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Federal Reserve Directors: A Study of Corporate & Banking Influence

Staff Report, Committee on Banking, Currency & Housing

U.S. House of Representatives, 94th Congress,
2nd session, Aug. 1976, Federal Reserve Directors,
a Study of Corporate & Banking Influence (72 charts)

[Note: these charts have been edited to also show the (privately-held) majority shareholders of Federal Reserve stock. The Federal Reserve, the central bank of the U.S., is not owned by the U.S. Government; in 1913 it was Federally mandated by Congress to exist, but is a privately-owned bank, owned by private bankers.]

In his Foreword to the study, Chairman Henry S. Reuss, (D-Wis) wrote: "This Committee has observed for many years the influence of private interests over public responsibilities of the Federal Reserve System ... many companies in these tables have multiple interlocks to the Federal Reserve System. First Bank Systems, Southeast Banking Corp., Federated Department Stores, Westinghouse Electric Corporation, Proctor & Gamble, Alcoa, Honeywell, Inc., Kennecott Copper, Owens-Corning Fiberglass ... all have two or more director ties to district or branch banks. Federal Reserve directors are representatives of a small elite group that dominates the economic life of this nation."

(commentary by Eustace Mullins) ~ Chart 1 legend ~ the linear connection between the Rothschilds & the Bank of England, & the London banking houses which ultimately control the Federal Reserve Banks through their stockholdings of bank stock & their subsidiary firms in New York. The two principal Rothschild representatives in New York, J. P. Morgan Co., & Kuhn, Loeb & Co. were the firms which set up the Jekyll Island Conference at which the Federal Reserve Act was drafted, who directed the subsequent successful campaign to have the plan enacted into law by Congress, & who purchased the controlling amounts of stock in the Federal Reserve Bank of New York in 1914. These firms had their principal officers appointed to the Federal Reserve Board of Governors & the Federal Advisory Council in 1914.
   In 1914 a few families (blood or business related) owning controlling stock in existing banks (such as in New York City) caused those banks to purchase controlling shares in the Federal Reserve regional banks. Examination of the charts & text in House Banking Committee Staff Report, August, 1976 & current stockholders list of 12 regional Federal Reserve Banks this same, family control.

  As of 11:05 Tuesday, July 26, 1983, the list of member banks holding Federal Reserve Bank of New York stock includes twenty-seven New York City banks. Listed below are the number of shares held by ten of these banks, amounting to 66% of the total outstanding number of shares, namely 7,005,700:



Bankers Trust Company


( 6%)

Bank of New York


( 2%)

Chase Manhattan Bank



Chemical Bank


( 8%)




European American Bank & Trust


( 2%)

J. Henry Schroder Bank & Trust


( .5%)

Manufacturers Hanover


( 7%)

Morgan Guaranty Trust


( 9%)

National Bank of North America


( 2%)

The tremendous number of shares held today as against the original purchases in 1914 is brought about by Section 5 of the original Federal Reserve Act which called for a member bank to buy and hold stock in the district Federal Reserve Bank equal to 6% of its capital and surplus.

Currently, shares held by five of the above named banks comprise 53% of the total Federal Reserve Bank of New York stock. An examination of the major stockholders of the New York City banks shows clearly that a few families, related by blood marriage, or business interests, still control the New York City banks which, in turn, hold the controlling stock of the Federal Reserve Bank of New York.

It is notable that three of the banks holding Federal Reserve Bank of New York stock, in the amount of 270,893 shares, are subsidiaries of foreign banks. J. Henry Schroder Bank and Trust is listed by Standard and Poors as a subsidiary of Schroders Ltd. of London. The National Bank of North America is a subsidiary of the National Westminster Bank, one of London's "Big Five". European American Bank is a subsidiary of the European American Bank, Bahamas, LTD. It is interesting to note that the directors of the European American Bank & Trust include Milton F. Rosenthal, president and Chief Operating Officer of the international gold company, Engelhard Minerals and Chemical; Hamilton F. Potter, a partner in Sullivan and Cromwell (J. Henry Schroder Bank & Trust attorneys); Edward H. Tuck, partner of Shearman and Sterling (Citibank's attorneys); F.H. Ulrich and Hans Liebkutsch, managing directors of the giant Midland Bank of London, one of the "Big Five"; and Roger Alloo, Paul-Emmanuel Janssen, and Maurice Laure of the Societe Generale de Banque (Brussels, Belgium). [See Chart III]

