WSTT Extras: Partial Corporate Member Lists


Partial List of CFR Corporate Members 1993 and 2011

The first full list available of the “Corporate Members” of the CFR is as of 1993, printed in the Annual Report for that year. In that and subsequent years the list included many types of big corporations, but was dominated by the largest banks and finance companies, both foreign and domestic, followed by oil companies, then law firms, communication, auto corporations and miscellaneous large corporations. The list below is definitive for all of the categories listed except for the last (miscellaneous) when only the most prominent corporations are listed (data from CFR 1993:160-162):

1993 List of CFR Corporate Members

Banca Commerciale Italiana
Bank of America
Bank of Montreal
Bank of New York
Banker’s Trust
Banque Paribas
Barclays Bank
BHF Bank
Brown Brothers Harriman
Canadian Imperial Bank of Commerce
Chase Manhattan Bank
Chemical Bank
Deutsche Bank
Dillon, Read
Dime Savings Bank
First Boston
First National Bank of Chicago
Goldman Sachs
Hypo-Bank AG
IBJ Schroder Bank & Trust
J.P. Morgan
Kleinwort Benson Ltd
Lazard Freres
Morgan Stanley
National Westminster Bank Plc
Republic National Bank
Royal Bank of Canada
Salomon Brothers
S.G. Warburg
Skandinaviska Enskilda Banken International
U.S. Trust

Other Finance and Insurance:
American Express
American International Group
Arnhold and S. Bleichroeder
Baring America Asset Management
BEA Associates
Blackstone Group
CDC Capital
Chancellor Capital Management
Clayton Dubilier & Rice
Dow Jones
Fischer Francis Trees & Watts
General Electric (GE Capital)
Inco United States
John A. Levin & Company
Kohlberg Kravis Roberts
Marsh & McLennan
Merrill Lynch
Prudential Insurance
The Putnam Companies
Scudder, Stevens & Clark
Sierra Capital Management
Smith Barney Shearson
Towers Perrin
E.M. Warburg, Pincus & Co.

AGIP Petroleum
Amerada Hess
American International Petroleum
Atlantic Richfield
Caltex Petroleum
Ecofuel S.p.A.
Occidental Petroleum
Phillips Petroleum

Law Firms
Cahill Gordon & Reindel
Clifford Chance
Coudert Brothers
Davis Polk & Wardwell
Debevoise & Plimpton
Kelley Drye & Warren
Mudge Rose Guthrie Alexander & Ferdon
Rogers & Wells
Shearman & Sterling
Sullivan & Cromwell
Weil, Gotshal & Manges
White & Case

Archer Daniels Midland
AT&T International
Booz, Allen & Hamilton
Capital Cities/ABC
Forbes Magazine
Gavin Anderson & Co.
General Electric (NBC)
John Wiley & Sons
Matra Hachette
Paramount Publishing
The New York Times
Young & Rubicam

BMW North America
Fiat USA
Ford Motor
General Motors
Mercedes-Benz North America

American Airlines
Bristol-Myers Squibb
British Airways
Dow Chemical
Dow Jones
Dun & Bradstreet
Du Pont
Estee Lauder
H.J. Heinz
Hilton Hotels
International Paper
Johnson & Johnson
McKinsey & Co.
Mitsubishi International
Nippon Steel
Nomura Research
Olin Corp.
Oxford Analyticia
Price Waterhouse
Procter & Gamble
RJR Nabisco


2011 List of CFR Corporate Members
The 2011 CFR Annual Report lists the 175 corporations making up the corporate members of the organization at this point in time. They include many of the key corporations that, with the wealthiest of families, own and run the world economy. Banks and other financial institutions make up 39% of the total, followed by industrial and service related corporations with 17% each, with energy and power at 8%. These four groups make up over 80% of the total (CFR 2011:53-54). All of the world’s top investment banks (Deutsche, Barclays, JPMorgan Chase, Bank of America, Citi, UBS, Credit Suisse, Goldman Sachs, and Morgan Stanley) were corporate members of the Council in 2011 (CFR 2011:53-54; San Francisco Chronicle January 15, 2013:D2). There are eight “Founders” on the list, each paying $100,000 a year for the benefits the CFR offers to them. In 2011 the “Founders” were conveniently divided into three groups, four finance capital corporations, three oil corporations and a consulting corporation:

CFR “Founders” in 2011

Bank of America Merrill Lynch — This company has been called the world’s largest financial services company and wealth manager. The Financial Times (November 21, 2011 Special Report:1) lists it as number one, with almost $2 trillion of assets under management. Other sources list it as having $2.2 trillion under management. In 2010 Bank of America was ranked by Fortune as 1st in equity and the 5th largest U.S. Corporation by revenue.

JP Morgan Chase — Their website quotes its Chairman and CEO, CFR member Jamie Dimon as stating that its “…aim is to be the world’s most trusted and respected financial services institution.” Second in assets only to Bank of America, it states on its website that it holds over $2 trillion in assets. It manages the investments of many thousands of “old wealth” U.S. and foreign families. In 2010 JP Morgan Chase was ranked by Fortune as 2st in equity and the 9th largest U.S. Corporation by revenue, the Financial Times (December 22, 2011:16) lists it as third in dollar value of global mergers and acquisitions in 2011.

