Routing out the Warburgs : UBS Warburg

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Paul Moritz Warburg

http://www.google.com/search?hl=en&tbo=1&imgsz=l&q=paul+warburg+rothschild&btnG=Search&aq=f&aqi=&aql=&oq=&gs_rfai=



http://www.nndb.com/people/462/000135057/
http://en.wikipedia.org/wiki/Paul_Warburg

Undaunted by their initial failures to destroy the United States, the international bankers pursued their objective with relentless zeal. Between the end of the Civil War and 1914, their main agents in the United States were Kuhn, Loeb and Co. and the J. P. Morgan Co.

A brief history of Kuhn, Loeb and Co. appeared in Newsweek magazine on February 1, 1936: "Abraham Kuhn and Solomon Loeb were general merchandise merchants in Lafayette, Indiana, in 1850. As usual in newly settled regions, most transactions were on credit. They soon found out that they were bankers... In 1867, they established Kuhn, Loeb and Co., bankers, in New York City, and took in a young German immigrant, Jacob Schiff, as partner. Young Schiff had important financial connections in Europe. After ten years, Jacob Schiff was head of Kuhn, Loeb and Co., Kuhn having retured. Under Schiff's guidance, the house brought European capital into contact with American industry."

Schiff's "important financial connections in Europe" were the Rothschilds and their German representatives, the M. M. Warburg Company of Hamburg and Amsterdam. Within twenty years the Rothschilds, through their Warburg-Schiff connection, had provided the capital that enabled John D. Rockefeller to greatly expand his Standard Oil empire. They also financed the activities of Edward Harriman (Railroads) and Andrew Carnegie (Steel).

http://www.biblebelievers.org.au/slavery.htm
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UBS Warburg
(project management)
The agency activ8 of London, contracted the services of JUMPNYC to manage the development of this international three-tiered multimedia deliverable.

Goal
Create a compelling and highly interactive multimedia experience for new employees of UBS, UBS Warburg and UBS Private Banking.

Deliverable
1. Original 17 minute video containing on-location footage of Luqman Arnold, Marcus Granziol, and Georges Gagnebin (the heads of UBS, UBS Warburg, and UBS Private Banking, respectfully) in London and Zurich interspersed with 'Day in the life' segments featuring some of the diverse and talented employees of all three divisions in NY and London, shot in a documentary style by Emmy award winning film maker Brent Nemetz

2. Multimedia flash presentation: 40+ minutes of individually designed animated sequences with text, photos, synchronised voice-overs, and music - developed to augment core messages, written by the UBS internal corporate communications team, and to enhance delivery of the induction programme. Animated avatar technology produced by oddcast.


3. Comprehensive Intranet that links to all required information delivered during the induction for review by employees and self induction by new hires, who may be unable to attend the induction program.

http://www.jumpnyc.com/case_ubs.html

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Zubulake v. UBS Warburg



http://en.wikipedia.org/wiki/Zubulake_v._UBS_Warburg
CASE SUMMARY
In Zubulake v. UBS Warburg, plaintiff filed suit against her former employer, alleging gender discrimination, failure to promote, and retaliation. In Zubulake V, plaintiff contended that some of the emails were never produced by defendant, including one that pertained to a conversation about plaintiff. Plaintiff requested sanctions in the form of an adverse inference jury instruction. The case focused on the duties of in-house and outside counsel related to litigation holds and document retention policies. Although UBS Warburg issued and reissued litigation holds, some emails and backup tapes were lost. The court found that UBS employees deleted relevant emails from their computers despite preservation instructions sent by in-house and outside counsel.



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UBS Warburg Bids To Acquire Enrons Trading
399674 04: The UBS Warburg logo is painted on the front of its New York office January 15, 2002 in New York City. UBS, a Swiss investment bank, made a deal on January 15, 2002 to acquire bankrupt energy firm Enrons trading business and will share a third of its profits with Enrons creditors.



http://www.life.com/image/691121
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UBS Warburg Offices in London



LONDON - JULY 15: A scuplture stands outside the UBS Warburg offices July 15, 2002 in London, United Kingdom. Profits at the big banking and brokerage firms have steadily declined since the Nasdaq hit 5000 just over two years ago. Since then the companies have turned their focus to trimming costs while maintaining that they plan to avoid further layoffs.
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UBS Warburg (Swiss Bank Headquarters) Canopy - Stamford, CT



http://images.google.com/imgres?imgurl=http://www.strass-maguire.com/images/picspecialcanopy.jpg&imgrefurl=http://www.strass-maguire.com/projects.php&usg=__WqT0lPjY6_QVUsTxBXAmgNsja04=&h=210&w=431&sz=27&hl=en&start=93&um=1&itbs=1&tbnid=Hia9THOuGuLLJM:&tbnh=61&tbnw=126&prev=/images%3Fq%3DUBS%2Bwarburg%26start%3D90%26um%3D1%26hl%3Den%26sa%3DN%26ndsp%3D18%26tbs%3Disch:1
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UBS Warburg Energy

UBS Warburg Energy LLC is the North American power and natural gas trading business of UBS Warburg. The company operates through an online Website, UBSWenergy.com. The company was founded in 2002 and is based in Houston, Texas. The company operates as a subsidiary of UBS Investment Bank.

http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=2862986
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Nortel IPTV On The Way? | Analyst Says Yes  (August 6, 2007)



Rumour has it (and by that we mean, analysts are predicting) that Nortel may be giving IPTV the glad eye and rubbing its hands together in greedy anticipation.

UBS Warburg (UBS being the United Bank of Switzerland) issued a report last week in which Nikos Theodosopoulos had some choice speculation for the company's future direction.

http://www.webtvwire.com/category/iptv-services/
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BRUNSWICK UBS WARBURG BANK IN MOSCOW

In 2003, Brunswick UBS Warburg Bank moved in to Paveltskaya Square. LANconnect were contracted to design, supply, install and commission a total of 4,250 ISCS200 screened Category 5e outlets within the new offices.

In addition LANconnect also supplied and installed a total of 35 server cabinet enclosures, complete with bespoke manufactured cable management system. LANconnect were also contracted to supply and install in excess of 250 floor box units and under floor duct system by the UK manufacturer MK/Ackermann, in addition to this LANconnect designed, supplied and installed a total of 1200 pair telephone network throughout.



http://www.lanconnect.ru/en/Projects/brunswick

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Siegmund George Warburg



Siegmund George Warburg (30 September 1902 – 22 October 1982) was a member of the prominent Jewish-German-American-British Warburg family. He played a prominent role in the development of merchant banking.

He was born in Tübingen, Germany, the only child of George Siegmund Warburg and Lucie.

He was the founder of S. G. Warburg & Co. in 1946, which was a major British investment bank, and was the bank's managing director until the 1970s.
 The firm is now part of UBS AG.



He was also simultaneously a partner in the U.S. investment bank Kuhn, Loeb from 1953 until 1964 through a holding company to avoid the restrictions of the Glass-Steagall Act.

He died in London.

http://en.wikipedia.org/wiki/Sigmund_Warburg

S. G. Warburg & Co.

The Bank founded in 1946 by Siegmund George Warburg, a member of the Warburg family, a prominent German-Jewish banking family, and Henry Grunfeld, a former industrialist in the German steel industry. Both Jews, Warburg and Grunfeld had fled Nazi Germany in the 1930s.

S.G. Warburg and Co. was recognized for its pioneering mergers and takeover work in the UK in the 1960s, including the first ever hostile takeover in the UK and the first ever Eurobond issue. A significant event in the firm's rise to prominence was the acquisition of Seligman Bros. in 1957; through this, Warburgs gained a place on the Accepting Houses Committee composed of the seventeen top merchant banks with access to cheap capital backed by the Bank of England.

The period 1958/9 saw the Aluminium War when Tube Investments, advised by S. G. Warburg & Co, fought a fierce and ultimately successful battle to acquire British Aluminium.

The bank gained clients and grew rapidly in the 1960s and 1970s, its strong work ethic and rigorous intellectual culture standing in stark contrast to the gentlemanly and clubbable milieu of the traditional City houses.

