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Other People's Money and How the Bankers Use It is a collection of
essays written by Louis Brandeis published as a book in 1914. The
book attacked the use of investment funds to promote the
consolidation of various industries under the control of a small
number of corporations, which Brandeis alleged were working in
concert to prevent competition. Brandeis harshly criticized
investment bankers who controlled large amounts of money deposited
in their banks by middle-class people. The heads of these banks,
Brandeis pointed out, routinely sat on the boards of railroad
companies and large industrial manufacturers of various products,
and routinely directed the resources of their banks to promote the
interests of their own companies. These companies, in turn, sought
to maintain control of their industries by crushing small
businesses and stamping out innovators who developed better
products to compete against them. Brandeis supported his
contentions with a discussion of the actual dollar amounts -- in
millions of dollars -- controlled by specific banks, industries,
and industrialists such as J. P. Morgan, noting that these
interests had recently acquired a far larger proportion of American
wealth than corporate entities had ever had before. He extensively
cited testimony from a Congressional investigation performed by the
Pujo Committee, named after Louisiana Representative Arsène Pujo,
into self-serving and monopolistic business dealing. The book
received great publicity at the time, and was widely lauded by
legal academics. Attention to the book was amplified by Brandeis'
nomination to the Supreme Court of the United States in
1916.(Summary by Wikipedia)
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