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CHRONOLOGY Dillon Read & the Aristocracy of Prison Profits Draft As -- Working Papers -- CHRONOLOGY Dillon Read & the Aristocracy of Prison Profits Draft as of November 2005 DISCLAIMER: The following chronology was prepared as a background research tool for the drafting of “Dillon Read & the Aristocracy of Prison Profits.” The purpose was to provide background research only. This chronology is not inclusive of all relevant dates during the period. It includes source materials believed to be reliable as well as useful. It also includes additional materials which may or many not be reliable as well as materials which are not useful for the story at hand. The reader should treat this information as preliminary and subject to change. The reader is advised not to rely on any information herein -- to independently confirm any information before using or relying on it. Comments, corrections or recommended edits and additions may be posted here: (Link to forum at the Solari Action Network) Special thanks to the following sources: The Life and Times of Dillon Read, Robert Sobel, The Penguin Group, May 1991 Barbarians at the Gate - The Fall of RJR Nabisco, by Byran Burrough and John Helyar, Harper & Row 1990 Barry & ‘the boys”: The CIA, the Mob and America’s Secret History by Daniel Hopsicker, Mad Cow Press Friends in High Places: The Bechtel Story – The Most Secret Corporation and How It Engineered the World by Laton McCartney, Ballentine Books, 1988 The Iron Triangle, by Dan Briody, 2003, John Wiley & Sons, Inc. Jail Breaks – Economic Development Subsidies Given to Private Prison by Good Jobs First, available at www.soros.org -- Good Jobs first is an initiative of the Institute on Taxation and Economic Policy. The report is authored by Philip Mattera and Mafruza Khan with Greg LeRoy and Kate Davis and is dated October 2001 Rockefeller Foundation – website chronology Solari website – various articles and litigation section, including litigation timelines at www.solari.com/gideon UBS Website – Chronology 1882 Clarence Dillon is born Clarence Lapowski in Texas. Dillon’s father was Samuel Lapowski, a Polish Jewish immigrant who arrived in America in 1968 and moved to San Antonio, Texas where he opened a dry goods store. There were other members of Samuel’s family that settled in America – a brother became a doctor and settled in New York City. Around 19880, Samuel Lapowski met Bertha Steenbach, a Lutheran, the daughter of Swedish immigrants, whose family owned and operated several silver mines and owned land in Colorado and Texas. Bertha and Samuel also had two daughters, Jeanie and Evelyn. All of their children were raised as Protestants. Lapowski’s business thrived, and he branched out into different areas, including banking, a natural expansion of the dry goods business. He would advance fund to ranchers and farmers to tide them over until they sold their cattle or crops, and he used part of the earnings from this activity to speculate in land in nearby Abilene, Texas, on which oil was discovered. To escape the brutally hot San Antonio summers, the Lapowskis would vacation in New Hampshire or Maine. (The Life and Times of Dillon Read) 1882 The Office of Naval Intelligence (ONI) is founded to seek and report on technological advancements that would ensure that the US Navy is a world-class navy. ONI develops a close association with the new founded Naval War College in Newport Rhode Island. Lt. B.M. Mason is the first Director of Naval Intelligence. 1889 Joseph Willits is born into a Quaker family in Ward, Pennsylvania, Chester County. His father is a successful farmer (dairy, mushrooms, flowers) who organizes the Pennsylvania Dairy Association and becomes Secretary of Agriculture in Pennsylvania 1889 JP Morgan holds a meeting at his 5th Avenue mansion in NY. The purpose is to reach a consensus whereby the owners of America’s railroads merge their competing interests. This was no mere group of transportation executives agreeing to fix prices. The railroads also controlled the nation’s coalfields and oil supplies and were tightly bound to the nation’s largest banks. The creation of the Federal Reserve in 1914 completed this process of consolidation. In effect, Congress ceded control of the US currency system and the federal credit to the banks, thereby officially recognizing the cartel. This placed a relatively small number of men in a position to set prices across the economy with a degree of control heretofore unknown in US History (The Negative Return on Investment Economy) 1897 As a result of a serious drought in Texas this was a very bad year for business. Nevertheless, the Lapowski’s sent Clarence to Worcester Academy and funded weekend trips for Clarence to New York to visit his uncle. Lapowski had earlier taken Clarence with him on buying trips to New York. Clarence did not do well in