John Pierpont (JP) Morgan didn't discover America—he built it. Life in the Azores

Some people are born to leave a bright mark on history. They may be remembered as positive or negative heroes, but in any case there are few such unusual people, and the biography of each is of great interest to subsequent generations. JP Morgan is one of the most extraordinary personalities who lived at the turn of the nineteenth and twentieth centuries. He was called the most stingy and the most generous, the most cruel and the most merciful. Do you think this is impossible? You just don't know anything yet about America's greatest financier.

JP Morgan: brief biography

The future entrepreneur was born into an aristocratic family. More precisely, John’s mother, as the boy born in 1837 was named, belonged to an ancient family. The child's father was a completely successful entrepreneur and built his relationship with his son on the basis of rigor and a set of rules.

The elder Morgan raised his successor and forced his son to be the best in everything. But it was difficult for the boy. He grew up as a sickly child and suffered from a large number of chronic diseases. This list included arthritis, seizures, skin diseases and much more. In addition, young John desperately lacked the love and tenderness that his parents did not indulge him with.

J.P. Morgan received an excellent education and showed a penchant for entrepreneurship from an early age. During the American Civil War, the young man began his career with his father and immediately managed to distinguish himself in several major transactions. This was just the beginning of a series of successful transactions and financial mergers.

John was married twice and had four children. Throughout his active career, he gained unprecedented influence and an almost crystalline reputation. Having founded the first financial empire in American history, JP Morgan enjoyed unprecedented love and respect from some people, but for some reason aroused fierce hatred from others. This unique man became the creator of several industrial giants (they operate to this day), but he himself had no desire to engage in production.

The bank "GP Morgan Chase", created by the descendants of the financier, according to the latest data, is one of the largest on the planet. In addition, Morgan was a devoted admirer of art and amassed a huge collection of original paintings and sculptures, as well as an excellent library.

Along with the greed that many of Morgan's contemporaries mentioned, he was the most important philanthropist in New York. It is known for certain that the financier sponsored several hospitals, museums and schools.

J.P. Morgan died at the age of seventy-five in 1913, leaving his heirs a fortune of one hundred million dollars.

John Morgan's family and early childhood

The future financier's mother belonged to the Payerpont family. Young Juliet was distinguished by good manners and a sweet face, which attracted Junius Morgan to her. He was considered an excellent match for an impoverished aristocrat whose mother suffered from a host of illnesses and whose father suffered from skin rashes. It was precisely the factor of degeneration of the aristocratic Payerpont family that caused the birth of such a weakened boy.

John Morgan was considered disabled from early childhood. He lay in bed for many months, suffering from cramps and migraines. The little boy was desperate for praise and love, but his father guided him with a rather harsh hand. Despite a long list of illnesses, he demanded that his son always be the first in everything. This developed a certain arrogance and arrogance in John, which, combined with his appearance and morbidity, caused ridicule and rejection from his peers. Nevertheless, his father strictly monitored him and commented on all areas of life, including his choice of friends. Those who did not inspire confidence in Junius Morgan instantly disappeared from John's life.

JP Morgan's school days

John's father quite often transferred him from one school to another. This was due to the fact that the stubborn Junius did not always like his son's teachers and classmates. And they, in turn, showed dissatisfaction with the boy’s isolation and aloofness. John spent most of his time reading books and carefully analyzing his budget. He spoke several languages ​​fluently and could afford significant financial expenses if he needed them.

By the age of ten, the boy’s mother had almost completely withdrawn from his upbringing; she increasingly fell into a state of hysteria and depression. Ultimately, she completely became a prisoner of her world, from which she did not leave for months. The only person who cared about John was his father. He persistently raised his successor from the sick boy, because Morgan Sr.’s business was confidently going uphill.

Under these conditions, John could completely withdraw into himself, but he still grew up as a fairly lively child. At a time when his health allowed it, the boy devoted time to animals, went on excursions and studied well, even without particularly preparing for lessons. He had a lot of complexes about his appearance and tried to communicate only with a narrow circle of people.

The family moved frequently, John studied in Boston and London, where at the age of fourteen he was struck down by a new attack of illness, which confined the teenager to bed for six long months.

Life in the Azores

Concerned about his son’s health and after consulting with various doctors, Morgan Sr. decided to send his son to the Azores, where he spent about a year away from his loved ones. It is worth noting that the warm climate benefited the teenager. He recovered and lost his usual pallor. John moved actively, courted local beauties and forgot about all his problems for a while. The only thing that bothered the boy was his parents. He wrote to them often, and these letters were filled with love and longing.

In the Azores, JP Morgan celebrated his fifteenth birthday, and his father did not even congratulate him on the holiday in another letter, where he ordered him to gain strength and prepare for hard work.

Beginning of the Morgan Empire

After returning home, John was sent to Switzerland to continue his education. He began to feel much more confident, and his young body, full of energy, was already better able to cope with the constant attacks of the disease. Young Morgan studied well, began to make new acquaintances and got to know the taste of his first victories over women.

After Switzerland, John studied in London and Germany, and then returned to his father in America. It was at this moment that the Civil War began, bringing turmoil and confusion to the ranks of entrepreneurs. But this did not concern the Morgans at all; they were able to derive enormous benefit from the current situation. They began to supply the army with weapons, cotton and ammunition. Young Morgan carried out his transactions very firmly and confidently, which literally turned out to be a golden shower for the company. Junius was surprised by his son’s grip, because JP Morgan’s signature style was gradually emerging - risk, ruthlessness and prudence. As a couple, father and son managed to pull off a lot of deals, which seemed very easy to John. He suddenly realized what he really wanted to do, and like a man possessed, he made tens of thousands of dollars, which later became the basis of his empire.

J. Morgan's first love

After his first victories in business, Morgan met his first and only love. Her name was Emilia Sturges, but the loving John affectionately called the girl Mimi and devotedly courted her. The beauty was the daughter of a railroad magnate and was distinguished by her pretty appearance, combined with an excellent education and calm disposition. John spent all his free time with his beloved, and his business was confidently going uphill. Morgan became involved in loans for the military, which brought him to a new level among American businessmen.

He proposed to his beloved and had already begun preparations for the wedding when the girl suddenly became seriously ill. After some doubts, doctors diagnosed tuberculosis, which meant a death sentence for the young and beautiful Emilia. John was beside himself with grief, but did not give up his plans. He married a weakened girl and took her to Paris, and then to Algeria. The young man hoped that the warm climate and the sun would work a miracle and his beloved would be cured. But this was not destined to happen - Emilia Morgan did not live in marriage for even two months.

