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Bank of New York

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Learn more about Pete Peterson-funded astroturf projects at the Fix the Debt Portal.

This article is part of the Tobacco portal on Sourcewatch funded from 2006 - 2009 by the American Legacy Foundation.

The Bank of New York Mellon Corporation, headquartered in New York City, USA, is one of the largest asset administration firms in the world, its name resulting from the Bank of New York's acquisition in 2007 of Mellon Financial. "It was The Bank of New York's third attempt to acquire Mellon. Now known as The Bank of New York Mellon (BNY Mellon), the firm has about $20 trillion in assets under custody and more than $1 trillion of assets under management. The company has a presence in over 35 countries, including more than 80 wealth management offices in the US and the UK. Its Pershing subsidiary is a leading securities clearing firm", according to business website Hoovers. [1]

In 2011, it reported $14.73 billion in revenue.[2] In 2006, sales were nearly $9.1 billion with profits of $3 billion. Top competitors are Brown Brothers Harriman, Citigroup, and Credit Suisse (USA). [1]

Ties to Pete Peterson's "Fix the Debt"

The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem."

This article is part of the Center for Media and Democracy's investigation of Pete Peterson's Campaign to "Fix the Debt." Please visit our main SourceWatch page on Fix the Debt.

About Fix the Debt
The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem." Through a special report and new interactive wiki resource, the Center for Media and Democracy -- in partnership with the Nation magazine -- exposes the funding, the leaders, the partner groups, and the phony state "chapters" of this astroturf supergroup. Learn more at PetersonPyramid.org and in the Nation magazine.


Executive Management

  • Curtis Y. Arledge, Vice Chairman and Chief Executive Officer, Investment Management
  • Richard Brueckner, Chief of Staff
  • Art Certosimo, Senior Executive Vice President and Chief Executive Officer, Global Markets
  • Michael Cole-Fontayn, Chairman, EMEA and Chief Executive Officer, Depositary Receipts
  • Thomas P. (Todd) Gibbons, Vice Chairman and Chief Financial Officer
  • Mitchell E. Harris, President, Investment Management
  • Gerald L. Hassell, Chairman and Chief Executive Officer
  • Timothy F. Keaney, Vice Chairman and Chief Executive Officer, Investment Services
  • Stephen D. Lackey, Chairman, Asia Pacific
  • James P. Palermo, Vice Chairman and Chief Executive Officer, Global Client Management
  • Karen B. Peetz, President
  • Lisa B. Peters, Chief Human Resources Officer
  • Brian G. Rogan, Vice Chairman and Chief Risk Officer
  • Brian T. Shea, President, Investment Services; Head of the Broker Dealer and Advisor Service Group; Head of Global Operations and Technology;Chief Executive Officer, Pershing LLC
  • Jane Sherburne, General Counsel and Corporate Secretary
  • Kurt D. Woetzel, Chief Executive Officer, Global Collateral Services

Board of Directors

As of February 2013: [3]

  • Ruth E. Bruch, Retired Senior Vice President and Chief Information Officer of Kellogg Company
  • Nicholas M. Donofrio, Retired Executive Vice President, Innovation and Technology of IBM Corporation
  • Gerald L. Hassell, Chairman and Chief Executive Officer of The Bank of New York Mellon Corporation
  • Edmund F. "Ted" Kelly, Chairman of Liberty Mutual Group
  • Richard J. Kogan, Retired Chairman, President and Chief Executive Officer of Schering-Plough Corporation
  • Michael J. Kowalski, Chairman and Chief Executive Officer of Tiffany & Co.
  • John A. Luke, Jr., Chairman and Chief Executive Officer of MeadWestvaco Corporation
  • Mark A. Nordenberg, Chancellor and Chief Executive Officer of University of Pittsburgh
  • Catherine A. Rein, Retired Senior Executive Vice President and Chief Administrative Officer of MetLife, Inc.
  • William C. Richardson, President and Chief Executive Officer Emeritus of The W.K. Kellogg Foundation
  • Samuel C. Scott III, Retired Chairman, President and Chief Executive Officer of Corn Products International, Inc.
  • Wesley W. von Schack, Retired Chairman, President and Chief Executive Officer of Energy East Corporation 
Director

Personnel in 2006

Key leaders not mentioned above: [4]

Political contributions

Thomas A. Renyi, current Chairman of Bank of New York and then CEO, was a Bush Pioneer having raised at least $100,000 for Bush in the 2004 presidential election. In June 2003, Renyi along with banker Pioneers E. Stanley O'Neal and John J. Mack, hosted Bush's first reelection fundraiser in New York. [8]

Bank of New York gave $10,700 to federal candidates in the 2006 election through its political action committee - 14% to Democrats and 86% to Republicans. [9]

Mellon Financial gave $203,500 in 2006 - 32% to Democrats and 68% to Republicans. [10]

Lobbying

Bank of New York spent $220,000 on lobbying in 2006. [11]

Contact details

1 Wall Street, 10th Floor
New York, NY 10286
Phone: 212-495-1784
Fax: 212-809-9528
Web: http://www.bnymellon.com

Articles and Resources

Featured SourceWatch Articles on Fix the Debt

Related SourceWatch articles

External articles

External resources

(Sells ADRs for British American Tobacco)

This article may include information from Tobacco Documents Online.

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References

  1. 1.0 1.1 Bank of New York Profile, Hoovers, accessed January 2008.
  2. BNY Mellon 2011 Form 10-K, SEC filing, accessed February 7, 2013
  3. BNY Mellon Board of Directors - Governance organizational website, accessed February 7, 2013
  4. Board of Directors, Bank of New York, accessed January 2008.
  5. Gerald L Hassell, Forbes, accessed January 2008.
  6. Thomas A Renyi, Forbes, accessed January 2008.
  7. Bruce W Van Saun, Forbes, accessed January 2008.
  8. Thomas A. Renyi, Texans for Public Justice, accessed January 2008.
  9. Bank of New York PAC, Open Secrets, accessed January 2008.
  10. Mellon Financial PAC, Open Secrets, accessed January 2008.
  11. Bank of New York lobbying expenses, Open Secrets, accessed January 2008.