-Caveat Lector- http://www.we-the-people.org/ShyOne's-Letters/8-19-99.htm "The firm originally was known as W. A. Harriman & Company. The link between Harriman & Company's American investors and Thyssen started in the 1920s, through the Union Banking Corporation, which began trading in 1924. In just one three-year period, the Harriman firm sold more than $50 million of German bonds to American investors. 'Bert' Walker was Union Banking's president, and the firm was located in the offices of Averill Harriman's company at 39 Broadway in New York. "In 1926 Bert Walker did a favor for his new son-in-law, Prescott Bush. It was the sort of favor families do to help their children make a start in life, but Prescott came to regret it bitterly. Walker made Prescott vice president of W. A. Harriman. The problem was that Walker's specialty was companies that traded with Germany. As Thyssen and the other German industrialists consolidated Hitler's political power in the 1930s, an American financial connection was needed. According to our sources, Union Banking became an out-and-out Nazi money-laundering machine. . . . "In [1931], Harriman & Company merged with a British-American investment company to become Brown Brothers, Harriman. Prescott Bush became one of the senior partners of the new company, which relocated to 59 Broadway, while Union Banking remained at 39 Broadway. But in 1934 Walker arranged to put his son-in-law on the board of directors of Union Banking. "Walker also set up a deal to take over the North American operations of the Hamburg-Amerika Line, a cover for I.G. Farben's Nazi espionage unit in the United States. The shipping line smuggled in German agents, propaganda, and money for bribing American politicians to see things Hitler's way. The holding company was Walker's American Shipping & Commerce, which shared the offices at 39 Broadway with Union Banking. In an elaborate corporate paper trail, Harriman's stock in American Shipping & Commerce was controlled by yet another holding company, the Harriman Fifteen Corporation, run out of Walker's office. The directors of this company were Averill Harriman, Bert Walker, and Prescott Bush. . . . http://www.tarpley.net/bush2.htm How the Harrimans Hired Hitler It was not inevitable that millions would be slaughtered under fascism and in World War II. At certain moments of crisis, crucial pro-Nazi decisions were made outside of Germany. These decisions for pro-Nazi actions were more aggressive than the mere `` appeasement '' which Anglo-American historians later preferred to discuss. Private armies of 300,000 to 400,000 terrorists aided the Nazis' rise to power. W.A. Harriman's Hamburg-Amerika Line intervened against Germany's 1932 attempt to break them up. The 1929-31 economic collapse bankrupted the Wall-Street-backed German Steel Trust. When the German government took over the Trust's stock shares, interests associated with Konrad Adenauer and the anti-Nazi Catholic Center Party attempted to acquire the shares. But the Anglo-Americans--Montagu Norman, and the Harriman-Bush bank--made sure that their Nazi puppet Fritz Thyssen regained control over the shares and the Trust. Thyssen's bankrolling of Hitler could then continue unhindered. Unpayable debts crushed Germany in the 1920s, reparations required by the Versailles agreements. Germany was looted by the London-New York banking system, and Hitler's propaganda exploited this German debt burden. But immediately after Germany came under Hitler's dictatorship, the Anglo-American financiers granted debt relief, which freed funds to be used for arming the Nazi state. The North German Lloyd steamship line, which was merged with Hamburg-Amerika Line, was one of the companies which stopped debt payments under a Hitler decree arranged by John Foster Dulles and Hjalmar Schacht. Kuhn Loeb and Co.'s Felix Warburg carried out the Hitler finance plan in New York. Kuhn Loeb asked North German Lloyd bondholders to accept new lower interest steamship bonds, issued by Kuhn Loeb, in place of the better pre-Hitler bonds. The Opposition New York attorney Jacob Chaitkin, father of coauthor Anton Chaitkin, took the cases of many different bondholders who rejected the swindle by Harriman, Bush, Warburg, and Hitler. Representing a women who was owed $30 on an old steamship bond--and opposing John Foster Dulles in New York municipal court--Chaitkin threatened a writ from the sheriff, tying up the 30,000 ton transatlantic liner Europa until the client received her $30. (New York Times, January 10, 1934, p. 31 col. 3). The American Jewish Congress hired Jacob Chaitkin as the legal director of the boycott against Nazi Germany. The American Federation of Labor cooperated with Jewish and other groups in the anti-import boycott. On the other side, virtually all the Nazi trade with the United States was under the supervision of the Harriman interests and functionaries such as Prescott Bush, father of President George Bush. Meanwhile, the Warburgs