Ye Olde Banksters
Dec. 4 (Bloomberg) -- "Bank of New York Co. agreed to buy Mellon Financial Corp. for about $17.6 billion, creating the biggest custodian of assets for institutional investors almost a decade after Mellon rejected an unsolicited bid from the bank.
The stock swap will link New York's oldest bank, founded by Alexander Hamilton in 1784, with the Pittsburgh-based institution that helped finance the steel industry in the 1900s. The new company will safeguard $16.6 trillion in securities for investors, topping JPMorgan Chase & Co. as the world's largest custody bank, and will be the fifth-largest U.S. money manager, with $1.1 trillion in assets.
Company Assets
Bank of New York Mellon Corp. ......... $16.6 trillion
JPMorgan Chase & Co. ....................... $12.9 trillion
State Street Corp. .............................. $11.27 trillion
Citigroup Inc. .................................... $ 9.6 trillion
BNP Paribas SA ................................. $ 4.56 trillion
Historical tidbits about the Bank of New York and Alexander Hamilton:
The Bank of New York, opened on June 9, 1784, created by private investors and chartered (underwritten) by The Bank of England. It was the first bank in New York City.
Alexander Hamilton's tenure in Washington's cabinet was also marked by the development of partisan disagreement with Thomas Jefferson. Much to the president's disappointment, the Federalists and Jeffersonian Republicans divided public opinion throughout the country, especially over implied powers and states' rights. Hamilton resigned in 1785.
In 1789, Hamilton was appointed the nation's first Secretary of the Treasury, a position from which he issued bold ideas and a string of deeply insightful reports. His Report on Public Credit was followed by examinations of revenue generation, the establishment of a central bank, creation of a mint, and an analysis of manufacturing.
Working in concert with Hamilton, Aaron Burr helped to secure a charter and raise subscriptions for a private company to improve the water supply of pestilence-ridden Manhattan, but New Yorkers were shocked to learn that the surplus capital from the venture had been used to establish the Bank of Manhattan (renamed the Bank of New York). The Bank of New York was created by Hamilton and other wealthy New York investors that included Burr and the Bank of England. It was, and is still, underwritten by the Bank of England and was later chartered by the Congress as the First Bank of the United States.
The Bank won a 20-year charter from Congress that was rescinded in 1811, due to its association with the Bank of England, tight monetary policies, and competition with state chartered banks. Some accused it of corruption, but it survived and continues to operate independently.
In 1913, the Bank of New York became the controlling bank of America's central banking scheme, the Federal Reserve System.
"Founding fathers" yeeharr.
3 comments:
enjoyed your blog, good luck with the potential lawsuit from the creepy lawyer
Rex
http://www.bodocktimes.blogspot.com/
I think you are a little confused with the history. The Bank of New York is not the same bank as the Bank of Manhattan. Burr did lead the chartering of the Bank of Manhattan but used the means of creating a company with capital of $2,000,000 to provide clean water at a time when yellow fever and malaria were rampant and blamed on the lack of clean water.(therefore it was not charted as an actual bank, but rather a company that could partake in banking practices). There was a small clause that stated if all the funds were not used to help increase the clean water to the city, the money could be used for other purposes (including banking). Burr and Hamilton were ENEMIES and so therefore no Bank was created with them working together. The Bank of New York is NOT the same as the Bank of Manhattan. The Bank of New York was founded in 1784, chartered in 1791(with Hamilton's strong influences, including him having written the charter). The "Manhattan Company" (which Burr had to be so tricky about bringing into existence because he was a Republican and was in great conflict with the Federalists in power, largely including Alexander Hamilton) was founded in 1799 to RIVAL the Bank of New York which did not have any competition until that year. I have many sources to back up this information if you are interested. This is not meant to be an attack, rather to clarifiy and provide more accurate information that you are signing your name to.
Best of Luck. Pmuffin27@hotmail.com
Pmuffin,
Thanks, I was quoting from the US history linked in the post. Perhaps history depends on the proofreaders, but I'll make note of your correction.
I suspect Burr and Hamilton were political enemies but circulated in the same social class/circles of the time period. Their heirs today still hold reenactment of the duel, each making their family member the good guy.
Personally, I think it might be interesting to witness a duel between say Dick Cheney and Al Gore. But we're too "civilized" these days, prefering instead to use CIA hit men to settle squabbles among the ruling class.
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