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Forwarded from the New Paradigms Project [Not Necessarily Endorsed]:
From: Linda Minor <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Subject: [CTRL] Bonds and Brown Brothers Harriman
Date: Sunday, January 09, 2000 3:19 PM
-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
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and 'conspiracy theory'—with its many half-truths, misdirections and outright
frauds—is used politically by different groups with major and minor effects
spread throughout the spectrum of time and thought. That being said, CTRL
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