demanded that American Jews not `` agitate '' against the Hitler government, or join the organized boycott. The Warburgs' decision was carried out by the American Jewish Committee and the B'nai B'rith, who opposed the boycott as the Nazi military state grew increasingly powerful. The historical coverup on these events is so tight that virtually the only expose@aa of the Warburgs came in journalist John L. Spivak's `` Wall Street's Fascist Conspiracy, '' in the pro-communist New Masses periodical (Jan. 29 and Feb. 5, 1934). Spivak pointed out that the Warburgs controlled the American Jewish Committee, which opposed the anti-Nazi boycott, while their Kuhn Loeb and Co. had underwritten Nazi shipping; and he exposed the financing of pro-fascist political activities by the Warburgs and their partners and allies, many of whom were bigwigs in the American Jewish Committee and B'nai B'rith. Given where the Spivak piece appeared, it is not surprising that Spivak called Warburg an ally of the Morgan Bank, but made no mention of Averell Harriman. Mr. Harriman, after all, was a permanent hero of the Soviet Union. John L. Spivak later underwent a curious transformation, himself joining the coverup. In 1967, he wrote an autobiography (A Man in His Time, New York: Horizon Press), which praises the American Jewish Committee. The pro-fascism of the Warburgs does not appear in the book. The former `` rebel '' Spivak also praises the action arm of the B'nai B'rith, the Anti-Defamation League. Pathetically, he comments favorably that the League has spy files on the American populace which it shares with government agencies. Thus is history erased; and those decisions, which direct history into one course or another, are lost to the knowledge of the current generation. http://www.google.com/search?q=cache:www.bbh.com/commbank/comm.htm Brown Brothers Harriman & Co. has been closely associated with international commodities trade since the bank was established in 1818. The continuing importance of commodity finance to Brown Brothers Harriman & Co. is demonstrated by the fact that it represents the single largest segment of the firm's New York domestic banking business. Brown Brothers Harriman & Co. has shown consistency and continuity as the commodity and trade finance banking landscape continues to change. All of our clients benefit from our long commitment to international trade and commodity finance, as well as the confidentiality afforded by our private status. The firm's financing expertise extends into coffee, cocoa, sugar and other food products, textiles, non-ferrous metals, precious metals, hydrocarbons, petroleum and petrochemicals, seafood, and other internationally traded commodity products. http://www.bbh.com/general/history.htm Brown Brothers Harriman, like most great private banks, entered the banking business as a by-product of earlier successes as a dry-goods merchant. In the case of Brown Brothers, Irish linen offered an opportunity that started our business nearly 200 years ago. Alexander Brown was born in 1764 in Northern Ireland and was an auctioneer in the Belfast Linen Market. In 1800 he migrated to Baltimore and started a thriving import business in Irish linens. During the next few years, as he began exporting wheat and tobacco, his sons became partners in the firm he named Alexander Brown & Sons. This firm continues to exist in Baltimore as an investment banking firm. The sons, William, George, John, and James, began to branch out, founding in 1810 a merchant banking firm in Liverpool, and in 1818 a branch in Philadelphia styled Brown Brothers & Co. Shortly after the opening of the Erie Canal in 1825, which gave New York's harbor greater access to inland farmers, Brown Brothers & Co. established an office in New York. They strategically placed their office near the place where Liverpool-based ships docked. The firm supplied the credit and foreign exchange that eventually handled almost a third of the young nation's imports, and more than half her imports. The first major adversity to face the firm was the Panic of 1837, which plunged the United States into a five-year economic depression; by comparison, its economic impact was greater than the Great Depression of the 1930's. The western real estate market, which underwent considerable speculation, collapsed. Banks failed as investors withdrew their capital, farms buckled without reasonable credit, and fully nine out of ten factories shut down. The Brown Brothers & Co. partnership, which provided sizable credit to many of the trans-Atlantic markets now at risk, sought the backing of the Bank of England to ensure the continuation of what normal business it could support. [picture]The Brown's ship Alexander, which ran between Philadelphia and Liverpool Through the efforts of Joseph Shipley, a partner and Quaker merchant living in Liverpool, the firm successfully received this important backing. The transatlantic partnership, aptly named Brown Shipley, would continue