Andrew Gavin Marshall

Home » Posts tagged 'Jamie Dimon'

Tag Archives: Jamie Dimon

Advertisements
Advertisements

When Fat Cats Meet In Munich: Welcoming the International Monetary Conference

When Fat Cats Meet In Munich: Welcoming the International Monetary Conference

By: Andrew Gavin Marshall

Originally posted at Occupy.com

2 June 2014

20130110_govc_meeting_photo

In Part 1 of this series, I examined the history and early evolution of the annual meeting that takes place among world bankers and financial and monetary officials at the International Monetary Conference. Part 2 looked at the role of the IMC in the lead-up to the 1980s debt crisis.Part 3 examined the influence of the IMC throughout that decade’s debt crisis. This last installment – published just as the IMC prepares for its June 1-3 meeting at Hotel Bayerischer Hof in Munich, Germany – looks at what the IMC has done since the 1990s to maintain its status among the world’s most highly influential bodies in economic, financial and monetary affairs. Included is a rundown of bankers who run the IMC along with leaked documents from the 2013 meeting in Shanghai.

At the 1992 International Monetary Conference in Toronto, there was a general consensus among private bankers and public officials that, as a result of enormous over-lending to Latin America and developing countries throughout the previous debt-crisis decade, the task of financing “the transformation of the former Soviet Union to a market economy” could not be left to bank loans alone. Hilmar Kopper, the CEO of Deutsche Bank, told the conference attendees that commercial banks would only engage in large-scale financing if there were “government-guaranteed credits” and “an agreement on the old debt,” implying that the banks would essentially need the guarantee of a government bailout scheme if things got bad. Japan’s former vice minister of finance, Toyoo Gyohten, told the attendees that “public-sector agencies must cooperate with private banks, with the willingness to share the unavoidable risk.”

Canada’s finance minister, Don Mazankowski, told the bankers that “we are prepared to help” the former Soviet bloc countries so long as “they help themselves and get on the path to economic growth and prosperity.” His words implied that the Soviet countries must undertake similar austerity and structural adjustment packages imposed upon other countries through the 1980s debt crisis. The bankers stressed the same point, noting that “it would be difficult for governments to be generous with Russia until it established an economic recovery program approved by the International Monetary Fund.”

Throughout the 1990s, the IMC continued to be a significant forum for discussion among bankers and finance officials. Remarks made by Federal Reserve chairman Alan Greenspan and Hans Tietmeyer, the president of Germany’s Bundesbank (the Central Bank of Germany), at the 1995 meeting of the IMC led to a strengthening of the U.S. dollar and a weakening of the German mark in international currency markets.

IMC Influence in More Recent Years

In the early 21st century, the International Monetary Conference has remained relevant, as admitted during a 2001 press conference with the president of the European Central Bank, Willem F. Duisenberg. Duisenberg had been criticized by European media for not attending a recent Eurogroup meeting of finance ministers and central bankers from euro-currency countries, which had gathered in Brussels.

Duisenberg commented:

“I would like to point out that it has been a tradition since 1954 that the highlight of the annual International Monetary Conference, which is held in a different place every year, is the so-called Central Bankers’ Panel in which the central banks, or central bankers, of the three main currencies in the world participate. And I did so. It would have drawn more attention had I not been there, than had I been in Brussels… I can tell you that the next meeting of the International Monetary Conference will be … in Montreal [in 2002], and the year after it will be … in Berlin. On both occasions you can be sure, if it happens to coincide with the meeting of the Eurogroup, that the ECB will be represented in the Eurogroup by the Vice-President.

Indeed, as recently as the IMC’s 2013 meeting in Shanghai, we can see that the importance and relevance of the annual meeting has not diminished. Though the IMC has no publicly-accessible website, I managed to compile a rough list of leading officials and board members of the International Monetary Conference, drawing information from references on their official CVs and publicly-available biographies, as well as from leaked documents including a program overview of the 2013 conference.

Names to Know

The president and chairman of the International Monetary Conference is Baudouin Prot. Formerly CEO of BNP Paribas, one of France’s largest global banks, Prot is currently chairman of that bank as well as a current board member of Kering, Veolia Environment, Lafarge, Erbé SA and Pargesa Holding SA. He is a member of the International Advisory panel to the Monetary Authority of Singapore, the International Business Leaders’ Advisory Council to the Major of Shanghai, the European Financial Services Round Table, and is chairman of the European Banking Group.

