All the Presidents' Bankers
Page 70
Bryan, William Jennings, 19, 41
Brzezinski, Zbigniew, 304, 307, 308, 310
Buchanan, Pat, 380
Budget and Accounting Act of 1921, 74–75
Bulkley, Robert, 35
“Bull Moose” party, 30
Bullis, Harris, 210
Burgess, Warren Randolph, 160–161, 163, 168, 169, 172, 187, 194, 204–205, 227, 246
Burton, Daniel, 374
Bush, George H. W.
bankers, relationship with, 347, 394
Blueprint for Reform, 337
Brady plan for third world debt reduction, 349–351, 353, 355
Butcher, meeting with, 358–359
deregulation, promotion of, 321, 323–325, 334–335, 337–338, 361, 363–364
election of 1988, 347
savings and loan crisis, 348, 352–354, 353, 359
as vice president, 321, 323–325, 333–338
Bush, George W.
bank bailout plan (TARP), 411
bankers, relationship with, 402
campaign funding, 401–402
corporate crime, curb for, 400
election of 2000, 397
Iraq, invasion of, 400
on Lehman Brothers crisis, 408
quantitative easing, approval of, 101
reelection in 2004, 403
retaliation for 911, 399
Bush, Neil, 352, 359
Bush, Jeb, 352
Business Advisory Council, Department of Commerce, 118
Business Group for Latin America, 250, 259
Butcher, Willard C., 295, 327–329, 337, 347, 354, 355, 358, 360
Butler, John, 281
Buzzanco, Robert, 267
Califano, Joseph “Joe” Jr., 264
Calkins, Earnest Elmo, 83
Camdessus, Michael, 380
Cannon, Joseph G., 15
Capital limits, 395–396, 402, 417
Capital “lockout,” 151–152
Caribbean Basin Initiative, 327
Carpenter, Michael, 398
Carter, Jimmy
bankers, relationship with, 301
deregulation, 301, 303, 314
election of 1976, 301
foreign policy, 302
Iran hostage crisis, 310–318
Shah of Iran, admittance of to US, 308–309
Carter, John Franklin, 169
Casey, William, 322
Castro, Fidel, 222, 223, 242
Cayne, James, 401–402
Celler, Emanuel, 214
Center for Inter-American Relations, 237
Cermak, Anton, 118
Certificates of deposit (CDs), 233
Chamberlain, Austen, 83
Chamberlain, Neville, 155
Chamoun, Camille, 224
Champion, George, 232, 233, 261, 266, 272, 274
Chase Harris Forbes Corporation, 139
Chase International Investment Corporation, 305
Chase Manhattan Bank
creation of, 215
credit crisisrecession of 1990, 360
Eurodollar market, use of, 234
financial problems, 328–329
financial statement error, 295–296
global expansion, 225, 287, 288, 291, 304–305
Iranian government, declarations of default against, 311–313
Lincoln First Corporation, acquisition of, 337
net profit in 1995, 374
One Chase Plaza, 232–233
Vietnam War and, 266
See also Chase National Bank; JPMorgan Chase
Chase National Bank
Chase Securities Corporation, establishment of, 125
global expansion, 181, 184–185, 201, 211, 213, 222
mergers, 4, 91–92, 123, 215
See also Chase Manhattan Bank; JPMorgan Chase
Chase National Bank of Egypt, 291
Chase Securities Corporation, 125
Chase World Information Corporation, 288
Chemical Bank New York Trust, 217
Chemical Banking Corporation, 365
Cheney, Dick, 398
Chernoff, Allan, 382
Chernow, Ron, 34, 37
China, 287–288
Christopher, Warren, 309, 310, 315, 316, 318
Chrysler Corporation Loan Guarantee Act of 1979, 306
Church, Frank, 296–297
Churchill, Winston, 173, 175, 208
Citibank, 270, 293, 360
Citicorp, 335, 336, 343, 361, 374, 384
Citicorp International Bank Limited (CIBL), 292–293
Citigroup, 3, 375, 381, 389, 398, 411, 418
City Company of New York, 139
Civil Rights Act of 1964, 253
