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To: Robert Rose who wrote (32250)	11/4/1999 2:52:00 PM
From: pater tenebrarum	Respond to of 99985

Robert, as far as i know, the Federal Reserve is unique in this respect...there are the congressionally chartered Fannie Mae and Freddie Mac, which are also privately held, but are listed on the stock market, unlike the Fed (a tidbit on the side btw, the South African Reserve bank, which is also a private institution the governor of which is appointed by the country's president is actually listed on the Johannesburg stock exchange). as to how it came to be that way, the Fed was actually the brain child of J.P. Morgan and his fellow bankers at the time, as they felt the need for a lender of last resort and some centralized controlling organ of the banks and the monetary system. that was in 1913 and in the beginning, not all banks were members of the Federal reserve system. for further information on the history of the Federal Reserve system i suggest you visit the Fed's web site...the actual ownership structure is not disclosed there of course, but i have a printout of the supposed ownership structure that was posted on another board a few weeks back. it seems to be a rather complicated system of cross-holdings and has some quite prominent names on it. i'll see if i can post it later. regards, hb