2oTH CENTURY CAPITALISM
Who is J.P. Morgan? John Pierpont Morgan was born into a well-known New England family on April 17, 1837, in Hartford, Connecticut. He studied in Europe, where he learned French and German, and then he returned to New York in 1857 to begin his finance career. History has defined him to be a first-class businessman. He was one of the most powerful bankers of his era and maybe even of all time.
WHY PEOPLE LIKE J.P MORGAN
During Morgan’s era, the United States had no central bank so he used his influence to help save the nation from disaster during several economic crises. In 1895, Morgan assisted in rescuing America’s gold standard when he headed a banking organization that loaned the federal government more than $60 million. Morgan initially was widely commended for leading Wall Street out of the 1907 financial crisis.
As time passed the portly banker with the handlebar mustache and gruff manner faced increasing criticism from muckraking journalists, progressive politicians and others that he had too much power because he could influence the American economy and even the government for his own gain. In 1912, Morgan was called to testify before a congressional committee chaired by U.S. Representative Arsene Pujo (1861-1939) of Louisiana. The committee was that investigating the existence of a “money trust”; or a small group of elite Wall Street financiers, including Morgan, who allegedly colluded to control American banking and industry.
I think John Pierpont Morgan became successful through the help of his father. He had the best education support and also, because his father was into banking and marketing, which gave him an idea about banking. Sometimes people are born into opportunity and J.P. Morgan was born into the right place at the right time.
The Legend of JP Morgan
The Story of J.P. Morgan, the Most Powerful Bank in America