until 1917. [picture] A Brown Brothers & Co innovation - the first travelers checks. Called 'talon checks', they were first used in Europe in 1892. The family firms remained common partnerships until 1839, when Alex Brown left and returned to Ireland. The transatlantic partnership with Brown Shipley disbanded in 1917. In 1843, Brown Brothers & Co moved its New York office on to Wall Street, because that was the site of the Merchants Exchange. The financial centers' first foreign exchange rates were known as "Brown's posted rates," because they were posted each day in the Brown Brothers & Co. lobby. The firm continued to expand into shipping and banking from growing concerns in both Boston and New York. Another banking panic occurred in 1857 as the inflationary impact of the California gold fields took effect. The introduction of such significant amounts of new money into the economy created boom times, then panic. Brown Brothers & Co., which had avoided sizable investments in related industries, handled this economic downturn well. Over a period of time, banking operations for Brown Brothers & Co. became an increasingly important part of the company's business, and the firm ultimately dropped the actual importing and exporting of goods and commodities. [picture] E.H. Harriman, center, 1906 outside of San Antonio, Texas E.H. Harriman, above, in the late 1800's became involved in the ownership in major U.S. railroads including Union Pacific, and a 45% ownership of Southern Pacific Railroad. In 1931, a few years following the Great Crash of 1929, Brown Brothers combined its internationally oriented business and client base with the capital of two Harriman family firms which were established in the 1920's. These firms were organized by W. Averell Harriman (later Governor of New York) and E. Roland Harriman, sons of E.H. Harriman who is depicted above. The addition of Harriman's domestic experience in railroads and the growing markets in the western U.S., combined with Brown Brothers traditional banking interest internationally, created a highly complimentary business model. The new firm shifted its emphasis from investment banking to commercial banking and investment advisory services. The firm participated in such diverse projects as the financing of the Cherry Hill Mall in New Jersey and the Bokaro thermal power station in Calcutta, India. We are proud of history, but prouder still of the energy and determination we provide to our clients every single day. Through good times and bad, in the United States and abroad, our dedication to prudent, personal service will always be our hallmark. Even with BBH's considerable technological capabilities, personal attention to each client's needs are what we value most. http://www.bbh.com/general/partners.htm Partners At Brown Brothers Harriman, we believe that our relationship with each client is a partnership. We bring to that partnership a commitment to apply our knowledge and effort to our principal goal: to understand our client's financial objectives and to help meet them. Our partnership of commitment and knowledge results in a sophisticated and dedicated approach to client service. This objective is a daily challenge and its attainment a source of pride for all the men and women who help to give BBH its unique personality. Partners J. William Anderson Michael Kraynak, Jr. Peter B. Bartlett Susan C. Livingston Brian A. Berris T. Michael Long Taylor S. Bodman Hampton S. Lynch, Jr. John J. Borland Michael W. McConnell Douglas A. Donahue, Jr. William H. Moore III Anthony T. Enders Donald B. Murphy Alexander T. Ercklentz John A. Nielsen T. M. Farley Eugene C. Rainis John A. Gehret A. Heaton Robertson III Elbridge T. Gerry, Jr. Jeffrey A. Schoenfeld Kristen F. Giarrusso Stokley P. Towles Robert R. Gould Andrew J. F. Tucker Kyosuke Hashimoto Lawrence C. Tucker Ronald J. Hill Maarten van Hengel Landon Hilliard Douglas C. Walker Radford W. Klotz Laurence F. Whittemore Richard H. Witmer, Jr Limited Partners J. Eugene Banks Frank W. Hoch Walter H. Brown Robert E. Hunter, Jr. Ferdinand Colloredo-Mansfeld Kate Ireland William R. Driver, Jr R. L. Ireland III John C. Hanson William F. Ray Managing Director Anil Agarwal Walter W. Grist Glenn E. Baker Keith S. Jennings Charles H. Blood, Jr. John F. King George H. Boyd III Peter A. Lorraine Roland F. Caron Harry J. Martin Christopher H. A. Cecil Douglas McCartney Young Chin Thomas J. McDonald III Duncan A. Clark James J. Minogue Thomas H. Clynes, Jr. John P. Molner Barry M. Connell Wesley M. Oler IV Timothy J. Connelly Stephen C. Owen David W. Corley Vasken H. Setrakian Carl S. Cutler W. Carter Sullivan III Joseph P. Donlan William B. Tyree Christine A. Donovan William J. Whelan, Jr. Dario Galindo Maroa C. Velez Kathryn C. George Edward J. Williams, Treasurer DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. Proselyzting propagandic screeds are not allowed. Substance—not soapboxing! 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