Word: nicaragua
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Dates: during 1920-1929
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...Without risking or spending one cent, without making an investment of any kind, the New York bankers have taken absolute control of Nicaragua. Its transport system, its currency and credit and, by those means, the government of Nicaragua itself, is in the hands of J. & W. Seligman & Co. and of the Guaranty Trust Co. of New York...
...return, he alleged, the U. S. bankers were given a majority position on the boards of the National Bank of Nicaragua, Inc., and the Pacific Railways of Nicaragua, Inc., a position which they allegedly made use of to transfer some 3,500,000 of funds belonging to these institutions from the Royal Bank of Canada to the Guaranty Trust Co. and J. & W. Seligman & Co. Upon these deposits, Señor Tijerīno; alleged that only 2% and 2½% interest is being paid...
...will interest you to know that in the reorganized [Nicaraguan] boards of directors, Mr. R. F. Loree, who is one of the vice presidents of the Guaranty Trust Co., and Mr. Philip Tillinghast, president and treasurer respectively of the National Bank of Nicaragua, have been granted salaries of $6,000 each. These salaries, Mr. Senator, are only in the nature of a windfall for these gentlemen...
...very careful study of the [loan] contract, reveals that it does not in the least deal with a straight loan at all. In other words, the bankers are not lending Nicaragua one red penny of their money...
...Manhattan, Mr. Loree and Mr. Tillinghast would make to reporters no statement concerning Nicaragua...