Twenty-year-old John Pierpont Morgan took a long time to recover from the grief that had befallen him. Many biographers of the financier wrote later that he kept his love for Emilia in his heart until his death. None of the subsequent women managed to become a worthy replacement for Mimi.

Morgan: a few touches to the psychological portrait of a personality

At twenty-three, John married Frances Tracy. Over the many years of marriage, the couple had four children, but it was a stretch for them to call themselves happy. The spouses were completely different in temperament. John enjoyed the company of people and the bustling city, while his wife sought privacy. This led to the couple increasingly spending time apart; they lived on different continents for several months. Naturally, there were many women around the financier, and he did not hide the fact that he had several mistresses. Many ladies admitted that Morgan, who was not at all handsome, had incredible magnetism and charisma. It is impossible to refuse him, and the words of the financier, spoken in a quiet voice, always sounded loudly.

Morgan believed that money earned should be spent on what is dear to the heart. In his case, this was expressed in art and real estate. Gradually appeared:

• a huge house on Madison Avenue;
• a library built according to a special project;
• villa on the Hudson;
• several Corsair yachts (they had different displacements, but always the same name).

John Morgan really enjoyed scouting for talent and investing in various new projects. He could freely communicate with absolutely ordinary people who interested him in something. Do you know how GP Morgan's house was lit? Of course, with the help of electricity. Meeting Thomas Edison made a huge impression on the financier, and he was the first in New York to electrify his homes and offices.

Morgan's philanthropic activities

Many spoke of Morgan as an extremely greedy person; this opinion was formed due to his isolation and inability to conduct long small talk. He could, with a light heart, invest millions in an interesting project and deny an ordinary beggar on the street a couple of cents. Few people knew that John Pripont was actively involved in charity work, but he literally forbade advertising this fact to the public.

At the beginning of his career, the financier donated fabulous sums for those times for the construction of a modern parental department, and later he wrote a monthly check for its maintenance. In association with Tesla, J.P. Morgan paid for the electrification of streets in Manhattan in order to reduce crime. It is known that every year the philanthropist provided financial support to many American labor schools and museums.

It is known that in a fit of generosity, John Pierpont was able to bestow money and real estate on people who provided him with services. Moreover, in the future he enjoyed maintaining relations with them.

Morganization: basics and rules

The active financial activity of John and Junius Morgan led economists to identify the entire process by which the empire was built. It was called Morganization, and it was based on three principles that Morgan Sr. instilled in his son literally from childhood.

The first principle was the prohibition of speculative investments. In the Morgan company, it was believed that they lead to losses and spoil the reputation, which is related to the second principle of organization. John Pripont himself argued that a person with a bad reputation cannot work in finance or carry out any transactions. Morgan believed that trust is the basis of a successful transaction. The third principle was prudence and control of capital. It was these rules that led to the creation of a huge empire that influenced the American government.

Morgan financial empire

We can say that the great empire began with the financing of railways. The end of the nineteenth century was characterized by rapid development of this industry, and any growth is impossible without a constant influx of money.

JP Morgan Bank actively financed various railway companies, placing them under its strict control. Morgan himself carefully monitored the development of companies and did not give them a chance to go bankrupt. He was ready at any moment to intervene in the affairs of leaders and carry out radical changes, appointing new people to leadership positions. Over time, only strong companies that Morgan trusted remained in business. This rallied the American railroads, and GP Morgan Bank raised its ratings and gained new investors who admired the financier's business acumen. Just a few years later he already controlled most of the country's railways.

JP Morgan Bank continued its activities in all areas of industry. Thanks to him, new companies were created that united various industries under their brand. As a result, this activity benefited the country’s economy, which was gaining power and strength.

But what Morgan did most was for America as a whole. He saved the country from financial collapse several times and thereby terrified presidents and governments. On the threshold of the next crisis, they realized how closely they were connected with Morgan, who with one or two decisions decided the fate of entire countries. After all, even at the dawn of his career, he managed to convince European bankers to transfer their capital to America and personally controlled this process. For many years, Morgan Bank practically performed the functions of the US national bank, which, naturally, could not help but frighten congressmen and presidents. Morgan seemed to have limitless influence, and only his death forced America to take some measures in order to protect itself from similar situations in the future.

"GP Morgan Chase": creation and description

This bank, created as a result of the merger of several large ones, is recognized as one of the best investment projects of our time. JP Morgan Chase was created in several stages, and the main core was Chemical Bank. It became an independent company only in the mid-nineteenth century, and at the end of the last century it was bought by Chase Manhattan.

As a result, in 2000, Chase Manhattan and GP Morgan Company merged. This enterprise was named "GP Morgan Chase Bank". Now its branches operate in thirty-six countries around the world, and it continues to expand its influence. Many modern analysts argue that J.P. Morgan Chase Bank embodied the great financier's dream of a system that would penetrate through branches into every country on the planet and could run the world economy.

In recent months, the press has often mentioned GP Morgan and Brexit in the same news columns. This is due to the fact that the bank actively cooperated with European countries and, in the context of exit from the European Union, seeks to prevent its losses. From time to time, restrictions on cash withdrawals and other measures that are not entirely popular among the British population are implemented. Although, according to analysts, this should not lead to a crisis in the English financial system.

Moscow: Morgan Bank

GP Morgan had never been to Moscow, but he considered Russia a very promising country. His children continued his policy, so in the seventies of the last century the first branch of Morgan’s financial empire was opened in the capital.

"GP Morgan Bank" is very active in Moscow. He is a leader in conducting transactions in dollars and advises many large Russian companies operating in the international market.

John Morgan managed to create a completely new financial management system that revolutionized ideas about the capabilities of banks. Surprisingly, all of the financier’s companies are still successfully developing and finding themselves in rather difficult modern conditions. And this indicates that Morgan can truly be considered a genius, who was subject to absolutely any cash flow.

February 26th, 2014

This is some interesting information that caught my eye. Let's think about what this would mean?

In the past few weeks, at least eight bankers have died under mysterious circumstances, including another JP Morgan employee - a senior executive who jumped from the roof of a London skyscraper last month.

There are rumors that a number of these deaths are related to some kind of impending financial crisis or large-scale legal proceedings against bankers for their malfeasance, although no concrete connections have yet been established.

Witnesses say the man, believed to be in his thirties, climbed onto the roof of the 30-storey Chater House office building and jumped after police failed to talk him out of committing suicide. Chater House is JP Morgan's main regional office in Asia.

According to the South China Morning Post, JP Morgan employees said that the man worked for the company as a currency trader. His name was Li Junji.

Junji became the seventh banker to die unexpectedly in recent weeks.

