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Inside The Oil Bank

Inside The Oil Bank image
Parent Issue
Day
25
Month
January
Year
1974
OCR Text

Inside the Oil Bank

A study by a Washington, D.C.consumers group has found that the same men who are the directors of the 18 largest oil companies in the U.S. are also the directors of the largest banks and major corporations.

The Center For Science in the Public Interest, in a 55 page report released this week, charges that "about 25 oil men in the banks of New York and other major cities make national policy."

The Center reports that, for example, the Chemical Bank of New York shares members of its Board of Directors with the boards of such oil giants as Exxon, Texaco, Mobil and Shell. It was found that certain directors of the boards of both Mobil and Amco also sit of the board of the Chase Manhattan Bank.

The study concludes that the 18 largest oil companies currently have what are called "interlocking directorships" with 132 U.S. banks and financial corporations; 31 insurance companies; and 224 large manufacturing and distribution corporations.

Says the study's author Angus McDonald: "The stranglehold that the few corporate directors have on the economy should be broken," McDonald adds that these interlocking directorships permit a few dozen industrialists to "shed crocodile tears piaster the air waves with hypocritical propaganda and line their pockets with exorbitant profits."

-- ZODIAC