The executive vice president of the IMC is Frank Keating, President and CEO of the American Bankers Association and former president and CEO of the American Council of Life Insurers (2003-2011). Keating is also the former governor of Oklahoma (1995-2003), a former official in the U.S. Department of Housing and Urban Development, and a former Assistant Secretary of the Treasury. Additionally he is a member of the board of directors of the National Archives Foundation, the Bipartisan Policy Center, the Jamestown Foundation, and he was a member of the Bipartisan Policy Center’s Debt Reduction Task Force in 2010.

Confirmed board members of the International Monetary Conference include: Gordon Nixon, President and CEO of Royal Bank of Canada; William Downe, CEO of BMO Financial Group; Axel Weber, Chairman of UBS; Francisco Gonzalez, Chairman and CEO of BBVA; Robert E. Setubal, President and CEO of Itau Unibanco Banco SA; Richard Waugh, President and CEO of Scotiabank; Chanda Kochhar, Managing Director and CEO of ICICI Bank; Jacko Maree, senior banker at Standard Chartered; Andreas Triechl, Chairman and CEO of Erste Group Bank; and Walter B. Kielholz, the Chairman of Swiss Re.

Interestingly, there are no major American banks or bankers listed as current board members of the IMC, which is dominated by European and Canadian bankers. Further, there were three bankers whose CVs listed them as “members” of the IMC, but when I attempted to contact the IMC and the American Bankers Association to confirm whether they were board members – the IMC has roughly 15 board members, and I had only confirmed 12 of them – neither the ABA nor IMC replied to my multiple inquiries. The three bankers who were listed as “members” – and possible, though unconfirmed, board members – are Federico Ghizzoni, the CEO of UniCredit; Douglas Flint, the Chairman of HSBC (also chairman of the Institute of International Finance), and Ibrahim S. Dabdoub, the CEO of the National Bank of Kuwait.

Compiling the CVs of the 12 confirmed board members of the International Monetary Conference, we can see what other institutions are most represented among the membership:

Four members of the IMC board are also members of the Institute of International Finance, the leading global banking lobby group; four IMC board members are also members of the International Business Council of the World Economic Forum and the European Financial Services Round Table (EFR), a group of leading European bankers. And three IMC board members are also represented in the European Banking Group, created to advise the European Union on financial market “regulations,” as well as the Canadian Council of Chief Executives (CCCE), the leading corporate interest group in Canada.

Other organizations sharing leadership with two members of the IMC board are the International Advisory Panel of the Monetary Authority of Singapore, the International Business Leaders’ Advisory Council to the Major of Shanghai, and the International Advisory Committee of the Federal Reserve Bank of New York.

If we include the three bankers whose CVs listed them as “members” of the IMC, the cross-over representation of leadership in these institutions increases: the European Financial Services Round Table increases representation from four to six members of the IMC board, the European Banking Group from three to five members, the Institute of International Finance from four to five, and the International Business Leaders’ Advisory Council to the Mayor of Shanghai increases from two to three.

Leaked Details from Shanghai

Leaked documents from the 2013 IMC meeting in Shanghai show the planned program for the four-day conference held at the Four Seasons Hotel Shanghai in early June of 2013. Welcoming remarks were presented by the President and CEO of the American Bankers Association, Frank Keating, followed by opening remarks from the BNP Paribas chairman and president of the IMC, Baudouin Prot.

On Monday, June 3, speakers at the IMC included Han Zheng, a member of the Political Bureau of the CPC (Communist Party of China) Central Committee; Mario Draghi, President of the European Central Bank; Douglas Flint, Chairman of HSBC and Chairman of the Institute of International Finance (unconfirmed board member of the IMC); Jaime Caruana, General Manager of the Bank for International Settlements (BIS); Lord Adair Turner, former chairman of the Financial Services Authority in the UK and a Senior Fellow of the Institute for New Economic Thinking; and Janet Yellen, Vice Chair and Governor (now current Chair) of the Federal Reserve Board.

Other speakers at the 2013 International Monetary Conference included Axel A. Weber, Chairman of UBS; Niall Ferguson, the Lawrence A. Tisch Professor of History at Harvard University; Jacob A. Frenkel, Chairman of JPMorgan Chase International and Chairman of the Board of Trustees of the Group of Thirty (G30); Tharman Shanmugaratnam, Deputy Prime Minister and Minister for Finance in the Government of Singapore; Zhou Xiaochuan, Governor of the People’s Bank of China (China’s Central Bank); Jamie Dimon, Chairman and CEO of JPMorgan Chase; Jurgen Fitschen, co-Chairman of Deutsche Bank; John G. Strumpf, Chairman, President and CEO of Wells Fargo; Francisco Gonzalez, Chairman and CEO of BBVA; Sir Martin Sorrell, CEO of WPP; and Victor Yuan, Chairman and President of Horizon Research Consultancy Group.

