All Americans deserve better. No one cares about me.
Robert Hale, London - - ISBN 0 [there are some minor typographical errors in this transcription] On a bright May morning inwhile young Americans were dying on the Italian beachheads, Thomas Harrington McKittrick, American president of the Nazi-controlled Bank for International Settlements in Basle, Switzerland, arrived at his office to preside over a fourth annual meeting in time of war.
Gold that had been looted from the national banks of Austria, Holland, Belgium, and Czechoslovakia, or melted down from the Reichsbank holding of the teeth fillings, spectacle frames, cigarette cases and lighters, and wedding rings of the murdered Jews.
Its existence was inspired by Hjalmar Horace Greeley Schacht, Nazi Minister of Economics and president of the Reichsbank, part of whose early upbringing was in Brooklyn, and who had powerful Wall Street connections. He was seconded by the all important banker Emil Puhl, who continued under the regime of Schacht's successor, Dr.
Sensing Adolf Hitler's lust for war and conquest, Schacht, even before Hitler rose to power in the Reichstag, pushed for an institution that would retain channels of communication and collusion between the world's financial leaders even in the event of an international conflict.
It was written into the Bank's charter, concurred in by the respective governments, that the BIS should be immune from seizure, closure or censure, whether or not its owners were at war. Established under the Morgan banker Owen D. The Bank soon turned out to be the instrument of an opposite function.
It was to be a money funnel for American and British funds to flow into Hitler's coffers and to help Hitler build up his machine. Among the directors under Thomas H. Farben, Baron Kurt von Schroder, head of the J. Stein Bank of Cologne and a leading officer and financier of the Gestapo; Dr.
Walther Funk of the Reichsbank, and, of course, Emil Puhl.
These last two figures were Hitler's personal appointees to the board. His successor was the forty-three-year-old Leon Fraser, a colorful former newspaper reporter on the muckraking NewYork World, a street-corner soapbox orator, straw-hat company director, and performer in drag in stage comedies.
Fraser had little or no background in finance or economics, but he had numerous contacts in high business circles and a passionate dedication to the world of money that acknowledged no loyalties or frontiers. In the first two years of Hitler's assumption of power, Fraser was influential in financing the Nazis through the BIS.
When he took over the position of president of the First National Bank at its Manhattan headquarters inhe continued to exercise a subtle influence over the BIS's activities that continued until the s. Other directors of the Bank added to the powerful financial group.
Vincenzo Azzolini was the accomplished governor of the Bank of Italy. Yves Breart de Boisanger was the ruthlessly ambitious governor of the Bank of France; Alexandre Galopin of the Belgian banking fraternity was to be murdered in by the Underground as a Nazi collaborator.
Secretary of the Treasury Henry Morgenthau, a deliberate, thorough, slow-speaking Jewish farmer who, despite, his origins of wealth, mistrusted big money and power.
A model of integrity obsessed with work, Morgenthau considered it his duty to expose corruption wherever he found it.Strategic Management methods used by FedEx.
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