Last December, Jason Alan Salais, a 34-year-old IT specialist at JP Morgan in Texas, died of a heart attack.

On January 26, former Deutsche Bank executive Brocksmith was found dead at his home in South Kensington when police responded to a report of a man who had hanged himself.

On January 27, 39-year-old senior manager at JP Morgan's European headquarters, Gabriel Magee, jumped from the roof of the bank's London headquarters, landing on the roof of a nearby building.

Mike Duker, who was chief economist at Russell Investments, fell 50 feet onto an embankment in what police ruled a suicide. His friends reported him missing on January 29, saying he was having “problems at work.”

The founder of American Title Services in Colorado, 57-year-old Richard Talley, was also found dead earlier this month, apparently from a nail gun.

JP Morgan chief executive Ryan Henry Crane, 37, died last week.

The director of communications at Swiss Re AG was also found dead last month, although the circumstances surrounding his death remain unknown.

The death of two young IT specialists in such a short period of time might seem strange if we were not talking about the JP Morgan bank. JP Morgan Chase's chief information risk officer Aneesh Bhimani says JP Morgan has "more software engineers than Google and more technical people than Microsoft...we're having to develop things on an unprecedented scale."

Just think about it: the bank has more software developers than Google itself. Not surprisingly, there is growing concern in Congress that the largest banks' derivatives risk accounting requires software so complex that regulators are unable to monitor bank transactions. For the US economy, this poses a systemic risk that could result in a repeat of the Citigroup incident in 2008.

The next in the tragic and mysterious series of deaths of JP Morgan employees was CEO Ryan Crane, who was found dead at his home in Stamford, Connecticut on February 3rd. The causes of his death were never made public. The Office of the Chief Medical Examiner said final autopsy results won't be released for several weeks. The fact of Crane’s death became known only on February 13, that is, 10 days after Bloomberg reported about it in a short article.

On February 18, it became known about the death of another JP Morgan employee who jumped from the roof of the 30-story Chater House office building in Hong Kong. The details of this death are shrouded in mystery. All we know is that he was a JP Morgan employee and he was 33 years old. According to the English-language publication The Standard, the employee held the position of accountant in the financial department of the bank. Another newspaper, The South China Morning Post, reported that the deceased was an “investment banker.” Versions also differed regarding the name of the deceased. In different publications he was called either Dennis Lee or Li Junji. JP Morgan managing director and spokesman Joe Evangelisti declined to provide information about the name and position of the deceased employee.

The New York Post notes that the only thing that connects the victims is work in the same company. In fact, the victims have much more in common: they were all middle-aged, and are believed to have been insured against death under the terms under which insurance payouts in the event of an insured event are received by JP Morgan (according to insurance experts, than the younger the specialist and the more highly qualified work he performs, the greater the insurance payments in the event of his death, since insurance payments are a function of the number of unprofitable years).

However, perhaps the most important circumstance surrounding the death of the bank employees is that shortly before Salais's death in December, the Ministry of Justice issued a probation order against the bank. In addition, the Ministry of Justice entered into an agreement with the bank to withdraw charges valid for two years, and also decided to pay $1.7 million in compensation - all this allowed the bank to save employees from criminal liability for helping to organize the largest financial pyramid in US history (case Madoff). In exchange for this, the bank was forced to agree to cooperate with the investigative authorities, and also promised not to violate the law in the future under the threat of criminal prosecution.

Considering the above and the fact that the bank is now under investigation on suspicion of manipulating interest rates, the death of employees who were in the prime of their powers no longer looks so mysterious.

J. P. Morgan, photographed by Edward Steichen in 1903

And how it all began...

JP Morgan Chase is an international financial conglomerate headquartered in New York. The company provides a full range of financial services to 60 countries and has a staff of more than 200 thousand people.

The path that led to the emergence of the Morgan financial empire was a series of many mergers and acquisitions, the full enumeration of which is reminiscent of the biblical genealogies “Isaac begat Jacob, Jacob begat Judah...”.

You can start with any branch - they all eventually grow into powerful J.P. trunks. Morgan & Co. and Chase Manhattan Bank, which merged in 2000 into a titanic financial baobab. The total value of the financial corporation's assets, according to its own estimates, is $2.3 trillion. That's more than Citigroup Westpac and Bank of America Corp.

In 2013, JP Morgan Chase became the leader in market capitalization in the United States, leaving Wells Fargo in second place. At the beginning of the year, the bank was valued at $184.9 billion.

In its structure, the company is an association of three banks and the assets they own: JPMorgan & Co (the main areas are small business lending, mortgage and consumer lending, insurance, as well as work with large corporations). Formed in 1871 by John Pierpont Morgan.

Chase Manhattan Corp. (involved in the field of commercial real estate and work with large businesses, also provides leasing services) dates back to 1799, when Aaron Burr founded the Manhattan Company, which supplied water to New York. The business developed into a bank - Bank of Manhattan.

Chase National Bank was formed in 1877 by John Thompson and was named after former US Secretary of the Treasury Salmon Chase, who was never directly involved with the bank or its affairs. In 1955, Chase National and Bank of Manhattan merged into Chase Manhattan Bank, which in the early 1970s was recognized as the third largest bank in the United States by assets.

The third element - Washington Mutual (issuing credit cards, working with small businesses and home lending) was founded in 1889 in Seattle as a credit and investment association. He specialized in mortgage lending, including high-risk loans. Its largest branch was Washington Mutual Savings Bank, the largest savings and loan association in the United States.

By 2008, it had lost 95% of its value, leading it to bankruptcy. The bank's deposit assets were sold to JP Morgan Chase.

Early history

The company, led by George Peebaddy, was based in London. After ten years, Morgan took over, changing its name to J.S. Morgan & Co. Junius's son, John Pierpont Morgan, entered his father's business and over the years laid the foundations for what would become known as J.P. Morgan & Co.

John Pierpont Morgan Sr., founder of a financial empire

In 1862, at the age of 22, John Morgan made his first big deal - buy low, sell high. Having made money on a large batch of coffee, he, together with entrepreneur Charles Dabney, founded the brokerage firm Dabney Morgan and began to engage in stock speculation. In a short period of time, the talented financier earns a rather large sum for those times - $50 thousand. For a bribe of $300, he evades the army and avoids participating in the US Civil War.

During the Civil War between the North and the South, the Morgan company (father Junius was still alive and active) supplied weapons to the northerners. After the war, in the wake of New York's economic boom, John Pierpont Morgan and Anthony Jay Drexel founded Drexel, Morgan & Co. in 1871. - a commercial bank that performed intermediary functions for Europeans investing in the US economy.

