Brown Brothers Harriman & Co.: Difference between revisions
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'''The writer of this article has omitted crucial information about Brown Brothers Harriman & Co., specifically, events occuring before, during and after World War II. Writer please update this article to include those important events and the individuals involved.''' |
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'''Brown Brothers Harriman & Co.''' (BBH) is an old and large [[private bank]] in the [[United States]] which is particularly notable because of the large number of influential American politicians and government appointees whom have worked at the company since its beginnings; e.g. [[W. Averell Harriman]], [[Prescott S. Bush]], [[Robert A. Lovett]]. Currently the firm has 40 partners and 4,000 staff people globally.<ref name="bbh.com">[http://www.bbh.com/company/bbhtoday.html]</ref>. |
'''Brown Brothers Harriman & Co.''' (BBH) is an old and large [[private bank]] in the [[United States]] which is particularly notable because of the large number of influential American politicians and government appointees whom have worked at the company since its beginnings; e.g. [[W. Averell Harriman]], [[Prescott S. Bush]], [[Robert A. Lovett]]. Currently the firm has 40 partners and 4,000 staff people globally.<ref name="bbh.com">[http://www.bbh.com/company/bbhtoday.html]</ref>. |
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The company was formed on January 1st of 1931 by the merger of two banks, [[Brown Brothers & Co.]] and [[Harriman Brothers & Co.]]. |
The company was formed on January 1st of 1931 by the merger of two banks, [[Brown Brothers & Co.]] and [[Harriman Brothers & Co.]]. |
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In addition to commercial banking facilities, the firm provides global custody, foreign exchange, private equity, merger and acquisition services, investment management for individuals and institutions, personal trust & estate administration and securities brokerage<ref name="bbh.com"/>. |
In addition to commercial banking facilities, the firm provides global custody, foreign exchange, private equity, merger and acquisition services, investment management for individuals and institutions, personal trust & estate administration and securities brokerage<ref name="bbh.com"/>. |
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Brown Brothers Harriman is one of the largest private merchant banks |
Brown Brothers Harriman is one of the largest private merchant banks |
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The original Brown bank was founded in [[Philadelphia]] in 1818 and was called [[John A. Brown and Company]]. A New York branch was opened by a brother of John, James, and the overall business became known as [[Brown Brothers and Co.]] The [[New York]] office directed most of its efforts to trading with the British branch in [[Liverpool]].<ref>[Kouwenhoven, John: Partners in Banking (1968)]</ref> |
The original Brown bank was founded in [[Philadelphia]] in 1818 and was called [[John A. Brown and Company]]. A New York branch was opened by a brother of John, James, and the overall business became known as [[Brown Brothers and Co.]] The [[New York]] office directed most of its efforts to trading with the British branch in [[Liverpool]].<ref>[Kouwenhoven, John: Partners in Banking (1968)]</ref> |
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Documents from The National Archives and Library of Congress confirm that Prescott Bush and his partners continued their Nazi dealings unabated after an investgation was started concerning Union Banking Corporation, Fritz Thyssen's Dutch Bank and German Steel Trust, Germany's largest industrial corporation, which interlocked with Union Banking Corporation. These activities included a financial relationship with the German city of Hanover and several industrial concerns. They went undetected by investigators until after World War II. |
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At the same time Bush and the Harrimans were profiting from their Nazi partnerships, W. Averell Harriman was serving as President Franklin Delano Roosevelt's personal emissary to the United Kingdom during the toughest years of the war. On October 28, 1942, the same day two key Bush-Harriman-run businesses were being seized by the U.S. government, Harriman was meeting in London with Field Marshall Smuts to discuss the war effort. |
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"The documents also show that Presscott Bush and his colleagues, according to reports from the U.S. Department of the Treasury and FBI, tried to conceal their financial alliance with German industrialist Fritz Thyssen, a steel and coal baron who, beginning in the mid-1920s, personally funded Adolf Hitler's rise to power by the subversion of democratic principle and German law.<ref>[The National Archives and Library of Congress]</ref> |
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Following the panic of 1837, BB withdrew from most of its lending business. Two of the brothers, John and George, sold their shares in the company to the other two brothers, William and James. During the recovery from this economic turmoil, they chose to focus solely on currency exchange and international trade. During the panic of 1857, BB was one of the few banks that did not close its doors, and actually supported several banks both in America and England.<ref>[Kouwenhoven, John: Partners in Banking (1968)]</ref> |
Following the panic of 1837, BB withdrew from most of its lending business. Two of the brothers, John and George, sold their shares in the company to the other two brothers, William and James. During the recovery from this economic turmoil, they chose to focus solely on currency exchange and international trade. During the panic of 1857, BB was one of the few banks that did not close its doors, and actually supported several banks both in America and England.<ref>[Kouwenhoven, John: Partners in Banking (1968)]</ref> |
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Revision as of 23:34, 6 May 2009
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| Company type | Private Partnership |
|---|---|
| Industry | Investment Banking Commercial banking |
| Founded | January 1 of 1931 (merger of Brown Bros. & Co. (1818) and Harriman Bros & Co. (1912) |
| Headquarters |  New York, New York |
| Revenue | N/A |
| N/A | |
Number of employees | 4000+ (2008)[1] |
| Website | www.bbh.com |
The writer of this article has omitted crucial information about Brown Brothers Harriman & Co., specifically, events occuring before, during and after World War II. Writer please update this article to include those important events and the individuals involved.
