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Loeb & Co. were the firms which set up the Jekyll Island Conference at 

which the Federal Reserve Act was drafted, who directed the 

subsequent  successful  campaign  to  have  the  plan  enacted  into  law 

by Congress, and who purchased the controlling amounts of stock in 

the Federal Reserve Bank of New York in 1914. These firms had their 

principal officers appointed to the Federal Reserve Board of Governors 

and the Federal Advisory Council in 1914.

In 1914 a few families (blood or business related) owning controlling 

stock in existing banks (such as in New York City) caused those banks 

to purchase controlling shares in the Federal Reserve regional banks.

Examination of the charts and text in the House Banking Committee 

Staff Report of August, 1976 and the current stockholders list of the 12 

regional Federal Reserve Banks shows this same family control.

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Baruch’s erstwhile partner, Eugene Meyer, (Alaska-Juneau Gold Mining 

Co.), later claimed that Baruch was a nitwit, and that Meyer, with his 

family banking connections (Lazard Freres), had guided Baruch’s 

investment career. These claims appeared in the fiftieth anniversary 

edition of The Washington Post, editorial page, June 4, 1983, with a 

parting shot from Meyer’s editor, Al Friendly, that "Every journalist in 

Washington, Meyer included, knew that Bernard M. Baruch was a self-

aggrandizing phony."

The third member of the Triumvirate, Eugene Meyer, was son of the 

partner in the international banking house of Lazard Freres, of Paris and 

New York. In My Own Story Baruch explains how Meyer became head