Goldman Sachs — Although smaller in amount of assets owned as well as managed than the above two, Goldman Sachs is a leading global investment bank, offering a varied menu of securities, investment, finance, and management services. It ranked 5th on Fortune’s list of top U.S. commercial banks, and first in dollar value in global mergers and acquisitions in 2011 (Financial Times December 22, 2011:16). It current chair and CEO, Lloyd Blankfein, is a member of the CFR , as are several other board members, one of whom, Stephen Friedman, is currently on the CFR board of directors. Robert Rubin, a former co-chair, and co-senior partner of Goldman, is currently co-chair of the CFR.

Nasdaq OMX Group — Called the “world’s largest exchange company,” it owns and operates the NASDAQ stock market and a number of other stock exchanges worldwide.

Chevron — Formerly Standard Oil of California and therefore part of the Rockefeller oil empire, this corporation is one of the world’s leading integrated energy companies. Its own growth, together with large-scale mergers with Gulf, Texaco and Unocal have made it the 3ed. largest U.S. corporation by revenue.

Exxon Mobil — Another former Standard Oil Company, it is also one of the world’s largest oil companies. Exxon-Mobil ranked 1st in profits ($19.3 billion) and market value ($314 billion) and 2ed in revenues ($284.7 billion) in 2009 (Fortune May 3, 2010).

Hess — Much smaller than Chevron and Exxon Mobil, it is still a large multinational oil corporation, one with close ties, current and historical, to the CFR. The company’s current (2011) chair and CEO John B. Hess is a member of the CFR as are several other directors of the company.

McKinsey — This company has been called “the world’s most prestigious consultancy” by the Financial Times (November 27, 2011 Life & Arts:1). With over 1,200 partners and 9,000 consultants worldwide, it is not small. It provides what is likely the most expensive advice that top corporate and government clients can buy. The 3,200 clients that it has reportedly served during the five years ending in 2011 reportedly included 90 of the top 100 companies worldwide. Its estimated revenues are $7 billion a year. McKinsey also maintains a secretive and low profile family of hedge funds and private equity firms collectively known as the “McKinsey Investment Office (MIO Partners)” for its own exclusively use, with over $5 billion under management. McKinsey received unwelcome attention in recent years due to the insider trading trial and conviction of hedge fund boss Raj Rajaratnam. Two McKinsey partners, one of them (Anil Kumar), an individual member of CFR, were accused of passing confidential insider information to Rajaratnam. Kumar plead guilty to the charge (Financial Times November 27, 2011 Life & Arts:1).


By comparing the entire list of 175 Corporate Members of the CFR in 2011 (including the “Founders” listed above) with the 1993 list above provides us with insight both about the changes in the U.S./world economy since 1993 and the shifting of support for the Council within the corporate capitalist class community (data from CFR 2011:53-54).

Banca d’Italia
Bank of America Merrill Lynch
Bank of New York Mellon
BNP Paribas
Banco Mercantil
Barclays Capital
Canadian Imperial Bank of Commerce
Credit Agricole Corporate and Investment Bank
Credit Suisse
Deutsche Bank
Goldman Sachs
Intesa Sanpaolo
Japan Bank for International Cooperation
J.P. Morgan Chase
Morgan Stanley
Rothschild North America
Standard Chartered Bank

Other Finance and Insurance:
Allied World Assurance
American Express
Arnhold and S. Bleichroeder
BGR Group
Blackstone Group
Caxton Associates
CIT Group
Clarium Capital Management, LLC
CDC Capital
Chancellor Capital Management
Corsair Capital
Craig Drill Capital Corporation
Equinox Partners, LP
Fortress Investment Group LLC
General Atlantic LLC
General Electric (GE Capital)
Golden Tree Asset Management
Granite Associates LP
Harbinger Capital Partners
Indus Capital Partners LLC
Invus Group LLC
Jacobs Asset Management LLC
Kingdon Capital Management
Kohlberg Kravis Roberts
Mac Andrews & Forbes Holdings Inc.
Mannheim LLC
Marsh & McLennan Companies
MBIA Insurance
Met Life
Moore Capital Management
New York Life
NYSE Euronext
Principal Financial Group
Prudential Financial
Rho Capital Partners
Sandalwood Securities, Inc.
Siguler Guff & Co. LP
Silver Lake Partners
Soros Fund Management
Rowe Price Group
Visa Inc.
Veritas Capital LLC
E.M. Warburg, Pincus & Co.
Weiss Multi-Strategy Advisors, LLC
Wyoming Investment LLC
Zephyr Management LP
Ziff Brothers Investments LLC

Aramco Services
BP p.l.c.
Exxon Mobil
Shell Oil
Occidental Petroleum

Law Firms
Allen & Overy LLP
Arnold & Porter LLP
Bennett Jones LLP
Bingham McCutchen LLP
Cleary Gottlieb Steen & Hamilton LLP
Covington & Burling
Gibson, Dunn & Crutcher LLP
Greenberg Traurig LLP
Milbank, Tweed, Hadley & McCloy LLP
Simpson, Thacher & Bartlett LLP
Sullivan & Cromwell LLP

