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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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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 22 June 2021

Foreign Regulation

Foreign Regulation

Chapter:
(p.117) Four Foreign Regulation
Source:
Bankers and Empire
Author(s):

Peter James Hudson

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226459257.003.0005

At the same time that the National City Bank of New York was attempting to take over the privately-owned central bank in Haiti, they were making a broader push into the international field. Largely due to the efforts of bank president Frank A. Vanderlip, this push occurred through two new organizational innovations. First, the use the bank’s “security affiliate,” the National City Company, a parallel entity that engaged in activities illegal for the bank itself. Second, through an extensive, developing branch bank networks. While the National City Company’s history was premised on the City Bank’s explicit skirting of domestic banking regulations, the branch bank network was mobilized on the bank of new banking regulation, specifically that of the Federal Reserve system. Both the security affiliate and the branch network required the development, training, and hiring of a new group of managers and executives – including the notorious and important figure of Roger L. Farnham – and both represented the attempt by the City Bank to recast itself as an imperial entity with the aim of displacing European and Canadian competition in the Caribbean and establishing Wall Street as the dominant presence in the finances and banking of the region.

Keywords:   regulation, foreign banking, securities, branch banking, imperialism, corruption, Caribbean, banking law, finance capitalism

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