Additional speakers at the conference included Jiang Jianqing, Chairman of the Industrial and Commercial Bank of China (ICBC); Stephen Bird, CEO for Asia Pacific at Citibank in Hong Kong; Michael Pettis, Professor of International Finance at the Guanghua School of Management at Peking University in Beijing; Peter Sands, Chief Executive of Standard Chartered; Shang Fulin, Chairman of the China Banking Regulatory Commission; Tian Guoli, Chairman of the Bank of China; and Andrew Sheng, President of the Fung Global Institute in Hong Kong.

The fact alone that this group of global financiers met with China’s leading bankers and top government officials within China points to the continuing relevance of the International Monetary Conference. What’s more, Janet Yellen, then a contender for the position of Chair of the Federal Reserve Board, attended the IMC meeting while sitting as Vice Chair of the Federal Reserve, and outlined her views on “what more should be done” to “make the global financial system more resilient.”

One of the key issues Yellen discussed in her speech to hundreds of global bankers assembled at the 2013 IMC was the concept of “too-big-to-fail” banks, what the regulatory agencies (and, notably, central banks) refer to as “systemically-important financial institutions,” or SIFIs. Yellen noted that there have been proposals for a “sweeping restructuring of the banking system,” including the possibility of the “resurrection of Glass-Steagall-style separation of commercial banking from investment banking and imposition of bank size limits.” However, Yellen reassured the financiers, “I am not persuaded that such blunt approaches would be the most efficient ways to address the too-big-to-fail problem.”

Indeed, systemic problems of the global monetary, financial and economic system will likely remain unresolved so long as forums like the International Monetary Conference are permitted to take place outside public scrutiny. Such meetings, where central bankers, regulators and leading financial policy makers meet in private with the world’s most influential bankers, only encourage consensus, closer cooperation and, ultimately, collusion between our so-called public officials and the bankers who profited off the financial and economic destruction which they themselves caused.

Andrew Gavin Marshall is a researcher and writer based in Montreal, Canada. He is project manager of The People’s Book Project, chair of the geopolitics division of The Hampton Institute, research director for Occupy.com’s Global Power Project and the World of Resistance (WoR) Report, and hosts a weekly podcast show with BoilingFrogsPost.

Advertisements

EXCLUSIVE: Leaked Documents from Secretive Meeting of Global Bankers at the 2013 International Monetary Conference (IMC)

EXCLUSIVE: Leaked Documents from Secretive Meeting of Global Bankers at the 2013 International Monetary Conference (IMC)

By: Andrew Gavin Marshall

6 March 2014

The International Monetary Conference (IMC) is an annual gathering of roughly 200 of the world’s most influential bankers who meet in private with some of the leading finance ministers, regulators and central bankers of the industrial world. The meetings have been ongoing from 1954 until present-day, and have been influential forums for discussion, establishment of consensus, and the articulation and formation of policy related to global economic, financial and monetary issues.

The following document which I obtained is the program for the 2013 IMC meeting which took place in Shanghai, including the list of events and speakers at the annual gathering. Among the participants and speakers at the June 2013 International Monetary Conference (IMC) are some of the world’s most influential private bankers, including: Baudouin Prot (Chairman of BNP Paribas), Douglas Flint (Chairman of HSBC), Axel Weber (Chairman of UBS), Jacob A. Frenkel (Chairman of JPMorgan Chase International), Jamie Dimon (Chairman and CEO of JPMorgan Chase), Jürgen Fitschen (Co-Chairman of Deutsche Bank), John G. Stumpf (Chairman and CEO of Wells Fargo), Francisco Gonzalez (Chairman and CEO of BBVA), and Peter Sands (Chief Executive of Standard Chatered.

Since the IMC took place in Shanghai, it also drew some notable names from the elite within China, including: Hen Zheng (Member of the Political Bureau of the Communist Party of China – CPC – Central Committee and Secretary of the CPC Shanghai Municipal Committee), Jiang Jianqing (Chairman of the Industrial and Commercial Bank of China), Shang Fulin (Chairman of the China Banking Regulatory Commission), Tian Guoli (Chairman of the Bank of China), and Zhou Xiaochuan (Governor of the People’s Bank of China, China’s central bank).

