Читать книгу The Goose-step: A Study of American Education онлайн

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They are being questioned by a small, frail-looking Jewish lawyer named Samuel Untermyer. All his life he has been one of them, he has been in the game with them and made his millions; he knows every trick and turn of their minds, every corner where their money is hidden—and now he turns against them and exposes them to the world. They hate him, but he has them at his mercy, and step by step he shows us the machinery of our industrial and financial life, the thing which he calls the Money Trust, and which I call the plutocratic empire.

There is one phrase which makes the whole argument of the Pujo Report, and that phrase is “interlocking directorates.” Interlocking directorates are the device whereby three great banks in New York, with two trust companies under their control, manage the financial affairs and direct the policies of a hundred and twelve key corporations of America. The three banks are J. P. Morgan and Company, the First National Bank, and the National City Bank; and the two trust companies are the Guaranty and the Equitable. Please fix these five concerns in your mind, for we shall come back to them in almost every chapter of this book. Their directors sit upon the boards of the corporations, sometimes several on each board, and their orders are obeyed because they control credit, which is the life-blood of our business world. Said George M. Reynolds, in his testimony, speaking of the control of American finance: “I believe it lies in the hands of a dozen men; and I plead guilty to being one, in the last analysis, of these men.”