A major participant in the "Big Bang" reforms of the 1980s, the bank became the preeminent UK-based M&A adviser, equity underwriter, research house and (via its Mercury Asset Management subsidiary) asset manager by the early 1990s, employing some 6,000 people worldwide.

Following a flawed and costly expansion into the US, in 1994 a merger was announced with Morgan Stanley, but the talks collapsed. The following year S.G. Warburg was purchased by Swiss Bank Corporation, and ultimately ended up part of UBS AG.

http://en.wikipedia.org/wiki/S._G._Warburg_%26_Co.

UBS AG  Relationship map - tAKE A good look THE tHE names

http://www.muckety.com/UBS-AG/5001932.muckety

UBS AG



UBS AG  is a diversified global financial services company, with its main headquarters in Basel and Zürich, Switzerland.



It is the world's second largest manager of private wealth assets, and is also the second-largest bank in Europe, by both market capitalisation and profitability. UBS has a major presence in the United States, with its American headquarters located in New York City (Investment banking); Weehawken, New Jersey (Private Wealth Management); and Stamford, Connecticut (Capital markets).

The UBS Tower in Chicago


UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 38% of its employees working in the Americas, 34% in Switzerland, 15% in the rest of Europe and 13% in Asia Pacific.

In 2007, after incurring huge losses, UBS was forced to turn to the Government of Singapore for fresh funding. Since then, the largest shareholder of UBS is Government of Singapore Investment Corporation.



On Friday, 30 January 2009, SNB Chairman Jean-Pierre Roth, the head of the Swiss National Bank, was quoted on Reuters as saying that UBS and Credit Suisse are the two best capitalised banks in the world.

On Monday, 9 February 2009, UBS announced that it lost nearly 20 billion Swiss francs (US$17.2 billion) in 2008, the biggest single-year loss in the history of Switzerland.



On March 11, 2009 UBS AG posted a revised FY 2008 reported 20.9 billion CHF ($18 billion) loss.It was reported UBS was "extremely cautious" about the outlook for 2009.



UBS headquarters in New York


UBS shareholders voted to accept financial aid from the Swiss government, to restore the shaken trust in UBS.

UBS headquarters in London, Liverpool Street 100


In some ways, UBS has evolved on a similar path to its cross-town rival Credit Suisse. Both are Swiss commercial and retail banks which bought major U.S. investment banks and both are currently being investigated by U.S. authorities for allegedly helping 17,000 American citizens to evade taxes. In an unprecedented move on 18 February 2009, UBS, based on an order by the Swiss Financial Market Supervisory Authority (FINMA), has agreed to immediately provide the United States government with the identities of, and account information for, about 250 American clients and to pay US$780 million in fines and restitution.



On February 2 2010, UBS topped the charts for the ninth year in a row in Institutional Investor's annual ranking of developed Europe's most highly regarded equity analysts. In a year of extremes for the equity markets, money managers say that no firm did a better job than UBS of keeping them informed about which European sectors, countries and industries offered the greatest potential.

On 9 February 2010, UBS reported a 2009 fourth quarter profit of CHF 1,025 million, with all business divisions also reporting a pre-tax profit in fourth quarter 2009. UBS CEO Grübel says UBS is delivering on its plan to build a new UBS, as demonstrated by its return to profitability and strengthened capitalization.


UBS North American headquarters building in Stamford, Connecticut: Trading floor is beneath bowed roof


On Monday 15 March 2010, UBS released the bank's FY 2009 Annual Report. UBS recorded a net loss attributable to shareholders of CHF 2,736 million, a considerable reduction to the prior year. UBS returned to profitability in the fourth quarter.



On March 26, 2010, UBS announced the appointment of Lukas Gähwiler as CEO of UBS Switzerland and co-CEO of Wealth Management & Swiss Bank.



Lukas Gähwiler will begin his role at UBS on April 1, 2010 and will also become a member of the Group Executive Board.



Archived News

Swissair
In 2001, UBS was portrayed as responsible for refusing to extend Swissair's line of credit, forcing a grounding of Swissair's planes on 2 October 2001. UBS Chairman Marcel Ospel was blamed by many for ostensibly evading the request for an extension of Swissair's line of credit, and the day after the grounding, thousands of demonstrators marched in front of the Swissair headquarters. UBS Chairman Marcel Ospel claims to have repeatedly advised Swissair management that their situation was extremely grave and that a restructuring was inevitable.



Securities
On 20 March 2003, UBS client HealthSouth and its founder/CEO Richard M. Scrushy were accused by the U.S. Securities and Exchange Commission (SEC) of an accounting scandal where the company's earnings were falsely inflated by $1.4 billion. In 1996, Scrushy allegedly instructed the company's senior officers and accountants to falsify company earnings reports in order to meet investor expectations and control the price of the company's stock. Three senior bankers at UBS, Howard Capek, Benjamin Lorello and William McGahan, testified for congressional hearings, but no one was convicted of any wrongdoing. McGahan,[48] resigned on 10 April 2004 for "personal" reasons not related to the scandal.[49]
In 2004 UBS paid a penalty of $100 million to the US for sending dollars to Cuba, Libya, Irand and Yugoslavia in violation of US sanctions.[50]
An article published in BusinessWeek on 26 February 2007, announced that the firm was under investigation after it was discovered that traders working for at least two unidentified hedge funds were paying a UBS employee for information on impending ratings changes on stocks. [3] It was later announced on 1 March, that an executive director in the firm's equity research department, was being charged along with 13 other individuals from various firms with insider-trading fraud of more than $15 million.[51]
In an article published by Reuters on Feb. 23, 2008, Brazilian public prosecutor Karen Kahn announced that several employees of UBS as well as others from Credit Suisse, Clariden Leu and AIG were under investigation by federal authorities.[52] In 2007, police arrested 20 people, including bankers at UBS, Credit Suisse unit Clariden and AIG Private Bank after the discovery of illegal activities including money laundering, tax evasion, fraudulent banking and operating without a banking license.[53]
On 15 January 2009, the website Swissinfo.ch reported that French wealth management group Oddo et Cie sued UBS on 14 January 2009 in court in Luxembourg for € 30 million over loss of investment due to alleged UBS exposure to the Bernard Madoff hedge funds.[54]
On 20 January 2009, French prosecutors opened an investigation on behalf of French citizens and institutions who claim losses due to Madoff. One part of the investigation is over the AlphaLux fund set up by UBS, which counters that the bank set up the Luxembourg-based fund at the explicit request of investors who specifically asked for the ability to invest with Madoff, but Madoff was never on UBS's list of preferred investments.[55]



