Wall Street and the Bolshevik Revolution
Antony C. Sutton
The Alliance of Bankers
-- Past and Present
Skip down to Carnegie,
Federal Reserve or
Lamont and Guarantee Trust
THE EXPLANATION FOR THE UNHOLY
What motive explains this
coalition of capitalists and Bolsheviks?
Russia was then — and is today —
the largest untapped market in the world. Moreover, Russia, then
and now, constituted the greatest potential competitive threat
to American industrial and financial supremacy. (A glance at a
world map is sufficient to spotlight the geographical difference
between the vast land mass of Russia and the smaller United
States.) Wall Street must have cold shivers when it visualizes
Russia as a second super American industrial giant.
But why allow Russia to become a
competitor and a challenge to U.S. supremacy? In the late
Morgan/Rockefeller, and Guggenheim had
demonstrated their monopolistic proclivities. In Railroads and
Regulation 1877-1916 Gabriel Kolko has demonstrated how the
railroad owners, not the farmers, wanted state control of
railroads in order to preserve their monopoly and abolish
So the simplest explanation of our evidence is that
a syndicate of Wall Street financiers enlarged their monopoly
ambitions and broadened horizons on a global scale. The gigantic
Russian market was to be converted into a captive market and a
technical colony to be exploited by a few high-powered American
financiers and the corporations under their control. What the
Interstate Commerce Commission and the Federal Trade Commission
under the thumb of American industry could achieve for that
industry at home, a planned socialist government could achieve
for it abroad — given suitable support and inducements from Wall
Street and Washington, D.C.....
'The question now in the readers'
minds must be, were these bankers also secret Bolsheviks? No, of
course not. The financiers were without ideology. It would be a
gross misinterpretation to assume that assistance for the
Bolshevists was ideologically motivated, in any narrow sense.
The financiers were power-motivated and therefore assisted any
political vehicle that would give them an entree to power:
Trotsky, Lenin, the tsar, Kolchak, Denikin — all received aid,
more or less....
Neither was aid restricted to
statist Bolsheviks and statist counter-Bolsheviks. John P.
Diggins, in Mussolini and Fascism: The View from America,4
has noted in regard to Thomas Lamont of Guaranty Trust that
"Of all American business leaders,
the one who most vigorously patronized the cause of Fascism was
Thomas W. Lamont. Head of the powerful
J.P. Morgan banking
network, Lamont served as something of a business consultant for
the government of Fascist Italy."
Lamont secured a $100 million
loan for Mussolini in 1926 at a particularly crucial time for
the Italian dictator. We might remember too that the director of
Guaranty Trust was the father of
Corliss Lamont, a domestic
This evenhanded approach to the twin totalitarian
systems, communism and fascism, was not confined to the Lamont
Ivy Lee, Rockefeller's public
relations man, made similar pronouncements, and was responsible
for selling the Soviet regime to the gullible American public in
the late 1920s....
THE MARBURG PLAN
The Marburg Plan, financed
by Andrew Carnegie's ample heritage, was produced in the early
years of the twentieth century. It suggests premeditation for
this kind of superficial schizophrenia, which in fact masks an
integrated program of power acquisition: "What then if Carnegie
and his unlimited wealth, the international financiers and the
Socialists could be organized in a movement to compel the
formation of a league to enforce peace."8
The governments of the
world, according to the Marburg Plan, were to be socialized
while the ultimate power would remain in the hands of the
international financiers "to control its councils and enforce
peace [and so] provide a specific for all the political ills of
This idea was knit with
other elements with similar objectives.
Lord Milner in England
provides the transatlantic example of banking interests
recognizing the virtues and possibilities of Marxism. Milner was
a banker, influential in British wartime policy, and
pro-Marxist.10 In New York the
club was founded in 1903. It counted among its members not only
the Communist Lincoln Steffens, the socialist William English
Walling, and the Communist banker Morris Hillquit, but also
Dewey, James T. Shotwell, Charles Edward Russell, and Rufus
Weeks (vice president of New York Life Insurance Company). The
annual meeting of the Economic Club in the Astor Hotel, New
York, witnessed socialist speakers. In 1908, when A. Barton
Hepburn, president of
Chase National Bank [Rockefeller], was president of the
Economic Club, the main speaker was the aforementioned Morris Hillquit, who "had abundant opportunity to preach socialism to a
gathering which represented wealth and financial interests."11
From these unlikely seeds
grew the modern internationalist movement, which included not
only the financiers Carnegie, Paul Warburg, Otto Kahn, Bernard
Baruch, and Herbert Hoover, but also the
Carnegie Foundation and
its progeny International Conciliation.
In 1910 Carnegie donated $10 million
to found the Carnegie Endowment for International Peace, and
among those on the board of trustees were Elihu Root (Root
Mission to Russia, 1917), Cleveland H. Dodge (a financial backer
of President Wilson), George W. Perkins (Morgan partner), G. J. Balch (AIC and Amsinck), R. F. Herrick (AIC), H. W. Pritchett (AIC),
and other Wall Street luminaries.
Woodrow Wilson came under the
powerful influence of — and indeed was financially indebted to —
this group of internationalists. As Jennings C. Wise has
written, "Historians must never forget that Woodrow Wilson...
made it possible for Leon Trotsky to enter Russia with an
...it appears to be the foreign
counterpart of Carroll Quigley's claim that J.P. Morgan
infiltrated the domestic left. Morgan also infiltrated the
Ludwig Martens, the Soviet's first
ambassador, had been vice president of Weinberg & Posner,
which was also located at 120-Broadway. Guaranty Trust
Company was next door at 140 Broadway...
It is significant that support for the Bolsheviks did not
cease with consolidation of the revolution.... The
American-Russian syndicate formed in 1918 to obtain concessions
in Russia was backed by the White, Guggenheim, and Sinclair
interests. Directors of companies controlled by these three
financiers included Thomas W. Lamont (Guaranty
Trust), William Boyce Thompson (Federal Reserve Bank)....
This strongly suggests that the syndicate was formed to cash in
on earlier support for the Bolshevik cause in the revolutionary
period. And then we found that Guaranty Trust financially backed
the Soviet Bureau in New York in 1919.