The Hellhound of Wall Street
Page 41
7 Edward Robb Ellis, A Nation in Torment: The Great American Depression 1929-1939 (New York: Coward-McCann, 1970), 265; Literary Digest, March 25, 1933.
8 Reminiscences of James Paul Warburg (1952), in Oral History Collection of Columbia University, 102; Pecora, Wall Street under Oath, 71; Harold van B. Cleveland and Thomas F. Huertas, Citibank, 1812-1970 (Cambridge, MA: Harvard University Press, 1985), 189; William A. Leuchtenburg, Franklin D. Roosevelt and the New Deal, (New York: Harper & Row, 1963), 39-40; Edward Robb Ellis, A Nation in Torment, 265-266; Michael E. Parrish, Anxious Decades: America in Prosperity and Depression 1920-1941 (New York: W.W. Norton, 1992), 290.
9 Hearing Tr., 2344-2345.
10 POH, 685-686, 851.
11 NYT, March 3, 1933; Arthur M. Schlesinger Jr., The Age of Roosevelt: The Crisis of the Old Order, 1919-1933 (Boston: Houghton Mifflin Company, 1957), 479; Susan Estabrook Kennedy, The Banking Crisis of 1933 (Lexington, KY: University Press of Kentucky, 1973), 144; Davis W. Houck, FDR and Fear Itself: The First Inaugural Address (College Station, TX: Texas A&M University Press, 2002), 117-134.
Epilogue
1 Adam Cohen, Nothing to Fear: FDR’s Inner Circle and the Hundred Days that Created Modern America (New York: Penguin Press, 2009), 276; New York Herald Tribune, March 10, 1933; Ronald Steel, Walter Lippmann and the American Century (Boston: Little, Brown, 1980), 280.
2 Cohen, Nothing to Fear, 73; Charles A. Beard and George H. A. Smith, The Old Deal and the New (New York: Macmillan Co., 1940), 78.
3 Conrad Black, Franklin Delano Roosevelt: Champion of Freedom (New York: Public Affairs, 2003), 274-279; Susan Estabrook Kennedy, The Banking Crisis of 1933 (Lexington, KY: University Press of Kentucky, 1973), 152-202.
4 Literary Digest, March 11, 1933.
5 Raymond Moley with Elliot A. Rosen, The First New Deal (New York: Harcourt, Brace & World, 1966), 309-310; POH, 698; Samuel Untermyer to Peter Norbeck, March 6, 1933, Norbeck Papers, Box 2, Folder 10; Joel Seligman, The Transformation of Wall Street: A History of the Securities and Exchange Commission and Modern Corporate Finance (New York: Aspen Publishers, 3rd edition, 2003), 52; Arthur M. Schlesinger Jr., The Age of Roosevelt: The Coming of the New Deal (Boston: Houghton Mifflin Company, 1958), 440.
6 Thomas Lamont to Franklin D. Roosevelt, April 11, 1933, PPF 70, Lamont, Thomas File, FDRPL.
7 Seligman, The Transformation of Wall Street, 30-38; Donald A. Ritchie, “The Pecora Wall Street Expose 1934,” in Congress Investigates: A Documented History, 1792-1974, ed. Arthur M. Schlesinger Jr. and Roger Bruns (New York: Chelsea House Publishers, 1975), 2564-2569; Ron Chernow, The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance (New York: Grove Press, 1990), 346-377; POH, 732-748; NYT, May 30, 1933.
8 Time, June 12, 1933; Flynn, “The Marines Land in Wall Street,” 149; Newsweek, May 27, 1933; Newsweek, June 10, 1933; Time, June 12, 1933; Drew Pearson and Robert S. Allen, The Washington Merry-Go-Round, United Feature Syndicate, May 31, 1933; ibid., June 4, 1933.
9 Barron’s, September 17, 1934; Boston Globe, May 21, 1933; NYT, May 21, 1933; NYT, May 28, 1933; NYT, June 2, 1933; WSJ, June 23, 1933; Peter Norbeck to James E. Stewart, May 6, 1933, Norbeck Papers, Box 115, Folder 4.
