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1929 Anglo American Extorts Control of DeBeers Consolidated Mines

1929 Anglo American Extorts Control of DeBeers Consolidated Mines

Who: Ernest Oppenheimer

What: Ernest Oppenheimer is named CEO of De Beers Consolidated Mines.

Where: South Africa

How: Using a stockpile of diamonds collected with Anglo-American, Ernest Oppenheimer threatens to flood the market with Anglo-American diamonds if De Beers doesn’t name him CEO.

Why: So that Ernest Oppenheimer could take control of the diamond industry and ultimately South Africa’s resources.

Player: Ernest Oppenheimer

Player: JP Morgan, co-founder of the Federal Reserve

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