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Germany, Max and Fritz Warburg, and Philip and Ludwig Schiff, moved 

in the highest councils of government. From Memoirs of Max Warburg, 

"The Kaiser thumbed the table violently and shouted, ‘Must you always 

be right?’ but then listened carefully to Max’s view on financial 

matters."72

In June, 1918, Paul Warburg wrote a private note to Woodrow Wilson, "I 

have two brothers in Germany who are bankers. They naturally now 

serve their country to their utmost ability, as I serve mine."73

Neither Wilson nor Warburg viewed the situation as one of concern, 

and Paul Warburg served out his term on the Federal Reserve Board of 

Governors, while World War I continued to rage.

The background of Kuhn, Loeb & Company had been exposed in 

"Truth Magazine", edited by George Conroy:

"Mr. Schiff is head of the great private banking house of Kuhn, Loeb & 

Co. which represents the Rothschild interest on this side of the Atlantic. 

He has been described as a financial strategist and has been for years 

the financial minister to the great impersonal power known as 

Standard Oil. 

He was hand-in-glove with the Harrimans, the Goulds and the 

Rockefellers, in all their railroad enterprises and has become the 

dominant power in the railroad and financial world in America. 

Louis Brandeis, because of his great ability as a lawyer and for other 

reasons which will appear later, was selected by Schiff as the 

instrument through which Schiff hoped to achieve his ambition in New 

England. His job was to carry on an agitation which would undermine 

public confidence in the New Haven system and cause a decrease in