by Prins, Nomi
Hanover Bank, 4
Harding, Warren G., 67, 70, 71, 73, 74, 78
Harriman, Edward Henry (E. H.), 3, 6
Harrison, William, 396, 398, 402
Hauge, Gabriel, 205–206, 207, 221, 224, 263, 283
Haughton, Daniel, 279
Hayes, Alfred, 249
Hearst, William Randolph, 6, 140
Hedge funds, 378, 386, 407
Heinz, John, 363
Heinze, F. Augustus, 8–9
Heller, Walter, 239–240
Hill, James, 3, 6
Hitler, Adolf, 148, 153–154, 176
Holding companies, 216, 277–280, 333–335, 338, 353, 378–379, 382, 388
Hollins, Harry, 9
Hoover, Herbert
bankers, post-Crash conference with, 102
Belgium, report on economic situation of, 55–56
Depression, blame for, 114
economy, denial of true state of, 106
election of 1928, 88
on European economic crisis, 64
excessive private loans, concern about, 82, 85
German debt moratorium, 112
Reconstruction Finance Corporation, establishment of, 114
as secretary of commerce, 74
World War Foreign Debt Commission, 75
Hoover, J. Edgar, 255
Hormats, Robert, 387
Hotel Manhattan, meeting at, 10–12
House, Edward, 35, 45, 48, 51, 58
House Banking and Currency Committee, 27–28
House Un-American Activities Committee, 189, 210
Houston, Frank, 174
Howe, Andrew C. Jr., 383
Hughes, Charles Evans, 46, 75, 76, 79
Hulbert, Mark, 313
Humphrey, George, 204
Hybrid derivatives products, 363–364
Hyde, Henry, 4
Hyland, William, 176
Ibn Saud, 200
IMF. See International Monetary Fund
Income tax, imposition of, 34
Inflation, 169, 177, 284, 290, 305, 306, 319, 326, 330
Interest equalization tax, 269
Internal Security Act of 1950, 210
International Advisory Committee, 272
International Bank for Reconstruction and Development. See World Bank
International Bank of Iran, 291
International Development Advisory Board, 190
International Monetary Fund (IMF), 165, 171, 285, 294, 332–333, 349, 351, 380
Interstate Commerce Commission, 42
Interstate Highway Act of 1956, 216
Interstate Trust Company, 123
Investment banks
deregulation, 323, 334, 362–365, 378, 392
London, offices in, 293
perceived need to increase leverage, 395, 402
risky practices of, 402–403
shares, sales of, 282
Iran, 291, 306–307
Iran hostage crisis, 310–318
Iron Curtain, 175
Isolationism
during Coolidge’s presidency, 78–79
during Harding’s presidency, 69–75
post-World War I, 58, 62, 63, 67
pre-World War II, 147, 148, 154–155, 156, 178
in 1950s, 197
J. Aron, 364
J. P. Morgan & Company. See Morgan Bank
J. P. Morgan Securities, 348
Japan, 66, 176
Jekyll Island, Georgia, 4, 22–25
Jekyll Island Club, 22–23
Joel, Billy, 299
Johnson, Baxter, 187
Johnson, Lyndon B.
accomplishments of, 270–271
Alliance for Progress, use of by bankers, 264
balance of payments deficit, concern about, 259, 269
bank mergers, facilitation of, 263–264, 278
bankers, relationship with, 250, 251–252, 254–255, 259–263, 267, 269
as conservative Democrat, 253
election as president in 1964, 258
Great Society initiatives, 253
international capital flows, control of, 269
John Jones, deal with, 263
Kennedy, contrast to, 254–255
tax cut bill, 253
Vietnam War, 255, 257, 258, 260, 266, 268
War on Poverty, 259
war surtax bill, 268
Jones, John Jr., 263
Jones, Reginald, 295, 325
Jordan, Hamilton, 314
Josephson, Matthew, 3
JPMorgan Chase, 331, 396–397, 402–403, 407, 411, 416, 418
See also Morgan Bank
Junk bonds, 341–342, 392
Kaden, Lewis, 405
Katzen, Sally, 382
Kean, Benjamin, 309
Kearney, Daniel, 353
Keating, Charles, 353
Keating Five scandal, 352–353
Kellogg, Frank B., 78
Kennedy, John F.