Brown Brothers Harriman & Co. (BBH) is an old and large private bank in the United States which is particularly notable because of the large number of influential American politicians and government appointees whom have worked at the company since its beginnings; e.g. W. Averell Harriman, Prescott S. Bush, Robert A. Lovett. Currently the firm has 40 partners and 4,000 staff people globally.[2].
The company was formed on January 1st of 1931 by the merger of two banks, Brown Brothers & Co. and Harriman Brothers & Co..
In addition to commercial banking facilities and financing the Nazi's through various fronts, the firm provides global custody, foreign exchange, private equity, merger and acquisition services, investment management for individuals and institutions, personal trust & estate administration and securities brokerage[2].
Brown Brothers Harriman is one of the largest private merchant banks
History
Brown Brothers Harriman And Company Began nearly 200 years ago as an importer of linen and then the company entered the banking business as a by-product of its success as a dry-goods merchant.[3]
The original Brown bank was founded in Philadelphia in 1818 and was called John A. Brown and Company. A New York branch was opened by a brother of John, James, and the overall business became known as Brown Brothers and Co. The New York office directed most of its efforts to trading with the British branch in Liverpool.[4]
Documents from The National Archives and Library of Congress confirm that Prescott Bush and his partners continued their Nazi dealings unabated after an investgation was started concerning Union Banking Corporation, Fritz Thyssen's Dutch Bank and German Steel Trust, Germany's largest industrial corporation, which interlocked with Union Banking Corporation. These activities included a financial relationship with the German city of Hanover and several industrial concerns. They went undetected by investigators until after World War II.
At the same time Bush and the Harrimans were profiting from their Nazi partnerships, W. Averell Harriman was serving as President Franklin Delano Roosevelt's personal emissary to the United Kingdom during the toughest years of the war. On October 28, 1942, the same day two key Bush-Harriman-run businesses were being seized by the U.S. government, Harriman was meeting in London with Field Marshall Smuts to discuss the war effort.
"The documents also show that Presscott Bush and his colleagues, according to reports from the U.S. Department of the Treasury and FBI, tried to conceal their financial alliance with German industrialist Fritz Thyssen, a steel and coal baron who, beginning in the mid-1920s, personally funded Adolf Hitler's rise to power by the subversion of democratic principle and German law.[5]
Following the panic of 1837, BB withdrew from most of its lending business. Two of the brothers, John and George, sold their shares in the company to the other two brothers, William and James. During the recovery from this economic turmoil, they chose to focus solely on currency exchange and international trade. During the panic of 1857, BB was one of the few banks that did not close its doors, and actually supported several banks both in America and England.[6]
On January 1st of 1931, Brown Brothers And Company merged with Harriman Brothers And Company, an investment company started in 1912 with railway money. Its initial partners were:
- W. Averell Harriman
- E. Roland Harriman
- Moreau Delano
- Thatcher M. Brown Sr
- Prescott S. Bush
- Granger Kent Costikyan
- Louis Curtis
- Robert A. Lovett
- Ray Morris
- Knight Woolley
Eight of the ten initial partners (all except Moreau Delano and Thatcher Brown) were members of Skull and Bones.[7]
Indeed when Time magazine announced this merger in its December 22nd of 1930 issue (see below), they noted that of the company's 16 founding partners a total of 11 were graduates from Yale University.
The new firm shifted its emphasis from investment banking to commercial banking, investment advisory services and custody.
In 2003, the company's headquarters moved from 59 Wall Street, which it had built and occupied since the 1920s, to the Marine Midland Building at 140 Broadway.
Locations
The firm has locations in the following fifteen cities around the world:
Notable Employees
Alan Greenspan, Montagu Norman, Robert Roosa, Prescott Bush, Marc Chandler, Richard W. Fisher
References
- ^ BBH Today
- ^ a b [1]
- ^ [Kouwenhoven, John: Partners in Banking (1968)]
- ^ [Kouwenhoven, John: Partners in Banking (1968)]
- ^ [The National Archives and Library of Congress]
- ^ [Kouwenhoven, John: Partners in Banking (1968)]
- ^ "Skull and Bones Membership List (1833-1985)".
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