Suggested Readings
"Industria, El Desafo a la Argentina," a special report by Julian Delgado in Primera Plan, September 3-9, 1968, pp. 35-80. Foreign distribution: SADYE S.A., Belgrano 355, Buenos Aires, Argentina...
...Transit System, Inc --------------- 1 Footnotes at end of table, p. 716...
...The so-called trustees, administrators and professors carve out empires and fiefdoms, play politics, hobnob with the generals, angle the fat contracts and research grants, reward their business friends, and publish highly perishable literature...
...Two thirds of these funds are invested in corporate stocks...
...industrial corporations...There are 176 separate instances involving 147 companies in which these 49 banks hold 5 percent or more of the common stock of an individual company which comprises a controlling interes . Interlocking directorship situations between these 49 banks and the corporations listed on the Fortune 500 largest industrials list is even more substantial...
...Texas Congressman Wright Patman (elected to the House in 1928), Chairman of the Banking and Currency Committee, is fondly known around the New York financial district as the "Terror of Wall Street...
...role in the country's economy is available for $1.00 plus 25c for postage and handling (after December 1 we will no longer be able to make the free offer to subscribers...
...5-P Tecumseh Products Co ----------------------------- ----- 15...
...A letter to Representative Patman's office might enable the researcher to acquire this valuable (and expensive) Report at no cost...
...The appendix contains a useful set of tables and listings of university defense contracting and of university officials who are also directors of leading corporations...
...In fact, one New York bank, the Morgan Guaranty Trust Co., holds more trust assets ($16.8 billion) than all 36 banks reporting trust assets from the entire State of California combined...
...Commercial Banks and Their Trust Activities: Emerging Influence on the American Economy, 2 Vols., Staff Report for the Subcommittee on Domestic Finance, Committee on Banking and Currency, House of Representatives (July, 1968...
...This is an average of almost three directorships for each corporation board on which bank director representation is found...
...II by the Superintendant of Documents, U.S...
...financial-corporate elite...
...50 and over, 55c each...
...Surely the liberal academics will dismiss his hard-hitting approach as "simplistic" and "overly emotional...
...Two of the most interesting and original of the 18 or so charts interspersed among the full-page ads for Chrysler, Esso, Zenith and the First National City Bank, etc., are: 1) a breakdown of the principal Argentine businesses transferred to foreign control between 1962 and 1968, listing the businesses, the sector of the economy they were in and their purchasers' names and nationalities...
...but among the politicized and aware students on the campus, the book will help articulate what is already deeply felt...
...from Report Introduction) The Report is replete with excellent charts and tables (see following pages for examples) that offer the researcher a rich source for tracing the operative lines of power in the corporate world...
...Co ------------ 1 Northern Pacific Ry...
...This immense concentration of wealth and corporate-political power is further revealed in the stockholdings and interlocking directorship relations of 49 commercial banks in ten major metropolitan areas...
...Ridgeway perfected his ability to cut to the center of a situation as a reporter for the Wall Street Journal and familiarized himself with the everyday operations of our nation's capital while working for the New Republic...
...AIn addition to the interlocking relationships with Fortune's 500 largest industrial corporations, these 49 banks reported that they had a total of 8,019 director interlocks with 6,591 companies, an average of 164 director interlocks with an average of 135 companies per bank...
...commercial banks...
...Examines in great detail the "denationalization" of Argentine industry...
...for 10c...
...His Banking Committee's 1963 study on Chain Banking, 1964 five volume report on the Twenty Largest Stockholders of Record in Member Banks of the Federal Reserve System, and continuing investigation into Tax-Exempt Foundations and Charitable Trusts: Their Impact on Our Economy are basic, invaluable sources on the U.S...
...Recently he struck out on his own with Andy Kopkind, Robert Sherrill and Ralph Nader in the founding of a highly provocative, muckraking weekly (Mayday) where hard-hitting factual reporting is valued above liberal rhetoric...
...the rest are invested in bonds...
...7-P Mack Trucks, Inc ------------------------------------ - 14...
...The Report points up the extreme -14--15concentration of trust assets: the 30 largest commercial banks in ten major metropolitan areas hold over half of all trust assets, that is, more than $125 billion...
...pension and other employee benefit accounts and private individual trust accounts...
...Co ---------------- 1 Great Northern Ry...
...I and $5.50 for Vol...
...if this fails, the U.S...
...his chapter on Politics vividly documents instance after instance of self-seeking professors and administrators using their "objective" positions to shape government policy...
...Shows how foreign interests have gradually taken over large Argentine companies formerly owned by nationals...
...34.5 percent of all bank trust assets are held in New York State, almost all concentrated in New York City...
...NACLA's 52 page pamphlet on the events in Mexico this summer and the U.S...
...Government Printing Office will provide a set for the prices listed above.-16Total $2.533 Billion As.e Total 4481.2 Million Assets...
...Because Patman can subpoena secret corporation records, the Committee's material is a gold mine for power structure research...
...Foreign distribution: SADYE S.A., Belgrano 355, Buenos Aires, Argentina (cost unknown...
