All the Presidents' Bankers (88 page)

21
. Charles Hurd, “McCloy Is Elected World Bank Head,”
New York Times,
March 1, 1947.

22
. Bird,
The Chairman,
285.

23
. Ibid.

24
. Ibid.

25
. Letter from Snyder to Nelson Rockefeller, March 7, 1947, Papers of John W. Snyder, IBRD-IMF and IBRD (legislation), Box 54, Folder: International Monetary Funds and Bank, publications and correspondence, 1947, Truman Library.

26
. Bird,
The Chairman,
289.

27
. Sampson,
The Money Lenders,
90.

28
. Letter from Snyder to McCloy, January 10, 1949, Papers of John W. Snyder, Truman Library.

29
. David Cushman Coyle,
Survey of United States Foreign Economic Cooperation Since 1945
(New York, NY: The Church Peace Union, 1957), 12.

30
. Papers of John W. Snyder, 1946–1952, Box 14, Folder: Fiscal, banks 1946–1952, Truman Library.

31
. “World Bank Chary on Backward Lands,”
New York Times,
February 1, 1949.

32
. Wilson,
The Chase,
31.

33
. Harry S. Truman, “The President’s News Conference,” January 12, 1950, posted online by Gerhard Peters and John T. Woolley, American Presidency Project, at
www.presidency.ucsb.edu/ws/?pid=13468
.

34
. “Thomas W. Lamont, Banker, Dies at 77 in Florida Home,”
New York Times,
February 3, 1948.

35
. “Russell C. Leffingwell Is Dead; Ex-Chairman of Morgan Bank,”
New York Times,
October 3, 1960.

36
. Papers of John W. Snyder, 1946–1952, Box 14, Folder: Federal Reserve Bank (Interest, 1948–1950), Fiscal (banks), October 9, 1948 (sent to Secretary of Treasury by Thomas B. McCabe on October 13, 1948), “U.S. Bond Peg Still Necessary, Says F.A. Potts,”
Philadelphia Evening Bulletin,
Truman Library.

37
. Ibid.

38
. “Russell C. Leffingwell Is Dead.”

39
. PFF Box 584, Folder 4316, Russell Leffingwell, Truman Library.

40
. Letter from Leffingwell, November 26, 1948, PFF Box 584, Folder 4316, Russell Leffingwell, Truman Library.

41
. Ibid., cross-reference sheet. Correspondence between Morris L. Ernst and President Truman between December 2, 1948, and December 9, 1948.

42
. Wilson,
The Chase,
37.

43
. PSF Box 160, Foreign Affairs File, Folder: McCloy, John J., Truman Library.

44
. Bird,
The Chairman,
305.

45
. Ibid., 305–306.

46
. Letter from Snyder to Eugene Black, June 24, 1949, Papers of John W. Snyder, Folder: General, 1947–1952, Truman Library.

47
. Bird,
The Chairman,
363.

48
. Wilson,
The Chase,
26.

49
. “A Report to the National Security Council: NSC 68,” April 12, 1950, President’s Secretary’s File, Truman Papers, Truman Library. The report was declassified by Henry Kissinger on February 27, 1975.

50
. Ibid., 60.

51
. Ibid.

52
. Ibid., 62.

53
. Ibid., 63.

54
. Ibid., 65.

55
. Ibid., 4.

56
. December 28, 1950, White House Central Files: Confidential Files, Box 63, Folder: Foreign Trade, Truman Library.

Chapter 10. The 1950s: Eisenhower’s Buds, Cold War, Hot Money

1
. Jordan Weissmann, “60 Years of Economic History, Told in One Graph,”
The Atlantic,
August 23, 2012, at
www.theatlantic.com/business/archive/2012/08/60-years-of-american-economic-history-told-in-1-graph/261503/
.

2
. Wilson,
The Chase,
41.

3
. Press Release, June 30, 1950, Harry S. Truman Administration File, Elsey Papers, Truman Library.

4
. “Tax Legislation, 1950–1959,” Tax Policy Center, at
www.taxpolicycenter.org/legislation/1950.cfm
.

5
. “Investing Abroad Hit,”
New York Times,
July 7, 1950.

