Chapter 847: 290, Donnie wants to enter the Federal Reserve
ps: The last paragraph of the previous chapter was incorrect, Donnie was supposed to et Felix Warburg, not Jacob Schiff, as Jacob Schiff had passed away in 1920!
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The Kuhn, Loeb & Co. consortium flourished under Jacob Schiff’s leadership, and after his death, his son-in-law Felix Warburg took over!
Felix Warburg soon arrived in Atlantic City, and under the guidance of Steve Cotting, he ca to Donnie’s office at the Surf Hotel!
“Dear Donnie, thank you for your invitation!”
Upon eting Donnie, the approximately fifty-year-old Felix Warburg warmly embraced Donnie.
Donnie patted Felix Warburg on the shoulder, smiled, and said: “When I t your brother in New York previously, he ntioned you many tis. I never thought our proximity would lead to et your brother first!”
Throughout history, the Warburg Family seed incomparable to Arica’s traditional families, but in fact, during this period, the Warburg Family was also a very powerful… Jewish Family!
In Felix Warburg’s generation of the Warburg Family, there were four brothers, the second, third, and fourth of whom were famous.
The second, Marx Warburg, inherited his family’s wealth in Germany, resided in Germany, and they owned a bank there, his father being a famous German banker.
The third and fourth ca to the United States in 1900, and due to being Jewish like Jacob Schiff, who had business dealings with the Warburg Family while in Germany, the two brothers directly joined the Kuhn, Loeb & Co. consortium upon arriving in the U.S.
The one currently visiting Donnie is the fourth Warburg brother, Felix Warburg. After arriving in New York, Felix not only joined the Kuhn, Loeb & Co. consortium but also married Jacob Schiff’s daughter, taking over all of the consortium’s business in Philadelphia after Schiff’s death.
However, the most famous mber of the entire Warburg family was the second brother, Paul Warburg!
Felix Warburg married Jacob Schiff’s daughter, while Paul Warburg directly married Schiff’s younger sister-in-law, yes, that’s the relationship.
In the Jewish perspective, such marriages are not controversial because only through such alliances can they ensure that their wealth is not encroached upon by outsiders.
In his first year in Arica, Paul Warburg published a critique called “The Defects and Demands of Our Banking System,” sharply criticizing the Arican banking system in one of the early influential newspapers.
Paul Warburg believed that Arican banks were too fragnted, with complex interconnections in financial business, necessitating a unified central bank to manage and set regulations.
By 1910, Paul Warburg and other influential bank financiers of Wall Street attended a secret eting on Jekyll Island in Georgia where they drafted the Federal Reserve Act.
Later, the Federal Reserve was established, and Paul Warburg beca one of the first shareholders, reputed as the chief architect of the Federal Reserve and also becoming its second vice-chairman!
Additionally, Paul Warburg was responsible for the financial business of the Kuhn, Loeb & Co. consortium in New York.
Felix Warburg laughed and said: “Early or late doesn’t matter. Even if we had not t, we would still be friends, wouldn’t we!”
Donnie nodded and said: “Of course, if it weren’t for the Kuhn, Loeb & Co. consortium building up Philadelphia, Atlantic City wouldn’t have attracted so many tourists!”
After exchanging pleasantries, Felix Warburg began to discuss serious matters with Donnie. Although the Warburg family currently possesses significant influence in Arica, they also acknowledge Donnie’s influence.
Especially since this ti, they hoped to expand their business horizons in Atlantic City, which is why Felix Warburg was very humble.
“Donnie, there’s sothing I hope you understand. Right now, many people are talking about the situation in Atlantic City being promoted by us. On this matter, I admit that indeed so people in the company used their influence to spread such information, but please believe , I was not aware of this before.”
After receiving your call, I have dealt seriously with these individuals!”
Donnie did not expose Felix Warburg’s lie, because it was not necessary: “Of course, I truly trust the reputation of the Warburg family, this kind of underhanded affair is not sothing you would engage in!”
Felix Warburg slightly raised his eyebrow, then smiled and said: “Donnie, understanding this relieves !”
Donnie asked: “So, does the Kuhn, Loeb & Co. consortium not intend to expand in Atlantic City?”
“If possible, we, the Warburg family, would be very grateful for your generosity, Donnie!” Felix Warburg quickly said.
His visit this ti was actually aid at negotiating a conducive business environnt for the Kuhn, Loeb & Co. consortium in Atlantic City.
Atlantic City is too close to Philadelphia, and although the Kuhn, Loeb & Co. consortium, being one of the nine great Arican consortia and an established consortium, was indeed declining following the end of World War I.
However, Atlantic City is different; it is a city full of vitality, and more importantly, Atlantic City has now beco the city with the most fluid capital nationwide.
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