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State. The largest single loans from Wall Street to Germany during the 1920s were
reparations loans; it was ultimately the U.S. investor who paid for German reparations. The
cartelization of the German electrical industry under A.E.G. (as well as the steel and
chemical industries discussed in Chapters One and Two) was made possible with these Wall
Street loans:
Managing Face
Date of Bank Amount
Offering Borrower in the U.S. of Issue
Jan. 26, Allgemeine National City $10,000,000
1925 Elektrizitats-Gesellschaft Co.
(A. E, G.)
Dec. 9, Allgemeine National 10,000,000
1925 City Co.
Elektrizitats-Gesellschaft
(A. E.G. )
May 22, Allgemeine National City 10,000,000
1928 Elektrizitats- Co.
Gesellschaft (A.E.G.)
June 7, Allgemeine National City 5,000,000
1928 Elektrizitats-Gesellschaft Co.
(A. E.G.)
In 1928, at the Young Plan reparations meetings, we find General Electric president Owen
D. Young in the chair as the chief U.S. delegate, appointed by the U.S. government to use
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CHAPTER THREE: General Electric Funds Hitler
U.S. government power and prestige to decide international financial matters enhancing
Wall Street and General Electric profits. In 1930 Owen D. Young, after whom the Young
Plan for German reparations was named, became chairman of the Board of General Electric
Company in New York City. Young was also chairman of the Executive Committee of
Radio Corporation of America and a director of both German General Electric (A.E.G.) and
Osram in Germany. Young also served on the boards of other major U.S. corporations,
including General Motors, NBC, and RKO; he was a councilor of the National Industrial
Conference Board, a director of the International Chamber of Commerce, and deputy
chairman of the board of the Federal Reserve Bank of New York.
Gerard Swope was president and director of General Electric Company as well as French
and German associated companies, including A.E.G. and Osram in Germany. Swope was
also a director of RCA, NBC, and the National City Bank of New York. Other directors of
International General Electric at this time reflect Morgan control of the company, and both
Young and Swope were generally known as the Morgan representatives on the G.E. board,
which included Thomas Cochran, another partner in the J.P. Morgan firm. General Electric
director Clark Haynes Minor was president of International General Electric in the 1920s.
Another director was Victor M. Cutter of the First National Bank of Boston and a figure in
the "Banana Revolutions" in Central America.
In the late 1920s Young, Swope, and Minor of International General Electric moved into the
German electrical industry and gained, if not control as some have reported, then at least a
substantial say in the internal affairs of both A.E.G. and Osram. In July 1929 an agreement
was reached between General Electric and three German firms A.E.G., Siemens &
Halske, and Koppel and Company which between them owned all the shares in Osram,
the electric bulb manufacturer. General Electric purchased 16% percent of Osram stock and
reached a joint agreement for international control of electric bulbs production and
marketing. Clark Minor and Gerard Swope became directors of Osram.7
In July 1929 great interest was shown in rumors circulating in German financial circles that
General Electric was also buying into A.E.G. and that talks to this end were in progress
between A.E.G. and G.E.8 In August it was confirmed that 14 million marks of common
A.E.G. stock were to be issued to General Electric. These shares, added to shares bought on
the open market, gave General Electric a 25-percent interest in A.E.G. A closer working
agreement was signed between the two companies, providing the German company U.S.
technology and patents. It was emphasized in the news reports that A.E.G. would not have
participation in G.E., but that on the other hand G.E. would finance expansion of A.E.G. in
Germany.9 The German financial press also noted that there was no A.E.G. representation
on the board of G.E. in the United States but that five Americans were now on the board of
A.E.G. The Vossische Zeitung recorded,
The American electrical industry has conquered the worM, and only a few of
the remaining opposing bastions have been able to withstand the onslaught...10
By 1930, unknown to the German financial press, General Electric had similarly gained an
effective technical monopoly of the Soviet electrical industry and was soon to penetrate
even the remaining bastions in Germany, particularly the Siemens group. In January 1930
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CHAPTER THREE: General Electric Funds Hitler
three G.E. men were elected to the board of A.E.G. Clark H. Minor, Gerard Swope, and
E. H. Baldwin and International General Electric (I.G.E.) continued its moves to merge
the world electrical industry into a giant cartel under Wall Street control.
In February General Electric focused on the remaining German electrical giant, Siemens &
Halske, and while able to obtain a large block of debentures issued on behalf of the German
firm by Dillon, Read of New York, G.E. was not able to gain participation or directors on
the Siemens board. While the German press recognized even this limited control as" an
historical economic event of the first order and an important step toward a future world
electric trust,"11 Siemens retained its independence from General Electric and this
independence is important for our story. The New York Times reported,
The entire press emphasizes the fact that Siemens, contrary to A.E.G.,
maintains its independence for the future and points out that no General
Electric representative will sit on Stemen's board of directors.12
There is no evidence that Siemens, either through Siemens & Halske or Siemens-Schukert,
participated directly in the financing of Hitler. Siemens contributed to Hitler only slightly
and indirectly through a share participation in Osram. On the other hand, both A.E.G. and
Osram directly financed Hitler through the Nationale Treuhand in substantial ways. Siemens
retained its independence in the early 1930s while both A.E.G. and Osram were under
American dominance and with American directors. There is no evidence that Siemens,
without American directors, financed Hitler. On the other hand, we have irrefutable
documentary evidence (see page 56) that both German General Electric and Osram, both
with American directors, financed Hitler.
In the months following the attempted Wall Street take over of Siemens, the pattern of a
developing world trust in the electrical industry clarified; there was an end to international
patent fights and the G.E. interest in A.E.G. increased to nearly 30 percent.13
Consequently, in the early 1930s, as Hitler prepared to grab dictatorial power in Germany
backed by some, but by no means all, German and American industrialists the
German General Electric (A.E.G.) was owned by International General Electric (about 30
percent), the Gesellschaft für Electrische Unternemungen (25 percent), and Ludwig Lowe
(25 percent). International General Electric also had an interest of about 16 2/3rds percent in
Osram, and an additional indirect influence in
Companies Linked to
German General Relationship of
Electric through Directors of Linked Firm with
Common Electric German General Financing of
Directors: Electric (A.E.G.) Hitler:
Accumulatoran-Fabrik Quandt Direct Finance,
Pfeffer see p, 55
Osram Mamroth Direct Finance,
Peierls see p. 57
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CHAPTER THREE: General Electric Funds Hitler
Deutschen Landau Not known
Babcock-Wilcox
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