The Endless Chain
A single example will illustrate the vicious circle of control–the endless chain–through which our financial oligarchy now operates:
J.P. Morgan (or a partner), a director of the New York, New Haven, & Hartford Railroad, causes that company to sell to J.P. Morgan & Co. an issue of bonds. J.P. Morgan & Co. borrow the money with which to pay for the bonds from the Guaranty Trust Company, of which Mr. Morgan (or a partner) is a director. J.P. Morgan & Co. sell the bonds to the Penn Mutual Life Insurance Company, of which Mr. Morgan (or a partner) is a director. The New Haven spends the proceeds of the bonds in purchasing steel rails from the United States Steel Corporation, of which Mr. Morgan (or a partner) is a director. The United States Steel Corporation spends the proceeds of the rails in purchasing electrical supplies from the General Electric Company, of which Mr. Morgan (or a partner) is a director. The General Electric sells supplies to the Western Union Telegraph Company, a subsidiary of the American Telephone and Telegraph Company; and in both Mr. Morgan (or a partner) is a director…
– from Other People’s Money and How the Bankers Use It, published by Louis Brandeis in 1914
The “endless chain” of power elite relationships that we track on LittleSis can be challenging to represent in the space of a paragraph. Reading through a list of relationships is often a confusing and mind-numbing exercise; writing such a list can have a similar effect on the author. It is, however, extremely important that we find effective methods of representing these relationships and informing the public about them. Stories of power, corruption, and undue influence revolve around relationships and networks, and exposing this information can have significant policy impact.