Why I Wrote This Story

by Catherine Austin Fitts I made the decision to write “Dillon, Read & Co. Inc. and the Aristocracy of Stock Profits” in the middle of […]


II. A Rothschild Man

John Birkelund arrived at Dillon Read in September 1981. Born in Glencoe, Illinois, he had graduated from Princeton and then had joined the Navy where […]


III. RJR Nabisco

If you want to understand Dillon Read in the 1980s, you must understand R.J. Reynolds (RJR), a tobacco company based in Winston-Salem, North Carolina. According […]

Henry Kravis

V. Leveraged Buyouts

Leveraged buyouts were a phenomenon that got going in the 1980s. A leveraged buyout (LBO) is a transaction in which a financial sponsor buys a […]

Washington DC Capitol

VI. A Parting of the Ways

There was an invisible spirit that crept through our lives on Wall Street in the 1980s. LBO’s were a part of it. I could never […]

Jack Kemp

VII. “HUD is a Sewer”

As Assistant Secretary for Housing-Federal Housing Commissioner, I was responsible for the operations of the Federal Housing Administration (FHA), which was the largest mortgage insurance […]

Prison Bars

IX. Cornell Corrections

Based on company SEC filings, Houston-based Cornell Corrections started off with correctional facilities in Massachusetts and Rhode Island in 1991 and then in 1994 acquired […]


XI. Hamilton Securities Group

I left the Bush Administration in 1990, persuaded that digital technology and the Internet could be used by entrepreneurs to create new wealth in an […]