Samuel Untermyer

Uh, in-- It's 1912, and J.P. Morgan, the great famous banker, creator of the Morgan Library and other important institutions, the man to whom the Morgan Stanley name is ultimately traced back.

J.P. Morgan was testifying before Congress in 1912 about credit, and he was asked by the council of the committee that he was testifying before, a man named S- Samuel Untermyer.

Untermyer asked Morgan which was more important in assessing the creditworthiness of a borrower.

Was it cash, money, or was it, uh, hard assets, property? Money or property, which was more important, uh, in de- in deciding the soundness of a loan? And Morgan replied, according...

A- and this story is told, as I said, in Ron Chernow's book.

Morgan replied, "No, sir.

The first thing is character." Well, this seemed a kind of surprising answer, and Undermeyer pressed on.

"I, I didn't ask about character, I said which is more important, money or property?" And Mo-Morgan repeated, "The first thing in credit is character, before money or anything else, and money cannot buy character.

The promise of new freedom was joyously proclaimed in 1913.

The facts which the Pujo Investigating Committee and its able counsel, Mr. Samuel Untermyer, have laid before the country show clearly the means by which a few men control the business of America.

The report proposes measures which promise some relief.

Additional remedies will be proposed.

And to this end also, that state and national bank examiners, state superintendents of insurance, and the Interstate Commerce Commission be directed to examine the records of every bank, trust company, insurance company, railroad company, and every other corporation engaged in interstate commerce.

Mr. Pam's views concerning interlocking directorates are entitled to careful study.

As counsel prominently identified with the organization of trusts, he had for years full opportunity of weighing the advantages and disadvantages of big business.

His conviction that the practice of interlocking directorates is a menace to the public and demands drastic legislation is significant, and much can be said in support of the specific measure which he proposes.

The promise of new freedom was joyously proclaimed in 1913.

The facts which the Pujo Investigating Committee and its able counsel, Mr. Samuel Untermyer, have laid before the country show clearly the means by which a few men control the business of America.

The report proposes measures which promise some relief.

Additional remedies will be proposed.

mr max pam proposed in the april nineteen thirteen harvard law review that the government come to the aid of minority stockholders he urged that the president of every corporation be required to report annually to the stockholders and to state and federal officials every contract made by the company in which any director is interested that the attorney general of the united states or the state investigate the same and take proper proceedings to set all such contracts aside and recover any damages suffered or without disaffirming the contracts to recover from the interested directors the profits derived therefrom And to this end also, that state and national bank examiners, state superintendents of insurance, and the Interstate Commerce Commission be directed to examine the records of every bank, trust company, insurance company, railroad company, and every other corporation engaged in interstate commerce.

Mr. Pam's views concerning interlocking directorates are entitled to careful study.

As counsel prominently identified with the Organization of Trusts, he had for years full opportunity of weighing the advantages and disadvantages of big business.

His conviction that the practice of interlocking directorates is a menace to the public and demands drastic legislation is significant, and much can be said in support of the specific measure which he proposes, but to be effective the remedy must be fundamental and comprehensive.

of new freedom was joyously proclaimed in 1913.

The facts which the Pujo Investigating Committee and its able counsel, Mr. Samuel Untermyer, have laid before the country show clearly the means by which a few men control the business of America.

The report proposes measures which promise some relief.

Additional remedies will be proposed.

Mr. Max Pam proposed in the April 1913 Harvard Law Review that the government come to the aid of minority stockholders.

He urged that the president of every corporation be required to report annually to the stockholders and to state and federal officials every contract made by the company in which any director is interested.

that the attorney general of the united states or the state investigate the same and take proper proceedings to set all such contracts aside and recover any damages suffered or without disaffirming the contracts to recover from the interested directors the profits derived therefrom and to this end also that state and national bank examiners state superintendents of insurance and the interstate commerce commission be directed to examine the records of every bank trust company insurance company railroad company and every other corporation engaged in interstate commerce mr pam's views concerning interlocking directorates are entitled to careful study as counsel prominently identified with the organization of trusts he had for years full opportunity of weighing the advantages and disadvantages of big business his conviction that the practice of interlocking directorates is a menace to the public and demands drastic legislation is significant and much can be said in support of the specific measure which he proposes but to be effective the remedy must be fundamental and comprehensive the essentials of protection protection to minority stockholders demands that corporations be prohibited absolutely from making contracts in which a director has a private interest and that all such contracts be declared not voidable merely but absolutely void in the case of railroads and public service corporations in contradistinction to private industrial companies such prohibition is demanded also in the interests of the general public for interlocking interests breed inefficiency and disloyalty and the public pays in higher rates or in poor service a large part of the penalty for graft and inefficiency Indeed, whether rates are adequate or excessive cannot be determined until it is known whether the gross earnings of the corporation are properly expended.

