Download e-book for kindle: Bank Control of Large Corporations in the United States by David M. Kotz

By David M. Kotz

"Truly a unique piece of labor, in keeping with new information that had now not been analyzed ahead of. there's an outstanding mixture of historic point of view, conscientious exam of a superb mass of knowledge, and penetrating analysis." 
--Robert Aaron Gordon, constitution Member of the Brookings Panel on financial Activity
 
"Contends that because the moment global struggle, a small variety of 'giant, well-established' banks in a couple of significant towns have re-emerged because the significant staff that controls huge firms. areas the monetary keep watch over thesis in ancient point of view from the Civil battle to the current after which examines the regulate of the 2 hundred biggest U.S. companies in 1967-69 when it comes to proprietor keep watch over, monetary regulate, and no pointed out heart of keep watch over. additionally reviews at the technique of workout regulate. ... the writer reveals monstrous component of the most important nonfinancial firms in 1967-69 have been less than the keep watch over of monetary associations; the keep watch over is exercised in the course of the possession of inventory and the position of the bankers as collectors of the corporations."
--Journal of financial Literature
 
"Recent empirical proof, made on hand via congressional hearings, finds that giant banking teams are workout monstrous effect over nonfinancial enterprises. this can be entire via stockholdings, creditor relationships, and directorship ties. during this very good historic statistical research, Katz assesses the level and impression of such regulate in a aggressive economy." 
--Library Journal
 

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The only important exception was the period of banker control of General Motors during 1910-1915, discussed above. Morgan and Company had considered raising the capital to float the General Motors Company in 1908 but withdrew when some of its advice was rejected by William C. Durant, the founder. See Seltzer, pp. 35-36. 80 Henry Ford's independence of bankers left him free to pursue a policy of long-term price reductions, a type of competitive behavior frowned on by the bankers. Although kept out of the Ford Motor Company, the leading bankers were able to obtain a position of strong influence, if not control, over the second largest automobile manufacturer in this period, General Motors.

3 3ff. 22. Carosso, pp. 35-36. 29 30 BANK CONTROL OF LARGE CORPORATIONS last for five, and sometimes ten, years. J. P. " Through a voting trust Morgan and the other leading investment bankers were often able to maintain control of a railroad after it had begun making profits again. 24 What were the economic consequences of the rise of investment banker control over the railroads? There were four interrelated economic consequences which were the most significant. First, the investment banks encouraged consolidation of the railroads into giant systems, both before the 1890s and during the period of reorganizations.

The five year period of banker control was characterized by caution and retrenchment. Several lines of autos were discontinued and others were consolidated. No dividends were paid on the common stock. This contrasts to the policy of rapid expansion under entrepreneur William C. Durant prior to 1910. In 1915 Durant returned, with duPont backing. See Seltzer, chap. 4. THE EVOLUTION OF FINANCIAL CONTROL securities of light manufacturing and retail trade companies. Beginning in 1906 two small New York investment banks, Goldman, Sachs and Company and Lehman Brothers, began to handle the securities of such companies, starting with Sears, Roebuck and United Cigar Manufacturers.

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Bank Control of Large Corporations in the United States by David M. Kotz


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