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Bankers and EmpireHow Wall Street Colonized the Caribbean$
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Peter James Hudson

Print publication date: 2017

Print ISBN-13: 9780226459110

Published to Chicago Scholarship Online: September 2017

DOI: 10.7208/chicago/9780226459257.001.0001

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Rogue Bankers

Rogue Bankers

Chapter:
(p.54) Two Rogue Bankers
Source:
Bankers and Empire
Author(s):

Peter James Hudson

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226459257.003.0003

After discussing the failed late-nineteenth century attempts to form a “Pan-American” or “International American” banking institution to support the United States’ growing foreign commercial presence, this chapter recounts the history of the International Banking Corporation. Founded in 1902 by lawyer and industrialist Thomas H. Hubbard and often described as the United States’ first international bank, the International Banking Corporation was organized to serve as an adjunct to the US colonial presence in Panama, the Philippines, and China. The banks activities thus straddled the division between commercial and colonial or governmental activities. The chapter demonstrates how its unique legal organization allowed it to skirt regulatory restrictions on US foreign banking, while its overseas employees, rogue bankers, served as the foot-soldiers for its imperial expansion while suturing together the tattered legal geography of internal finance – and the relationship between finance capitalism and racial capitalism.

Keywords:   foreign banking, regulation, branch banking, colonialism, international trade, rogue bankers, racial capitalism, finance, law, colonies

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