Alliance for Progress, 236, 247
Amherst College speech, 247
assassination of, 248
balance of payments deficit, 240, 245
bankers, relationship with, 231–232, 239, 241
capital-restraining proposals, 241
Cuban missile crisis, 242–243
domestic agenda of, 244–245
election to Congress in 1946, 193
Eurodollar accounts, concern about, 245
monetary flow, 248
Rockefeller-Kennedy letters in Life magazine, 240–241
steel industry, confrontation with, 238
tax proposals, 239
trade initiative, 241, 256
Kennedy, Joseph Patrick, 139–141, 231, 249
Kennedy, Kathleen, 231
Kennedy, Robert, 244, 264–265, 270–271
Keynes, John Maynard, 165, 170–171
Khomeini, Ayatollah Ruhollah, 307
Khrushchev, Nikita, 235, 243, 256–257
King, Martin Luther Jr., 271
King, William Henry, 101
Kintner, Robert, 268
Kissinger, Henry, 272, 290, 292, 307, 308
Knickerbocker Trust Company, 9
Korean War, 195, 197, 200–201, 208
Kovacevich, Richard, 371, 372
Kuhn, Loeb & Company, 3
Labrecque, Thomas, 360, 361, 371, 372
Lamont, Robert Patterson, 88
Lamont, Thomas
on capital “lockout,” 151–152
Crash of 1929, reaction to, 99
death of, 191
European war debt repayment, 70–71, 76–77
FDR, relationship with, 121–122, 141, 157, 161–162, 164
Foreign Relations Committee, subpoena by, 62
on Hitler, 153
as international banker/diplomat, 73–74, 77–78, 150, 152–154
investigations of, 128, 147
League of Nations, support of, 65–67, 72
letter to Hoover on stock market, 95
Morgan Stanley and Company, creation of, 144
Mussolini, ties to, 77–78, 150, 154
at Paris Peace Conference, 58–60
as partner and head of Morgan Bank, 11
Republican Party, break with, 72
Vanderlip, disagreement with, 44
warning of excessive foreign loans, 87
Wilson, friendship with, 18, 54–55, 60
World War I, role in, 51
Lamont, Thomas S., 116
Lance, Bert, 303
Lansing, Robert, 58, 64, 66
Larragoiti, Antonio, 237
Latin America, 188–189, 198, 201, 208, 212–213, 221–223, 265
Lay, James Jr., 194
Lay, Kenneth, 398
League of Free Nations Association, 65
League of Nations, 52, 58–62, 64–65, 67, 68
Least Developed Countries, debt burden of, 332–333, 351
Lebanon, 197, 225
See also Beirut
Leffingwell, Russell, 49, 89, 118, 133, 137�
��138, 148–149, 161, 191–192
Lehman Brothers, 408
Less Developed Countries (LDC), debt accumulation of, 302
Leverage ratios, 356, 407
Lew, Jack, 420
Lewinsky, Monica, 381
Lewis, Kenneth, 408–409
Liberty Bank and Trust, 4
Liberty bonds, 49
Lincoln First Corporation, 337
Lincoln Savings, 352
Lindbergh, Charles, 156
Lindbergh, Charles A. Sr., 27
Lloyd George, David, 58–60
Locarno agreements (1925), 83
Lockheed, bailout of, 279
Lodge, Henry Cabot, 57, 62–63, 65
Loeb, Nina, 20
Loeb, Solomon, 20
London, 227–228, 233, 292–293
London Whale incident, 417, 418, 420
Lundberg, Ferdinand, 29, 78
Maastricht Treaty (1992), 370
MacVeagh, Franklin, 15
Maheras, Thomas, 405
Malraux, André, 240
Manufacturers Hanover Trust Company, 205, 217, 224, 263, 293, 360, 365
Marshall, George C., 185
Marshall Plan, 181, 183–185, 189–190, 226
Martínez, Guillermo Ortiz, 373
MasterCard, 270
Mayer, Martin, 176, 341
McAdoo, William Gibbs, 29, 35, 37, 48, 49, 51, 52, 118, 129, 132
McCarthy, Joseph, 210
McClellan, George Jr., 11
McCloy, John
as Amherst alumnus, 79
antitrust laws, victory over, 214
Aswan Dam deal, 217–219
asylum for Shah of Iran, role in, 307–308, 310
Bank Holding Company Bill, warning about, 216
banking strategies of, 211–212
