Other People's Money And How the Bankers Use It
http://en.wikipedia.org/wiki/Other_People%27s_Money_And_How_the_Bankers_Use_It
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Other People's Money And How the Bankers Use It (1914) is a collection
of essays written by Louis Brandeis first published as a book in 1914,
and reissued in 1933.
Contents
[hide]
1 Contents
2 Synopsis
3 See also
4 Notes
5 External links
[edit] Contents
All the chapters of the book appeared as articles between 22 November
1913 and 17 January 1914, and were written before November 1913.
Our Financial Oligarchy
How the Combiners Combine
Interlocking Directorates
Serve One Master Only!
What Publicity Can Do
Where the Banker is Superfluous
Big Men and Little Business
A Curse of Bigness
The Failure of Banker-Management (first appeared in Harper's
Weekly, 16 August 1913)
The Inefficiency of the Oligarchs
[edit] Synopsis
The book attacked the use of investment funds to promote the
consolidation of various industries under the control of a small
number of corporations, which Brandeis alleged were working in concert
to prevent competition. Brandeis harshly criticized investment bankers
who controlled large amounts of money deposited in their banks by
middle-class people. The heads of these banks, Brandeis pointed out,
routinely sat on the boards of railroad companies and large industrial
manufacturers of various products, and routinely directed the
resources of their banks to promote the interests of their own
companies. These companies, in turn, sought to maintain control of
their industries by crushing small businesses and stamping out
innovators who developed better products to compete against them.
Brandeis supported his contentions with a discussion of the actual
dollar amounts—in millions of dollars—controlled by specific banks,
industries, and industrialists such as J. P. Morgan, noting that these
interests had recently acquired a far larger proportion of American
wealth than corporate entities had ever had before. He extensively
cited testimony from a Congressional investigation performed by the
Pujo Committee, named after Louisiana Representative Arsène Pujo, into
self-serving and monopolistic business dealing.
[edit] See also
US corporate law
[edit] Notes
[edit] External links
"A complete online copy of 'Other People's Money and How the
Bankers Use It". Retrieved 2009-02-07.
"The Value of Other People's Money" in the NYTimes
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