6
. Statement by the President, May 15, 1951, Truman Library.

7
. Dwight D. Eisenhower,
At Ease: Stories I Tell to Friends
(Cape Cod, MA: Eastern Acorn Press, 1981), 373.

8
. White House Central Files, Alpha Files: Weinberg Sidney J. (1), Dwight D. Eisenhower Presidential Library and Museum.

9
. Author interview with William Cohan, August 25, 2012.

10
. Files: John Macy, Box 629, Weinberg, Sidney, LBJ Library.

11
. White House Central Files, Alpha Files: Weinberg Sidney J. (1), Eisenhower Library.

12
. “Eisenhower Picks 3 Aides,”
New York Times,
December 15, 1952.

13
. Ibid.

14
. Oral history interview with Gabriel Hauge (1 of 4), March 10, 1967, OH-190, Columbia University Oral History Project, Eisenhower Library.

15
. White House Central Files, PPF, Hauge, Gabriel, Records, 1952–1958, Box 1, Eisenhower Library.

16
. Gabriel Hauge, Memorandum for the President, June 22, 1953, Re: Proposed bill H.R. 1437 as modified by the Department of Defense.

17
. Oral history interview with John J. McCloy, December 18, 1970, OH 221 (1 of 2), Eisenhower Library.

18
. Alexander’s file at the Eisenhower Library in Abilene, Kansas, is slimmer than that of many other bankers who appear in this chapter. There is nothing in it to substantiate the term “Ike’s Boss” used by the popular press at the time.

19
. January 19, 1954, PPF, Folder: George Whitney, Eisenhower Library.

20
. “Two Way Trade Urged by Aldrich,”
New York Times,
June 13, 1953.

21
. Document 597, December 10, 1953, Presidential Papers, Diaries, Eisenhower Library.

22
. Ibid.

23
. Ibid.

24
. Oral history interview with John J. McCloy.

25
. Ibid.

26
. Letter regarding appointments to John Foster Dulles, January 15, 1953, White House Central Files, Hauge, Gabriel: Records, 1952–1958, Box 1, Eisenhower Library.

27
. May 18, 1953, PPF 275, White House Central Files, Eisenhower Archives.

28
. Diary entry by James C. Hagerty, February 25, 1954, White House Press Secretary Papers, Box 1, January 1–April 6, 1954, Eisenhower Library.

29
. John J. McCloy Papers, 1897–1989, Historical (Biographical) Note, Amherst University, at
www.amherst.edu/media/view/393545/original/McCloy%20Papers.pdf
.

30
. Dwight D. Eisenhower, “Special Message to the Congress on the Mutual Security Program,” June 23, 1954, posted online by Gerhard Peters and John T. Woolley, American Presidency Project, at
www.presidency.ucsb.edu/ws/?pid=9931#axzz2gWAhNEeE
.

31
. Folder: McCloy, White House Central Files, Eisenhower Library.

32
. Ralph Hendershot, “Ike’s Policies Brake Forces of Depression,”
New York World Telegram,
July 6, 1954.

33
. Wilson,
The Chase,
397.

34
. Dwight D. Eisenhower, “Statement by the President on the Mutual Security Program,” April 11, 1955, American Presidency Project, at
www.presidency.ucsb.edu/ws/?pid=10448#axzz2gWAhNEeE
.

35
. Edward G. Miller Jr., “A Fresh Look at the Inter-American Community,”
Foreign Affairs,
July 1955.

36
. Statement by Senator Milton R. Young, July 30, 1955, OF-115, A Banking (1), Eisenhower Library.

37
. August 13, 1955, Folder: McCloy, White House Central Files, Eisenhower Library.

38
. John J. McCloy Papers, Box SP2, Folder 7, McCloy Archives.

39
. Ibid., “A Statement on Bank Mergers,” July 5, 1955.

40
. William T. Lifland, “The Supreme Court, Congress and Bank Mergers,”
Law and Contemporary Problems
(Winter 1967): 15–39, at
http://scholarship.law.duke.edu/lcp/vol32/iss1/3
.

41
. Wilson,
The Chase,
88.

42
. “Every Man a Capitalist,”
Time,
November 21, 1955.

