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John Pierpoint Morgan

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by

Benlal Chendiqui

on 13 December 2013

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Transcript of John Pierpoint Morgan

John Pierpont Morgan
John Pierpont Morgan
By Ben Chen and Bilal Siddiqui
Major Accomplishments
Became the most important force in American finance
Helped the American economy to be the largest and most powerful in the world
Financially rescued the government twice
Founded the U.S. Steel Corporation, the first billion dollar company in the world
Solved the Panic of 1907- a financial crisis that arose as a result of plans to limit the popularity of trust companies
Morgan orchestrated deals with others to bring confidence and liquidity back to financial markets
Economic Impact
After financing the creation of the Federal Steel Company, he joined Henry Frick to merge it with Carnegie Steel Company to form the U.S. Steel Corporation
1891-Morgan arranged the merger of Edison General Electric and Thompson Honoson Electric Company to form General Electric
The bank financed the Federal Reserve System in the Depression of 1895
With good links to the London financial world, he was able to arrange the capital for growing industrial corporations in the U.S. with money form British bankers
By 1902, Morgan controlled over 5,000 miles of railroad track
Motivation for Banking
Morgan was born into a wealthy family of bankers
Father trained him early in the business of international banking
Graduated from University of Göttingen, Germany in 1857
Went to work on Wall Street immediately after
Morgan took over his father's firm after he died in 1890, naming it
J.P. Morgan and Co.
University of Göttingen
Although J.P. Morgan didn't own the world, but he was surely one of its wealthiest residents
Social Impact
Acquired much wealth and donated to charities, churches, hospitals, and schools
Morgan founded Lying-in Hospital and donated money to Harvard Medical School
Financed the entire army payroll in 1871 when Congress wouldn't appropriate the funds for it
New railroads and public utilities are examples of infrastructure influenced by Morgan
Reorganized and consolidated a number of financially troubled railroads
Impact on America Today
Morgan was a

financier
- a wealthy
investor who is skilled in financial
matters
Morgan was considered to be both a robber baron and a captain of industry
Some viewed him as a tyrant who did anything to get money ,and took money that should have gone to the poor
Also some viewed him as a financial hero who funded many important projects that helped the rise of industry
He was investigated by the House of Reps. in 1912 for suspected illegal gathering of funds; Morgan walked away form the case unscathed
J.P. Morgan Chase is the U.S.' largest bank by assets
Fun Facts
Morgan's uncle wrote Jingle Bells, originally meant for Thanksgiving
He was supposed to be on the Titanic, but canceled at the last second for financial matters
His ancestor James Pierpont founded Yale University
He served as President of the Metropolitan Museum of Art from 1904-1913
After he died in Rome in 1913 at the age of 75, the New York Stock Exchange shut down in his honor
Morgan angrily yells at photographers
http://www.biography.com/people/jp-morgan-9414735
Full transcript