For when a company's important contracts are made through directors who are interested on both sides, the common presumption that money spent has been properly spent does not prevail.

if the arteries of credit now clogged well-nigh to choking by the obstructions created through the control of these groups are opened so that they may be permitted freely to play their important part in the financial system competition in large enterprises will become possible and business can be conducted on its merits instead of being the subject to the tribute and the good-will of this handful of self-constituted trustees of the national prosperity The promise of new freedom was joyously proclaimed in 1913.

The facts which the Pujo Investigating Committee and its able counsel, Mr. Samuel Untermyer, have laid before the country show clearly the means by which a few men control the business of America.

The report proposes measures which promise some relief.

Additional remedies will be proposed.

Mr. Max Pam proposed in the April 1913 Harvard Law Review that the government come to the aid of minority stockholders.

He urged that the president of every corporation be required to report annually to the stockholders and to state and federal officials every contract made by the company in which any director is interested.

that the attorney general of the united states or the state investigate the same and take proper proceedings to set all such contracts aside and recover any damages suffered or without disaffirming the contracts to recover from the interested directors the profits derived therefrom and to this end also that state and national bank examiners state superintendents of insurance and the interstate commerce commission be directed to examine the records of every bank trust company insurance company railroad company and every other corporation engaged in interstate commerce mr pam's views concerning interlocking directorates are entitled to careful study as counsel prominently identified with the organization of trusts he had for years full opportunity of weighing the advantages and disadvantages of big business his conviction that the practice of interlocking directorates is a menace to the public and demands drastic legislation is significant and much can be said in support of the specific measure which he proposes but to be effective the remedy must be fundamental and comprehensive the essentials of protection protection to minority stockholders demands that corporations be prohibited absolutely from making contracts in which a director has a private interest and that all such contracts be declared not voidable merely but absolutely void in the case of railroads and public service corporations in contradistinction to private industrial companies such prohibition is demanded also in the interests of the general public for interlocking interests breed inefficiency and disloyalty and the public pays in higher rates or in poor service a large part of the penalty for graft and inefficiency Indeed, whether rates are adequate or excessive cannot be determined until it is known whether the gross earnings of the corporation are properly expended.

For when a company's important contracts are made through directors who are interested on both sides, the common presumption that money spent has been properly spent does not prevail.

Named after Arsène Paulin Pujoe, uh, of, uh, Louisiana.

Oh, why does this guy's name always come up? Samuel Untermyer.

Yeah.

You know what else Samuel Untermyer's responsible for?

What?

The Scofield Bible.

Then there was, um, Hubert D. Stephens of Mississippi.

Yeah.

The promise of new freedom was joyously proclaimed in 1913.

The facts which the Pujo Investigating Committee and its able counsel, Mr. Samuel Untermyer, have laid before the country show clearly the means by which a few men control the business of America.

The report proposes measures which promise some relief.

Additional remedies will be proposed.

that the attorney general of the united states or the state investigate the same and take proper proceedings to set all such contracts aside and recover any damages suffered or without disaffirming the contracts to recover from the interested directors the profits derived therefrom And to this end also, that state and national bank examiners, state superintendents of insurance, and the Interstate Commerce Commission be directed to examine the records of every bank, trust company, insurance company, railroad company, and every other corporation engaged in interstate commerce.

Mr. Pam's views concerning interlocking directorates are entitled to careful study.

As counsel prominently identified with the organization of trusts, he had for years full opportunity of weighing the advantages and disadvantages of big business.

His conviction that the practice of interlocking directorates is a menace to the public and demands drastic legislation is significant, and much can be said in support of the specific measure which he proposes, but to be effective the remedy must be fundamental and comprehensive.

And, you know, Frankfurter, among other things, he was a very important man in the American Jewish Committee, okay? Now, the American Jewish Committee, they weren't formally part of the focus, but they were only one or two steps removed, if that makes any sense.

You know, we talked about Samuel Untermyer, who was the New York lawyer, who was a key player in the World Jewish Economic Federation, which was then incorporated into the Anti-Nazi Council, which was the across-Atlantic kind of alliance that gave the focus, you know, representation in the United States and vice versa, gave, you know, Zionist power, Zionist NGOs, you know, power in London, or at least representation.

You know, this was done through Samuel Untermyer.

And St. Uttermeyer was one of the key players, as I just said, in the American Jewish Committee.

And he also, you know, had been... utilizing the american jewish committee you know he he incorporated the world jewish economic federation which had been uh which had been the driving force behind the embargo on german goods and manufacturers you know um and that preceded even the christian knock that when when when the when the national socialist regime became you know as a matter of law like like highly anti-jewish you know these ngos like went into action you know immediately and um so this is the way to understand frankfurter in my opinion is he was very much uh he was very much acting as a as an ambassador of of this of this of this faction you know the world jewish economic federation the american jewish committee you know men like samuel untermeyer but frankfurter because he was a jurist you know he actually was friendly with roosevelt you know and he he was an important man you know even today you know even though government doesn't have the kind of prestige it did and it's populated by fools that we all kind of lampoon You know, a Supreme Court justice has a lot of power.