joseph, 108
Brody, Kenneth, 366
