Business & Finance: A U.S. Foreign Legion

In 1914, when the U.S. stood on the threshold of world trade and world power, Manhattan's National City Bank opened its first foreign branch in Buenos Aires. It was forced to staff the new bank with Englishmen, because—to the disgust of City Bank president, the late Frank Arthur Vanderlip—few U.S. citizens with South American know-how were available. Sensing the U.S.'s new world role, Banker Vanderlip began giving tough 12-to-18-month courses in foreign economics, languages, business customs to college graduates, for jobs in the City Bank's foreign service.

As members of this Foreign...

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