The Legacy of JP Morgan Essay example - 3014 Words

In 1871, the banking house of Drexel, Morgan Co. was established by John Pierpont Morgan. Twenty four years later it was renamed J.P. Morgan Co., which it was to remain until the firms purchase by Chase Manhattan in 2000. (Hughes 23) At this point, Chase Manhattan was the largest banking company in the United States. This was a far cry from the 1980s when Morgan boasted the largest market capitalization of any American bank and was more expensive to buy than Citicorp. (Hughes 11) While J.P. Morgan could not imagine the path banking would take in the U.S. with his passing in 1913; his banking house would have a strong hold on American banking for much of the 20th century. The introduction of bank holding companies and certain laws†¦show more content†¦Thus, from an early age, Pierponts life was scripted for a promising future in banking and business. Although Pierpont did follow the path laid before him, this was not the case for the majority of those born into the same c ircumstances. Pierponts generation of wealthy heirs often chose the easy life by simply living off the amassed fortunes of earlier generations. Others, such as the robber barons, accumulated wealth not through inheritance, but by working from the bottom to the top during the Gilded Age (Strouse, 129). Two men fitting a category of rags to riches, and of whom were also connected to Pierpont through business, were Andrew Carnegie and Thomas Alva Edison. In 1869, Junius Morgan became acquainted with Carnegie under the construction and financing of a steel railroad bridge across the Mississippi River. The bridge finally opened in 1874 as the St. Louis Bridge, but due to an ongoing mild depression in the economy, sparse rail traffic used the continental highway. The Morgans did not waiver in their support for Carnegie, but instead financed future bridges and rail systems as well. With a solid business relationship in tact, Pierpont and Carnegie collaborated again in 1901 to form the worlds largest corporation, U.S. Steel (Chambers, 44). Originally called the Carnegie Company, PierpontShow MoreRelatedProcter Gamble s Impact On The World1602 Words   |  7 Pagescoined it, individuals lost millions, companies lost billions and stock prices had essentially bottomed. According to the Financial Times, â€Å"†¦Procter Gamble s share price fell 37 percent at one point† (Legacy, 2013) and â€Å"shares in management consult ancy firm Accenture†¦dropped from $40 to 1 CENT† (Legacy, 2013). For these things to have happened, it is pretty obvious that something superhuman was at work. In this case, it was actually supercomputers. There is a method of stock trading known as AlgorithmicRead MoreThe most controversial case of fraud in history left more questions than answers. 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