Zhao Xiaochuan was not the only central banker present at the meeting, however. Also present were: Mario Draghi (President of the European Central Bank), Jaime Caruana (General Manager of the Bank for International Settlements), and Janet Yellen, who was then the Vice Chair of the Federal Reserve Board, now the Chair of the Federal Reserve System.

Download the full program here: International Monetary Conference 2013 Program

 

Global Power Project, Part 4: Banking on Influence with JPMorgan Chase

Global Power Project, Part 4: Banking on Influence with JPMorgan Chase

By: Andrew Gavin Marshall

The following was originally posted at Occupy.com

wall-street-bull_0

In May, JPMorgan Chase was listed as the largest bank in the world with assets at roughly $4 trillion — some $1.53 trillion of it in derivatives. This was reported a month after the announcement that the bank had posted a record first-quarter profit of $6.5 billion.

Jamie Dimon, the bank’s CEO and Chairman, has faced a host of scandals in relation to his management of the megabank, including the loss of roughly $6 billion through the London branch of the bank — losses that Dimon was accused of hiding. A 300-page report by the U.S. Senate, investigating the “creative accounting” of JPMorgan, noted that the bank “hid losses, did not share information with its regulators, and misled the public” in what one banking regulator referred to as “make believe voodoo magic.” Stated bluntly in The New York Times, JPMorgan Chase, the largest derivatives dealer in the world, “is too big to regulate.”

In the midst of the scandal, the bank faced a potential “revolt” of its shareholders in a bid to strip Dimon of his dual role as CEO and Chairman. In confidential government reports which were leaked to The New York Times, the bank was accused of “manipulative schemes” which transformed “money-losing power plants into powerful profit centers” while executives made “false and misleading statements” under oath.

Yet even in the midst of scandal, Jamie Dimon was praised in a storm of support by billionaires, corporate kingpins and media barons. Calling JPMorgan Chase “as good a bank as there is,” New York City mayor and billionaire media baron Michael Bloomberg went on to call Dimon “a very smart, honest, great executive.” News Corporation chairman Rupert Murdoch praised Dimon as “one of the smartest, toughest guys around,” while Jack Welch, former chairman and CEO of General Electric, referred to him as a “great leader” and said he had earned the “right to hold both Chairman and CEO titles.” To top it off, billionaire investor and CEO of Berkshire Hathaway, Warren Buffet, dubbed Dimon “a fabulous banker.”

And the adoration goes all the way to the top rung. In 2009, The New York Times referred to Jamie Dimon as “President Obama’s favorite banker.” In 2010, Obama told Bloomberg BusinessWeek that he didn’t “begrudge” bank CEOs like Jamie Dimon and Lloyd Blankfein of Goldman Sachs for their massive bonuses of $17 and $9 million, respectively. Obama explained: “I, like most of the American people, don’t begrudge people success or wealth. That is part of the free-market system.” The president added, “I know both those guys; they are very savvy businessmen.”

In May of 2012, Obama rushed to Jamie Dimon’s defense in light of the financial scandals, stating that Dimon was “one of the smartest bankers we got.” The Financial Times referred to Dimon as “the last king of Wall Street.” And when finally faced with the decision to strip Dimon of his dual role as chairman and CEO, Obama’s “favorite banker” ended up winning “a decisive victory” by maintaining both his roles.

But this is just the surface of JPMorgan Chase’s financial manipulations. The bank, in fact, was at the forefront of creating Credit Default Swaps (CDS), a key aspect of the derivatives market that led to the inflation and subsequent blowout of the housing bubble. JPMorgan developed these “financial instruments” as a type of insurance policy in 1994, allowing the bank to trade its debt (in the form of loans to corporations and governments) to third parties, thus handing off the risk and removing the debts from its accounts, which allowed it to make further loans. JPMorgan opened up the first CDS desk in New York in 1997, “a division that would eventually earn the name the Morgan Mafia for the number of former members who went on to senior positions at global banks and hedge funds.” Back in 2003, the same Warren Buffet who would later praise Dimon referred to credit default swaps as “financial weapons of mass destruction.”

JPMorgan was also at the forefront in the United States pushing for financial deregulation, particularly the slow-motion dismantling of the Glass-Steagall Act that had been put in place in 1933 in response to the financial speculation which had helped spark the Great Depression. After hearing proposals from banks such as Citicorp, JP Morgan and Bankers Trust, which advocated the loosening of “restrictions” put in place by Glass-Steagall, the Federal Reserve Board in 1987 voted to ease many of the regulations. That same year, Alan Greenspan, who had previously been a director of JP Morgan, became the chairman of the Fed. In 1989, the Fed approved an application submitted by JP Morgan, Chase Manhattan, Citicorp and Bankers Trust to further reduce the regulations imposed by Glass-Steagall. In 1990, JP Morgan became “the first bank to receive permission from the Federal Reserve to underwrite securities.”