Lawsuits
In 1997, the World Jewish Congress lawsuit against Swiss banks (WJC) was launched to retrieve deposits made by victims of Nazi persecution during and prior to World War II. Negotiations involving Union Bank of Switzerland, Credit Suisse, the WJC, and US Undersecretary Stuart Eizenstat ultimately resulted in a settlement of $1.25 billion in August 1998.[56][57]
In April 2002, Bank of America sued five ex-employees who left its asset- and mortgage-backed securities groups for UBS, alleging that the five conspired to steal trade secrets, proprietary software and clients from Bank of America. Bank of America filed a lawsuit for US$ 20 million against Shahid Quraishi, Peter Faigl, Paul Scialabba, Reggie DeVilliers, and Daniel Huang, who had previously worked for their asset-backed group based in Charlotte, North Carolina.[58]
In April 2005, UBS lost the discrimination and retaliation suit Zubulake v. UBS Warburg. The plaintiff Laura Zubulake, a former institutional equities saleswoman at the company's Stamford office, alleged her manager had undermined and removed her from professional responsibilities and generally treated her differently from the men on her desk. An important event in the case was that UBS had not preserved relevant e-mails after the litigation hold had been in place. Because of this, federal judge Shira Scheindlin gave the jury a final "adverse inference" instruction, in part stating, "The fact that some UBS employees failed to preserve their e-mails after being instructed to do so, and that such e-mails cannot now be produced, is sufficient circumstantial evidence from which you are permitted, but not required, to conclude that the missing evidence was unfavorable to UBS". October 2005, the parties agreed to settle the case privately. [59]
On 18 October 2005, three African-American employees filed a class action lawsuit against the company in the United States District Court for the Southern District of New York alleging racial discrimination in employment practices. The three plaintiffs in Freddie H. Cook, Sylvester L. Flaming Jr. and Timothy J. Gandy v. UBS Financial Services, Inc., claim that segregation and discrimination in job assignments and compensation were widespread and the firm had done nothing to diversify its workforce. The lawsuit also claims offices operating in Largo, Maryland and Flushing, New York were created to serve African-Americans and Asian-Americans respectively. On 23 April 2007, U.S. District Judge, Peter J. Messitte, granted plaintiff's request to dismiss the class allegations without prejudice. [60][61]
On 10 September 2007, William Jester, the former head of UBS Securities' U.S. municipal bond department sued the investment bank for age discrimination. Jester alleges that the firm had lowered his performance ratings and bonus level in order to push him out in favor of younger employees.[62]
[edit] 2007–2009
During the second quarter of 2007. Peter Wuffli stepped down as CEO of the firm. In the course of 2009 more than US$19 billion in mezzanine debt and more than US$20 billion in total subprime exposure were written off, forcing UBS to cut its dividend or increase capital in order to protect UBS's traditionally high tier 1 capital ratio, seen by investors as a key to its credibility as the world's largest wealth management company.[63][64]
On 1 April 2008 UBS announced that it was writing down a further $19 billion on its investments in American subprime and other mortgages, as part of an unexpected SFr12 billion projected loss in the first quarter. The Swiss bank also said it would call on its shareholders to supply SFr15 billion in additional funds to shore up its depleted reserves of capital. That means shareholders face dilution. As a result, Marcel Ospel, architect of the merger that created UBS in 1998, said he would step down as chairman, to be replaced by Peter Kurer, the bank's general counsel.
On 6 May 2008, UBS announced plans to cut 5,500 jobs by the middle of 2009 as a consequence of the economic crisis.[65]
It was reported on 22 June 2008 that the US Federal Bureau of Investigation had made a formal request to travel to Switzerland to probe a multi-million-dollar tax evasion case involving UBS.[66] The New York Times reported that the case could involve some 20,000 US citizens. This is reported to be a consequence of information revealed in 2006 by a UBS client at risk of prosecution for US tax evasion.[67]
On 17 July 2008, the United States Senate disclosed that the U.S. loses around $100 billion annually due to offshore tax evasion.[68] The report accused UBS AG and Liechtenstein's LGT Group for allegedly marketing tax-evasion strategies to wealthy Americans.[69] U.S. clients hold about 19,000 accounts at UBS, with an estimated $18 billion to $20 billion in assets, in Switzerland, according to the findings.[70]



UBS announced on 17 July 2008, that it would cease providing cross-border private banking services to US-domiciled clients through its non-US regulated units.[71]
On 12 November 2008, UBS confirmed that Raoul Weil, Chairman and CEO of UBS Global Wealth Management and Business Banking and member of the Group Executive Board, has been indicted by a Federal grand jury in the Southern District of Florida in connection with the ongoing investigation of UBS's US cross-border business by the United States Department of Justice. Weil has relinquished his duties pending the resolution of this matter. Marten Hoekstra, Deputy CEO of Global Wealth Management & Business Banking and Head of Wealth Management US, has assumed Raoul Weil's duties in the interim.[72] On 13 January 2009, in an article about the Bernard Madoff scandal, the Associated Press reported "In a separate case also affecting wealthy investors, former UBS AG wealth management chief Raoul Weil was formally declared a fugitive on Tuesday after failing to surrender to U.S. authorities on charges of conspiring to help wealthy Americans hide assets to avoid paying taxes."[73]
On 18 February 2009, UBS agreed to pay a fine of $780 million to the U.S. Government and entered into a deferred prosecution agreement on charges of conspiring to defraud the United States by impeding the Internal Revenue Service (IRS). The Swiss Financial Market Supervisory Authority (FINMA)gave the United States government the identities of, and account information for, certain United States customers of UBS's cross-border business.[74][75] In addition, the Securities and Exchange Commission charged UBS with "acting as an unregistered broker-dealer and investment advisor" and filed an enforcement action against the corporation.[76]
On 19 February, the U.S. government filed suit against UBS to reveal the names of all 52,000 American customers, alleging that the bank and these customers conspired to defraud the IRS and federal government of legitimately owed tax revenue.[77] On the 12 July 2009 a settlement between the US Department of Justice and UBS appeared more likely when both parties asked for a three-week delay in the hearing to allow time for an alternative resolution to be discussed.[78] An editorial piece in the Wall Street Journal on the 14th July, in direct response to the UBS Department of Justice matter, commented that President Obama and his administration appear to be expending a lot of energy trying to "re-set" diplomatic relations with countries such as Iran and Russia yet are succeeding in damaging a long and amicable relationship with Switzerland.[79] On 12th August 2009, UBS welcomed a settlement deal that ends its litigation with the U.S. Internal Revenue Service. UBS Chairman Kasper Villiger stated "the board of directors and the management of UBS are grateful that the two governments reached this agreement to resolve this issue, and we thank the Swiss government and the Swiss delegation that negotiated this settlement for their outstanding efforts."[80] On 19 August 2009, UBS announced the formal signing of a settlement agreement with the US Internal Revenue Service (IRS) regarding the John Doe summons issued on 21 July 2008. The agreement does not call for payment from UBS and both parties will promptly file a stipulation with the court dismissing the enforcement action relating to the John Doe summons. The agreement also resolves all issues relating to the alleged breaches of UBS's Qualified Intermediary Agreement with the IRS as set forth in the Notice of Default dated 15 May 2008. UBS Chairman Kaspar Villiger said: "This agreement helps resolve one of UBS's most pressing issues. I am confident that the agreement will allow the bank to continue moving forward to rebuild its reputation through solid performance and client service."[81]


 
On April 2, 2009, Steven Michael Rubinstein, 55, of Boca Raton, Florida, a yacht company accountant, was arrested for tax evasion, allegedly hiding assets from tax collectors in the Swiss bank. Rubinstein deposited more than $2 million in Kruggerrand gold coins into his UBS accounts and bought securities worth more than 4.5 million Swiss Francs, and he met with UBS bankers in several locations around South Florida from 2001 through 2008. In 2008, former UBS banker, Bradley Birkenfeld pleaded guilty to fraud conspiracy charges and has been cooperating with U.S. investigators.[82]



On 15 June 2009, it was reported that Benjamin 'Ben' Lorello, head of the IB healthcare team along with 35 colleagues of his senior management team unexpectedly, defected to rival Jefferies. Lorello, who was a former critic of Jefferies and once branded the mid-sized U.S. investment bank as a "low quality firm" with "no track record" in the industry[83], left UBS after the investment division after enduring many numerous financial and personnel losses during the past year. UBS immediately filed a lawsuit against Jefferies for claiming that the firm illegally lured and hired Lorello and 35 other members of their lucrative healthcare team.[84] The suit was settled by both parties on July 14, 2009.[85]

http://en.wikipedia.org/wiki/UBS_AG

The Warburgs and Rothschilds



This is a summary of family ties between the Rothschilds and Warburg families. These two families ties are critical to understanding the flow of investment capital between Europe and the U.S. Their growth and power is interwoven with the historical changes that were taking place in Europe during the 19th century.



Royalist control over European countries started to die out as the shift to nationalist based democracy gained support. However, the kings and their emperial allies still held the stolen wealth of it colonial past in their bank vaults.

The Rothschild family could go where no representative of the English crown dared to step. If the English couldn't rule over its former colony outright, it would secretly finance and control America's fiancial empire.

The skills of the tightly controled Rothschild and Warburg family business gained the trust of their "private" investors. In the process of carrying out the interests of the royal families, they in turn have become very powerful.

One of the telltale signs of their bosses was the practice of intermarriage that both the Rothschilds as well as the Warburgs took on.