This information, derived from the latest issue of the tabulation available from the Board of Governors, Federal Reserve System, is cited as current evidence which indicate controlling stock in the Federal Reserve Bank of New York, which sets the rate and scale of operations for the entire Federal Reserve System is heavily influenced by banks directly controlled by the Rothschild-controlled Bank of England. [See Chart 1]

Chart 2 legend
Federal Reserve Directors:
A Study of Corporate & Banking Influence

   (commentary by Eustace Mullins) ~ J. Henry Schroder Banking Company chart encompasses the entire history of the Twentieth Century, embracing as it does the program (Belgium Relief Commission) which provisioned Germany from 1915-1918 and dissuaded Germany from seeking peace in 1916; financing Hitler in 1933 so as to make a Second World War possible; backing the Presidential campaign of Herbert Hoover; and even at the present time [Editor's note: mid-'80s], having two of its major executives of its subsidiary firm, Bechtel Corporation serving as Secretary of Defense and Secretary of State in the Reagan Administration.
   Sir Gordon Richardson, head of the Bank of England since 1973, Governor of the Bank of England (controlled by the House of Rothschild) was chairman of J. Henry Schroder Wagg & Company of London from 1963-1972, & director of J. Henry Schroder, New York & Schroder Banking Corporation, New York, as well as Lloyd's Bank of London, & Rolls Royce. He maintains a residence on Sutton Place in New York City, & as head of ‘The London Connection', can be said to be the single most influential banker in the world.

Chart 3 legend ~ David Rockefeller chart shows link between Federal Reserve Bank of New York, Standard Oil of Indiana, General Motors & Allied Chemical Corp. (Eugene Meyer family) & Equitable Life (J.P. Morgan).

Chart 4 legend ~ Interlocks between Federal Reserve Bank of New York, J. Henry Schroder Banking Corp., J. Henry Schroder Trust Co., Rockefeller Center, Inc., Equitable Life Assurance Society ( J.P. Morgan), & Federal Reserve Bank of Boston.

Chart 5 legend ~ Link between Federal Reserve Bank of New York, Brown Brothers Harriman, Sun Life Assurance Co. (N.M. Rothschild & Sons) & Rockefeller Foundation.

Add'l Chart ~ Federal Advisory Council to the Federal Reserve Board of Governors in 1914

James B. Forgan
Federal Advisory Council Pres, 1914-1920

Royal Bank of Scotland

Bank of Nova Scotia
First National Bank of Chicago
(owns 10% FRB Dist 7 (Chicago)
Principal Correspondent
1st National Bank, NY
Philadelphia National
Bank of Manhattan, NY

J.P. Morgan
Chairman, Federal Advisory Council Executive Committee

First National Bank of New York
(owns 7% FDR Bank Dist 2, NY)
Correspondent bank for many outlaying
large banks, especially those percentage
of the FRB of their district, such as: First
National Bank of Chicago; Philadelphia
National Bank; First National Bank
of San Francisco

Daniel S. Wing
Federal Advisory Council Vice Pres.
First Nat'l Bank of Boston
(owns 6% of FDR Bank Dist 1 (Boston)

W.S. Rowe
First Nat'l Bank of Cincinnati
(owns 4% of FER Bank Dist 4 (Cleveland)

Levi L. Rue
Philadelphia National Bank
(owns 3% of FRB Dist 3, (Philadelphia)

C.T. Jaffray
First National Bank of Minneapolis
(owns 5% of FRD Bank, Dist 9 (Minneapolis)
500 shares of 1st National Bank of
Minneapolis held by First Securities, NY
(Baker/Morgan); 5,400 shares National
Bank of Commerce; Chase National Bank

E.F Swinney
First National Bank of Kansas City
(owns 5% of FRB Dist 10, (Kansas City)

Archibald Kains
(San Francisco, California)
American Foreign Banking Corp., NY
Archibald Kains represented the San Francisco
district on the Federal Advisory Council, although
he maintained his office in New York, as president
of the American Foreign Banking Corp.

