difference and take ds in a better direction and federal we appreciate it. >> to even think kasai will to carry on -- i will carry on. . >> i think in the first

place was to estimate the origin in the of wall street to excavate to locate those origins in the caribbean. fifth with a fifth critical testing for health. at the same time trying to understand to some degree with the relationship between longstreet in the international field. and with genealogy through the centuries 1933 through the present and the terms and then the things that the first is that critical

relationship upfront even now what is known as a meager. put with that international expansion of legal practices in their attempts into triple regulations and finally what is the of relationship between for the history of capitalism through linking institutions of the from that development expansion there and ideas. spoke put so attentiveness the fact of sovereignty.

including nicaragua and panama. >> when did become wall street?. >> cry would argue wall street became a wall street in the early 19th century. early years of history in new york city it without a significant presence at the time. but by the end of the 19th century increasingly capital becomes concentrated from financial insurance firms and the news for commercial development and then we start talking about and the expansion so different

historians has thus of place or idea to signify america in the capitals of the beverly it begins to blur the of the 50th century at the moment when wall street is turning to overseas markets. speeleven with is the interest in the caribbean?. >> there was the sense of financial means toward a political end with the sense of early history of dollar diplomacy of if you know, and though the idea

substituting in terms of foreign relations that was important through roosevelt and taft so banking institutions were very important very important in these organizations were is critical to the state department's goal of stability in the caribbean which was increasingly important in the context of world war i and the opening of the panama canal to protect those commercial all passages between the atlantic and the pacific. beyond that there are they truly commercial and financial interests the u.s. bakes of wall street had is

a the caribbean region. but of course sugar was one of the most important fight citibank involved in the sugar plantation financing there was interest of the caribbean sovereign debt and the first part of the debt was held by a j.p. morgan fell later became very important to institutions like citibank before the largest lender pope and beyond those questions of sovereign debt of commercial banking barrasso personal

banking in the twenties there was of movement that would service middle-class customers with compound interest is something the bankers were quite surprised they wanted to put the money in bank since the interest with that important marketing practice that is up the monopoly of interest of the part of washington for. >> what about haiti or nicaragua or cuba?. >> it is different country to country these are two countries flew to the worst

possible since it exemplars of diplomacy the role of u.s. bankers in haiti faugh led to the landing of u.s. developing a 19 your military occupation that is intangible to the audience's the transfer of financial and economic control and allowed to thousands of deaths of patients citizens that they were revising the state department and u.s. policy with those financial systems that created that

chaos and similar things could be said about nicaragua but the consequences for cuba was the development the dictatorship by the 1920's to be democratically elected on a platform of progress s.a. a populist leader that cuba would not contract any further debt but protect the interests of wall street and you really begin to figure on how the cuban government would restrict that ability to take on more debt and went on against that with

the chase manhattan bank for millions of dollars but could cripple an economy during the era where prices remained depressed. of the shadow of the repression that led to a real conflict suggesting it so that it was odious contacted by a legal regime with the real sense of the animosity and i think lasted for many years. so in terms of the actual consequences i think that

could be caribbean and sovereignty that do not have control over their own destinies the consequences the violence of u.s. military occupations or the violence to pacify those populations in forms of racism and then at the end of the day many bankers were in financial reform to spee and agriculture to help develop the school system's none of these amounted to much in they were seen as profits. >> so in your view is exploitation a fair word?.

>> yes. i think what i try to argue is both the of the exploitation was very complex but that isn't always that top-down vision going into new cuba or haiti on what level there is always pushed back then there are these modes where they try to get something from wall street with the bakers were very deliberate they're using new modes and to reform legislative practices ever relations

between states and banks it is day history marked by failure so citibank invested so much money in cuban sugar when the prices bottomed out and almost destroyed the vague and that led to the resignations in the case of haiti that negative publicity in the 30's is brought to the american public life the national association of colored people there is a backlash of what the historian refers to as the anti-banking discourse.