Financial deregulation accelerated under President Clinton, much to the delight of Wall Street banks, which were then permitted to merge into megabanks, with JPMorgan merging with Chase Manhattan to form JPMorgan Chase. As early as 2006 and 2007, multiple megabanks were beginning to bet against the housing market through various hedge funds, allowing them to make profits on the housing collapse they created. JPMorgan continued to sell mortgages as it bet against the mortgage market, passing on the risk while it hedged its bets to profit from the failure and losses of others. In 2011, the bank paid a $153 million fine to the Securities and Exchange Commission (SEC) to settle allegations of “securities fraud.”

In the midst of the financial crisis in 2008, JPMorgan Chase became not only a major criminal, but also a prime beneficiary. In 2007, the global investment bank Bear Stearns was named by Fortune magazine as the second “most admired” financial securities company in the United States, while Lehman Brothers was put in first place. As the financial crisis erupted, Bear Stearns executives “discovered” that they were “nearly out of cash” in March of 2008. The CEO of Bear Stearns, Alan Schwartz, made a phone call to Jamie Dimon — JPMorgan Chase was the clearing agent for Bear Stearns — asking for an overnight loan. Dimon, who also sat on the board of directors of the Federal Reserve Bank of New York, turned there instead of providing the loan through his own bank. The president of the New York Fed – who was elected by the banks that own the New York Fed – was Timothy Geithner. Geithner began discussions with Bear Stearns, and the following morning he held a meeting with Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson, the former CEO of Goldman Sachs, where they agreed to an emergency loan for Bear Stearns, providing the funds through JPMorgan Chase.

Over the following day, Geithner and Paulson informed Bear Stearns that it must sell the bank within days, and a deal was negotiated in which JPMorgan Chase would purchase Bear Stearns at $2 per share. Though Dimon had first refused to purchase the failed bank, he now engaged in negotiations with Geithner who won over Dimon by guaranteeing $30 billion for JPMorgan to purchase the sunken bank. Long story short: through the New York Fed, the U.S. government purchased billions of dollars in bad debts made by Bear Stearns, including $16 billion in credit default swaps that were downgraded to “junk” assets, while JPMorgan Chase acquired $360 billion in Bear Stearns assets with little or no risk.

With the purchase of Bear Stearns facilitated by the New York Fed, and for the benefit of JPMorgan, Geithner continued in his role as willing servant to the banks who had elected him as president. Then, in September of 2008 when the insurance conglomerate American International Group (AIG) plunged into crisis and sought support from the government, the Fed and Treasury initially refused. AIG turned to JPMorgan Chase and Goldman Sachs, who went to the government to pressure for state support. The New York Fed, with Geithner at the helm, again organized a secret bailout of the institution, valued at $85 billion. In October, the government added an extra $38 billion to the AIG bailout, and the New York Fed provided a further $40 billion in November. Overall, U.S. taxpayers bailed out the insurance giant with $150 billion.

Because many banks kept junk assets with AIG which didn’t affect its balance sheets, the insurance giant was allowed to continue making risky loans. Meanwhile, the New York Fed, noted Bloomberg journalist David Reilly, acted as “a black-ops outfit for the nation’s central bank,” and as a “quasi-governmental institution [which] isn’t subject to citizen intrusions such as freedom of information requests.” The AIG bailout, wrote Reilly, revealed what could be described as a “secret banking cabal.” Through AIG, bailout funds went to American, French, German, British, Swiss, Dutch and even Canadian banks. Goldman Sachs received over $12 billion, and billions also went to Merrill Lynch, Bank of America, Citigroup, Wachovia, Morgan Stanley, and JPMorgan Chase.

JPMorgan Chase was using bailout money from the government to purchase other banks and companies. As one executive at the bankcommented in regards to a $25 billion bailout from the government, “I think there are going to be some great opportunities for us to grow in this environment.” The banks repaid the bailout loans from other bailout funds they got from government, siphoning off taxpayer moneyback and forth and rewarding them for their risky behavior. One university study noted that banks with political access – whether through lobbying efforts or board membership on the Fed – were more likely to get bailout funds, and in bigger numbers, than other banks. Notably among the most politically connected banks were Goldman Sachs, JPMorgan Chase and Morgan Stanley.