Clausen, Alden W. “Tom,” 276, 300, 324, 326–327, 331–332, 338–339, 342–343, 350
Clay, Lucius, 204
Clayton Antitrust Act of 1914, 43, 214, 263
Clearing House Association, 108
Clemenceau, Georges, 58–60
Clémentel, Étienne, 81
Cline, Kenneth, 371
Clinton, Bill
bankers, alliances with, 366, 369
deregulation policies, 371, 375, 390, 392
impeachment, calls for, 381
Mexican crisis bailout, 372–375
North American Free Trade Agreement (NAFTA), 370
reelection in 1996, 378
CMART, 297–298
Cohan, William D., 203
Cold War, 194, 197, 198, 202, 216, 233, 243, 256, 323, 357
Collado, Emilio, 187
Collateralized debt obligations (CDOs), 403, 405, 419
Colombia, 293
Commercial banks
ban on dealing in securities, 128
Cold War-related loans, 202
corporate bonds, underwriting of, 343, 348
deregulation of, 314, 326, 333, 337
Federal Deposit Insurance and, 335
foreign assets of, 290
Glass-Steagall Act, repeal of, 381, 385, 392, 396
global expansion of, 292–293
Less Developed Countries, debt burden of, 302
London, offices in, 293
separation from investment banking, 125
S&L bailout, profit from, 354, 359
World Bank, cooperation with, 331
World War II debt burden of, 167, 182
Commercial paper market, 278
Commodity Exchange Act of 1936, 363
Commodity Futures Trading Commission (CFTC), 363
Communism, perceived threat of, 183, 194–195, 197, 218
Community Reinvestment Act of 1977, 384, 388
Comptroller of the Currency, 28, 33, 36, 47, 263
Conable, Barber Jr., 362
Congress of Industrial Organizations, 145
Connally, John, 281, 285
Consumer Federation of America, 353
Cook, Don, 260
Coolidge, Calvin, 67, 78–79, 82–85
Corn Exchange Bank Trust Company, 94–95, 217
Corrigan, Gerald, 346, 350, 352, 365
Cortelyou, George, 8, 10, 11
Corwin, Philip, 353
Corzine, Jon, 369, 403, 419
Costanzo G. A. “Al,” 289
Council of Economic Advisors, 334, 346
Council of the Americas, 237
Council on Foreign Relations, 219, 244
Countrywide Financial, 409
Cox, James A., 67
Crapo, Michael, 404
Credit-Anstalt, 111
Credit cards, 252, 269–270
Crissinger, Daniel Richard, 80
Cuba, 84, 257
Cuban missile crisis, 242–243
Cummings, Homer, 116
Current Tax Payment Act of 1943, 169
D’Amato, Alfonse, 384, 385
Davis, James, 88
Davis, John W., 59–60, 63, 128
Davis, Norman, 129
Davison, Henry, 21, 23, 25, 62–63
Dawes, Charles, 79, 83
Day, Henry Mason, 139
De Vries, Rimmer, 302
Dean, Arthur, 235
Debt inflation policy, 281–282
Declarations of Algiers, 316
Defense Production Act of 1950, 278
Depew, Chauncey, 6
Deposit insurance premiums, 351–352
Depository Institutions Deregulation and Monetary Control Act of 1980, 314, 333
Depression. See Great Depression
Deregulation, banking, 301, 303, 306, 314, 320, 333–334, 337–338, 342, 360, 391–392
Derivatives
Asian market, 379, 380
Bear Stearns collapse and, 406
cross-border, 371
deregulation and, 392, 402
Dodd-Frank bill and, 415
energy, 375
Enron, use by, 397
Goldman Sachs, use of, 410
government shield for, 386, 387, 391
hybrid, 364
increased profit from, 361, 363
JPMorgan Chase, investment in, 417
mismarking by JPMorgan Chase, 331
objections to regulation of, 404–405
Dewey, Thomas, 192
Di Stefani (or De Stefani), Alberto, 78
Dillon, C. Douglas, 234, 246, 248, 254, 260, 272, 282, 347
Dimon, James “Jamie,” 331, 368, 379, 385, 403, 405–407, 410, 413, 416–417
Dinitz, Simcha, 292
Disarmament, negotiations on, 234–235
Dodd, William, 148
Dodge, Cleveland, 14
Dole, Elizabeth, 325
