16-08-2013, 09:49 AM
http://archive.org/stream/InterviewWithJ...r_djvu.txt
WHERE BANKERS DIFFER-
Q The majority of Federal Reserve Board members, including Chairman William McChesney Martin, do not seem to agree with you.
A I think there's a basic difference in the philosophy of government here. The Federal Reserve is more control-minded than we are. I think their controls are far too tight.
Q How would you describe your relations with the Federal Reserve Board?
A With some exceptions, I think they are all right
Q When you went to Congress recently your proposals for relaxing some of the controls on banking, Chairman Martin opposed each one
~ ~ ~
Q Were you surprised when the Federal Reserve Board came out vigorously in opposition to the bills you proposed to Congress for relaxing some of the rules on banking?
A No, I wasn't. I'll tell you why. The Federal Reserve Board is the principal regulatory spokesman and champion of the State banks. These include some of the country's big State banks, like the Chase-Manhattan [of New York], which are plainly apprehensive of the growth in competitive capacity of the national banking system.
Q Do you think the Federal Reserve System as it now exists ought to be updated, or overhauled?
A Yes, that's exactly what I think. Membership in the System ought to be voluntary
Adding information on Chase Manhattan
The Chase Manhattan Bank was formed upon the 1955 purchase of Chase National Bank (established in 1877) by the Bank of the Manhattan Company (established in 1799),[SUP][18][/SUP] the company's oldest predecessor institution. The Bank of the Manhattan Company was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank.
According to page 115 of An Empire of Wealth by John Steele Gordon, the origin of this strand of JPMorgan Chase's history runs as follows:
Apparently now it's JPMorgan Chase and HSBC, the latter which acquired Safra's Republic after his suspicious death December 3, 1999
Saxon attempted an end run around the Fed five months before the public execution of the unrepentant chief executive.
WHERE BANKERS DIFFER-
Q The majority of Federal Reserve Board members, including Chairman William McChesney Martin, do not seem to agree with you.
A I think there's a basic difference in the philosophy of government here. The Federal Reserve is more control-minded than we are. I think their controls are far too tight.
Q How would you describe your relations with the Federal Reserve Board?
A With some exceptions, I think they are all right
Q When you went to Congress recently your proposals for relaxing some of the controls on banking, Chairman Martin opposed each one
~ ~ ~
Q Were you surprised when the Federal Reserve Board came out vigorously in opposition to the bills you proposed to Congress for relaxing some of the rules on banking?
A No, I wasn't. I'll tell you why. The Federal Reserve Board is the principal regulatory spokesman and champion of the State banks. These include some of the country's big State banks, like the Chase-Manhattan [of New York], which are plainly apprehensive of the growth in competitive capacity of the national banking system.
Q Do you think the Federal Reserve System as it now exists ought to be updated, or overhauled?
A Yes, that's exactly what I think. Membership in the System ought to be voluntary
Adding information on Chase Manhattan
The Chase Manhattan Bank was formed upon the 1955 purchase of Chase National Bank (established in 1877) by the Bank of the Manhattan Company (established in 1799),[SUP][18][/SUP] the company's oldest predecessor institution. The Bank of the Manhattan Company was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank.
According to page 115 of An Empire of Wealth by John Steele Gordon, the origin of this strand of JPMorgan Chase's history runs as follows:
At the turn of the nineteenth century, obtaining a bank charter required an act of the state legislature. This of course injected a powerful element of politics into the process and invited what today would be called corruption but then was regarded as business as usual. Hamilton's political enemyand eventual murdererAaron Burr was able to create a bank by sneaking a clause into a charter for a company, called the Manhattan Company, to provide clean water to New York City. The innocuous-looking clause allowed the company to invest surplus capital in any lawful enterprise. Within six months of the company's creation, and long before it had laid a single section of water pipe, the company opened a bank, the Bank of the Manhattan Company. Still in existence, it is today J. P. Morgan Chase, the largest bank in the United States.
Led by David Rockefeller during the 1970s and 1980s, Chase Manhattan emerged as one of the largest and most prestigious banking concerns, with leadership positions in syndicated lending, treasury and securities services, credit cards, mortgages, and retail financial services. Apparently now it's JPMorgan Chase and HSBC, the latter which acquired Safra's Republic after his suspicious death December 3, 1999
Saxon attempted an end run around the Fed five months before the public execution of the unrepentant chief executive.