According to a 2012 study by the International Monetary Fund and Bloomberg magazine, JPMorgan Chase continues to receive government support far beyond the bailouts, as it is a major recipient of corporate welfare and state subsidies. In fact, according to the study, the biggest bank in the world gets roughly $14 billion per year in state subsidies and welfare, largely helping “the bank pay big salaries and bonuses.”

The Biggest and Most Connected Bank

Not only is JPMorgan Chase the biggest bank in the world with over $4 trillion in assets, but its power and influence extends far beyond financial matters. It is a major political force in the world, highly integrated within the network of global elites who make up the plutocratic ruling class. As the subject of study for the Global Power Project, I examined 55 people at JPMorgan Chase, including all members of the executive committee, the board of directors and the international advisory council.

Of the 55 individuals examined at the bank, a total of 13 (or roughly 24%) of the individuals were either members or held leadership positions (previously or presently) with the Council on Foreign Relations (CFR). The CFR has been at the heart of the foreign-policy elite of the United States since it was created in 1921. Further, a total of eight JPMorgan officials held leadership positions in the World Economic Forum, the second most represented institutional affiliation of the bank. Holding yearly conferences that bring together thousands of participants from elite financial, corporate, political, cultural, media and other institutions, the WEF is one of the principal forums for the global elite, with JPMorgan operating right there at the center.

The next most represented institution is the Trilateral Commission, with 5 individuals at JPMorgan Chase holding membership in the international think tank – or “global policy group” – uniting elites from North America, Western Europe and Japan (and now also including China, India, and other Pacific-rim nations). The Trilateral Commission itself was founded in 1973 by the CEO of Chase Manhattan Bank – which later merged into JPMorgan Chase – David Rockefeller.

In descending order, the other most highly represented institutions having cross membership between leadership positions with JPMorgan Chase are: the Federal Reserve Bank of New York (4), the Business Council (4), Citigroup (4), Bilderberg (4), the Group of Thirty (4), Sara Lee Corporation (3), Harvard (3), American Express (3), American International Group (3), the Business Roundtable (3), Rolls Royce (3), the Center for Strategic and International Studies – CSIS (3), the European Round Table of Industrialists (3), the Peterson Institute for International Economics (2), the U.S.-China Business Council (2), and the National Petroleum Council (2).

Institutions which hold two individual cross leadership positions with JPMorgan Chase include: the Monetary Authority of Singapore, the University of Chicago, Kohlberg Kravis Roberts & Co., General Electric, Asia Business Council, the U.S. President’s Foreign Intelligence Advisory Board, the National Bureau of Economic Research (NBER), the Coca-Cola Company, National Bank of Kuwait Advisory Board, INSEAD, China-United States Exchange Foundation, Mitsubishi, the Carlyle Group, and the IMF.

Meet the Elites at JPMorgan Chase

It’s worth taking a look at some specific individuals who serve in a leadership and/or advisory capacity to JPMorgan Chase to get an idea of the composition of some of these global plutocrats.

Jamie Dimon, the CEO of JPMorgan Chase, sits on the boards of directors of: the Federal Reserve Bank of New York, Harvard Business School, and Catalyst. He is a Trustee of the New York University School of Medicine, a member of the Executive Committee of the Business Council, a member of the Council on Foreign Relations, a member of the International Business Council of the World Economic Forum, a member of the Financial Services Forum, and a member of the International Advisory Panel of the Monetary Authority of Singapore.

Members of the board of JPMorgan Chase include James A. Bell, former President of Boeing and a current member of the board of Dow Chemical; Crandall C. Bowles, a director of Deere & Company and the Sara Lee Corporation, a former director of Wachovia, a Trustee of the Brookings Institution, on the Governing Board of the Wilderness Society, and a member of the Business Council and the Economic Club of New York. Other JPM board members include Stephen B. Burke, CEO of NBC Universal and Executive Vice President of Comcast Corporation; David M. Cote, the Chairman and CEO of Honeywell International who sits on President Obama’s National Commission on Fiscal Responsibility and Reform, on the advisory panel to Kohlberg Kravis Roberts & Co. (KKR), and is a member of the Trilateral Commission; and Lee Raymond, director of the Business Council for International Understanding, who sits on the advisory panel to KKR, is a member of the Council on Foreign Relations, and former Chairman of the National Petroleum Council as well as former Chairman and CEO of ExxonMobil, from which he retired in 2006 with a compensation package of $398 million.