The immense economic power of just a couple jewish families soon became the focal point of an anti-jewish movement that impacted the politics from Russia to Germany. From the wierd conspiracies swirling around the Freemasons and Iluminati, the general public were always being driven by the divide and conquer tactics of former kings and queens of Europe.

What follows is an analysis of the Warburg family and their connections to the Rothschilds.

M. M. Warburg of Hamburg
The Warburg family of Germany has been around for a long time, but I will start with the family as it stood in 1860. Abraham and Sarah Warburg (note the biblical connotations in family names) had three children: Moritz, Siegmund and a daughter (unnamed in ref) who married Paul Schiff. Schiff was a director of Vienna's Creditanstalt Bank, which was controlled by Baron Albert Rothschild. The Schiff's and Rothschild families used to share the same house in Frankfurt.

Siegmund developed close ties to Baron Lionell von Rothschild of the London family. While Moritz worked with Baron Alphonse Rothschild of Paris, Baron Leopold of London and Baron Albert of Vienna.

Moritz had five sons that were later dubbed the Hamburger 5. Two of them, Felix and Paul moved to the U.S. and intermarried with the leadership of Kuhn and Loeb. Paul married the daughter of Mr. Soloman Loeb and Felix married the daughter of Jacob Schiff.

Jacob had come to the U.S. in the 1870's and with his family connections to the Rothschilds of Vienna gave the financial connections necessary to make Kuhn and Loeb the 2nd largest investment bank in the U.S., just behind J.P. Morgan. In 1905 government hearings, Kuhn and Loeb acknowledged making $1.5 billion in investments between 1900-5.

Senator Aldrich


Paul Warburg, with the help of Senator Aldrich, went onto become the primary architect of the U.S. privately operated central bank called the Federal Reserve Bank. I have not yet confirmed the story that Warburg made threats to american financiers in 1905, that unless they started a central bank, there would be hell to pay. The story goes onto claim that Wall Street insiders refused Warburg, at which point the U.S. stock market suffered a fairly severe crisis.

M.M. Warburg & Co. Bank, No. 75 Ferdinandstraße



The Rothschilds and Warburgs also had agreements between each family that the children of the other family would gain their initial banking experiences in each other's bank.

The next generation of Warburgs included Siegmund G Warburg, of Hamburg. He received his initial training at the Rothschild bank in England. When the Nazi's started their takeover, he migrated to England. He started S.G. Warburg of London in 1939. It merged with the Seligman Brothers firm in 1957.

Prince Joseph Poniatowski


By 1874 biographers claimed that the Rothschild, Seligman, Belmont and Morgan alliance had a monopoly in European investments. They were certainly the largest investors in the U.S. as well. August Belmont was Rothschild's front man in the U.S. Belmont was rumored to be a bastard child of the Rothschild family.
On the New Jersey seashore the town of Elberon lays out just how tightly knit these families were. Prince Poniatowski, nephew to the King of Poland visited Elberon and described his experience in the town. House next to house were the families of the key financial players. Starting out with the Seligman house, Isaac Seligman's wife is one of the daughters of Soloman Loeb (the co-founder of Kuhn and Loeb). In another house next door is Soloman's other daughter who married Jacob Schiff. Then next door again, is the youngest of the three daughters, Nina who later married Paul Warburg. Nina is living in her father and mother's house, Mr. and Mrs. Soloman Loeb. Next to Isaac's house was Mrs. Hellman. Her brother was heading the Seligman firm in Paris. Some of Mrs Hellman's other relatives just happened to be living in Los Angeles.

Not all the families of Elberon were mentioned in the Prince's biography. But the summer town houses on the Jersey shoreline likely had other members of this extended group of families that the Prince never spoke of. Felix Warburg's daughter Carola married Walter N. Rothschild of Brooklyn. Her cousins names are mostly Seligmans or Lewisohns, some of the other neighbors at Elberon.

What the Prince did see had great importance to what happened to the massive Southern Pacific empire in California.

The finacial power of the Warburgs and Rothschild clans is worshipped by capitalists the world over. Yet, this empire continues to hide its true patriotic allegiance to the former rulers of Europe. With the Senator Gram's removal of the 1933 Steagal act, the U.S. insiders have been given the powers to reunite the old empire of the past.

As a result, investment and commercial banks started to recombine, with one of the first being JP Morgan Chase. Next was the purchase of Paine Webber by Switzerland's largest bank, Union Bank Suisse. After the new company was reorganized, one of the two new operating entities was named UBS Warburg.

Do you think that there is reason to keep an eye on companies that have names like Warburg, Lehman or Rothschild?

I will end this brief introduction to the New World Order with an interesting note that showed up during the depression. At the height of the NWO's darkest decade, a survey was taken of blue bloods in New York of whether they favored democracy or royalist governance. The vast majority of these New Yorkers said they prefered the royalist idea. Isn't it likely that they still do today?

http://www.energy-net.org/1OVN/NWO-H.HTM

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Appendix to "The Warburgs and Rothschilds"

http://www.energy-net.org/1OVN/NWO-H.HTM

Aby Warburg (Abraham Moritz Warburg)



Baron Albert Rothschild



Baron Alphonse Rothschild



Baron Lionell von Rothschild (by Moritz Daniel Oppenheim)



Siegmund George Warburg



Seligman Brothers



[...] The firm's investment banking business declined by the 1930s. In 1938, in response to the Glass-Steagall Act, the firm spun off its securities underwriting business as Union Securities. Union Securities was bought by securities broker Eastman Dillon in 1956. Eastman Dillon (later Blythe, Eastman Dillon) was acquired by securities broker Paine Webber, which in 2000 became part of financial conglomerate UBS AG.
In the 19th century, the U.S. partnership of J.& W. Seligman & Co. Inc. had affiliates in Paris, Frankfurt and elsewhere. These entities became independent in 1897. The London partnership, Seligman Bros., was bought by S. G. Warburg & Co. in 1957.

http://en.wikipedia.org/wiki/J._&_W._Seligman_&_Co.

http://query.nytimes.com/gst/abstract.html?res=9806E1DB1231E233A25755C0A9649D946096D6CF

http://query.nytimes.com/gst/abstract.html?res=9401E4D91730E233A25754C0A9679C946196D6CF

Leonard Lewisohn

http://en.wikipedia.org/wiki/Leonard_Lewisohn

Glass–Steagall Act

http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act

Sen. Phil Gramm

http://en.wikipedia.org/wiki/Phil_Gramm

Federal Reserve Bank



Federal Reserve Bank of San Francisco



August Belmont



Elberon

http://en.wikipedia.org/wiki/Elberon,_New_Jersey

Isaac Seligman




Solomon Loeb




Jacob Schiff



Paul Warburg



J. & W. Seligman & Co.

Isaac Newton Seligman



J. & W. Seligman & Co. was a prominent U.S. investment bank c. 1860s–1920s. Today, the firm operates an investment management business.

 History
It was founded by Joseph Seligman and his brother James Seligman in New York in 1846 as an importing house with their younger brothers, William, Jesse, Henry and Leopold also participating in the venture. In 1850, William, Jesse, Henry and Leopold moved to San Francisco, California, where they set up store in 1851. After eight years, Jesse and William returned to New York and opened a dry goods store in the city. Through William's efforts, the store received government contracts to supply soldier's uniforms. These contracts amounted to several millions of dollars.After the American Civil War ended, the Seligman brothers decided to go into the banking business and a year later, Jesse Seligman went to Frankfurt, Germany, to open a bank, where they were the first American banking firm to sell United States Government bonds in Europe. Soon after, Abraham Seligman opened a bank in New York City, followed by the London branch, established by Isaac and Leopold Seligman, and the Paris branch, established by William Seligman.

In the post-Civil War robber baron era, the firm invested heavily in railroad finance, in particular acting as broker of transactions engineered by Jay Gould. In the early 20th century the firm backed the construction of the Panama Canal. In this period, J.& W. Seligman & Co. Inc. underwrote the securities of a variety of companies, participating in stock and bond issues in the railroad and steel and wire industries, investments in Russia and Peru, the formation of the Standard Oil Company, and shipbuilding, bridges, bicycles, mining, and a variety of other industries. In 1910 William C. Durant of the fledgling General Motors Corporation gave control of his company's board to the Seligmans and Lee, Higginson & Co. in return for underwriting $15 million worth of corporate notes.

