p376 Senator Lee Metcalf (D-MT) conducted a mid-1970s - TopicsExpress

p376 Senator Lee Metcalf (D-MT) conducted a mid-1970s investigation into concentration of economic power in the US. He found that Chase Manhattan Bank was among the top ten stockholders in forty-two utility companies. Citibank was a top ten owner of forty-one utilities. Manufacturers Hanover was among the top ten shareholders of thirty-one utilities. These three plus Chemical Bank controlled 38% of all foreign deposits in the US. A 1973 Federal Reserve report stated that nine New York mega-banks held 90% of all oil industry debt, 75% of rubber and chemical industry debt and 66% of all machinery and metals industry debt.

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