JPMorgan Chase has an International Council which provides advice to the bank’s leadership on economic, political and social trends across various regions and around the world. The International Council is chaired by Tony Blair, former Prime Minister of the UK, who also sits as an adviser to Zurich Financial. The Council includes Khalid A. Al-Falih, the President and CEO of Saudi Aramco (Saudi Arabian Oil Company), the world’s largest oil company, who also sits on the International Business Council of the World Economic Forum. Former UN Secretary General Kofi Annan is also on JPMorgan’s International Council, and sits as Chairman of the Alliance for a Green Revolution in Africa (AGRA), a partnership between the Bill & Melinda Gates Foundation and the Rockefeller Foundation. Annan is also on the boards of the United Nations Foundation, the World Economic Forum, and he is a member of the Global Board of Advisors of the Council on Foreign Relations.

The Council includes the third richest man in Mexico, Alberto Bailléres, as well as the Chairman and CEO of Telecom Italia, Franco Bernabé, who was the former CEO of Eni, one of the world’s largest oil companies (and Italy’s largest corporation), as well as the former Vice Chairman of Rothschild Europe. Bernabé sits on the board of PetroChina, China’s largest oil company. Bernabé is also a member of the European Round Table of Industrialists (a group of roughly 50 major European CEOs who directly advocate and work with EU political leaders in designing and implementing policy), he was a former Advisory Board member of the Council on Foreign Relations, a member of the board of FIAT, and is actively a member of the Steering Committee of the Bilderberg Meetings.

Martin Feldstein, a prominent Economics professor at Harvard and the President Emeritus of the National Bureau of Economic Research, is another member of the International Council. Feldstein was the Chairman of the Council of Economic Advisers to President Ronald Reagan and sat on the Foreign Intelligence Advisory Board (an “independent” group that advises the president on intelligence matters) under President George W. Bush (from 2007-2009). President Obama appointed Feldstein to the Economic Recovery Advisory Board, and he also sits on the board of the Council on Foreign Relations, is a member of the Trilateral Commission, a participant in Bilderberg Meetings, and is a member of the International Advisory Board of the National Bank of Kuwait.

Gao Xi-Qing is the Vice Chairman, President and Chief Investment Officer of the China Investment Corporation (CIC), China’s sovereign investment fund. He was referred to by the Atlantic as “the man who oversees $200 billion of China’s $2 trillion in dollar holdings.” Another notable Chinese member of the International Council is Tung Chee Hwa, the former Chief Executive and President of the Executive Council of Hong Kong, a core policy-making institution in the government of Hong Kong. Tung Chee Hwa is also the Vice Chairman of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC), a major political advisory group in the People’s Republic of China, once chaired by Mao Zedong. Tung Chee Hwa as well is the founder and Chairman of the China-United States Exchange Foundation, and a former member of the International Advisory Board of the Council on Foreign Relations.

Carla A. Hills is the only woman on the JPMorgan International Council, and is Chairman and CEO of Hills & Company International, a global consulting firm. She was the former United States Trade Representative in the George H.W. Bush administration, where she was the primary negotiator for the North American Free Trade Agreement (NAFTA). She is also the Co-Chair of the Council on Foreign Relations, and sits on the International Boards of Rolls Royce and the Coca-Cola Company, as well as sitting on the board of directors of Gilead Sciences. Hills is a Counselor and Trustee of the Center for Strategic and International Studies (CSIS), a major American think tank where she also sits as Co-Chair of the Advisory Board (alongside Zbigniew Brzezinski, co-founder of the Trilateral Commission). In addition, Hills is a member of the Executive Committee of both the Trilateral Commission and the Peterson Institute for International Economics, as well as sitting on the boards of the International Crisis Group and the US-China Business Council, as Chair of the National Committee on US-China Relations, and Chair of the Inter-American Dialogue.

