Other People's Money: And how the Bankers Use it"The great monopoly in this country is the money monopoly. So long as that exists, our old variety and freedom and individual energy of development are out of the question. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men, who, even if their actions be honest and intended for the public interest, are necessarily concentrated upon the great undertakings in which their own money is involved and who, necessarily, by every reason of their own limitations, chill and check and destroy genuine economic freedom. This is the greatest question of all; and to this, statesmen must address themselves with an earnest determination to serve the long future and the true hberties of men." The Pujo Committee -- appointed in 1912 -- found: "Far more dangerous than all that has happened to us in the past in the way of ehmination of competition in industry is the control of credit through the domination of these groups over our banks and industries."... "Whether under a different currency system the resources in our banks would be greater or less is comparatively immaterial if they continue to be controlled by a small group."... |
From inside the book
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... underwrite the United States Steel Corpora- tion took for its services securities which netted $ 62,500,000 in cash . Of this huge sum J. P. Morgan & Co. received , as syndicate managers , $ 12,500,000 in addition to the share which ...
... underwriting services . In other words , nearly one - seventh of the total capital stock of the Steel Corporation appears to have been issued directly or indirectly to promoters ' services . " The so - called fees and commissions taken ...
... underwriting commission of $ 6,800,000 . The exaction of huge commissions is not con- fined to trust and other ... underwrite an issue at par of $ 67,000,000 20- year 6 per cent . convertible debentures . That means : The bankers bound ...
... underwritten ( principally in conjunc- tion with other bankers ) about 100 different security issues of the greater interstate corpora- tions , the issues of each banker amounting in the aggregate to over $ 1,000,000,000 . Concen ...
... do- mestic affiliations and their foreign connections . The underwriting commissions on issues made by this inner group are usually easily earned and do not ordinarily involve the underwriters in the purchase of the 42 OTHER PEOPLE'S MONEY.