Monday, May 30, 2011

Consolidating US Money Power: The Four Horsemen of Global Banking

Interesting piece;
Seems to shed light on the banker vs banker theory you can find linked in today's earlier post

Consolidating US Money Power: The Four Horsemen of Global Banking

If you want to know where the true power center of the world lies, follow the money - cui bono. According to Global Finance magazine, as of 2010 the world’s five biggest banks are all based in Rothschild fiefdoms UK and France.

They are the French BNP ($3 trillion in assets), Royal Bank of Scotland ($2.7 trillion), the UK-based HSBC Holdings ($2.4 trillion), the French Credit Agricole ($2.2 trillion) and the British Barclays ($2.2 trillion).

In the US, a combination of deregulation and merger-mania has left four mega-banks ruling the financial roost. According to Global Finance, as of 2010 they are Bank of America ($2.2 trillion), JP Morgan Chase ($2 trillion), Citigroup ($1.9 trillion) and Wells Fargo ($1.25 trillion). I have dubbed them the Four Horsemen of US banking.

(This would explain the French bank's breaking the ranks with the EU?)

The September 2000 marriage which created JP Morgan Chase was the grandest merger in a frenzy of bank consolidation that took place throughout the 1990’s. Merger mania was fed by a massive deregulation of the banking industry including revocation of the Glass Steagal Act of 1933, which was enacted after the Great Depression to curb the banking monopolies which had caused the 1929 stock market crash and precipitated the Great Depression.

In July 1929 Goldman Sachs launched two investment trusts called Shenandoah and Blue Ridge. Through August and September they touted these trusts to the public, selling hundreds of millions of dollars worth of shares through the Goldman Sachs Trading Corporation at $104/share. Goldman Sachs insiders were bailing out of the stock market. By the fall of 1934 the trust shares were worth $1.75 each. One director at both Shenandoah and Blue Ridge was Sullivan & Cromwell lawyer John Foster Dulles. [1]

John Merrill, founder of Merrill Lynch, exited the stock market in 1928, as did insiders at Lehman Brothers. Chase Manhattan Chairman Alfred Wiggin took his “hunch” to the next level, forming Shermar Corporation in 1929 to short the stock of his own company. Following the Crash of 1929, Citibank President Charles Mitchell was jailed for tax evasion. [2]

In February 1995 President Bill Clinton announced plans to wipe out both Glass Steagal and the Bank Holding Company Act of 1956- which barred banks from owning insurance companies and other financial entities. That day the old opium and slave trader Barings went belly up after one of its Singapore-based traders named Nicholas Gleason got caught on the wrong side of billions of dollars in derivative currency trades. [3]

The warning went unheeded. In 1991 US taxpayers, already billed over $500 billion dollars for the S&L looting, were charged another $70 billion to bail out the FDIC, then footed the bill for a secret 2 1/2-year rescue of Citibank, which was close to collapse after the Latin American debt crunch hit home. With their bill’s paid by US taxpayers and bank deregulation a done deal, the stage was set for a slew of bank mergers like none the world had ever seen.

Reagan Undersecretary of Treasury George Gould had stated that concentration of banking into five to ten giant banks was what the US economy needed. Gould’s nightmare vision was about to come true.

Recounts a history of bank mergers up to the latest-

In the US, the George Gould nightmare reached its ugly nadir just in time for the new millennium when Chase Manhattan swallowed up Chemical Bank. Bechtel banker Wells Fargo bought Norwest Bank, while Bank of America absorbed Nations Bank. The coup de grace came when the reunified House of Morgan announced that it would merge with the Rockefeller Chase Manhattan/Chemical Bank/ Manufacturers Hanover machine.

Four giant banks emerged to rule the US financial roost. JP Morgan Chase and Citigroup were kings of capital on the East Coast. Together they control 52.86% of the New York Federal Reserve Bank. [9] Bank of America and Wells Fargo reigned supreme on the West Coast.

During the 2008 banking crisis these firms got much larger, receiving a nearly $1 trillion government bailout compliments of Bush Treasury Secretary and Goldman Sachs alumni Henry Paulsen; while quietly taking over distressed assets for pennies on the dollar.

Barclays took over Lehman Brothers. JP Morgan Chase got Washington Mutual and Bear Stearns. Bank of America was handed Merrill Lynch and Countrywide. Wells Fargo swallowed up the nation's 5th biggest bank- Wachovia.

The same Eight Families-controlled banks which for decades had galloped their Four Horsemen of oil roughshod through the Persian Gulf oil patch are now more powerful than at any time in history.

They are the Four Horsemen of US banking.



  1. I just posted something along these lines.

    This is an added bonus here see pic 3 and then finish wretching. That woman's mannerisms are like der Furher's.

