Monday, September 15, 2008

Amadeo Peter Giannini founder of Bank of America...

Amadeo Peter Giannini
- Founder of Bank of America (frmr. Bank of Italy); President Transamerica Corporation

Giannini, Amadeo Peter
Born in 1870. Giannini, who in 1904 founded Bank of America in San Francisco, originally called Bank of Italy (until 1930), virtually invented branch banking. Giannini's bank was "for the little fellows" at a time when banks generally lent only to the wealthy. Giannini's first foray east was to reach across the continent to form the East River National Bank in New York City in 1919. He then bought the Bowery National Bank in 1925 and New York's small Bank of America in 1928. In 1928, banker Giannini formed Transamerica Corporation as a holding company for all his Californian interests. Transamerica Corp. held 99% of the stock of Bank of America and it continued buying up banks in Oregon, Nevada, Washington and Arizona. Right after Transamerica was created, Giannini retired to Italy. He put New York banker Elisha Walker, who headed Blair & Co. until it was taken over by Transamerica in March 1929, in charge as CEO. Elisha Walker was a director of American International Corp., once set up by the Morgans and Rockefellers, together with Percy Rockefeller, Pierre du Pont, Otto Kahn, William Woodward (director NY Fed), and George Herbert Walker (father of Prescott). Elisha became a senior partner in Kuhn Loeb & Co. in 1933, which was managed by Felix Warburg (Pilgrims Society family; 18% interest) and Otto Kahn (Pilgrims Society; 14% interest), successors to Rothschild agent and Pilgrims Society member Jacob Schiff. Elisha held 13% of the bank's stock in 1933, the same amount as John Schiff, son of Jacob Schiff. In the 1960s, after Giannini's death, Bank of America even became larger than First National City Bank and Chase Manhattan of Wallstreet. Giannini was a great admirer of FDR's New Deal. Lawrence Mario Giannini, son of founder Amadeo Peter Giannini, was elected president of Bank of America in 1936. In 1945, Bank of America became America's largest bank, with assets of $5 billion. A.P. Giannini died in 1947. In 1953, regulators succeeded in forcing the separation of Transamerica and Bank of America.

Bank of America founder A.P. Giannini in 1929
Nationality: United States
Executive summary: Founder of Bank of America

Son of immigrants from Genoa, and worked as a partner in his stepfather's grocery business until 1901. After experiencing banking at the Bank of Columbus in the North Beach part of San Francisco, he and several others founded the Bank of Italy in 1904, later becoming the Bank of America. Giannini's revolutionary idea was to lend money to working class people, an entire class of people who were deemed by banks at the time as uncreditworthy. He was able to keep his bank open in the aftermath of the 1906 earthquake, while many other banks were forced to fold. He build Bank of America into the nation's first statewide branch-banking system. Also founded Transamerica as a holding company.

Beautifully engraved specimen from the Transamerica Corporation. This historic document was printed by the Security Banknote Company in 1929 and has an ornate border around it with a vignette of an allegorical woman between two globes. The certificate has the printed signature of the company's president, A.P. Giannini.
History of Transamerica Corporation

Transamerica Corporation is involved, largely through semi-independent subsidiaries, in life insurance, financial services, and real estate services. Through its Transamerica Life Insurance Companies subsidiary, it is the eighth-largest life insurer in North America, and its life insurance operations generated 48 percent of Transamerica's 1994 earnings. Financial services operations generated 40 percent of 1994 earnings, and centered around consumer and commercial lending, as well as the leasing and managing of transportation equipment. Transamerica Financial Services ranks fourth in the United States in consumer lending; Transamerica Commercial Finance is a leading commercial lender in the United States and the largest in Canada; Transamerica Leasing has the second-largest fleet of container equipment for rail, steamship, and motor carriers in the world. Real estate services comprise Transamerica's smallest general area of operation, with 12 percent of 1994 earnings. Transamerica Real Estate Tax Service is one of the leading real estate tax operations in the United States, while Transamerica Realty Services oversees a real estate and mortgage portfolio that includes the holdings of both Transamerica's parent company and its subsidiaries.

When Peter Amadeo Giannini, the son of Italian immigrants, began dreaming of his career in turn-of-the-century San Francisco, he had not set his heart on building a banking empire. Instead, at the age of 12 he was sneaking out of his home at night to work in his stepfather's produce business and, by the age of 19, was a full partner. His early success at this business allowed him to retire at the age of 31 with a modest, but comfortable, fortune. His foray into the banking world did not begin until several years later when he received a legacy from his father-in-law, Joseph Cuneo, who had made Giannini a director of his Columbus Savings and Loan Society, a building and loan association in San Francisco. Giannini's career in banking lasted for over forty years, and during this time he established the Transamerica Corporation.

After Giannini was appointed a director of Columbus Savings and Loan he became immersed in a number of disagreements with other directors of the bank over policy issues. He consequently left the Savings and Loan Society and established his own banking business which was located directly across the street from Columbus Savings and Loan. Giannini organized the Bank of Italy with $150,000 in capital contributed by his stepfather and ten friends. He envisioned the bank as an institution for the "little fellow," and the bank subsequently made loans to merchants, farmers, and laborers who were mostly of Italian descent.