...As one of the finest investigative reporters in a dying profession, James Ridgeway gets to the center of our sick higher educational system in his new book, The Closed Corporation., The title itself provides the basis of his analytical framework - the modern university, shrouded in academic disguises, is primarily a corporation run for private profit and business-government service...
...17TABLE 76.-INTERLOCKING RELATIONSHIPS BETWEEN FIRST NATIONAL CITY BANK, NEW YORK, N.Y., AND MAJOR CORPORATIONS-Continued In Order By Standard Industrial Classification Employee Percent of Classification by SIC code and name Director benefit outstanding of company interlocks funds stock held managed by bank 2 by bank Office, computing, and accounting machines- SIC 357: International Business Machines Corp .. 1 National Cash Register Co_ 2 1 Service industry machines-SIC 358: Carrier Corp ---------------------------------------------- - 11...
...A good example of the AID and Commerce Department documents published to help inform private corporations about how international aid agencies are structured to meet their overseas capital needs...
...Because of a bookkeeping overload NACIA will only accept non-bulk orders accompanied by payment.The Closed Corporation -- American Universities in Crisis, by James Ridgeway, Random House, 1968, 273 pp., $5.95...
...Co ----------- 1 Local and suburban passenger transportation- SIC 411: Trans-Caribbean Airways, Inc ---------- 1 D.C...
...Ridgeway does not paint a pleasant picture...
...and 2) a chart showing the worth and nationality of ownership of 50 leading Argentine corporations...
...Study is based on the model of Jean-Jacques Servan-Schreiber's The American Challenge...
...In examining the interlocking relationships between 49 banks surveyed and major corporations, the study compared the stockholdings of these banks' trust departments with the Fortune Directory of 500 largest U.S...
...Available from the U.S...
...Sources of Export Financing" reprinted from International Commerce, March 11, 1968, 12 pp...
...The introductory article is titled: 'Where the Money Is: How Official Agencies Finance World Business...
...for sale at $7.50 for Vol...
...8-P Aircraft and parts-SIC 372: Boeing Co --------------------------- 1 3 United Aircraft Corp -------------------- 2 TRW, Inc - -------------------------------------------- 6. 2-P Railroad equipment-SIC 374: ACF Industries, Inc ------- ----- ----- 1 1 Optical instruments and lenses-SIC 383: Bell & Howell Co ---------------------- 1 X erox C orp --------------------------- 2 ----- ----- 5. 0-C Toys, amusement, sporting goods, etc.--SIC 394: American Machine & Foundry Co ----------------- - - 8. 7-P Jewelry, silverware, plated ware, etc.-SIC 391: Oneida, Ltd...
...The university is a business -- and a highly profitable one at that - for those who know how to play the game...
...The interlocking relationships such as stockholding and director interlocks between this small group of banks and the 50 largest merchandising, transportation, utility and life insurance companies, are also substantial...
...His populist, anti-big business orientation combined with his control of powerful House committees has produced a string of reports and hearings on the concentration and power of East Coast corporate capitalism...
...8-P Electric transmission and distribution equip- ment-SIC 361: General Electric Co -------------------- 1 Westinghouse Electric Corp-1 -......- I 2 6. 6-P Servel, Inc ------------ _____------------------ 7. 5-P Radio and television receiving sets-SIC 365: Magnavox Co ---------------------- 1 Communication equipment-SIC 366: International Telephone & Telegraph 1 1 Motor vehicles and motor vehicle equipment- SIC 371: Ford Motor Co ------- 1 Borg-Warner Corp --------------------- 1 1 Eaton, Yale & Towne, Inc ----------------------- - - 11...
...What this all adds up to is that the major banking institutions in this country are emerging as he single most important force in the economy, both through the huge overall financial resources at their command and through the concentration of these resources and other interrelationships with a large part of the non-banking business community in the country...
...Includes useful summaries of the operations of the Agency for International Development, the Export-Import Bank, the Inter-American Development Bank and the World Bank and its two subsidiaries, the International Finance Corporation and the International Development Association...
...Department of Commerce, Sales and Distribution Section, Washington, D.C...
...The bank manages investment and stock voting policy for the owners, and by pooling and coordinating each trust's investments they can exert substantial control over corporations...
...1 5. 5-C Railroad transportation-SIC 401: Southern Pacific Co ------------------- 1 Union Pacific RR...
...Approximately 3,125 of the over 13,000 commercial insured banks hold and manage assets worth $250 billion in their trust departments (i.e...
...These 49 banks also reported the names of 5,270 companies in which they hold individually 5 percent or more of the outstanding shares of one or more classes of stock, an average of 108 companies per bank...
...These banks hold a total of 768 interlocking directorships with 286 of the 500 largest industrial corporations in the United States...
...The Texas Congressman's latest 2 volume, 950 page tour de force makes public for the first time the ultra-secret trust holdings of leading U.S...
...20402...
...Bulk rates are as follows: 10-49 copies, 75c each...
...Government Printing Office, Washingtonj D.C...
Vol. 2 • October 1968 • No. 6
