The English Syndicate
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Prior to Jacob Schiff’s involvement in the Japanese loans, a syndicate of banks had coalesced in England with the as yet unfulfilled intent of financing Japan. Each of these banks had prior direct experience of working with the Japanese government. All were known to Schiff because he had worked with them before both directly and through personal contacts. Schiff knew them all to be highly reputable institutions within the London financial markets, and they all had extensive international banking experience. The importance of this network of relationships, how it worked, and its role in the financing of Japan, has previously either been understated or at least not very well explained.