10 Schlesinger, The Coming of the New Deal, 423, 439-442; D. B. Hardeman & Donald C. Bacon, Rayburn: A Biography (Austin, TX: Texas Monthly Press, 1987), 154; Seligman, The Transformation of Wall Street, 39-72; Donald A. Ritchie, James M. Landis: Dean of Regulators (Cambridge, MA: Harvard University Press, 1980), 43-61; WSJ, March 31, 1933; Peter Norbeck to James E. Stewart, May 6, 1933, Norbeck Papers, Box 115, Folder 4.
11 Franklin D. Roosevelt to James H. Perkins, March 9, 1933, PPF 54, Perkins, James H. File, FDRPL; Schlesinger, The Coming of the New Deal, 442-443; Kennedy, The Banking Crisis of 1933, 203-223; Seligman, The Transformation of Wall Street, 66; Harold van B. Cleveland and Thomas F. Huertas, Citibank, 1812-1970 (Cambridge, MA: Harvard University Press, 1985), 197.
12 Melanie L. Fein, Securities Activities of Banks (New York: Wolters Kluwer, 3rd edition, 2009); Ingo Walter, ed., Deregulating Wall Street: Commercial Bank Penetration of the Corporate Securities Market (New York: John Wiley & Sons, 1985); Amey Stone and Mike Brewster, King of Capital: Sandy Weill and the Making of Citigroup (New York: John Wiley & Sons, 2002), 217-244, 254-257.
13 Kennedy, The Banking Crisis of 1933, 203-223; Milton Friedman and Anna Jacobson Schwartz, A Monetary History of the United States, 1867-1960 (Princeton, NJ: Princeton University Press, 1963), 434-442.
14 Seligman, The Transformation of Wall Street, 73-100; Schlesinger, The Coming of the New Deal, 461-467; Michael R. Beschloss, Kennedy and Roosevelt: The Uneasy Alliance (New York: W.W. Norton, 1980), 83-91.
15 Peter Norbeck to Ferdinand Pecora, March 10, 1933, Norbeck Papers, Box 2, Folder 2; John T. Flynn, “The Marines Land in Wall Street,” Harper’s 169 (July 1934): 148-153; Peter Norbeck to James E. Stewart, March 24, 1933, Norbeck Papers, Box 134, Folder 5; Gilbert C. Fite, Peter Norbeck: Prairie Statesman (Pierre, SD: South Dakota Historical Society Press, 2005), 182-183.
16 Fite, Peter Norbeck: Prairie Statesman, 182, 192-208.
17 Ormonde de Kay, “Debt Before Dishonor: How Richard Whitney Went down the Drain and up the River,” Quest (February 1988), 40-47; Seligman, The Transformation of Wall Street, 169; John Brooks, Once in Golconda: A True Drama of Wall Street, 1920-1938 (New York: John Wiley & Sons, 1969), passim; NYT, April 12, 1938; NYT, April 13, 1938; NYT, April 15, 1938; NYT, December 6, 1974.
18 Richard O. Boyer, Max Steuer: Magician of the Law (New York: Greenberg, 1932), 43; Frank Vanderlip to Julian Street, May 31, 1933, Vanderlip Papers, Box B-1-10; Assaf Likhovski, “The Duke and the Lady: Helvering v. Gregory and the History of Tax Avoidance Litigation,” Cardozo Law Review 25 (2003-2004): 954-1018.
19 Newsweek, June 24, 1933; ibid., July 1, 1933; NYT, March 23, 1933; NYT, June 22, 1933; NYT, December 15, 1955; New Republic, July 5, 1933.
20 POH, 790-795; Edward J. Flynn, You’re the Boss (New York: Viking Press, 1947), 133-138; Warren Moscow, What Have You Done for Me Lately? The Ins and Outs of New York City Politics (Englewood Cliffs, NJ: Prentice-Hall, Inc., 1967), 171; NYT, October 9, 1933; NYT, November 8, 1933.
21 Raymond Moley, After Seven Years (New York: Harper & Brothers, 1939), 285-290; Schlesinger, The Coming of the New Deal, 557; Beschloss, Kennedy and Roosevelt, 60, 83-91; David E. Koskoff, Joseph P. Kennedy: A Life and Times (Englewood Cliffs, NJ: Prentice-Hall, 1974), 55-63; Reminiscences of James McCauley Landis (1964), in Oral History Collection of Columbia University, 192-193; Ralph F. de Bedts, The New Deal’s SEC: The Formative Years (New York: Columbia University Press, 1964), 96-111; New Republic, July 18, 1934; New York Evening Post, July 2, 1934; ibid., July 3, 1934; ibid., July 5, 1934.
