Look No Further than Longview Partners, Run by the Crown Family, for Evidence of the Repo Program Directly Subsidizing the Profits of the Mega-Rich

James Crown, a director of Bank One from 1991 until they merged with J.P. Morgan Chase in 2004, is presently a sitting director of J.P. Morgan, the 2nd largest shareholder of the New York Fed (although you can’t find their membership list for National Banks, only for State Chartered Banks), while his family hedge fund, Longview Partners, reported an 11% gain ($3.2 billion) to their portfolio, and this is on no new additions. In fact, his fund reports slight reductions to their top positions, and this is just now. We will probably never know how much they actually profited because they could have went short, bought puts — who knows.

“These bankers are, of course, able men possessed of large fortunes; but the most potent factor in their control of business is not the possession of extraordinary ability or huge wealth. The key to their power is Combination….

There is the obvious consolidation of banks and trust companies; the less obvious affiliations–through stockholdings, voting trusts and interlocking directorates–of banking institutions which are not legally connected; and the joint transactions, gentlemen’s agreements, and “banking ethics” which eliminate competition among the investment bankers”.
“Other People’s Money and How the Bankers Use It”, (1914)

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