A year earlier, in 1870, the Franco-Prussian War flared up in Europe, and the Morgans became financiers of the French government on favorable terms - the warring country was provided with funds in the amount of $50 million. Wars subsequently became one of the main sources of family income.
As for the story of Chase, it started with events that, if desired, could be used to make an exciting feature film.

It all started with the fact that Alexander Hamilton (one of the so-called “founding fathers” of the country, an outstanding politician, economist, first US Secretary of the Treasury) organized the first corporate bank in New York in 1784, registered in 1792 as the Bank of New York . He virtually monopolized the financial sector in the city and state.

Hamilton's main political rival, Aaron Burr, with the support of the Democratic-Republican party, whose presence in the state's economy the Federalists led by Hamilton actively did not want, used the yellow fever epidemic as a reason to request funding from the authorities to organize the supply of fresh drinking water to the city.

He successfully implemented his plans, skillfully taking advantage of the peculiarities of the legislation in this area: his Manhattan Company received $2 million in government funding for the project, with the condition allowing management to use the remaining funds at their discretion.

The directorate spent only $100 thousand on the water project, and used the rest to establish a bank - at its own discretion, as agreed.

On April 17, 1799, the Manhattan Company appointed a commission to consider possible scenarios for investing the funds received, which decided to open an office for placing deposits and issuing loans to the public and business. On September 1 of the same year, the bank began operations in building number 40 Wall Street. In 1808, the company sold its water business to the city and concentrated entirely on banking.

Burr and Hamilton did not limit their rivalry only in the area of ​​banking: they fought on July 11, 1804 in a duel, which was the result of many years of confrontation in the political field. Burr won, Hamilton was mortally wounded and died within 24 hours. Burr was charged in New York and New Jersey (dueling was prohibited), but they were either not brought to trial or were dropped during the hearings.

The beginnings of the Fed

By 1790, many private banks had appeared in the country, forming a contradictory and very diverse system of relationships in the field of finance. The jurisdiction of banks often did not extend beyond the boundaries of one state, many of them issued their own banknotes - one can only imagine how chaos this turned out to be in practice.

Hamilton was one of the first to express at a high level the idea that it was necessary to introduce the institution of a regulator, the duties of which should be performed by a bank endowed with the functions of a government agency.

In 1791, he obtained a license from Congress for the first central bank of America, the so-called First Bank of the United States, with an initial capital of $10 million. Under Hamilton, the dollar received the status of a national currency. It is not for nothing that he is called the founder of the US Federal Reserve System - the First Bank of America is mentioned in any “pedigree” of the Fed as its starting point.

The prospect of a huge bank with branches in every state, offering money at low interest rates and overseeing the issue of money from other banks must have been frightening to advocates of decentralization.

It is difficult to say to what extent the banking component played a role in the conflict between Burr and Hamilton, since it was based on Hamilton’s personal insults to Burr’s honor in the media and several episodes of their long-term confrontation in the political sphere. But the fact remains: the main ideologist of the forerunner of the Fed was killed by the founder of Chase Manhattan.

In 1955, Manhattan Company merged with Chase National Bank, resulting in Chase Manhattan. In 1996, it was acquired by Chemical Bank, which retained the name until 2000 and the famous deal with J.P. Morgan & Co.

The pistols from the memorable duel that ended Hamilton's life are still kept in the offices of JP Morgan Chase.

House of Morgan

His first investment was financing the United States Steel Corporation, which absorbed the business of Andrew Carnegie and became the first corporation in the world with billions of dollars in assets. There was actually a monopolization of the sphere - from ore mining to production and sale of final products.

In 1892, the bank began financing the New York, New Haven and Hartford Railroad Company, making it the leading developer in its segment in New England. In the company, Morgan owned only 19% of the shares, the rest came from the powerful Rothschild family, who owned the company through a series of companies and a chain of mergers and acquisitions.

In 1895, Morgan provided the US government with $62 million in gold to support the bond issue, thereby restoring a treasury surplus of $100 million (just like Nathan Rothschild had done in London seventy years earlier).
In 1902, John Pierpont Morgan's companies controlled 70% of the US steel industry and 60% of the railroad companies.

In 1914, after the death of Morgan Sr., an office of the institution was opened at 23 Wall Street, which later became known as the “Corner” or “Morgan House.” For decades, the banking group's headquarters there made it the most important address on the map of the American financial system.

In the same year, Henry Davison, a partner of the Morgans, already acting in the interests of John Pierpont Jr. - “Jack”, went to London and made a deal with the Bank of England to assign J.P. Morgan & Co. status as exclusive underwriter of war bonds for the United Kingdom and France. J.P. Morgan & Co. secured $500 million in loans for the Allies in World War I. The Bank of England is the workplace of several prominent Rothschilds. And they did not perform the functions of operations officers there at all.

The company also invested in developing the business of supplying military goods to London and Paris, earning money by financing the economies of two European leaders at war, which will be discussed in more detail below.

The creation of the US Federal Reserve and the role of Morgan

The House of Morgan also experienced difficulties (the steel corporation's shares fell by more than half from January to November 1907), but it had a significant reserve of liquid funds, which was thrown into the balance at a critical moment.

Morgan extended a $25 million loan to a group of banks at 10% interest and announced that he would pay early interest and dividends to firms whose payments went through his bank. The panic subsided, and by the end of the year the economy had stabilized.

The financial crisis of 1907 and how Morgan “settled” it once again raised the question of the need to resolve the long-standing issue of a central bank. Six years of discussions and bureaucracy - and in December 1913, Woodrow Wilson signed the law creating the Federal Reserve System (FRS), which performs the functions of the Central Bank in the United States.

Morgan did not live to see this event, dying in March 1913 in Rome.
Then conspiracy theories come into play: the legend attributes the creation of the organization to his entrepreneurial initiative. Allegedly, the Morgans, Rockefellers, Coons, Loebs, Goldmans, Mellons, Sachs, Duponts and other powerful people of that time agreed on the creation of the Federal Reserve System in the strictest secrecy at the end of November 1910 at the hunting lodge of J.P. Morgan on Jekyll Island in New York. Jersey.

“...We were ordered to forget about last names and not to dine together on the eve of our departure. We pledged to report at the appointed time at the railroad station off the Hudson River in New Jersey, and to arrive alone and as discreetly as possible. Senator Aldrich's personal car was waiting for us at the station, attached to the last car of the train heading south.

When I approached that car, the curtains were drawn, and only faint glimpses of yellow light revealed the shape of the windows. Once inside, we began to observe the agreed-upon taboo placed on our surnames, and addressed each other by our first names - “Ben”, “Paul”, “Nelson” and “Abe”. We ... decided to resort to even greater secrecy and abandoned personal names.”

