Word: aldrich
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...than two years ago, he was by January 1933 already filibustering in the Senate for "reflation or revolution." In February on the very day that Michigan's banks were collapsing like a house of cards, he wrote letters appealing for inflation to the big bankers of Manhattan-Morgan, Aldrich, Mitchell, Potter, Harrison et al. Said he to them: "After months of effort, here we are forced to appeal from an impotent Congress and a short-sighted administration to you, a higher power, to stop forcing the retreat and to, at once, give the order to advance...
...relatively "minor" job, being outranked not only by Mr. Wiggin but also by the chairman of the executive committee and the chairman and vice chairman of the board of directors. Mr. Wiggin has been ousted by Chase National's biggest stockholder, John Davison Rockefeller Jr. President Wlnthrop Williams Aldrich is now also chairman of the governing committee. But still wedged in between Mr. Aldrich as undisputed boss and Mr. Aldrich as president are Chairman of the Executive Committee John McHugh and Board Chairman Charles S. McCain. Last week Mr. McHugh, who used to be a big banker in Sioux...
...lawyer by training, Banker Aldrich got down to legal brass tacks with specific changes which he thought should be made in the Banking Act of 1933. His proposals had not only a strong legal but a strong moral tenor, natural to a brother-in-law of John D. Rockefeller Jr. Important Aldrich suggestions for the uplift of banking...
...forbid all bank officers to have any financial interest in syndicates distributing securities to the public or in stockmarket pools inasmuch as such syndicates and pools are likely borrowers from banks. Declared Mr. Aldrich, taking an obvious fling at his Chase predecessor Albert Henry Wiggin, "Banking experience has conclusively demonstrated the undesirability of participation by bank-officers in transactions of this kind...
Said Banker Aldrich in defense of his vocation: ''Many people are too prone to blame all financial evils upon bankers- either commercial or investment. Bankers have enough to atone for without being held responsible for orgies of gambling upon stock or commodity exchanges or for the rapacity of individuals who seek to gain inordinate financial profits by reckless speculation. I undertake to condone no improper practices, but do suggest that a proper sense of perspective is necessary...