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Commission which handled all purchasing for the Allies during World 

War I. In fact, Baruch WAS the Commission. He spent the American 

taxpayer’s money at the rate of ten billion dollars a year, and was also 

the dominant member of the Munitions Price-Fixing Committee. He set 

the prices at which the Government bought war materials. It would be 

naive to presume that the orders did not go to firms in which he and his 

associates had more than a polite interest.

dictator over American manufacturers.* At the Nye Committee 

hearings in 1935, Baruch testified, 

 

 

"President Wilson gave me a letter 

authorizing me to take over any industry or plant. There was Judge 

Gary,  President of  United  States  Steel,  whom  we  were  having  trouble 

with, and when I showed him that letter, he said, ‘I guess we will have 

to fix this up’, and he did fix it up."

Some members of Congress were curious about Baruch’s qualifications 

to exercise life and death powers over American industry in time of 

war. He was not a manufacturer, and had never been in a factory. 

When he was called before a Congressional Committee, Bernard 

Baruch stated that his profession was "Speculator". A Wall Street 

gambler had been made Czar of American Industry.

__________________________

* NOTE: Baruch also stated in this testimony, "I carried through the war 

three major investments, Alaska Juneau Gold Mining Company (with 

partner Eugene Meyer), Texas Gulf Sulphur, and Atolia Mining 

Company (tungsten)." Rep. Mason, Illinois, told the House on February 

21, 1921 that Baruch made more than $50 million in copper during the 

war.