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Ferdinand Lundberg pointed out, in America’s Sixty Families, that, "In 

practice, the Federal Reserve Bank of New York became the 

fountainhead of the system of twelve regional banks, for New York was 

the money market of the nation. The other eleven banks were so many 

expensive mausoleums erected to salve the local pride and quell the 

Jacksonian fears of the hinterland. Benjamin Strong, president of the 

Bankers Trust (J.P. Morgan) was selected as the first Governor of the 

New York Federal Reserve Bank. Adept in high finance, Strong for 

many years manipulated the country’s monetary system at the 

discretion of directors representing the leading New York banks. Under 

Strong, the Reserve System was brought into interlocking relations with 

the Bank of England and the Bank of France. Benjamin Strong held his 

position as Governor of the Federal Reserve Bank of New York until his 

sudden death in 1928, during a Congressional investigation of the 

secret meetings between Reserve Governors and  

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heads of European central banks which brought on the Great 

Depression of 1929-31."25  Strong had married the daughter of the 

President of Bankers Trust, which brought him into the line of succession 

in the dynastic intrigues which play such an important role in the world 

of high finance. He also had been a member of the original Jekyll 

Island group, the First Name Club, and was thus qualified for the 

highest position in the Federal Reserve System, as the Governor of the 

Federal Reserve Bank of New York which dominated the entire system.

Paul Warburg also is mentioned in J. Laurence Laughlin’s definitive 

volume, The Federal Reserve Act, Its Origins and Purposes,  "Mr. Paul 

Warburg of Kuhn, Loeb Company offered in March, 1910 a fairly well