22 de Bedts, The New Deal’s SEC, 104-105; Koskoff, Joseph P. Kennedy, 62-63; POH, 852.
23 NYT, March 27, 1938; NYT, February 23, 1939; NYT, September 17, 1939; Florence Louise Pecora to FDR, August 20, 1935, PPF 2818, Pecora, Ferdinand Folder, FDRPL.
24 NYT, December 8, 1949; October 6, 1950.
INDEX
Aldrich, Winthrop
Allen, Oscar Kelly
Allen, Robert
Alesia (ship)
American Bankers Association
American Stock Exchange
American Sugar Refining Company
American Telephone & Telegraph
Amos ‘n’ Andy (radio show)
Anaconda Copper
Anderson, William
Anti-Saloon League
Association of Stock Exchanges
Auerbach, Jerold
Baff, Barnett
Baker, George (banker)
Baker, George Barr (journalist)
Baker, Hugh
as president of National City Company
resignation as president of National City Company and aftermath
testifies on day three of Pecora hearings
testifies on day four of Pecora hearings
/>
testifies at Pecora hearings following resignation
Baldwin, Samuel
Ballantine, Arthur
Baltimore and Ohio Railroad
Bank of Jamestown, New York
Bank of United States, New York
Banking Act of 1933. See Glass-Steagall Act
banking crisis
effect of Pecora hearings on
FDR’s actions
Glass banking reform bill
as opportunity
runs, closings, holidays, and withdrawal restrictions
banks and bankers. See also City Bank (now Citigroup); Glass-Steagall Act; Mitchell, Charles E.; Morgan, J.P., Jr.
blamed for crash and Great Depression
comparison of commercial and investment banks
comparison of nationally-chartered and state-chartered
deposit insurance
reputation at time of Pecora hearings
“banksters,”
Banton, Joab H.
Barrett, Edward
bartering
Baruch, Bernard
bear raids
Beard, Charles
Billingsley, Logan
Bimson, Walter
Blackmer, Harry
Blyth & Co.
Boeing
bonds, foreign
Bowery Savings Bank
Branch, Claude R.
branch banking
Brandeis, Louis
Brazil. See Minas Geraes bond offerings
Broderick, Joseph
Brookhart, Smith Wildman
Brooks, John
Broun, Heywood
Brown, Edgar D.
Bryan, William Jennings
bucket shops
Buffett, Warren
Bull Moose (Progressive) Party
Byrnes, Ronald
Campen, John S.
Capone, Al
Cary, Guy Fairfax
Central Republic Bank and Trust Company of Chicago
Cermak, Anton
Chapin, Roy
Chase National Bank
Chicago and North Western Railway
Citigroup. See also City Bank (now Citigroup)
City Bank (now Citigroup)
branches
comparison with Bank of United States
compensation and bonuses for executives
and Cuban sugar industry
formal investigation launched by Attorney General
and Glass-Steagall Act
history and growth
loans to executives
main branch office
merger of Citibank with Travelers Group
minute books for bank and securities affiliate
Mitchell becomes president
Mitchell heads securities affiliate
Mitchell resigns from board
Mitchell subpoenaed to testify at Pecora hearings
Mitchell taps Rentschler as heir apparent
pledges to get rid of National City Company
public shock at disclosures during Pecora hearings
relationship to National City Company
reputation at time of Pecora hearings
treatment of lower-level employees
City Trust Company
Cleveland Trust
Clinton, Bill
Cohen, Benjamin
Cohen, Joseph
Cohen, Mrs. Joseph
Colby, Bainbridge
commercial banking, comparison with investment banking
Commercial National Bank
Comstock, William
Continental Bank
Coolidge, Calvin
Cooper, Irving Ben
Corcoran, Thomas
Corn Exchange Bank
Costigan, Edward
Coughlin, Father Charles
Couzens, James
Covington, James
Cox, Father James
Craig, Charles
Crain, Thomas C. T.
Creech, Harris
Cuban sugar industry
Curry, John
Davis, John W.
