Mon Jan 14, 2013, 12:56 PM
Follow The Money (141 posts)
The Business Plot: Is Wall Street Still Trying to Overthrow FDR?
In November 1934, Butler alleged the existence of a political conspiracy of Wall Street interests to overthrow President Roosevelt, a series of allegations that came to be known in the media as the Business Plot. A special committee of the House of Representatives headed by Representatives John W. McCormack of Massachusetts and Samuel Dickstein of New York, who was later alleged to have been a paid agent of the NKVD, heard his testimony in secret. The McCormack-Dickstein committee was a precursor to the House Committee on Un-American Activities.
In November 1934, Butler told the committee that one Gerald P. MacGuire told him that a group of businessmen, supposedly backed by a private army of 500,000 ex-soldiers and others, intended to establish a fascist dictatorship. Butler had been asked to lead it, he said, by MacGuire, who was a bond salesman with Grayson M–P Murphy & Co. The New York Times reported that Butler had told friends that General Hugh S. Johnson, a former official with the National Recovery Administration, was to be installed as dictator. Butler said MacGuire had told him the attempted coup was backed by three million dollars, and that the 500,000 men were probably to be assembled in Washington, D.C. the following year. All the parties alleged to be involved, including Johnson, publicly said there was no truth in the story, calling it a joke and a fantasy.
In its report, the committee stated that it was unable to confirm Butler's statements other than the conversations with MacGuire. No prosecutions or further investigations followed, and historians have questioned whether or not a coup was actually contemplated. Historians have not reported any independent evidence apart from Butler's report on what MacGuire told him. Schmidt says Maguire was an "inconsequential trickster." The news media dismissed the plot, with a New York Times editorial characterizing it as a "gigantic hoax". When the committee's final report was released, the Times said the committee "purported to report that a two-month investigation had convinced it that General Butler's story of a Fascist march on Washington was alarmingly true" and "... also alleged that definite proof had been found that the much publicized Fascist march on Washington, which was to have been led by Major. Gen. Smedley D. Butler, retired, according to testimony at a hearing, was actually contemplated".
The McCormack-Dickstein Committee confirmed some of Butler's accusations in its final report. "In the last few weeks of the committee's official life it received evidence showing that certain persons had made an attempt to establish a fascist organization in this country...There is no question that these attempts were discussed, were planned, and might have been placed in execution when and if the financial backers deemed it expedient.
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The Business Plot: Is Wall Street Still Trying to Overthrow FDR? (Original post)
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Response to Follow The Money (Original post)
Mon Jan 14, 2013, 12:58 PM
closeupready (24,882 posts)
1. They want to get their hands on it.
Once that's done, they will introduce all sorts of bullshit fees in order to transfer a huge portion of the funds to them - investment banks.