This passage is cited in his book on the nature of the economic crisis of 2008 by domestic publicist Nikolai Starikov, borrowing it from the biography of Frank Vanderlip, president of National City Bank at the beginning of the 20th century.

Bankers and oligarchs assigned Republican Senator Nelson Aldrich, John Rockefeller's father-in-law, to lobby for the Federal Reserve Act.

In 1913, the Federal Reserve Act was successfully ratified. Interestingly, the vote in the upper house of Congress took place on December 23, and on the eve of Christmas there were very few senators in the meeting room.

According to Starikov, John Morgan Sr. artificially created the crisis of 1907 by collapsing the investment bank Knickerbocker Trust, which was at that time the third largest in its segment in the United States.

He, of course, through agents, flooded the market with rumors about the hidden problems of the bank, which was about to go to the bottom, provoking an outflow of funds from its accounts. When the head of Knickerbocker turned to Morgan for help, he refused - panic began to grow. “If even Morgan can’t help, it means the matter is rubbish.”

On October 22, 1907, from the opening of the bank until noon, depositors took about $8 million, which corresponds to the current $50 million, Starikov writes. The bank closed at noon. The next day, panic gripped the Trust Company of America, which lost $13 million out of $60 million in assets in one day. On October 24, 1907, the crisis spread to the New York Stock Exchange. What followed was a wave of bankruptcies of banks, brokerage houses and trusts throughout the country.

When the tension reached its limit, Morgan returned to the stage and settled all the problems in record time, as described above.

After this, it became easier to conduct a dialogue with the White House and Congress about the creation of a regulator based on a financial balancing system. Morgan emerged from the crisis not just as a winner and savior on a white horse, but as a real national hero - they turned a blind eye to the many takeovers by his structures of companies that had weakened during this period, to the monopolization of many areas of the economy and other unflattering things for a young democracy. What difference does it make if you managed to avoid the worst? Who cares why this terrible thing became possible in principle?

US President Woodrow Wilson publicly stated that all problems could have been avoided if a committee of specialists like Moragn had worked in the country.
A National Monetary Commission was created, which was to make recommendations to Congress regarding control in the financial sector. Its chairman was the same Senator Aldrich.

The idea of ​​a single central bank was abandoned in favor of a complex structure of 12 regional reserve banks and a board in Washington. Commercial banks that are members of the system became the formal owners (shareholders) of the reserve banks, and the state became the guarantor of banknotes issued by the Federal Reserve. It also appoints the members of the board, and the chairman of the board is appointed by the president with the consent of the senate.

This is how the famous “Fed Hydra” was born, which performs the functions of the Central Bank with a small reservation. The Fed's form of capital is private equity. Currently, about 38% of all banks and credit unions in the United States (approximately 5.6 thousand legal entities) are involved in this structure. Fed shares do not confer control rights and cannot be sold or pledged. Their acquisition is the official obligation of each member bank to invest in them an amount equal to 3% of their capital. The main benefit of being a member bank is borrowing from the Fed's reserve banks.

One of the most complete studies of the connections between the largest banking houses of the Old and New Worlds was carried out by the American publicist Eustace Mullins. He devoted several editions of his work “Secrets of the Federal Reserve System” and numerous articles to establishing the reality behind the modern global financial system.

According to him, the four leading banking groups, including JP Morgan Chase, are among the top ten owners of almost all Fortune 500 corporations - the largest industrial companies in the United States.

Information about the shareholders of these groups is very well protected. Mullins' inquiries to banking regulators regarding the ownership of shares in the 25 largest US bank holding companies were consistently unanswered "due to national security concerns."

One of the most important institutions that owns these bank holding companies is the US Trust Corporation, founded in 1853 and currently owned by Bank of America.

In 2000, the trust was acquired by Charles Schwab Corporation (J.P. Morgan's partners in the U.S. Steel Corporation) for $2.73 billion. Less than a year after this transaction, one of the trust's divisions was fined $10 million for violation of bank secrecy laws. In 2006, Schwab announced the sale of U.S. Trust, the buyer was Bank of America for $3.3 billion.
Over the years, its directors have been high-ranking employees of American financial whales, including Daniel Davison of JP Morgan Chase and Marshall Schwartz of Morgan Stanley.

According to Mullins, 80% of the ownership of the New York Federal Reserve Bank, the most powerful of the Fed's branches, is owned by just eight families, four of which live in the United States.
The researcher names JP Morgan Chase Bank in New York among the “controllers” of the most important branch of the Federal Reserve System; moreover, according to his version, the “Corner” on Wall Street and Broadway for many years essentially performed the functions of the very Central Bank whose creation was proposed for Hamilton once spoke about the common good of the US financial system.

The Fed itself does not deny the presence of private capital in its ownership structure, whose website states that the system “is a mixture of public and private elements.”

Glass-Steagall Act, emergence of Morgan Stanley

However, in 1935, after being forced out of the securities business for more than a year, management at J.P. Morgan decided to separate investment activities into a separate area.

The two managing partners of J.P. Morgan - Henry Morgan (son of "Jack" Morgan, grandson of John Pierpont Sr.) and Harold Stanley founded Morgan Stanley on September 16, 1935, raising $6.6 million in non-voting shares of J.P. capital. Morgan, owned by Henry.

Morgan Stanley's original headquarters were located at 2 Wall Street, not far from J.P.'s offices. Morgan, through which Morgan Stanley executed its transactions.

Morgan connections

Thus, in 1879, Cornelius Vanderbilt's Morgan-financed New York Central Railroad provided preferential transportation rates to the fledgling monopoly Standard Oil, strengthening the relationship between Rockefeller and Morgan.

Mullins goes on to point out that Kuhn, Loeb & Co. together with the Morgans, they acted as a cover for the interests of the House of Rothschild, which he places at the core of the global financial web, entangling the most remote corners of the planet from the City of London.
George Peabody, a partner of Junius Morgan, was a business partner of the Rothschilds and it was through him that the Morgans had strong ties to the banking dynasty. Researcher Gabriel Kolko stated that "the Morgans' activities in 1895-1896 in selling US gold bonds in Europe were based on an alliance with the House of Rothschild."

Rockefeller's Standard Oil, Andrew Carnegie's US Steel, and Edward Harriman's railroads were also financed by banker Jacob Schiff of Kuhn Loeb, who worked closely with the European Rothschilds.