Ironically, the San Francisco fire and earthquake of 1906 established Giannini's reputation in the banking world. As he stood amid the rubble of his bank on the morning of the earthquake, he was able to salvage over $2 million in gold and securities. In order to avoid the looters who were running through the city, he hid his bank's resources under piles of vegetables in a horse-drawn cart borrowed from his former produce business. Giannini immediately alerted his depositors that their savings were safe and began making loans to businessmen who had lost their savings and their companies.

Giannini's success as a banker is also clearly evidenced by his anticipation of the 1907 stock market crash, and his accumulation of gold before the crash. When the crash came Giannini was able to pay his depositors in cash while other banks were using certificates for cash. From this experience, Giannini realized that only larger banks would ensure security, and therefore he began purchasing small banks and converting them into branches of the Bank of Italy. With these acquisitions Giannini established the first branch banking policy in California.

The Bank of Italy grew so rapidly that by 1919 Giannini was able to form Bancitaly Corporation to organize the expansion. In 1928 Bancitaly Corporation was followed by Transamerica Corporation, which was formed as a holding company for all Giannini's banking, insurance, and industrial concerns.

Giannini's expansion into other areas of the financial services had established him as a leader in the financial services field. By 1929 he had moved into the New York banking scene and purchased the solidly established Bank of America. The following year after this important acquisition, all of Giannini's banks were consolidated into Bank of America National Trust and Savings Association. Transamerica played the role of parent company throughout this period.

In 1931, just a year after the consolidation of his banks under Bank America, Giannini retired and left the top post to Elisha Walker, a Wall Street investment banker. Walker did his best to break up this "empire" created by Giannini. Not surprisingly, Giannini forced Walker out in what was called a "furious proxy battle" at the 1932 annual meeting.

During the previous few decades Giannini's operations had been closely observed by both Wall Street and regulatory branches of the U.S. government; Giannini's success had found critics within both these institutions. Throughout the 1930s Transamerica experienced problems with regulatory procedures and changes enacted by the government. In 1937 Transamerica sold 58 percent of its stock in Bank America, although it still controlled the board of directors. At the time of his death in 1949, Giannini was embroiled in a fight with the Federal Reserve Board as to whether or not Transamerica had violated the Clayton Anti-Trust Act in creating a "credit monopoly" by placing directors on the boards of banks in the huge chain owned by Bank of America. It was the Reserve Board's belief that Transamerica still controlled the bank even after the 1937 split.
-- The Vatican awards Knighthood in the Order of Malta to two San Franciscans, Transamerica Corporation President Amadeo Peter Giannini and American Trust Company President John S. Drum. The knighthood is the oldest and most distinguished decoration of laymen conferred by the Catholic Church.
Circumstantial evidence:
In the 1930’s, the Illuminati’ Bank of America financed Walt Disney. Years before, the Bank of America had been quietly created from Bank of Italy which was controlled by the same oligarchy that has run the Knights of Malta and renaissance Venice. The Bank of Italy was a powerful bank in Hollywood’s first years. It’s representatives A.P. and Atillo Giannini financed Walt during the 1920’s with petty cash to keep him going, but not enough to get him out of financial bondage.
Below is an excerpt from a very recent email exchange I had with researcher Eric Jon Phelps in which I requested him for further evidence of SMOM membership of Giannini. Although he could not give any, he did submit evidence regarding the remarkable affinity the Jesuit Order has with the Bank of America, which they funded right from its very inception. Here's what Phelps wrote:
Here is a quote from Avro Manhattan in his The Vatican Billions (1983), pp. 183-184, 191, 216, 220:

"The most important order, however, as a true religious order, in terms of importance and of influence, is that of the Jesuits. The Society is paramount in the educational and in the financial fields. . . .

"Even more telling is the fact that fifty years ago, they furnished A. P. Gianni, an Italian promoter, with half or the starting capital for the Bank of America. Today, the Jesuits still own 51 per cent of the stock. . . .

"The pugnacious Jesuits, about 8,000 in the U.S. alone, out of 35,000 in the Order, by 1983-4 had increased their income to between 300 to 350 million dollars, and were the controllers, even if tangently, of the largest bank in the world, the Bank of America. . . .

"Sindona had his first studies with the Jesuits, then at Messina's University where he became one of its youngest lawyers. . . . By now, Sindona was acting, not only for the Vatican, but also tangently for the no less powerful concerns, enjoying by now, the confidence of a growing number of American business companies, beginning with the Jesuit controlled Bank of America, the Celanese Corporation and other big U.S. bodies."

The Jesuit rule of the Bank of America is undeniable. The Bank is a member of Cardinal Egan's CFR in New York. Thus, even though you have only one reference to the fact that the Order's front man in the founding of the Bank of America, Italian Roman Catholic Amadeo Peter Giannini, was a Knight of Malta, that will be sufficient.

Social Network Diagram:

* Adams,J.R. Frantz,D. A Full Service Bank. 1992 (19-20)
* Lundberg,F. The Rich and the Super-Rich. 1969 (73-4, 382-4)
* Naylor,R.T. Hot Money and the Politics of Debt. 1994 (51)
* New York Times Book Review 1994-11-06 (26)
* Nikitin,V. The Ultras in the USA. 1981 (253)
* Sale,K. Power Shift. 1976 (5)
* Sampson,A. The Money Lenders. 1982 (56-62, 83)
* Tosches,N. Power on Earth. 1986 (145)
* Tye,L. The Father of Spin. 1998 (153-4)
* Van der Pijl,K. The Making of an Atlantic Ruling Class. 1997 (101-2)

pages cited this search: 24