For Over a Century, the New York Times Has Praised Big Bank Consolidation

By Pam Martens and Russ Martens: September 13, 2018 ~ For more than a century, the New York Times has championed some of the most despised men on Wall Street in their power grabs of other banks. The resulting mega bank concentration has crippled competition, crippled democracy in the U.S. and led to unprecedented wealth and income inequality in our nation. And yet, to many Americans, the New York Times is considered a progressive newspaper. It is notable that the New York Times was founded with big bank money. Adolph S. Ochs purchased the New York Times in 1896 for $75,000. John Pierpont Morgan Sr. of the powerful Wall Street bank, JPMorgan, provided $25,000 of that money. When the Times celebrated its 100th anniversary  in 1996, it noted that the Pierpont Morgan Library was exhibiting “the original letter Ochs wrote to his wife, Effie, describing a meeting he had with … Continue reading