The firm's investment banking business declined by the 1930s. In 1938, in response to the Glass-Steagall Act, the firm spun off its securities underwriting business as Union Securities. Union Securities was bought by securities broker Eastman Dillon in 1956. Eastman Dillon (later Blythe, Eastman Dillon) was acquired by securities broker Paine Webber, which in 2000 became part of financial conglomerate UBS AG. Parts of J.& W. Seligman & Co. Inc. continue as a closed end investment company, Tri-Continental Corporation, and as Seligman mutual funds.

In the 19th century, the U.S. partnership of J.& W. Seligman & Co. Inc. had affiliates in Paris, Frankfurt and elsewhere. These entities became independent in 1897. The London partnership, Seligman Bros., was bought by S. G. Warburg & Co. in 1957.

Ameriprise Financial, Inc. (NYSE: AMP) acquired J. & W. Seligman & Co. Incorporated for a total consideration of $440 million. The transaction closed November 7, 2008.

References
Gambee, Robert (1999), Wall Street: Financial Capital, New York: W. W. Norton, ISBN 0393047679 .

http://en.wikipedia.org/wiki/Joseph_Seligman#Family

Isaac Newton Seligman... Banker, Investor, Reformer, Artist, Collector

For an excellent, comprehensive biography of Isaac N. Seligman, read Hopper Striker Mott's
article in The New York Genealogical and Biographical Record, printed October, 1918 shortly
after Isaac's death in a riding accident in 1917.   Wikipedia has another good article with
many excellent links about Seligman family history in the section on Isaac's father Joseph.
JewishEncyclopdia.com also has good information on the Seligman family.

Isaac N. Seligman was born July 10th, 1855 on Staten Island.  By the time Isaac was born, his
father, Joseph Seligman, was already a wealthy and influential man.  As a boy, Isaac was
tutored by Horatio Alger, Jr., the famous writer.  He graduated with honors from Columbia
College in 1876.  He rowed on Columbia's crew team, often competing with other colleges on
Saratoga Lake.  Perhaps his fascination with the Adirondacks began there with the views of
the distant peaks to the north.  According to family accounts passed down through his
daughter Margaret, Isaac's interest in the Adirondacks may have been linked to his
friendship with Edward L. Trudeau. Trudeau moved to the Adirondacks in 1873 seeking a
cure for tuberculosis and founded a sanitarium and research center in Saranac Lake, not far
from where Fish Rock Camp would be built.

Isaac's business training with the family firm began in the New Orleans branch. He was
transferred to the New York office in 1878 and became a partner in the firm in 1880 when his
father died.  His uncle Jesse Seligman headed the firm until his death in 1894, and Isaac
became head of the financial house shortly afterwards, a position he held for 22 years until
his death at age 62.

During his years as head of J. & W. Seligman & Co.,  Isaac made repeated trips to foreign
capitals to confer with heads of state and financiers.  He is credited with being a major force
behind the project to complete the Panama Canal, which his firm heavily financed. He
worked intensely on the Panama Canal project from 1898 to 1902.  He helped work out a plan
to save Venezuela from a financial collapse during the Teddy Roosevelt presidency.  During
the period he headed the company, it financed many of the earliest municipal gas utilities
and street car systems.

Isaac worked tirelessly for progressive reform.   He served on civic committees which
espoused regulation of  child labor, and gave a major address on the topic titled "A Duty of a
Rich Nation to Take Care of Her Children" before the National Child Labor Committee.  He
delivered the address due to the absence of his friend, the group's chairman, Felix Adler,
founder of the Society for Ethical Culture, of which Isaac was a member.  Isaac was one of
the founders of the Child Labor Association.  It was perhaps at his urging that the family in
1905 "established at their original home in Baiersdorf (Germany) an institution for the
training and support of children during the absence of their parents at work, and open to all
the inhabitants of Baiersdorf without distinction of creed," according to an article in
JewishEncyclopeida.com.

  He was active in groups proposing  decriminalization  of  prostitution (euphemistically
referred to as "the social evil), to remove it from the heavy grip of police graft of the time.  
He backed reform of crooked civil service practices.  He worked for improvement of
tenement slums and was one of the founders of the City and Suburban Homes Company,
which tried to create model tenements.  

 He was a friend of early muckraker  Jacob Riis, whose book How the Other Half Lives was
one of the earliest photo-journalism exposes of slum conditions.  Riis visited Fish Rock
Camp in 1906 and, at the request of Selgiman, entered quotes from two of his progressive
books in the Fish Rock guest book.  

  Another guest was Charles Evans Hughes, who became governor of New York and later a
Chief Justice of the Supreme Court.     Isaac wrote a public letter on behalf of Hughes'
campaign for governor in 1906 when Hughes ran against William Randolph Hearst, the king
of yellow journalism.  Hughes and his wife were guests at Fish Rock in September, 1909
when he was New York governor.  Their signatures are in the guest book.

  Isaac also seemed to support early civil rights for blacks and was pictured at the 25th
anniversary of Tuskegee Institute.  According to family accounts, he was a friend of Booker
T. Washington, Tuskegee founder.

 In 1914 he gave testimony before a government committee favoring creation of a state
income tax.

 He was an avid art collector and installed six large murals by noted wildlife artist Charles
Livingston Bull on the walls of the main house at Fish Rock. It would appear that Isaac's own
sketches for the Fish Rock guest book were influenced by Bull's work.

 Isaac amassed the largest collection of Washington Irving papers and first editions, which
he loaned for exhibit by the New York Public Library in 1914.

 The Seligman Archives at the University of Oklahoma Libraries include books of letters
written by Isaac N. Seligman between 1898 and 1899 and between 1904 and 1916, including
letters to Theodore Roosevelt and other extensive records of the family firm.  

  Isaac married Guta Loeb, daughter of banker Soloman Loeb, a founder of Kuhn, Loeb & Co.
and Betty Gallenberg Loeb.  Isaac and Guta had four children.  Two of their children died
before reaching age two just before and during the time Isaac began the search for a camp
on Upper Saranac Lake (Maude died in 1886 and Nina died 1891.)  Perhaps the building of
Fish Rock, which came soon after Nina's death, was a distraction for Isaac and Guta and a
comforting retreat.  Guta's granddaughter remembers family accounts that Guta had
difficulty giving birth.  The nature of her illness the night of the Fish Rock fire in 1904 was
not disclosed in the newspaper accounts at the time. Isaac and Guta's surviving children
were Joseph Lionel, born in 1887 and Margaret, born in 1895.  Margaret married Samuel
Lewisohn, son of  mining magnate Adolph Lewisohn, who built Prospect Point, now Young
Life Camp, on Upper Saranac Lake.  Margaret and Sam's children still have and treasure the
Fish Rock guest book that Isaac filled with his sketches, many of them of fish he caught.  
They agreed to have the guest book digitized for this web site.

http://www.sekonassociation.com/Isaac.html

Leonard Lewisohn

Leonard Lewisohn (October 10, 1847 - March 5, 1902) was an American merchant and philanthropist.

[edit] Biography
He was born in Hamburg, Germany, to Jewish parents, Julie and Samuel Lewisohn. In 1863, Samuel, a prominent Hamburg merchant, sent Leonard and his brother, Julius Lewisohn, to the United States, as his firm's representatives; about three years later they were joined by their younger brother, Adolph Lewisohn, and they formed the firm of Lewisohn Brothers in January 1866. As early as 1868, the firm turned its attention to the metal trade, becoming prominent dealers in lead during that year. He married Rosalie Jacobs on June 29, 1870, in Manhattan.[1] They had the following children: Jesse Lewisohn, Walter Lewisohn, Frederick Lewisohn, Oscar Lewisohn (1884–1917), Lillie A. Lewisohn, Alice Lewisohn, and Irene Lewisohn.[2][3][4][5][6]

He was president of the United Metals Selling Company. Lewisohn was prominent in philanthropy. He contributed to the Alliance colony in New Jersey, founded in 1882, and to almost every philanthropic institution in New York, regardless of creed. He likewise acted as treasurer of the Hebrew Sheltering Guardian Society in New York, to which institution he gave his counsel and large sums of money. He was one of the largest contributors to the Jewish Theological Seminary of America and to the Montefiore Sanatorium for consumptives.