  2. This is the way sarky operates.

  3. Penny, I think you are spot on the money! smiling

    To me it is increasingly looking like it is the Rothschilds and the Rockefellers (MorganChase & Citigroup) against everyone else. At stake are the other banking houses in Europe. They will go down with Greece and this is why they were desperate for the IMF (led by DSK) to achieve a rescue deal for Greece and why R&R were desperate to stop it including arresting DSK.

    The Anglo/American banks (R&R) have bet (through derivatives - again!) on the Greeks defaulting and leading to wholesale profiteering. The countries under attack are Catholic (and Orthodox). So the money power (R&R) will move in and supplant the Vatican's influence. Everyone will be more worried about getting enough to eat.

    They will also get to take over the other banking houses of Europe. Win-win! Their power will increase enormously compared to the other big banks in America, Bank of America and Wells Fargo who will, no doubt, become targets in turn

    So this is why some of the European bankers have aligned themselves with the Vatican and the aristocracy and were behind DSK. It's about survival amongst the sharks.

  4. Back in 1999, then Secretary of the Treasury Robert Rubin helped push thru the Financial Services Modernization Act of 1999, AKA as the Gramm-Leach-Bliley Act which gutted the Glass-Steagall act and let Wall Street go on a plundering spree which led us into this Great Depression, Part II.

    After the passage, Rubin resigned and moved to Citigroup, where he made over 100 MILLION dollars using the law he helped to pass.

    Rubin and Summers were responsible for forcing Brooksley Born out of the Clinton administration because as chair of the Commodity Futures Trading Commission she had the temerity to suggest regulating the mortgage-backed securities that eventually proved to be so toxic. Instead, Rubin and Summers pushed the Commodity Futures Modernization Act, which Clinton signed into law in his last month in office, categorically exempting those suspect derivatives from any government regulation.

    One of the end results is that some of those "Too big to Fail" Wall Street gangster outfits merged, and Congress gave them even more power to 'save' us from future financial calamities.

  5. thanks DM, I did check some of that out yesterday!

  6. James: hey!

    something is afoot.
    consolidation, profit taking?

    I don't why but the lord of the rings keep going through my head

    Ya know "one ring to rule them all"?
    can't say what it is.

  7. Boy, that Rubin is a real player!

    'Rubin and Summers were responsible for forcing Brooksley Born out of the Clinton administration because as chair of the Commodity Futures Trading Commission she had the temerity to suggest regulating the mortgage-backed securities that eventually proved to be so toxic."

    That woman was a genius.
    She could have saved the world from ruin and impoverishment and enslavement!!
    Guess that is why she had to go.
    Definitely stepping on the bankers toes!

  8. US war against Europe.

    What are Royal Bank of Scotland shares worth?

    - Aangirfan

  9. something is afoot.
    consolidation, profit taking?

    Both i'd say plus thinning the ranks. it all adds up to domination, increased power.

    I don't why but the lord of the rings keep going through my head

    Ya know "one ring to rule them all"?
    can't say what it is.

    I'd say that is an extremely apt intuition, Penny.

  10. Pen, this is from an essay of mine. Your comment of "one ring to rule them all" prompted my memory- one family to rule them all

    "Actually, these bankers are not principally bankers at all but rather men, families, that are world dominionists. They intend to rule the world and they are well on the way after two hundred years of planning and manoeuvring. Money from banking is their primary tool. All their other power, influence and domination flow from this. The pre-eminent family amongst these bankers is the Rothschilds. Heinrich Heine, a poet-philosopher and banker's son said of James Rothschild, “Money is the god of this world and Rothschild is his prophet”. Note the quote stated “his” prophet. Heine personified this god. This personified god of money has a name, of course. Mammon.

    To tie these families together through the generations and ensuring continuity, something stronger than 'family ties' is needed. Something of a religious nature is needed: something that offers reward beyond the grave for these worshippers of money and power; these worshippers of Mammon

    Perhaps the Rothschilds remind you of Sauron

    "Sauron (pronounced /ˈsaʊrɒn/) is the primary antagonist and titular character of the epic fantasy novel The Lord of the Rings by J. R. R. Tolkien.

    In the same work, he is revealed to be the same character as "the Necromancer" from Tolkien's earlier novel The Hobbit. In Tolkien's The Silmarillion (published posthumously by Tolkien's son Christopher Tolkien),[1] he is also revealed to have been the chief lieutenant of the first Dark Lord, Morgoth. Tolkien noted that the "angelic" powers of his constructed myth "were capable of many degrees of error and failing", but by far the worst was "the absolute Satanic rebellion and evil of Morgoth and his satellite Sauron."[2]"