Morgans on this wave begin to quickly spread their influence throughout the world.
JP Morgan & Co branches open. in almost every country where there is an opportunity to become a banking agent for large businesses: the House of Morgan served the Astors, Du Ponts, Hoggenheims, Vanderbilts and Rockefellers. The company's presence can be found in the launch of such giants as AT&T, General Motors, General Electric and DuPont.
The creation of the Federal Reserve in 1913 extended the influence of leading banking families into the military and diplomatic power of the US government. It became possible to extract loans from foreign governments with the help of the Marine Corps.

Who cares about war, but Morgan's mother is dear

Charles Tansill writes in America Goes to War: "Even before the fighting began, the French firm of Rothschild Freres cabled Morgan & Company in New York, offering to provide a loan of $100 million, a significant portion of which would settle in the United States in payment invoice for the purchase of American goods."

The House of Morgan finances half of US military spending, with contracts awarded to GE, Du Pont, US Steel, Kennecott and ASARCO - all Morgan's clients.
Jack Morgan also transferred money to Russia - a loan of $12 million. A huge amount at that time, considering that he himself inherited $50 million after the death of his father.
In 1915, a loan of the same $50 million was provided to France. Morgan's Bank was the sole trading agent for all military purchases in the United States for the British government, buying cotton, steel, chemicals, and foodstuffs.
Jack Morgan organized a syndicate of about 2,200 banks and issued $500 million in loans to allies.

After World War I and the Treaty of Versailles, Morgan Guaranty managed German reparations payments. By 1920, Guaranty had become one of the most important institutions in the world of banking as a leading lender to Germany and Europe.

Big Bada Boom

Forward to World War II

Nye later prepared a document called "The Next War", which suggested that Japan could be used to drag the United States into the next world war. Like looking into the water.

Rothschilds, Rockefellers, and other Morgans

For those who find this topic interesting, read the continuation at INFOGLAZ.RF -

JPMorgan Chase (Russian: JP Morgan Chase) is one of the oldest financial conglomerates on the planet. The New York-based financial institution is a leader in investment and commercial banking services. JPMorgan Chase's $2.3 trillion in assets puts it first among the largest banks in the U.S., ahead of Citigroup and Bank of America. Formed by the merger of Chase Manhattan Corporation and J.P. Morgan & Co., the company serves millions of customers in the United States.

In 1799, The Bank of the Manhattan Co. was incorporated, later becoming part of The Chase Manhattan Bank (The Chase Manhattan Bank - the predecessor of modern J.P. Morgan Chase & Co).

1857 - John Pierpont Morgan took a job at Peabody's subsidiary, the New York bank Duncan, Sherman & Co., owned by his father.

1861 - Together with his cousin John, he decided to open his own business - J.P. Morgan & Co. was formed. The company traded government securities, gold and foreign exchange.

Over time, the elder and younger Morgans subjugated Peabody and merged with the Charles H. Daubney bank.

During the Civil War (1861-1865), father and son organize military supplies - this business brings them good profits.

1862 - At the age of 22, John Morgan makes his first major deal - he buys and resells a large batch of coffee for good money. Having made a profit, John, together with entrepreneur Charles Dabney, founded the brokerage firm Dabney Morgan and began to closely engage in stock speculation. In a short period of time, a young and talented financier earns a rather large sum for those times - 50 thousand dollars, and finally begins to feel the strength and power of green pieces of paper - for a bribe of 300 dollars he evades the army and avoids participation in the US Civil War.

In 1964, J.P. Morgan & Co, founded by John in 1961, fails and a decision is made to dissolve it. Morgan Jr. gets a job as an accountant at the banking firm Duncan, Sherman & Co.

1870 - the Franco-Prussian War flares up in Europe, and the Morgans become financiers of the French government on favorable terms - the warring country was provided with funds in the amount of $50 million.

1871 - After the defeat of the French by Prussian troops, J.P. Morgan & Co absorbs the French financial company Drexel, Harjes & Co and gives it a new name - Morgan, Harjes & Co.

The Morgans enter into a financial alliance with Anthony Drexel's bank Drexel, Morgan & Co and establish close relationships with the US and UK governments.

1877 - Chase National Bank was founded by John Thomson, which would eventually absorb The Bank of the Manhattan, resulting in the birth of the predecessor of the modern J.P. Morgan Chase & Co - The Chase Manhattan Bank. Chase National Bank is named after the famous American politician and lawyer Salmon P. Chase.

Junius Morgan (Morgan Sr.) died in 1890.

1892 - John organizes a series of mergers and acquisitions for the first time. The legendary corporations Edison General Electric and Thomson-Houston Electric Company were absorbed, resulting in the formation of the first giant trust, General Electric, owned by Morgan.

Morgan's New York, New Haven & Hartford RR company, after a series of acquisitions, becomes the largest railroad carrier in New England. By 1902, John controlled over 8,000 km of railway track.

1893 - J.P. Company Morgan financed U.S. railroads (US railroads).

Morgan made his first major industrial deal by providing money to bankrupt major U.S. railroad companies, thereby securing stakes in their shares.

After the death of Anthony Drexel, John Morgan becomes head of the Drexel, Morgan & Co banking group.

Since 1895, the French brokerage firm Drexel, Morgan & Co has operated under the name J.P. Morgan & Co. Morgan strengthens contacts with the White House, the syndicate he formed provides the crisis-ridden Treasury with the necessary funds in the amount of $62 million in gold, thereby stabilizing the national currency.

1901 - Federal Steel Co. merges under John Morgan. and Carnegie Steel Co. As a result, the steel concern U.S. Steel Corp was born - the world's first corporation with a turnover of over $1 billion. When creating US Steel, Morgan took the business from the steel king Andrew Carnegie.

The companies International Harvester, a giant in the production of agricultural implements, and International Merchant Marine, a monopolist in maritime transportation, were also created. It was International Merchant Marine that owned the White Star Line, which built the famous Titanic. John, as the owner of the company, could have been among the doomed passengers, but, thank God, this did not happen.

1902 - Morgan becomes the largest railroad magnate in the United States - his bank controlled about 5 thousand miles (8 thousand km) of America's railroads. J.P. Morgan merged several large agricultural firms into the International Harvest Company.

1907 - John helped Roosevelt cope with the crisis and the panic that arose on Wall Street by organizing the joint actions of leading financiers in New York. His successful operation convinced American policymakers that market forces needed to be regulated.

1910 - Together with the Englishman Edward Grenfell (1870 - 1941), Morgan founded the investment company Morgan, Grenfell & Co, which became something of a British representative office of the Morgan financial empire.

1912 - A US Government Commission published the results of an investigation, according to which the Morgan Bank controlled all key positions of the US economy. Congress gains courage and declares Morgan an oligarch who has taken over the entire country. John was summoned to appear before a US Congressional committee, where he had to answer all sorts of questions about various aspects of his monopolies. Morgan’s main statement was unequivocal: “Money is not the main thing, the main thing is character. If I don’t trust a person, he won’t get money from me for any price.”