He died on March 5, 1902 and left an estate worth $12M.

http://en.wikipedia.org/wiki/Leonard_Lewisohn

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The Warburgs and Rothschilds

http://www.energy-net.org/1OVN/NWO-H.HTM

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Glass–Steagall Act


Full title Banking Act of 1933
Acronym / colloquial name Glass–Steagall Act
Enacted by the 73rd United States Congress
Effective June 16, 1933

Legislative history

Introduced in the House of Representatives as H.R. 5661 by Rep. Henry B. Steagall (D-AL) on
Signed into law by President Franklin Delano Roosevelt on June 16, 1933

Major amendments

American Homeownership and Economic Opportunity Act, Gramm–Leach–Bliley Act, Depository Institutions Deregulation and Monetary Control Act


The Banking Act of 1933 was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation[1]. It is most commonly known as the Glass–Steagall Act, after its legislative sponsors, Carter Glass and Henry B. Steagall.

Some provisions of the Act, such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm–Leach–Bliley Act.[2][3]


Overview

Two separate United States laws are known as the Glass–Steagall Act. Both bills were sponsored by Democratic Senator Carter Glass of Lynchburg, Virginia, a former Secretary of the Treasury, and Democratic Congressman Henry B. Steagall of Alabama, Chairman of the House Committee on Banking and Currency.

The first Glass-Steagall Act of 1932 was enacted in an effort to stop deflation, and expanded the Federal Reserve's ability to offer rediscounts[clarification needed] on more types of assets, such as government bonds as well as commercial paper[4]. The second Glass–Steagall Act (the Banking Act of 1933) was a reaction to the collapse of a large portion of the American commercial banking system in early 1933. It introduced the separation of bank types according to their business (commercial and investment banking), and it founded the Federal Deposit Insurance Corporation for insuring bank deposits. Literature in economics usually refers to this latter act simply as the Glass–Steagall Act, since it had a stronger impact on US banking regulation.[5]

"Rediscounting" is a way of providing financing to a bank or other financial institution. Especially in the 1800s and early 1900s, banks made loans to their customers by "discounting" their customers' notes. Such a note is a paper document, in a specified form, in which the borrower promises to pay a certain amount at a specified, future date. For example, assume that a customer wants to borrow $1000 for one year. In exchange for giving him $1000 today, the bank might ask him to sign a note promising to pay $1100 one year from now. The bank is "discounting" the note by giving the customer less than the note's $1100 face value. The extra $100 is the bank's compensation for providing the $1000 to the customer before the note matures. The Federal Reserve System could provide financing to the bank by "rediscounting" this note, for example, by giving the bank $1050 in exchange for the note.

Although Republican President Herbert Hoover lost reelection in November 1932 to Democratic Governor Franklin D. Roosevelt of New York, the administration did not change hands until March 1933. The lame-duck Hoover Administration and the incoming Roosevelt Administration could not, or would not, coordinate actions to stop the run on banks affiliated with the Henry Ford family that began in Detroit, Michigan, in January 1933[citation needed]. Federal Reserve chairman Eugene Meyer was equally ineffectual.

While many economic historians attribute the collapse to the economic problems which followed the Stock Market Crash of 1929, some economists attribute the collapse to gold-backed currency withdrawals by foreigners who had lost confidence in the dollar and by domestic depositors who feared that the United States would go off the gold standard,[6] which it did when Roosevelt signed Executive Order 6102, The Gold Confiscation Act of April 5, 1933.[7]

According to a summary by the Congressional Research Service of the Library of Congress:

" In the nineteenth and early twentieth centuries, bankers and brokers were sometimes indistinguishable. Then, in the Great Depression after 1929, Congress examined the mixing of the "commercial" and "investment" banking industries that occurred in the 1920s. Hearings revealed conflicts of interest and fraud in some banking institutions' securities activities. A formidable barrier to the mixing of these activities was then set up by the Glass Steagall Act.[8] "

The Act has influenced the financial systems of other areas such as China, which maintains a separation between commercial banking and the securities industries.[9][10] In the aftermath of the financial panic of 2008–9, support for maintaining China's separation of investment and commercial banking remains strong.[11]


Repeal

See also Depository Institutions Deregulation and Monetary Control Act of 1980, the Garn-St. Germain Depository Institutions Act of 1982, and the Gramm–Leach–Bliley Act of 1999.
The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by a Republican majority, basically following party lines by a 54–44 vote in the Senate[12] and by a bi-partisan 343–86 vote in the House of Representatives.[13] After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bill resolving the differences was passed in the Senate 90–8 (one not voting) and in the House: 362–57 (15 not voting). The legislation was signed into law by President Bill Clinton on November 12, 1999.[14]

The banking industry had been seeking the repeal of Glass–Steagall since at least the 1980s. In 1987 the Congressional Research Service prepared a report which explored the cases for and against preserving the Glass–Steagall act.[8]

The argument for preserving Glass–Steagall (as written in 1987):

1. Conflicts of interest characterize the granting of credit — lending — and the use of credit — investing — by the same entity, which led to abuses that originally produced the Act.

2. Depository institutions possess enormous financial power, by virtue of their control of other people's money; its extent must be limited to ensure soundness and competition in the market for funds, whether loans or investments.

3. Securities activities can be risky, leading to enormous losses. Such losses could threaten the integrity of deposits. In turn, the Government insures deposits and could be required to pay large sums if depository institutions were to collapse as the result of securities losses.

4. Depository institutions are supposed to be managed to limit risk. Their managers thus may not be conditioned to operate prudently in more speculative securities businesses. An example is the crash of real estate investment trusts sponsored by bank holding companies (in the 1970s and 1980s).

The argument against preserving the Act (as written in 1987):

1. Depository institutions will now operate in "deregulated" financial markets in which distinctions between loans, securities, and deposits are not well drawn. They are losing market shares to securities firms that are not so strictly regulated, and to foreign financial institutions operating without much restriction from the Act.

2. Conflicts of interest can be prevented by enforcing legislation against them, and by separating the lending and credit functions through forming distinctly separate subsidiaries of financial firms.

3. The securities activities that depository institutions are seeking are both low-risk by their very nature, and would reduce the total risk of organizations offering them – by diversification.

4. In much of the rest of the world, depository institutions operate simultaneously and successfully in both banking and securities markets. Lessons learned from their experience can be applied to our national financial structure and regulation.[8]


Events following repeal

The repeal enabled commercial lenders such as Citigroup, which was in 1999 the largest U.S. bank by assets, to underwrite and trade instruments such as mortgage-backed securities and collateralized debt obligations and establish so-called structured investment vehicles, or SIVs, that bought those securities.[15] Elizabeth Warren,[16] author and one of the five outside experts who constitute the Congressional Oversight Panel of the Troubled Asset Relief Program, has said that the repeal of this act contributed to the Global financial crisis of 2008–2009.[17] [18]

The year before the repeal, sub-prime loans were just five percent of all mortgage lending.[citation needed] By the time the credit crisis peaked in 2008, they were approaching 30 percent.[citation needed] This correlation is not necessarily an indication of causation however, as there are several other significant events that have impacted the sub-prime market during that time. These include the adoption of mark-to-market accounting, implementation of the Basel Accords, the rise of adjustable rate mortgages etc.[19]



Proposed re-enactment

In mid-December of 2009, Republican Senator John McCain of Arizona and Democratic Senator Maria Cantwell of Washington State jointly proposed re-enacting the Glass-Steagall Act, to re-impose the separation of commercial and investment banking that had been in effect from the original Act in 1933, to the time of its initial repeal in 1999.[20] Legislation to re-enact parts of Glass-Steagall was also introduced into the House of Representatives. Banks such as Bank of America have strongly opposed the proposed re-enactment.[21]

On January 21, 2010, Barack Obama proposed bank regulations similar to some parts of Glass-Steagall in limiting certain of banks' trading and investment capabilities. The proposal was dubbed 'The Volcker Rule',[22] for Paul Volcker, who has been an outspoken advocate for the reimplementation of many aspects of Glass-Steagall[23] and who appeared with Obama at the press conference in support of the proposed regulations.