so that is the word to use but not in the cleaved or easy cents strike you also write about the entity which is what?. >> north american trust company founded 8098 by a number of midwestern baker's to make tremendous amounts of money as a banker and is basically taking capital from england to set pay mortgage brokerage filtering capital from england to the northeast by the end of the 18th-century he collapsed

the naacp for vagrancy and now suddenly july 1988 headed down to santiago to cuba to declare sovereignty over the republic for the u.s. occupation for cuba had officially begun. arriving in santiago fifth before for the north american baking institution in those activities started a slow fashion. and then giving money back to america in soldiers trying to introduce currencies to the island with a system of telegraphic transfers but they also

tried to become the of primary player in cuban government with the taking of customs revenues also looking to displaced the old spanish fake. there is a lot of controversy around the of many see them as corrupt whose activities are based on patronage it'll collapse but then they dissolve that is the defacto so the trust company is an institution that the cuban historians have talked about in the

cuban the context of not necessarily but they trace their history back from a the west indies and also extended the work of the principle of the north american trust company to than sets up a better break who is attached with a lot of controversy attached to read. so with that history he is said individual or not to procurer -- on to print your where capital can move part -- and then cannot profit from that. that builds that haven of american business and can skillfully work between

those who receive this so he gets there before it is set up that the state has developed and can manipulate. >> a businessman or flimflam ?. >> both. it is a great question in the early history of u.s. thinking or wall street they are always both there are hustlers and there is of five line between the two so the question for sovereignty that yes it is very difficult to say if they are budget of it. >> you said a lot of the of baker's revising the federal government of foreign

policy. with wall street movie into the caribbean doesn't have the full faith and support?. >> absolutely not. there are times with the federal government wanted to restrain with times of absolute pollution -- pollution with the u.s. occupation of haiti going back with of sullivan and cromwell to that defacto divisor so those memos are going back and forth and you really tells them in haiti but by the 1830's especially

and coming to power in the context of the depression in the context of great animosity that this needs to stop through a new deal legislation trying to restrain the of bankers and the activity in the caribbean and with those congressional hearings under the guise of for landau -- hernando has access to the records of other banks the legal offices of sherman and sterling for the first time people could go to see the archaeology's of those exploited banking practices

in the caribbean. but the federal government tried to restrain the activities of wall street. >> basically we're talking their early 20th century right now are these banks still prevalent or influential? what is the legacy?. >> it is interesting there are a number of legacies but first in terms of the current influence the legacy is left less of u.s. banks may and canadian banks one of the things i found in my research was the canadian banks even the bank of nova scotia or montreal where the biggest competitors to u.s. institutions of the 20th century.

through the rope baying of canada there also for competed for deposits and when the of cuban revolution there was a negotiated settlement on behalf of the canadian banks. soap there still prevailing. with a retreat from the caribbean and in returning to haiti with that actual presence so with their

understanding of what this history in some places. looking at corporate biographies looking at the 1920's or early '30's that is a glorious period of international expansion to create new financial institutions so to go out into the world with the new deal banking legislation. to give back to the era of unregulated expansion wary

we can move across boundaries with those pesky sovereign caribbean nations the other is a sense of wanting to move back into those markets and with that branch expansion into the caribbean of offshore investment vehicles. >> the bank of nova scotia that is like having of wyoming?. >> but that is relevant to the book.

but the presence of canadian banks in the caribbean that when they were trying to figure out how to move into the region to control the markets citibank gas to buy a bit vague of nova scotia that we do have to start one. so low that did not come to fruition but that gives the sense of how important it powerful they were. but what happens there was a fairly regulated stable industry chartered by the government three-year for banks in the canadian

bankers' with international expedition in canada itself like the of baying of nova scotia in then to the west of winnipeg in following the movement and they had already developed it was easy to move into the caribbean. as a the way to those provinces. furthermore the canadian bankers' were working in that intercolonial to do the

work of the british colony's in those caribbean territories and to strengthen to establish canadian capital in the region. at the same time the canadian bakes with that national banking legislation prohibits the expansion of branch banking so we will go to cuba or jamaica. calling his surrogates of u.s. capital the world baying of canada. >> host: office on what wall street but also serving

wall street interest to some degree in the region. but at one point chicago business interest has the huge chunk from the royal danish of canada even now with these banks in the region. >> professor of african-american studies at ucla author of bakers and empire. booktv on c-span2. cook . >>