Dollar, as global reserve currency, 72, 170
Dollar, devaluation of, 280–282, 285
Dollar Saving Bank, 11
Donaldson, William, 402
Donnelly, John, 370
Dorgan, Byron, 330, 390
Downey, Robert, 360
Drexel Burnham Lambert, 342
Drysdale Government Securities, 328
Du Pont, Pierre, 147
Dudley, William, 413
Dulles, John Foster, 60, 112, 208, 209, 218, 219
Dunn, Harry, 203
Dynegy, 398–399
Ebbers, Bernard, 399, 421
Eccles, Marriner, 142, 152
Economic Cooperation Act of 1948, 189
Economic Policy Advisory Board, 325, 334, 346
Economy, global
in 2010, 414
risky banker practices and, 394, 404, 422
US dominance of, 177
Economy, US
Panic of 1907, 7–13
Great Depression, 113–115
in 1930s, 105–108, 135, 145–147, 150–151
post-World War II, 177, 180
in 1950s, 196–198, 220–221
1958 recession, 223–224
in 1960s, 231, 252, 270, 271–272
1962 Blue Monday, 239–240
in 1970s, 296, 306, 307
in 1980s, 319–320, 355–356
1987 market crash, 345
1990 credit crisis/recession, 360
in 1990s, 377–378
in 2000s, 397, 413–414, 416
Edge, Walter Evans, 64
Edge Act of 1919, 64
Egypt, 212, 217–219, 221, 224, 273, 289–291, 315
Eisenhower, Dwight D.
banker friends of, 202–204, 206
domestic policy of, 197, 204, 211
Eisenhower Doctrine, 221
election of 1952, 203
foreign policy of, 204
international trade policy, 208
Joseph McCarthy and, 210
Korean War, termination of, 208
Lebanon, deployment of troops to, 225
military isolationism, opposition to, 207
Mutual Security Program, 210–211, 212, 230
North Atlantic Treaty Organization, commander of, 202
Suez crisis, 219
Eisenhower Doctrine, 221
Eizenstat, Stuart, 303, 306
Electronic funds transfer (EFT), 303
Elliott, William, 78
Emanuel, Rahm, 366, 413
Emergency Economic Stability Act of 2008, 411
Emergency Loan Guarantee Act of 1971, 279
Emergency Moratorium Act (New York, 1975), 299
Energy companies, deregulation of, 375
Enron, 363, 368, 397–399
Equitable Life Assurance Society, 4
Equitable Trust Company, 123–124, 232
Esposito, Michael, 296
Euro, 385–386
Eurodollar market, 233, 245, 250, 269, 283
European banks, global expansion of, 358
Everything Card, 269
Excess Profits Act of 1950, 200
Export-Import Bank, 312
Fall, Albert, 74
Fannie Mae, 303, 411
Farber, Hilliard, 295
Fastow, Andrew, 421
FDIC. See Federal Deposit Insurance Corporation
FDR. See Roosevelt, Franklin Delano
Federal Crisis Inquiry Commission, 420–421
Federal Deposit Insurance Corporation (FDIC), 130–132, 332, 353, 414
Federal Emergency Relief Administration, 132
Federal Reserve
Bank Holding Company Act and, 216–217
bank mergers and, 263
bank trading of corporate stocks, approval of, 361
Crash of 1929, reaction to, 100, 101
Crash of 1987, reaction to, 345–346
Great Depression, policies during, 107
inception of at Jekyll Island, SC, 23–25
interest rates, 178, 183, 330, 337–338, 400, 412, 417, 420
Kennedy assassination, reaction to, 249
monetary policy, conflict with Regan about, 330
purpose of, 37, 90
quantitative easing, 85
securities underwriting, changes in rules on, 378–379
wartime financing, 163
Wriston’s proposals for bank expansion, 280
Federal Reserve Act of 1913, 34–39
Federal Trade Commission, 136
Ferguson, Thomas, 124
Financial Institution Reform, Recovery and Enforcement Act of 1989, 353
Financial Institutions Deregulation Act (FIDA), 333–335
Financial Services Act of 1998 (HR10), 383–385
Financial Services Competitive Equity Act, 335