Bonus chart (by Antony Sutton, below) shows relationship of some majority shareholders to banks that are majority shareholders of oil companies & electrical utility companies ... implying monopoly of currency-issuing, oil, & electrical utility entities by Fed majority shareholders, in addition to owning major defense contractors.

(In 1968, Antony Sutton's, Western Technology & Soviet Economic Development, was published by Hoover Institute at Stanford University. Sutton showed the Soviet state's technological and manufacturing base, engaged in supplying North Vietnamese armaments and supplies to kill and wound American soldiers, was built by U.S. firms and paid for by U.S. taxpayers. From their largest steel and iron plant, to automobile manufacturing equipment, to precision ball-bearings and computers, the majority of the Soviet's large industrial enterprises were built with United States help or technical assistance. Professor Richard Pipes of Harvard said in his book, Survival Is Not Enough: Soviet Realities & America's Future (Simon & Schuster;1984): "In his three-volume detailed account of Soviet Purchases of Western Equipment and Technology ... Sutton comes to conclusions uncomfortable for businessmen and economists.")

   "Banking institutions are more dangerous to our liberties than standing armies. If American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks & corporations that will grow up around will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks & restored to the people, to whom it properly belongs." ~ President Thomas Jefferson, 1801-1809 

"Bankers are a den of vipers. I intend to rout you out & by the Eternal God I will rout you out. If the people only understood the rank injustice of our central bank system, there would be a revolution before morning. If the central bank continues to control our currency, receiving our public monies, & holding thousands of our citizens in dependence, it would be more formidable & dangerous than the naval & military power of the enemy. It is not our own citizens only who are to receive the bounty of our government ... More than 8 million dollars of the stock of this bank are held by foreigners ... Is there no danger to our liberty & independence in a bank that in its nature has so little to bind it to our country? If government would confine itself to equal protection, and, as Heaven does its rains, shower its favor alike on the high & the low, the rich & the poor, it would be an unqualified blessing."
~ President Andrew Jackson, 1829-1837

   "Whoever controls the money of a nation, controls that nation & is absolute master of all industry & commerce. When you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation & depression originate."
~ President James Garfield, 1881

"We began planning the Revolutionary War in order to issue our own money again ...and keep King George III and Bank of England from enslaving us with debt, and making Americans their financial slaves. By the time the revolutionary war started, Apr. 19 1775, British taxation had sucked the gold and silver out of the American colonies, to Britain. So, we had to print money to finance the war." ~ Benjamin Franklin, a 'founding father', 1706-1790 

 "The privilege of creating and issuing money is the supreme prerogative of Government, the Government's greatest creative opportunity. By adoption of these principles, taxpayers are saved immense sums of interest." ~ President Abraham Lincoln, 1861-1866

(Editor's note: In the history of America there have been three attempts to have a privately-owned central bank. The first two failed, after lasting a total of 2-to-3 years, the third one was established in 1913, and has bankrupted America -- as of 2008 we owe the private owners of the Fed nine trillion dollars. Lincoln printed publicly-owned money, called, 'greenbacks'. Kennedy printed publicly-owned money in the form of a two-dollar bill. The following excerpt refers to Lincoln printing publicly-owned (U.S. Government-owned) greenbacks. 

"If this mischievous financial policy which has its origin in North American during the late war in that country, shall become endurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without debt. It will have all the money necessary to carry on its commerce. It will become prosperous without precedent in the history of the world. The brains, and wealth of all countries will go to North America. That country must be destroyed or it will destroy every monarchy on the globe." ~ Hazard Circular, inserted in 1865 London Times, speaking of Lincoln's 'Greenbacks'. 

"Capital must protect itself in every possible manner by combination & legislation. Debts must be collected, bonds & mortgages must be foreclosed as rapidly as possible. When, through a process of law, the common people lose their homes they will become more docile & more easily governed through the influence of the strong arm of government, applied by a central power of wealth under control of leading financiers. This truth is well known among our principal men now engaged in forming an imperialism of Capital to govern the world. By dividing voters through the political party system, we get them to expend energies fighting over questions of no importance. Thus by discreet action we can secure for ourselves what has been so well planned & successfully accomplished. ~Aug. 25, 1924 USA Banker's Magazine