The Morgan Empire was destroyed. There are rumors that even John Pierpont Morgan, who was overthrown from his pedestal, still continued to influence the American economy, for example, as soon as news about his deteriorating health spread, stock prices on the stock exchange fell sharply.

1913 - While traveling to Rome, the "Napoleon of Wall Street" died on March 31 at the age of 76. On the day of John Morgan's death, all state flags on the famous Wall Street were flown at half-mast.

John Morgan's son Jack inherited a personal fortune of $50 million and took his father's place. J.P. Morgan & Co. She concentrated on banking, returning to the roots of the family business.

Out of opposition to the all-powerful money trusts, the Federal Reserve System (FRS) was created.

Construction begins on J.P. Morgan & Co.'s new Italian Renaissance-style headquarters at 23 Wall Street.

1914 - During the First World War, Jack Morgan finances the French and British governments.

He creates a network of 2,000 banks in the United States that purchase weapons and equipment worth over $3 billion for the Entente countries. Jack Morgan finances the anti-German coalition by providing huge loans to France and Russia and placing their military orders.

After the war, J.P. Morgan contributed to the recovery of the economies of the allied countries by placing loans from their governments and banks in the United States in excess of $10 billion.

The Morgan House, the new headquarters, was built at 23 Wall Street.

1915 - J.P. Bank Morgan issues the largest foreign loan in history in the amount of $500 million (Anglo/French loan).

1920 - Italian anarchist Mario Buda bombed the headquarters of J.P. Morgan at 23 Wall Street. The attack killed 30 people and injured 200. The anarchists demanded the release of Sacco and Vanzetti, political prisoners. However, such cruel methods did not lead to the satisfaction of their demands - the innocent Sacco and Vanzetti were executed in 1927 on false charges.

1924 - Jack Morgan created the John Pierrepoint Library on the basis of a private collection of books. Its director was Belle da Costa Green, the best librarian in the USA.

1929 - Before the start of the Great Depression, the US stock market suffered a famous crash. The J.P. Morgan company mobilized $250 million, however, this did not lead to results - it was not possible to bring down the panic.

1930 - Chase National Bank becomes the largest bank in the world and absorbs The Bank of the Manhattan, forming The Chase Manhattan Bank (predecessor of J.P. Morgan Chase & Co).

1933-1935 - Franklin Roosevelt's New Deal begins. In Washington, the Banking Act (Gles-Stigel Act) was passed, which ordered money trusts to separate investment activities from commercial activities. The Morgan Company had often suffered from the attacks of the State because of its power and influence, and when this Act came into force, the great empire, which had come too close to the State, had to be again divided so as to conform to the law made. It was during this reorganization that Jack Morgan's son Harry opened the investment bank Morgan Stanley.

During the reorganization caused by the Banking Act, the company split in two. Jack Morgan's son Harry created the investment bank Morgan Stanley Capital International, and Jack Morgan himself remained at the head of the "commercial" corporation J.P. Morgan & Co. This event did not put significant pressure on the power of the Morgan empire, but after the implementation of the New Deal reforms, the old capitalism evaporated, and by 1935 the Morgans were simply very rich men, not kings. This year, in some way, can be considered the end of a great dynasty.

1943 - Jack Morgan (Morgan Jr.) died. After his death, the corporation was headed by a man who was not a descendant of the famous financier, but all the power of the name of the great JP was not lost.

1947 - The company allocates $8.5 million to the UN to purchase 17 acres of land to build the headquarters of the international organization.

1959 - Despite the fact that after the death of Jack Morgan, a man who had nothing to do with the descendants of the famous financier took over the company, the spirit of the huge corporation still hovered in its corridors. J.P. Morgan merged with the large financial corporation Guarantee Trust Company. The created association, which formally became known as the Morgan Guaranty Trust Company, concentrated its business on providing bank loans to businessmen and entrepreneurs.

1970s - The company decided to enter the British financial market. Fortunately, London soon became one of the world's largest financial centers, providing J.P. Morgan with the perfect opportunity to show off to the world.

1980 - The company carried out a public offering of Apple Computer.

In 1993, the bank earned 1.6 billion.

Already in 1994, JPM's net profit dropped to $1.2 billion.

1995 - According to a survey conducted in the fall by the specialized magazine Euromoney, J. P. Morgan became the bank providing the most comprehensive and qualified services. The list of the best banks for servicing third-party capital was as follows: J.P. Morgan, Merrill Lynch, SBC Warburg, Morgan Stanley and Goldman Sachs.

JPM's net income rose to $1.3 billion, and the average stock price rose from $56 to $80.

1996 - JPM's first quarter net profit increased by 72% to $439 million compared to the first quarter of 1995. The increase was primarily due to successful trading in bonds and derivatives, income from which jumped from $303 million to $758 million. Income from regulated investments rose 76% to $201 million. Compared to December 1995, JPM's assets grew from $185 billion to $205 billion.

2000 - JPM merged with one of the oldest financial institutions in the United States - Chase Manhattan Bank. As a result, a new bank was born called J.P. Morgan Chase, which immediately took third place in the ranking of the largest banks in the United States after Bank Of America and Citigroup. The transaction cost was $35 billion, and the total assets of the new bank were $675 billion.

The company logos also merged together: the octagon symbolizing Chase took its place in front of the company name. Later, in some cases, the organizational parts of the company will use separate logos.

2004 - J.P. Morgan Chase acquired Bank One for $60 billion, thus completing the largest banking transaction in the last five years. Damon Jamie became the president of the merged company. This year saw the completion of the organizational formation of J.P. Morgan Chase & Co.

2006 - Dimon Jamie took over as CEO of J.P. Morgan Chase & Co.

JPM exchanged assets with Bank of New York. According to the agreement J.P. Morgan took over Bank of New York's retail division, and Bank of New York took over the group's trust business.

2008 - J.P. Company Morgan Chase bought Bear Stearns, which was close to bankruptcy, for $1.4 billion, playing an important role in overcoming the credit market crisis.

J.P.Morgan Chase Co. acquired part of the operating banking assets of mortgage bank Washington Mutual Inc. for 1.9 billion dollars.

The international council of J.P. Bank Morgan entered Anatoly Chubais. This council advises the bank's senior management and includes 35 members (business leaders and prominent public figures).

Jamie Dimon said: “We are fortunate to have someone with Anatoly Borisovich’s unique experience bringing his insight and insight to our firm as we invest in growing our business in Russia and other Central European countries.”

