45 THE FALL, AND AFTER Felix Warburg’s brother Paul had had an unhappy childhood, picked on by his older brothers Aby and Max, who called him ugly and weak. Even his mother seemed not to understand him. By the time he had reached young manhood, he had developed a distinct inferiority complex, and was forever apologizing for himself. He had a habit of prefacing his remarks with “You won’t like what I’m going to say, but.…” Still, he was possibly the most brilliant and versatile of all the Warburgs and, for years, was a sort of itinerant Kuhn, Loeb partner, spending half of each year in New York and the other half with the Warburg bank in Germany, serving as a financial liaison between the two countries. He had always considered American banking primitive and haphazard. He had met secretly with Senator Nelson Aldrich at Sea Island, Georgia, and had worked out the Federal Reserve System, and yet when Aldrich tried to give Paul Warburg full credit, Paul, typically, refused to take any credit whatever.
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