43
. April 30, 1956, WHCF, Folder: McCloy, Eisenhower Library.

44
. OF 115, A Banking (4), Eisenhower Library.

45
. “The History of Chemical Bank,” Chase Alumni Association, Courtesy of JPMorgan Chase archives, at
www.chasealum.org/article.html?aid=197
.

46
. Citigroup website, history, at
www.citigroup.com/citi/about/history/index.htm
.

47
. Kai Bird,
The Chairman: John J. McCloy and the Making of the American Establishment
(New York, NY: Simon & Schuster, 1992), 445.

48
. Ibid., 452–53.

49
. Irene L. Gendzier,
Notes from the Minefield: United States Intervention in Lebanon, 1945–1959
(New York, NY: Columbia University Press, 2006), 211.

50
. Anthony Sampson,
The Money Lenders
(New York, NY: Penguin, 1983), 112.

51
. Oral history interview with Winthrop Aldrich, October 16, 1972, OH 250, Columbia University Oral History Project, Eisenhower Library.

52
. Bird,
The Chairman,
453.

53
. Oral history, Aldrich.

54
. Bird,
The Chairman,
450.

55
. Oral history, Aldrich.

56
. Ibid.

57
. October 8, 1956, PPF 1270, Alpha Files (2), Weinberg, Eisenhower Library. Weinberg’s role in financing and developing many industries was equally tactical. The Ford family, with whom he became very close, hired him for his legal prowess. He directed the reorganization of Ford and its listing on the Stock Exchange. McCloy, a Ford Foundation trustee, also played a large role in Ford’s decision to go public in late 1955.

58
. May 31, 1956, PPF 1270, Box 972, Weinberg, Eisenhower Library.

59
. July 15, 1956, Alpha Files (2), Weinberg, Eisenhower Library.

60
. May 31, 1956, PPF 1270, Box 972, Folder 1300, Weinberg, Eisenhower Library.

61
. White House Central Files, Official File, 1953–1961, OF 115 Finances and Monetary Matters (1), Box 483, Eisenhower Library.

62
. Gabriel Hauge, “Prosperity Has Its Problems Too, What Are They?” Economic Club of Detroit, March 11, 1957, Administration File, Ann Whitman File, Hauge, Gabriel, 1956–1957 (2), Eisenhower Library.

63
. “President Upholds Tight Monetary Policy,”
New York Herald,
May 8, 1957.

64
. Phillip L. Zweig,
Wriston: Walter Wriston, Citibank, and the Rise and Fall of American Financial Supremacy
(Crown Business, 1996), 88.

65
. “Bank Names Senior Vice Presidents,”
New York Times,
March 20, 1957.

66
. “Project for Cuba Gets $100,250,000,”
New York Times,
August 23, 1957.

67
. “The Recession of 1958,”
Time,
October 15, 1958.

68
. “Henry C. Alexander,”
New York Times,
December 15, 1969.

69
. Unlike other prominent bankers who influenced Eisenhower at the time, Alexander has no oral history in the Eisenhower archives.

70
. Letter to Henry Clay Alexander, January 23, 1959, White House Central File, Official File 2-B-1, Eisenhower Library.

71
. Oral history interview with W. Randolph Burgess, September 13, 1974, by Eisenhower Library Staff member Dr. Maclyn Burg.

72
. Ralph A. Young, “In Memoriam: Warren Randolph Burgess, 1889–1978,”
The American Statistician
33, no. 3 (1979): 136.

73
. Wilson,
The Chase,
111.

74
. Sampson,
The Money Lenders,
98–102.

Chapter 11. The Early 1960s: “Go-Go” Youth, Murders, and Global Finance

1
. “Stocks Reel Downward—Wall Street Shaken over Kennedy’s Death,” Associated Press, November 25, 1963.

2
. “Debt Growth by Sector,” Federal Reserve Board, at
www.federalreserve.gov/releases/z1/19960912/z1r-2.pdf
.

3
. “Stock Offered in Johnson Chain,”
New York Times,
May 19, 1961.

4
. “Donald J. Tyson, Food Tycoon, Is Dead at 80,”
New York Times,
January 8, 2011.