Sullivan & Cromwell facilitated the transition of profits from slavery to major monopolies during America's Gilded Age.
William Nelson Cromwell's legal maneuvers and strategic regulations shaped modern corporate structures and influenced key historical events like the Panama Canal.
Deep dives
Sullivan and Cromwell's Significance in Big Business
Sullivan and Cromwell, an international law firm based in New York City, played a crucial role in orchestrating profits from slavery and sweatshops into major monopolies during America's Gilded Age. The firm specialized in handling business for cartels, syndicates, trusts, and mergers and acquisitions, working with companies seeking or already holding monopolies. This involvement extended to creating and organizing some of America's significant industrial and financial enterprises, exemplified by their role in establishing companies like Edison's General Electric and US Steel.
Algernon Sidney Sullivan and William Nelson Cromwell's Backgrounds
Algernon Sidney Sullivan, one of the founders of Sullivan and Cromwell, built his legal practice through connections with his wife's influential circle, rooted in profits from slave plantations. On the other hand, William Nelson Cromwell, born in Brooklyn, started as an accountant at Sullivan's law firm before becoming a lawyer and establishing their firm. Cromwell was known for his skilled legal maneuvers and shrewd business acumen, including tactics like the 'Cromwell plan' to stave off creditors and save struggling companies.
Cromwell's Role in Shaping Corporate Finance and the Panama Canal
William Nelson Cromwell's legacy extends beyond legal practice to include significant contributions to corporate finance and key historical events like the formation of the Panama Canal. Cromwell's strategic regulations allowed corporations to consolidate and evade accountability, setting the stage for modern corporate structures. He played a pivotal role in lobbying for the construction of the Panama Canal and securing the necessary legislative support. His influence in financial matters and political dealings highlights the complex interplay between business interests and historical developments.
first episode from Programmed to Chill, a show about business, crime, parapolitics, and esoterica, hosted by @JimmyFalunGong. the episode is about S*llivan & Cr*mwell, a law firm handling former slave plantation business owners, its actions with GE, US Steel, tax shelters, the railroads, the Panama Canal, the Society of Friends of Romania, and more
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