Booz, Allen & Hamilton
Cisneros Group
Economist Intelligence Unit
General Electric (NBC)
The News Corp.
Omnicom Group
Telefonica Internacional
Thomson Reuters
Time Warner
Verizon Communications


Airbus Americas
BASF Corp.
Bunge Limited
De Beers
Duke Energy
DyCorp International
Estee Lauder
Federal Express
Freeport-McMoRan Copper & Gold
General Electric
ITOCHU International
Lockheed Martin
Marubeni America
Merck & Co.
Oxford Analyticia
Mitsubishi Heavy Industries
Mitsubishi International
Mitsui & Co.
Northrop Grumman
PricewaterhouseCoopers LLP
Rio Tinto
The Tata Group
Turkish Industrialists’ and Businessmen’s Association
United Technologies
U.S. Chamber of Commerce


What is striking about the difference between the 1993 and 2011 list of corporate members is first, the decline in the number of banks, from 32 in 1993 to only 19 in 2011. This was largely due to bank mergers. The resulting list includes every one of the top nine global investment banks and all of the top ten international banks doing global mergers and acquisitions, led by Goldman Sachs, JPMorgan Chase and Bank of America. These ten CFR corporate member banks did $3.4 trillion worth of M&A during 2011 alone. The Council’s corporate member banks also include eight of the top ten banks by global market share (Financial Times December 22, 2011:16; May 10, 2012:22; San Francisco Chronicle January 15, 2013:D2). Secondly, the great increase in the “shadow banking” sector listed as “Other Financial and Insurance” on the above lists is especially striking. There were 26 of these on the 1993 list, and almost doubled in number to 50 in 2011. Third, while oil firms were down slightly, automobile corporations were sharply down in number (from 6 in 1993, down to only 2 in 2011). There were almost the same number of law firms (11 vs. 12 in 1993) listed, but all but one (Sullivan & Cromwell) were different firms. Finally, there was a lack of continuity, only about 25% of the member corporations of 1993 were still CFR corporate members in 2011. Why this is so is unclear, but at least a partial explanation would include mergers (a number can easily be seen, JPMorgan and Chase Manhattan Banks became JPMorgan Chase for example), and changes in the structure of the U.S. economy, (such as the decline of the U.S. auto industry).

Elaboration of the term “shadow banking” and what this represents is called for, since the sharp rise of this sector of the CFR’s corporate membership since 1993 is a main finding of this analysis of the 1993 and 2011 lists. The “shadow banking system” (SBS) largely consists of the credit system operating outside of regular banking, including speculative ventures in financial services, money market funds, private equity investments, structured investment vehicles, insurance and hedge funds. Investment banks like Goldman Sachs also conduct a significant part of their activities in the SBS, but they are not SBS institutions themselves. The firms in the SBS itself speculate for a profit in a number of ways, “private equity” for example means taking over a company, finding ways to increase profits (often by cutting workers pay and benefits, or by breaking the company into smaller parts), then either profit by improving or selling off the resulting “new” company or companies. Speculating in credit derivatives such as Collateratized Debt Obligations like Mortgage Backed Securities, and hedging them as well as insuring them with Credit Default Swaps are other examples. In this way wealth that has already been accumulated is appropriated by an overblown financial sector, often labeled “rent seekers.” This tends to create both financial instability leading to crises and also undermine the legitimacy of the system, since vast fortunes are made based only on the “work” of speculation, while those who create actual value in terms of products and services are often struggling to survive.

The SBS speculates with vast amounts of money, estimated by the G20’s Financial Stability Board task force at $26 trillion in 2002, jumping to $62 trillion in 2007, dropping after the 2008 crisis, but then increasing again to $67 trillion in 2011. These amounts are vast, about one-half of the world’s total banking assets, with over 80% for the SBS concentrated in the U.S. and Europe (Huffington Post November 18, 2012). The fact that this system is largely unregulated was a key factor in the 2008 economic crisis. Nobel Prize winning economist Paul Krugman (himself a CFR member from 2007-2009), stated that the “core of what happened” to cause the crisis was a run on the largely unregulated SBS, where raw market capitalism ruled. The top leadership of the CFR, in the persons of Peter Peterson (a founder of the Blackstone Group), Robert Rubin (once the head of Goldman Sachs, later Citibank) and David M. Rubenstein (a top leader of the Carlyle Group), are very much connected with the speculations of the SBS. The financier is, in fact, the arch-typical capitalist of our neoliberal age.

A final point is the strong tendency of these CFR member corporations to avoid paying taxes, despite billions and billions of profits. One study, covering a five-year period ending in 2012, isolated seventeen corporations as the worst examples of “extreme corporate tax avoidance.” Of the seventeen, twelve were CFR corporate members: Exxon Mobil, Chevron, Citigroup, General Electric, Boeing, IBM, FedEx, ATT, Merck, Pfizer, Google and Microsoft.