school. He filed the Latin portion of the Harvard entrance examination and because of this entered the scientific school, where Latin was not required. At the end of the first year, he retook the examination, failing once again. Even so, he was permitted to transfer to the college. Sometime in this period, Samuel Lapowski decided to alter his surname to Dillon, which had been his mother’s maiden name. His children also took this name. (The Life and Times of Dillon Read) 1905 Clarence graduates from Harvard. At Harvard, Clarence was not an outstanding student. While transparently intelligent, he demonstrated scant interest in his studies, although significantly he showed skills at and a liking for mathematics. Those who knew him then say Dillon spent considerable time and won substantial sums at cards. One of Dillon’s closest friends at Harvard was Armin A. Schlesinger whose father, Ferdinand, had come to America from Germany and settled in Milwaukee, where he became a manufacturer of mill machinery. From there Schlesinger expanded into iron mining and was president of several companies in that industry. During a visit to Cambridge the elder Schlesinger urged Dillon to relocate to Milwaukee, offering to help him find employment there, perhaps a new business in partnership with his son. Dillon accepted, and during the next three years the two men were associated at one of the Schlesinger companies, Newport Mining Co. and its subsidiary, the Milwaukee Coke and Coal Co. Through Schlesinger’s new wife, Dillon was introduced to Anne McEldin Douglass. Her parents were George and Susan Dun Douglass. Her uncle had founded the credit-reporting firm, RG Dun at which her father worked. Clarence and Ann were married on February 4, 1908. In 1907, Dillon has a bad accident. For the rest of his life he would occasionally suffer from an inner ear malady caused by the accident, which subjected him to occasional bouts of vertigo and may have contributed to his volatile temperament. After the railroad settled the case for $8,000, the Dillon’s go to Geneva and Paris for an extended convalescence. (The Life and Times of Dillon Read) . 1909 C. Douglas Dillon is born in Geneva Switzerland on August 21 1910 The Dillon’s returned to Milwaukee where Clarence purchases a half interest in his brother in law’s company, the Milwaukee Machine Tool Company. The partners sell it in 1913 when it runs into trouble fulfilling orders at the price quoted. 1912 Joseph Willits earns a bachelor and masters degrees from Swarthmore College and joins the University of Pennsylvania faculty as an instructor in Geography and Industrial Economics at the Wharton School of Finance and Economics. He marries Ruth Sharp Brown, his classmate at Swarthmore and graduate at the Friends Central School. On their honeymoon, they buy Hayes Farm in Jackson, New Hampshire in the White Mountains where they and their family summer. He earns his PHD in Economics in 1916 from Penn. Drafted into WWI, he served as an employment supervisor at the US Naval Aircraft Factory in Philadelphia. 1913 Federal Reserve System created; Clarence Dillon joins William A. Read as bond salesmen in the Chicago office 1914 The first drugs outlawed in US 1915 William T. Fitts Jr. is born in Jackson Tennessee. 1916 Clarence Dillon becomes a partner in William A. Read, becoming head after Read’s death; James V. Forrestal joins. 1919 Returning to Wharton at the end of WWI, Dr. Willits is named Chairman of the Department of Geography and Industry to which he applies his expertise to a new field of labor management. As director of the Department of Industrial Economics he sets up Wharton’s Industrial Research Department. January 16, 1920 Prohibition begins, legislated by the Volstead Act and the Eighteenth Amendment ratification in 1919. 1920’s R.J.Reynolds creates a Class A stock—known locally as anticipation stock---designed to put all voting power in the hands of the workers. It paid an extraordinary rich dividend – 10% of all profits in excess of $2.2 MM. Workers clamored for the new issue, and many used their salaries to buy all the Class A they could. The annual dividend payment became a kind of local holiday, a time local car dealers and luxury purveyors eagerly awaited. The story was told of a Winston Salem tyke who received a horde of presents on Christmas morning, only to begin weeping uncontrollably. He said he’d had his heart set on Class A stock. From the early 1920’s until the IRS disallowed the Class A in the 1950’s, Reynolds employees controlled the majority of the company stock. 1921 William Read & Co.’s name is changed to Dillon Read & Co. According to a story of the period, Clarence Dillon rose at a partners meeting and said “Gentlemen, I have brought in 85 per cent of the business here and henceforth the name of the firm shall be Dillon, Read & Company.
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