In Mainland Europe, notably in France, Germany and Italy, an increasing number of think-tanks such as the CEE Council are calling for the adoption of stricter bank regulation through new national and EU-wide legislations based on the Glass-Steagall Act.[24]


Bibliography

Anderson, Benjamin, Economics and the Public Welfare, New York: D. Van Nostrand Company, 1949.

Barth, James R. et al., "Policy Watch: The Repeal of Glass–Steagall and the Advent of Broad Banking", Journal of Economic Perspectives N°14, April 2000, pp. 191–204.

Firzli, M. Nicolas, "Bank Regulation and Financial Orthodoxy: the Lessons from the Glass-Steagall Act" [French], Revue Analyse Financière, Jan. 2010, pp. 49– 52.

Lewis, Toby, "New Glass-Steagall Will Shake Private Equity", Financial News, Jan. 22, 2010.

Herald Tribune, "Elders of Wall St. Favor More Regulation", Feb. 17, 2010

http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act

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Kuhn, Loeb & Co.

Kuhn, Loeb & Co Type Partnership
Industry Investment services
Founded 1867–1977
Headquarters New York City
Key people John M. Schiff
Chairman
Harvey M. Krueger
President and CEO
Products Financial Services
Investment Banking
Investment Management
Employees 550 (1977)
Website http://www.kuhnloeb.com

Kuhn, Loeb & Co. was a bulge bracket, investment bank founded in 1867 by Abraham Kuhn and Solomon Loeb. Under the leadership of Jacob H. Schiff, it grew to be one of the most influential investment banks in the late 19th and early 20th centuries, financing America's expanding railways and growth companies, including Western Union and Westinghouse, and thereby becoming the principal rival of J.P. Morgan & Co. In the years following Schiff's death in 1920, the firm was led by Otto Kahn and Felix Warburg, men who had already solidified their roles as Schiff's able successors. However, the firm's fortunes began to fade following World War II, when it failed to keep pace with a rapidly changing investment banking industry, where Kuhn, Loeb's old-world, genteel ways, did not seem to fit; the days of the gentleman-banker had passed. The firm lost its independence in 1977 when it merged with Lehman Brothers, to create Lehman Brothers, Kuhn, Loeb Inc. The combined firm was itself acquired in 1984 by American Express, forming Shearson Lehman/American Express and with that, the Kuhn, Loeb name was lost forever. Kuhn Loeb is considered to be one of the last Gentlemen Investment houses.

History

Kuhn, Loeb & Co. was an investment bank located in New York City. It was founded in 1867, by Abraham Kuhn and Solomon Loeb. Kuhn and Loeb had created a successful merchandising business in Cincinnati, Ohio, when they decided to move east, to New York, to take advantage of the country's burgeoning economic expansion. Company records indicate that by the time Kuhn and Loeb established their partnership, they were able to capitalize it at $500,000. On January 1, 1875, Jacob Schiff (1847-1920), Solomon Loeb's son-in-law, joined the firm and began a remarkable reign as its leader, during which it grew to be the most prestigious investment bank in the United States, perhaps, second only, to J. Pierpont Morgan's, J.P. Morgan & Co.

Jacob Schiff


The firm grew to prominence during the railroad era in the United States. Much like the internet boom which struck America in the 1990s, Americans saw great hope and promise in the railroad era and investors saw great opportunities to profit. Kuhn, Loeb, like all investment banks, brought capital together with commercial opportunity. Its first meaningful entry into railroad financing was in 1877 when it raised funds for the Chicago and North Western Railroad, and several years later, in 1881, for the Pennsylvania Railroad and the Chicago, Milwaukee & St. Paul Railroad.

Schiff was instrumental in the reorganization of the Union Pacific in 1897, helping to place the firm on sound financial footing. In 1901, with Kuhn, Loeb's financial support, E. H. Harriman famously battled James Jerome Hill and J.P. Morgan to acquire control of the Northern Pacific Railroad.

The firm was long associated with many of America's emerging industrial giants, providing financial backing for Westinghouse and Western Union, as well as innovative consumer giants like the Polaroid Corporation. The firm also enjoyed respect as a trusted adviser overseas, providing services to numerous foreign governments, including the governments of Austria, Finland, Mexico and Venezuela.

It also acted as the leading investment house for John D. Rockefeller, through the guidance of his investment adviser, Frederick T. Gates. Rockefeller invested in many syndicates with the bank, including major stakes in the prominent railroad companies, as well as contributing to its consolidation of the Chicago meatpackers, which resulted in the formation of a leading trust. Overseas ventures that Rockefeller also got involved with included the bank's loans to the Chinese and Imperial Japanese governments.

The firm also joined a partnership with Rockefeller in 1911 to gain control of the Equitable Trust Company, which was later to merge and become the Chase Bank.[1]

Famous partners of the firm included Otto Kahn, Paul Warburg, Felix Warburg, Mortimer Schiff, Benjamin Buttenwieser, Lewis Strauss, Sigmund Warburg, founder of S.G. Warburg.

Otto Kahn


In its early years, intermarriage among the German-Jewish elite was common. Consequently, the partners of Kuhn, Loeb were closely related by blood and marriage to the partners of J & W Seligman, Speyer & Co., Goldman, Sachs & Co., Lehman Brothers and other prominent German-Jewish firms. Prior to the Second World War, a particularly close relationship existed between the partners of Kuhn, Loeb and M. M. Warburg & Co. of Hamburg, Germany, through Paul and Felix, who were Kuhn, Loeb partners. Later on, following World War II, their cousin Sigmund Warburg, would briefly continue this relationship as a partner and Executive Director of the firm.

The firm's fortunes began to fade in the years following World War II. Wall Street was changing and shifting away from relationship banking. Kuhn, Loeb's world of gentlemen bankers was gradually being replaced by a more aggressive, transaction-oriented Wall Street, with underwriters entering the trenches and selling securities directly to the public, territory Kuhn, Loeb stubbornly refused to enter. When asked how many people worked at Kuhn, Loeb, one partner famously quipped, "about half". Such was life at Kuhn, Loeb, resting on its laurels, while Wall Street passed it by.

In 1977, facing a capital crisis, the firm succumbed and merged with Lehman Brothers, to form Lehman Brothers, Kuhn, Loeb Inc. Internationally, the merged firms were known as Kuhn Loeb Lehman Brothers Inc., in recognition of the fact that Kuhn Loeb's international reputation was superior to that of Lehman's.

The merger did not, however, prove to be the panacea to what ailed Kuhn, Loeb. Indeed, as detailed more closely in the Lehman Brothers history, a period of bitter internal strife ended in 1984 when the firm sold itself to Shearson/American Express, itself the product of a recent merger between American Express and Sandy Weill's, Shearson Loeb Rhodes. The combined firms, then dropped the Kuhn, Loeb name and became known as Shearson Lehman/American Express, ending Kuhn, Loeb's almost 120 years on Wall Street.

Later, the combined firm purchased disgraced E.F. Hutton, becoming Shearson Lehman Hutton. Ultimately, however, American Express could not make the pieces of its financial services supermarket work and the firm sold its retail brokerage operations to Primerica in 1993 and in 1994 spun off a beleaguered Lehman Brothers as Lehman Brothers Holdings Inc., in an initial public offering.

Although the Kuhn, Loeb name is likely lost forever, the firm's legacy is not. Former Kuhn, Loeb employees remain in senior positions throughout Wall Street and until recently, at Lehman Brothers. Vestiges of the firm survived in the form of Lehman Brothers' extensive fixed income capabilities, including many of their bond indices, such as the Government/Credit index. This index, originally birthed in 1973 by Kuhn, Loeb, as the Government/Corporate index was among the first generation of bond index data to measure the fixed income market. It is still the preeminent benchmark in its class.