Henry Kissinger – former U.S. Secretary of State, National Security Adviser to President Richard Nixon, and Secretary of State to President Ford – also sits on the International Council of JPMorgan. Kissinger was a former adviser to Nelson Rockefeller, who recruited Kissinger as director of the Special Studies Project of the Rockefeller Brothers Fund in the 1950s. Kissinger was a director of the Council on Foreign Relations from 1977-1981, is a member of the Trilateral Commission, a former member of the Steering Committee and continuous participant in the Bilderberg Meetings, and is founder and chair of Kissinger Associates, an international consulting and advisory firm. Kissinger Chaired the National Bipartisan Commission on Central America during the Reagan administration, which provided justification for Reagan’s wars in Central America, and he was also a member of the Foreign Intelligence Advisory Board from 1984-1990, advising both Presidents Reagan and George H.W. Bush. Alongside Zbigniew Brzezinski, Kissinger was a member of the Commission on Integrated Long-Term Strategy of the National Security Council and Defense Department, established in the late 1980s to develop a long-term strategy for the United States in the world. Kissinger has also been a member of the Defense Policy Board, providing “independent” advice to the Pentagon leadership on matters of foreign policy, from 2001 to the present, for both the George W. Bush and Barack Obama administrations. Kissinger is also a Counselor and Trustee of the Center for Strategic and International Studies (CSIS), Honorary Governor of the Foreign Policy Association, an Honorary Member of the International Olympic Committee, an adviser to the board of directors of American Express, and is a Trustee Emeritus of the Metropolitan Museum of Art. In addition, Kissinger is a director of the International Rescue Committee, the Atlantic Institute, and is on the advisory board of the RAND Center for Global Risk and Security, as well as Honorary Chairman of the China-United States Exchange Foundation.

Mustafa V. Koc is also a member of the International Council, and is Chairman of Koc Holding AS, Turkey’s largest multinational corporation. He also sits on the International Advisory Board of Rolls Royce, the Global Advisory Board of the Council on Foreign Relations, is a member of the Steering Committee of the Bilderberg Meetings, a former member of the International Advisory Board of the National Bank of Kuwait, and is Honorary Chairman of the Turkish Industrialists and Businessmen’s High Advisory Council.

Gérard Mestrallet is the Chairman and CEO of GDF Suez, one of the largest energy conglomerates in the world, and is on the board of Suez Environment (one of the major water privatization companies in the world), and also sits on the supervisory board of AXA, a major global French financial conglomerate. He is also an advisory board member of Siemens, and is a member of the European Round Table of Industrialists and the International Business Council of the World Economic Forum.

John S. Watson is the Chairman and CEO of Chevron Corporation. He is on the board of the American Petroleum Institute and is a member of the National Petroleum Council, the Business Roundtable, the Business Council, the American Society of Corporate Executives, and the Chancellor’s Board of Advisors of the University of California Davis. He is also a member of the International Business Council of the World Economic Forum.

The Chairman of JPMorgan Chase International, Jacob A. Frenkel, is Chairman and CEO of the Group of Thirty, and a member of the International Council. He is also a former Vice Chairman of American International Group (from 2004 to 2009, when it was rescued with the massive government bailout); the former Chairman of Merrill Lynch International (from 2000 to 2004), and the former Governor of the Bank of Israel (from 1991 to 2000). Frenkel was an Economic Counselor and Director of Research at the International Monetary Fund (from 1987 to 1991) and prior to that he was the David Rockefeller Professor of International Economics at the University of Chicago (from 1973 to 1987). In addition, Frenkel is the former Editor of the Journal of Political Economy, former Vice Chairman of the Board of Governors of the European Bank for Reconstruction and Development, former Chairman of the Board of Governors of the Inter-American Development Bank, and a former member of the International Advisory Board of the Council on Foreign Relations. Frenkel is currently a member of the board of directors of the National Bureau of Economic Research (NBER), a member of the Trilateral Commission, member of the International Advisory Council of the China Development Bank, member of the board of the Peterson Institute for International Economics, member of the Economic Advisory panel of the Federal Reserve Bank of New York, member of the Council for the United States and Italy, member of the Investment Advisory Council of the Prime Minister of Turkey, and sits on the board of Loews Corporation.

To sum: it should be clear, from the evidence, that the leadership of JPMorgan Chase is not an isolated group of individuals involved in finance and exclusively relegated to the banking world, but a highly networked and influential group consisting of central figures in the global plutocracy – referred to as the “Transnational Capitalist Class” – with significant economic, social and political power. To refer to JPMorgan Chase simply as “a bank” is like referring to the United States as just “a country.” A geopolitical force unto itself, and a conglomerate embedded within a transnational network of elite institutions and individuals, JPMorgan Chase goes beyond the financial indicators. Put simply, it is one of the most powerful banks in the world.

Andrew Gavin Marshall is an independent researcher and writer based in Montreal, Canada. He is Project Manager of The People’s Book Project, head of the Geopolitics Division of the Hampton Institute, the research director of Occupy.com’s Global Power Project, and has a weekly podcast with BoilingFrogsPost.