-Caveat Lector-
an excerpt from:
The Strange Death of FRANKLIN D. ROOSEVELT
A History of the Roosevelt-Delano Dynasty America's Royal Family
Emanuael M. Josephson©1948
CHEDNEY PRESS
127 East 69th Street
New York 21, N. Y.
--[12]--
CHAPTER XII
FRANKLIN DELANO ROOSEVELT
HIGH FINANCIER
Franklin Delano Roosevelt, as poor relation of some of the wealthiest clans
in the world, could have become identified through them with some of the
leading enterprises in the country. But the mental aberration and lack of
judgement, that made it impossible for him to attain a passing grade in his
law studies and to graduate, was aggravated by- the after-effects of the
attack of encephalomyelitis that intensified his high suggestibility. This
led to his being used in a number of off-color stock jobbing deals that
rooked the investing public. It is questionable whether any one man was more
consistently identified during the prosperous 1920's with enterprises that
trimmed the investors than "high financier" Franklin Delano Roosevelt. His
record was consistently putrid.
It is more or less consistent with his admiration of things German, with
which he was imbued in his childhood, that three of the four stock flotations
with which he was identified related to Germany. The fourth reIated to the
elimination of labor from merchandizing. As in the case of Cousin Ulysses S.
Grant the glamour of the family name was peddled to none too scrupulous
manipulators to assist them in unloading questionable stocks to the sucker
public.
The first of these dubious ventures, launched in 1922, was the United
European Investors Ltd., that was incorporated under the charter of the
Dominion of Canada. Its president was listed as Hon. Franklin, D. Roosevelt,
then vice president of the Fidelity & Deposit Company of Maryland. His
associates in the enterprise included August Scherer, William Schall, Senator
John von Berenberg Gossler, partner of the Hamburg banking firm of the same
name and Alfred Arnthal of Hamburg. Its stock was payable in German marks and
was sold to the public in denominations of 10,000 marks a share, with a total
capitalization of 600,000,000 marks. Its purpose as stated in its
advertisements was "to take advantage of the present money stringency in
Germany". The advertisements represented that "sound and attractive
investments can be secured for marks at prices which should ensure profitable
returns coupled with safety of principal". At a time when many colossal
fortunes were piled up in Germany by shrewd, able manipulators such as
Stinnes, Thyssen, Cagliostro and others by taking advantage of the
manipulation of currency, FDR's enterprise came to an ignominious end.
In 1927 Franklin Delano Roosevelt was identified with another stock jobbing
scheme for the benefit of Germany that cost the American investment public
heavily-the International Germanic Trust Company. Its purpose was to further
trade with Germany and to deal in German acceptance. The enterprise showed
losses from the very start. The stock which was sold to the American public
for $170 a share was eventually liquidated for $19 a share.
The following year found Franklin Delano Roosevelt used as "sucker bait" on
the board of directors of the Consolidated Automatic Merchandising Company
abbreviated to "Camco." The purpose of the enterprise was to eliminate labor
from the sale of an ever increasing array of merchandize, and to sell by
means of automatic vending machines. Eleven million dollars were extracted
from the public purse for stock in units of one common and one preferred
share at $55 a unit, in July 1928. At about this time Roosevelt secured the
gubernatorial nomination.
It is a curious fact that in this instance, as in others that involve
Roosevelt and the Dynasty, the radicals and so-called "liberals" made no
outcry of "Wall Street candidate" ag[a]inst Roosevelt. In publications that
attacked the wealthy, no mention was ever made of the Roosevelt-Delano clan
except in the most favorable light. Thus left-winger Ferdinand Lundberg in
his "America's 60 Families" advertised as a "sensational expose'' of
"malefactors of great wealth", makes no mention of the Roosevelt family or of
the Delanos except to mention Fred Delano's position with the Federal Reserve
Bank. This appears to make it clear who inspired these attacks.
The advertising and literature which was used in the sale of "Cameo" stock
was so laden with deception and misrepresentation as to be notorious even in
those days. The advertising dilated in glowing terms on the prospects of the
industry, quoting numerous authorities, including Babson, on automatic sales
machines, in a manner as to lead the prospective buyers to believe that they
commended Cameo.
But they mentioned nothing about the assets. To cover up the question of
assets, the advertised material expounded on "good-will industries" in which
it classed Cameo with the William Wrigley Jr. Company and the Coca Cola
Company. It stated that the Company had a five year plan, of the type that is
so familiar in the world of crackpots; and it represented that by the third
year the dividends would be 18%.
Despite the prosperity which prevailed in the nation at the time it was
started. "Cameo" lost money from the beginning. A little more than a year
after the stock was unloaded on the public, it was selling for a fewer
pennies than it had had originally sold for dollars. Virtually the entire sum
was a dead loss to the American public. It is difficult to understand why
those involved were not prosecuted for using the mails. Their political
influence was probably what accounted for their immunity.
By 1935, President Franklin Delano Roosevelt, exWall Street buccaneer, had
"got religion" and assumed the appearance of virtue. Pontifically he
pronounced in one of his fireside broadcasts, in December of that year,
"One of the greatest curses of American life has been speculation".
At the very time he was making this broadcast, he was engaged in making life
easier, and making plucking the public safer, for the nation's grand-scale
swindlers by advocacy, support and administration of his Agricultural
Allotment Plan, his SEC, the I.C.C. which he had packed in favor of Dynastic
plunderers of the railroads, and his utility death sentence.
The American investor has been swindled out of more money under the New Deal
in a decade, by measures that it pretended were designed to protect the
public, than it had been by all the prior frauds in a century of Wall
Street's history. The New Deal made swindling ultra-safe, ultra-legal and
enormously profitable for the Dynasty and its allies, by arranging to have
the frauds perpetrated for them by government agencies, with the full
sanction of the law; and has given them a virtual monopoly of all important
industries.
>From the viewpoint of the Dynasty, the business and stock market policies of
their agent, President Franklin Delano Roosevelt, were a "New Deal" indeed.
>From the viewpoint of the public, they were the same, swindling "Old Deal"
intensified to the nth degree, with all possibilities of legal redress
against the swindlers' wiped out, and their swindling legalized and
perpertated[sic] for them through government agencies which they control.
pps. 145-151
<Photo caption>
The "Camco" prospectus might well be a model for the New Deal SEC, so far as
concerns any protection that it offers to investors. But it would be sure to
reject this prospectus subscribed to by its conceiver—with its offer of
dividends, with its effort to mislead the investor to infer that Babson
recomended[sic] the issue, with its omission of reference to assets and its
substitution of a comparison with "good-will industries", whatever that might
mean, and its insinuation that the issue was of the quality of the fabulous
"Coca Cola" or of the "William Wrigley Jr." issues. One wonders "'by the mail
authorities failed to act. The stock became worthless in a short time after
issue. Few prospectuses of the time can match this one in its lurid
misrepresentation. One wonders whether FDR had this product of his in mind
when he sanctimoniously pronounced: "One of the greatest curses of American
life has been speculation."
--[cont]--
Aloha, He'Ping,
Om, Shalom, Salaam.
Em Hotep, Peace Be,
Omnia Bona Bonis,
All My Relations.
Adieu, Adios, Aloha.
Amen.
Roads End
Kris
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