Partners of the Firm

General Partners
Abraham Kuhn (1867-1887)
Solomon Loeb^ (1867-1899)
Samuel Wolff (1867-1872)
Samuel Kuhn (1868-1869)
Jacob Netter (1867-1869)
Jacob H. Schiff^ (1875-1920)
Abraham Wolff (1875-1900)
Michael Gernsheim (1875-1881)
Lewis S. Wolff (1884-1891)
James Loeb (1894-1901)
Louis A. Heinsheimer (1894-1909)
Felix M. Warburg (1897-1937)
Otto H. Kahn^ (1897-1934)
Mortimer L. Schiff (1900-1931)
Paul M. Warburg (1903-1914)
Jerome J. Hanauer** (1912-1932)
Gordon Leith (London) (1927-1930)
George W. Bovenizer (1929-1961)
Lewis L. Strauss (1929-1946)
Sir William Wiseman, Bart. (1929-1960)
John M. Schiff^ (1931 - ?)
Frederick M. Warburg (1931 - ?)
Gilbert W. Kahn (1931 - ?)
 Benjamin Buttenwieser (1932 - ?)
Hugh Knowlton (1932 - ?)
Elisha Walker (1933-1950)
Percy M. Stewart (1941 - ?)
Robert F. Brown (1941 - ?)
Robert E. Walker (1949-1958)
J. Emerson Thors (1949 - ?)
J. Richardson Dilworth (1952-1958)
Jonas C. Andersen (1955-1956)
Sir Siegmund G. Warburg (London) (1956-1964)
David T. Miralia (1957 - ?)
Kenneth N. Hall (1956 - ?)
Henry Necarsulmer (1956-1977)
Charles J. Ely (1956 - ?)
Bernard Einhorn (1965-1967)
Nathaniel Samuels (? - 1974)
Morris H. Wright
John M. Leonard
Alvin E. Friedman (1962 - ?)
John S. Guest (1962 - ?)
Jerome S. Katzin (1962-1977)
John T. Monzani (1962-?)
H. Spottswood White (1962-?)
 Thomas E. Dewey, Jr. (?-1975)
Andre Istel (1964-1966)
Harvey M. Krueger^ (1965-1977)
Anthony M. Lund
William H. Todd
Yves-Andres Istel (1966 - ?)
John K. Libby (1967 - ?)
James H. Manges (1967 - ?)
David T. Schiff (1967 - ?)
Sydney S. Netreba (1968 - ?)
Sidney J. Sauerhaft (1968 - ?)
Joseph F. Schwartz (1968 - ?)
John Barry Ryan III (1969 -)
Edgar R. Koerner (1969 - ?)
Archie E. Albright (1969 - ?)
Mark C. Feer (1969 - ?)
W. Richard Bingham (1970 - ?)
James A. Favia (1970 - ?)
William M. Kearns, Jr. (1970 - ?)
Norman W. Stewart (1970 - ?)
Clifford W. Michel (1972 - ?)
Robert M. Shepard (1973 - ?)
 

** First non-family member to be admitted to the partnership.
^ Indicates status as former managing partner

Clients of the Firm

American Smelting and Refining Company
Anheuser-Busch Incorporated
Automatic Data Processing, Inc.
Bank Leumi Le-Israel B.M.
Bayer Foreign Investments Limited
Bethlehem Steel Corporation
C.I.T. Financial Corporation
Chemical Bank New York Trust Company
Dreyfus Corporation
Eastern Air Lines, Inc.
Endicott Johnson Corporation
Erie Lackawanna Railroad Corporation
European Coal and Steel Community (forerunner of the E.U.)
Ford Foundation
Great Atlantic & Pacific Tea Company, Inc.
International Telephone and Telegraph Corporation
Israel Discount Bank Limited
Kingdom of Denmark
Kingdom of Norway
L.M. Ericsson Telephone Company, Sweden
 Metromedia, Inc.
Metropolis of Tokyo, Japan
Power Authority of the State of New York
R.K.O. General, Inc.
Republic Industrial Corporation
Republic of Austria
Republic of Finland
Republic of Peru
Republic of the Philippines
Republic of Venezuela
Reynolds Metals Company
Rockwell Manufacturing Company
Rockwell-Standard Corp.
Southern Pacific Company
Stouffer Foods Corporation
Uniroyal, Inc.
Mexico (United Mexican States)
Wagner Electric Corporation
Western Union Telegraph Company
Westinghouse Electric Corporation

http://en.wikipedia.org/wiki/Kuhn,_Loeb_&_Co.

Solomon Loeb




Solomon Loeb (June 29, 1828, Worms, Rhenish Hesse, Germany — December 12, 1903, New York) was a German-American merchant in textiles and later a banker with Kuhn, Loeb & Co.. His father, a devout Jew, had been a small corn- and wine-dealer in Worms, which belonged to the Grand Duchy of Hesse and by Rhine. S. Loeb emigrated to the United States in 1849. He settled in Cincinnati with textiles merchants Kuhn, Netter & Co. He moved to New York City in 1865 and with his partner Abraham Kuhn started the banking house of Kuhn, Loeb and Co.. His second born son James Loeb joined the bank in 1888 (and left in 1901). Salomon Loeb gradually retired from running the business, but left Kuhn, Loeb & Co. only in 1899. He then started to work in real estate. He was a generous philantropist.

Family

First wife: Fanny Kuhn, sister of Abraham Kuhn
Children of the first marriage:
Therese Loeb, who married Jacob H. Schiff in 1875, their daughter Frieda Schiff married Felix Warburg in 1895.
Second wife: Betty Gallenberg, from Mannheim (Germany). A pianist.
Children of the second marriage: Morris, Guta, James and Nina.
Morris Loeb (b. 1863 Cincinnati, d. 1912) professor of chemistry, married Eda Kuhn in 1895, the daughter of Samuel and Regina Wise Kuhn. Samuel Kuhn was a brother of Abraham Kuhn
Guta Loeb (b. Sept. 5, 1865 New York). She married Isaac N. Seligman, David Seligman's grandson.
James (Jimmy) Loeb (b. 1867 New York, d. 1933) banker
Nina Loeb (b. 1870 - d. 1945), married Paul Warburg in 1895.

Jeanette W. Loeb




22 Dec 1986 ... Jeanette W. Loeb Recently appointed the first woman partner of Goldman Sachs, Loeb, 34, has climbed the ladder by staying put. She has never worked at another firm and never strayed from the private finance department. Over the past four years Loeb has built a new specialty for Goldman Sachs: supplier financing. She works out the terms of purchases between corporations and their equipment suppliers. Under Loeb's guidance, clients such as USX and Inland Steel have bought $4 billion worth of equipment, frequently by borrowing money from suppliers at below-market rates. Loeb arrived at Goldman Sachs with a degree in economics from Wellesley College and an MBA from Harvard. What's the next rung on the ladder? She says, ''There's nothing beyond Goldman Sachs for me.''

http://money.cnn.com/magazines/fortune/fortune_archive/1986/12/22/68444/index.htm

Paid Notice: Deaths
LOEB, PETER K. - Published: November 19, 2004

http://74.125.77.132/search?q=cache:YhdA9XFJq7wJ:query.nytimes.com/gst/fullpage.html%3Fres%3D9802E7DA113FF93AA25752C1A9629C8B63+jeanette+loeb&cd=6&hl=en&ct=clnk

LOEB--Peter. Our deepest sympathy to the Loeb family on their loss of Peter, our dear friend. The Madoff Family

Jeanette W. Loeb relationship map - Muckety

http://www.muckety.com/Jeanette-W-Loeb/19216.muckety

Other LOEBs (not necessarily related)

http://www.wtblock.com/wtblockjr/JewishCommunity/ABriefHistoryoftheEarlyBeaumontJewishCommunity.htm

Solomon Judah Loeb Rapoport

http://en.wikipedia.org/wiki/Solomon_Judah_Loeb_Rapoport

http://www.loebtree.com/oloeb.html#jolo

http://www.loebtree.com/yoseph.html

http://www.loebtree.com/index.html
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