Financial Services Modernization Act of 1999 (Gramm-Leach-Bliley Act), 387, 389, 390
First National Bank, 4, 33, 217
First National City Bank of New York, 223, 233, 266, 269, 284
See also Citibank; Citigroup
First of Boston Corporation, 139
Fisher, Peter, 398
Flanagan, H. C., 224
Flanigan, Peter, 283–284, 286
Fleishhacker, Herbert, 102
Fletcher, Duncan, 137, 138
Fletcher-Rayburn bill, 136
Floating prime rates, 286
Folsom, Marion, 205
Forbes, Bertie Charles, 50, 91, 98, 100
Ford, Gerald, 295, 299, 300
Ford, Henry, 113
Ford, Henry III, 272
Foreign Assistance Act of 1948, 189
Fowler, Henry “Joe,” 203, 261, 266
Fox, Grace, 168
France, 59, 112
Freddie Mac, 411
Free-market float, 284–285
Free trade, 207–208
Frick, Henry Clay, 12
Friedman, Stephen, 369, 400, 403
Friedrich, Klaus, 380
Fulbright, J. William, 247
Fuld, Richard Jr., 408
Funston, George Keith, 215, 252
Futures, trading, 282, 363, 364–365
Futures Trading Practices Act of 1992, 364
Gage, Lyman, 5
Galbraith, John Kenneth, 97, 102–103
Garfield, James A., 171
Garn, Jake, 335
&nbs
p; Garn–St. Germain Depository Institutions Act of 1982, 333, 341
Garner, Robert, 187
Gary, Elbert, 12
Gates, Thomas, 206, 260, 272
Gay, Charles, 151
Geisst, Charles, 344
Geithner, Timothy, 401, 405, 406, 410, 413
Geneva Conference (1961), 235
Germany, 45, 58–60, 63, 79–81, 109, 111–113, 173
Giannini, A. P., 126, 135–136, 140, 142, 148, 181, 182, 184
Giannini, Mario, 182
Gibson, Donald, 231
Glackens, Louis, 7
Glass, Carter, 31–32, 37, 51, 58, 94, 116, 118, 128, 137, 143
Glass-Owen bill, 34–36
Glass-Steagall Act of 1932, 116–117
Glass-Steagall Act of 1933, 132, 325, 344, 353, 385, 390, 392
repeal of, 381, 385, 392, 396
Glass-Willis draft bill, 31
Gold standard, 72, 246, 280–282
Goldman Sachs
as designated holding company, 408
Greece, shield of debt status of, 387
hybrid instruments, support for deregulation of, 364
Mexican bailout and, 374
Obama, campaign contributions to, 411, 417
politicians, alliances with, 202–203, 322–323, 329, 366, 369, 403, 406
SEC fine of, 418
Weinberg’s relationship with FDR, 117–118
Goldschmid, Harvey, 402
Goldwater, Barry, 257, 258
Golub, Harvey, 389
Good, James, 88
Gorton, Slade, 363
Government bailout programs
AIG bailout, 410, 414
Argentina, loan guarantee for, 332
Bank of America bailout, 409, 410, 411
Brady plan, 350–352
Chrysler Corporation Loan Guarantee Act, 306
Lockheed Emergency Loan Act, 279
Long Term Capital Management bailout, 386
Mexican bailout, 373–375
Penn Central debacle, 278
Reconstruction Finance Corporation, 114
savings and loan banks, 348, 353–354
third world loans, 320
Troubled Asset Relief Program (TARP), 411, 414
Gramm, Phil, 385, 388
Gramm, Wendy, 346, 363, 364, 367–368
Gramm-Leach-Bliley Act (Financial Services Modernization Act of 1999), 387, 389, 390
see also Glass-Steagall repeal
Gratz, Earl Jay, 203
Gray, C. Boyden, 359
Grayson, Cary T., 60, 65, 67
Great Depression, 107, 109–110, 111, 114, 118–120, 146–147, 151
Great Society initiatives, 253
Greenberg, David, 83
Greenspan, Alan, 343–348, 350, 353, 381, 386, 387, 400
Greider, William, 13, 38
Grey, Edward, 45
Griesa, Thomas, 312
Grobe, Edward, 23
Grossman, Max, 168
Grubman, Jack, 399, 400
Guaranty Trust, 215, 217
Gulf Oil Company, 74
Gutt, Camille, 175
Hagerty, James, 210
Haig, Alexander, 284, 294
Halloran, Mike, 371
Hammarskjold, Dag, 219