Chase, head of, 186
Eisenhower, relationship with, 206, 209, 210–211
General Advisory Committee on Arms Control and Disarmament, chairman of, 234
investigation of, 210
Japan, opinion on invasion of, 176
Kennedy, relationship with, 244
oil companies and, 244, 290
public office, offer of appointment to, 209
return to private sector, 243–244
as US high commissioner of Occupied Germany, 192–193
Warren Commission, member of, 255
World Bank, head of, 186–188
McColl, Hugh, 371, 372, 385, 389
McCone, John, 255
McCormick, Vance Criswell, 58, 59, 63
McDonough, William, 386
McGarrah, Gates, 92, 109–111
McGillicuddy, John, 293, 365
McIntyre, M. H., 138, 143–144
McNamara, Robert, 294
Meany, George, 295
Mechanics and Metals National Bank, 91
Medicare program (1965), 262
Meese, Edwin III, 326
Mellon, Andrew, 70, 74, 77, 80, 82–83, 87, 88, 113–114
Mellon Bill (1926), 84
Mercantile National Bank, 8
Meriwether, John, 386
Merrill Lynch, 282, 283, 322, 334, 366, 368, 384, 396, 400, 402, 409
Mexico, 302, 373–375
Meyer, Eugene, 63, 186
MF Global, 419
Middle East, 75, 153, 193, 197, 198, 199, 201, 213, 217, 218, 221, 224, 244, 272, 288–289
Milken, Michael, 342
Miller, Edward Jr., 212
Miller, G. William, 306, 312, 317
Mills, Ogden, 116
Mitchell, Charles
Crash of 1929, reaction to, 100–101
Cuba, investment in, 222
as debt-structuring ambassador, 83–84
Federal Reserve rates, influence on, 110
financial strategies of, 18, 51, 54, 70, 86, 93–95
Forbes Magazine article on, 50
global expansion, 70, 91
investigation of, 119, 127
resignation from National City Bank, 119
Mitchell, John, 290
Moore, George, 223, 247, 248, 251, 261, 265–266, 351
Moore & Schley, 12
Morgan, Henry, 145
Morgan, J. S., 42
Morgan, John Pierpont (J. P.)
congressional investigation of, 18
death of, 34
financial holdings, 2
international influence of, 4–5
investigation of, 27, 32–34
loss of investment in Titanic, 27
New York Times and, 12
organization of 1907 bank bailout, 8–12
side deals with Theodore Roosevelt, 8, 12
US Treasury, loan to, 5
Morgan, John Pierpont “Jack” Jr.
attempted assassination of, 45
code of ethics speech, 86
Depression, blame of Federal Reserve for, 131
FDR, friendship with, 139
Germany, loan to, 80
as head of J. P. Morgan & Company, 34
investigation of, 128–129, 131, 147
subpoena of by Foreign Relations Committee, 62, 63
World War I, role of during, 18, 41–43, 47–48
Morgan, Junius Spencer, 14
Morgan Bank (J. P. Morgan & Company)
in 1958 recession, 224
in Asian crisis, 380
financial strategies of, 72, 73, 89
foreign bond issues by, 87
international lending policy of, 184
mergers, 217, 225–226
Morgan Stanley and Company, creation of, 144
ties to Italy, 78
See also JP Morgan Chase; Morgan Stanley
Morgan Guaranty Trust, 224, 226
See also JPMorgan Chase; Morgan Stanley
Morgan Stanley and Company, 144, 396, 402, 407, 408
Morgenthau, Henry, 133, 150, 160–161, 165, 168–170, 172
Morrow, Dwight, 59, 79, 81
Morse, Charles, 8–9
Mortgage-backed securities, 403, 406, 420
Moynihan, Brian Thomas, 409
Mozilo, Angelo, 409
Muckrakers, 6–7
Multicurrency loan agreement, 269
Munich Agreement, 153
Municipal Assistance Corporation (MAC), 298–299
Mussolini, Benito, 77, 148, 154
Mutual funds, consequences for banks, 230
Mutual Security Program, 210–211, 212, 230
Nabavi, Behzad, 316, 318
Nader, Ralph, 330
NAFTA (North American Free Trade Agreement), 370, 372