The corporation's net profit amounted to 5 billion 605 million dollars, revenue - 72 billion 772 million dollars.

2009 - Net profit increased 2.1 times and amounted to 11 billion 728 million dollars, revenue increased by 49.3%, reaching 108 billion 647 million dollars.

On May 20, 2010, J.P. Morgan Chase Bank made a positive decision to open a correspondent account for CREDIT BANK OF MOSCOW.

In May 2010, the US Federal Securities Commission filed civil lawsuits against the bank as part of an investigation into trading in mortgage bonds. As a result (2014), JPMorgan Chase & Co. will pay a record $13 billion to end an investigation into fraud related to the sale of mortgage bonds before 2008.

JPMorgan set a record among US banks for litigation expenses, the amount of which for five years from 2008 to 2013. exceeded $18 billion.

JP Morgan. One of the greatest financiers of his generation, as a child he kept careful records of his pocket money, and as an adult he made a huge fortune through close attention to cash flow.

He saw the American Civil War as an opportunity to make money and in 1862 founded his own company, Dabrey, Morgan and Co.

In 1871 he merged with the Drexel Company and founded Drexel, Morgan, and Co. and soon became one of the leading financiers of New York.

Businessmen and government officials continually turned to him for guidance, and he helped avert the financial crisis of 1895. Attempted to unite railroad owners who did not support the policies of the US government.

Soon, President Theodore Roosevelt returned the owner of a business empire to harsh reality, under the powerful influence of which so-called industry trusts began to form.

Biography of JP Morgan

J. P. Morgan was born in Hartford, Connecticut, April 17, 1837. That year there was a financial crisis in the country.

However, he did not influence Morgan in any way: his father was a wealthy commodity broker and tried to make the most of the current situation in the country.

When J. P. Morgan was still a small boy, the family moved to Boston and the father became involved in the cotton industry.

Morgan became interested in commerce quite early. He did not like to play with his peers, but he devoted a lot of time to carefully analyzing his budget (a habit that he retained until the end of his life), specifying income and expenses.

He was a bookish child, partly due to his interest in business and finance, partly due to poor health. Morgan was never popular at school.

His classmates (and eventually the entire American public) did not like his restraint. J.P. Morgan's habits only added to the impression: he was considered a troublemaker, for example, because he wrote letters to Paris in good French or ordered himself a pair of shoes costing $900.

The education that J.P. Morgan received was consistent with his privileged position.

When the family moved to London, he was sent to a private school in Switzerland, then he studied in Germany at the University of Göttingen, where he so impressed his teachers that they asked him to stay and work as an assistant to one of the university professors.

The ambitious young man refused the offer because he was firmly convinced that he needed to open his own business.

J.P. Morgan returned to the United States and in 1857 began working for Duncan, Sherman and Co., a company with which his father had worked.

When the American Civil War broke out in 1861, J.P. Morgan saw the situation not as a disaster, but as an opportunity. He used a method popular among rich people to avoid enlisting in the US Army: he paid a fake candidate $300 to take his place.

In 1862, he left Duncan, Sherman and Co. and founded his own company, Dabrey, Morgan & Co. The country was at war, and Morgan was counting his profits. In 1864, he had accumulated more than 50 thousand dollars.

The war ended, and JP Morgan continued his victorious march. In 1871 he merged with the Philadelphia company Drexel and founded Drexel, Morgan & Co. The company's office was located on the corner of Wall and Broad streets in New York.

JP Morgan soon gained a reputation as one of the leading financiers in the United States. He received more than 500 thousand dollars a year - at that time it was an astronomical amount. In the 1870s, he began to collaborate with railroad workers: private capital was needed to finance the railroads.

His influence on the railroad industry became so significant that its leading representatives began to turn to him if they needed to resolve a controversial situation or seek advice. In this area, where companies were increasingly fighting for dominance, J.P. Morgan began to play the role of mediator.

When the US government passed the Interstate Commerce Act in 1887, prohibiting price fixing, the railroad companies, predictably, again turned to Morgan to organize a counter-action. However, even he and his talents were unable to lead distrustful leaders to a stable consensus.

It is known that a person whose pride begins to get out of control commits wrong actions. J.P. Morgan not only failed to unite representatives of the railroad industry to oppose the US government - he organized a secret conspiracy, as a result of which he turned out to be an easy target for the government, which decided to rein in the unruly influential leaders of commercial structures.

In the 1880s, people in the United States began to hate J.P. Morgan. But his greatest services to the same society were not harmed by his bad reputation. In 1893, British investors withdrew their deposits and a financial crisis began in the United States.

Due to the collapse of the banking system and the stock exchange, the US government began to strengthen the financial system using gold reserves. By law, the reserves could not fall below $100 million (in gold).

In January 1895, gold reserves had depleted to 58 million, and Treasury Secretary John Carlisle asked Morgan for help. JP Morgan proposed paying investors who would sell gold coins to the US Treasury with newly issued bonds.

This was a brilliant decision because it was not only economically beneficial, but also politically acceptable. In addition, Morgan provided guarantees to then-President Grover Cleveland.

The intervention of Morgan's association helped save the country's financial system and brought Morgan himself a good profit - from 250 thousand to 16 million dollars.

This incident once again emphasized the talent of financier JP Morgan, who had already become the talk of the town. He went on to revive the country's financial system through a series of incredible deals.

For example, he financed United States Steel, the largest steel corporation in the world. Beginning in the 1900s, he began merging railroad companies through his concern Northern Securities Corporation and organizing a shipping trust.

However, much to his chagrin, incumbent President Theodore Roosevelt decided that he could gain a political advantage by cracking down on the so-called trusts.

Since Northern Securities Corporation was owned by the notorious J.P. Morgan, Roosevelt suggested that this company would be a good example.

This time JP Morgan had a worthy opponent. With the exception of a slight relaxation that followed in 1907, when the president again turned to him for help during the financial crisis, the influence of the talented financier began to decline.

By that time, Morgan, who was already over seventy, devoted most of his time to his hobby - collecting art - and his personal life. He died in Rome at the age of seventy-six.

J.P. Morgan was an outstanding businessman. He achieved success largely due to self-confidence, enterprise and partly due to the fact that he had a wealthy and well-connected father.

He had never been in good health - in particular, he was embarrassed by his large red pear-shaped nose, which became so due to eczema, the appearance of which invariably plunged him into deep depression.

But despite the need to rest frequently to recuperate, Morgan was able to pursue his interests in the most popular industries of the time: railways, shipping and electrical engineering. In addition, he saved the US government more than once, helping the country get out of a difficult situation.