Dawes, Charles G.
day loans
Democratic Party, and Pecora
deposit insurance
Depression. See Great Depression
Dewey, Thomas
Dillinger, John
Dillingham Commission
Dominick & Dominick
Dulles, John Foster
Eakin, Constant
Emanuel, Rahm
Farmers’ Holiday Association
Federal Communications Commission (FCC)
federal deposit insurance
Federal Reserve
Federal Trade Commission (FTC)
Ferrari, Francesco
filibusters
Financial Crisis Inquiry Commission (2010)
First National Bank
First National Bank of Tennessee
First Security Company
Fisher, Irving
Fletcher, Duncan
Flynn, Edward
Flynn, John
Foley, James
Ford, Henry
Ford Motor Company
foreign bonds
Frankfurter, Felix
Friedman, Milton
Frost, Robert
Garner, John Nance
Gates, Bill
General Sugar Corporation
Gerard, James W.
Glass, Carter. See also Glass-Steagall Act
banking reform bill
charges Mitchell with responsibility for
stock market crash and Great
Depression
feud with Pecora
loses Senate debate to Huey Long
pre-Pecora consideration of banking reform
on Senate Banking and Currency Committee
Glass-Steagall Act (Banking Act of 1933). See also banking crisis; Glass, Carter
gold standard
Gould, Dr. J. W.
Gould, Jay
Graf, Lya
Graham, Katharine
Gray, William A.
Great Depression. See also banking crisis
Hoovervilles
in Detroit
in New York City
at time of FDR’s inauguration
Great Recession (beginning in 2007)
Green, Mary Eloise
Green, Silas
Guaranty Trust
Guardian Trust
Halsey, Stuart & Co.
Hands, J. Baldwin
Happy Hot Dogs (nickname)
Harding, Warren G.
Harrison, George L.
Havemeyer, Henry O.
Hennock, Frieda
Hibernia Bank and Trust Company
Higham, John
Hoover, Herbert
and banking crisis
and banking reform legislation
as commerce secretary under Harding
defeat in 1932 election
Father Coughlin’s view
at FDR’s inauguration
Mitchell as advisor to
Norbeck’s view
observation about Great Depression
reaction to Pecora hearings
role in City Bank investigation
role in Wall Street investigation
view of short sellers
Hoovervilles
Howe, Louis
Hughes, Charles Evan
Hussey, Ambrose W.
Ickes, Harold L.
immigration
anti-immigrant attitudes
Dillingham Commission
Impellitteri, Vincent
Inaugural Address, FDR
Inauguration Day, 1933
Insull, Samuel, Jr.
Insull, Samuel, Sr.
Insull companies
Internal Revenue Bureau (later IRS)
Investment Bankers Association
investment banking. See also Investment Bankers Association; National City Company; securities affiliates
&nb
sp; City Bank’s affiliates structure
industry opposition to separation from commercial banking
need for separation from commercial banking
securities-selling methods
Italian immigrants
discrimination against
Pecora as
J. R. Schmeltzer & Co.
Jackson, Robert
Johnson, Hiram
Johnson, Hugh
J.P. Morgan (company)
Kanzler, Ernest
Kennedy, John F.
Kennedy, Joseph P.
Kirst, Helen
Knox, Philander
Kreuger, Ivar
Kreuger & Toll
Kuhn Loeb (investment bank)
La Guardia, Fiorello
Lafitte, Jean
Lamont, Thomas
Landis, James M.
Lane, Christopher
Lashins, Ivan
Lautaro Nitrate Company
Law, Harry
Lee Higginson (investment bank)
Legion for American Unity
Lehman, Herbert
Lehmann, Frederick
Lindbergh, Charles A. (aviator)
Lindbergh, Charles A. (father of aviator)
Lippmann, Walter
Livermore, Jesse
Logan, Marvel
Long, Huey
MacArthur, Douglas
MacNeil, Evaline
MacVeagh, Franklin
Manhattan Board of Commerce
Mansfield, Richard
Marcus, Bernard
Marrinan, John
McCormick, Anne O’Hare
McDonough, James
McEnroe, Phil
McFadden Act
McMullin, James
Medalie, George Z.
media. See Wall Street, press coverage
Meehan, Frank
Meehan, Mike
Mellon, Andrew
Mencken, H. L.
Meyer, Agnes
Meyer, Eugene
Mills, Ogden
Minas Geraes bond offerings
Mitchell, Charles E. See also City Bank (now Citigroup)
aftermath of Pecora hearings
arrives for Pecora hearings
background
becomes head of National City Company