NASDAQ, 282
Nasser, Gamal Abdel, 218, 221, 273
National Advisory Council, 181, 185–186
National Banking Act of 1863 (with revisions in 1864 and 1865), 36
National City Bank
in 1958 recession, 224
financial strategies of, 91
as financial supermarket, 50–51
global expansion of, 43–44, 53, 168, 185, 213, 222, 225, 246
history of, 3, 18
as largest bank in US, 84
multicurrency loan agreement, 269
national defense program, financing of, 162
purchase of First National Bank of New York, 217
war, beneficial effect of, 163
See also Citigroup
National City Company, 29
National Council on US-China Trade (later US Business Council), 287–288
National Economic Council, 369, 382, 400
National Industrial Recovery Act of 1933, 132, 149
National Monetary Commission, 19
National Reserve Association, 24, 26
National War Fund, 167–168
NATO. See North Atlantic Treaty Organization
Neutrality Act of 1939, 156, 164
Neutrality laws, 148
New Deal, 132–133, 145–146
New York Banking Department, 108
New York City, threatened bankruptcy of, 298–300<
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New York Trust, 217
Newsom, David, 308, 309
Nicaraguan Freedom Fund, 294
Nixon, Richard M.
bankers, relationship with, 275, 279–280, 283–284
election of 1968, 271
gold standard, end of, 281
House Un-American Activities Committee, member of, 189
Israel, support for, 290
Lockheed, bailout of, 279
McCloy’s opinion of, 234
National Council on US-China Trade, establishment of, 287–288
reelection in 1972, 283
resignation of, 295
Norbeck, Peter, 119
Norman, Montagu, 80
Norris, George, 94
North American Free Trade Agreement (NAFTA), 370, 372
North Atlantic Security plan, 190
North Atlantic Treaty Organization (NATO), 202, 227
Northern Securities Company, 6
NSC 68 (national security report), 194
Nuclear bomb testing, 236
Nye, Gerald Prentice, 74, 147
Obama, Barack
bankers, relationship with, 394, 411–412, 415–416
on bankers’ bonuses, 412, 414
campaign contributors of, 411, 417
economic policy appointments, 412–413
Goldman Sachs, 411–413
Jamie Dimon, friendship with, 413
quantitative easing, approval of, 101
Wall Street dishonesty, reaction to, 419, 421
Ochs, Adolph, 129
Oil, recycling into loans, 292–294
O’Neal, Earnest “Stanley,” 402, 406
OPEC (Organization of the Petroleum Exporting Countries), 244, 289–290, 302, 307
Organization for European Economic Cooperation (later Organization for Economic Cooperation and Development), 227
Orlando, Vittorio, 58, 60
Owen, Robert Latham, 35, 37
Pact of Steel, 154
Pahlavi, Mohammad Reza Shah, 304, 306–309, 310, 315
Palast, Greg, 412
Palmer, Edward, 285
Pandit, Vikram, 412
Panic of 1893, 3
Panic of 1907, 7–13
Paris Peace Conference, 58–60
Participation Sales Act of 1966, 267
Patman, Wright, 115, 279, 284
Patterson, Ellmore, 296, 298
Paulson, Henry “Hank,” 203, 369, 395, 398, 399, 401, 404, 407, 409–411
Payne-Aldrich Tariff Act of 1909, 25, 30
Pearson, Drew, 249
Peck, Mary Allen Hulbert, 15
Pecora, Ferdinand, 119, 139–140
Pecora Commission hearings, 118–120, 127–131
Pelosi, Nancy, 411
Penn Central, 264, 277–279
Penn Square Bank, 328–329
Perkins, George W., 4, 10, 15
Perkins, James, 119, 122–124, 139, 140, 151, 160
Perón, Juan, 222
Peterson, Rudolph, 272
Petrodollars, 276, 290, 293–294, 303
Phillips, David Graham, 6
Piketty, Thomas, 391
Pitt, Harvey, 398
Porter, Roger, 359
Potter, William, 97, 125, 142
