J. P. Morgan
When people hear the name J.P. Morgan they appropriately begin to think about where one is nearby. J.P. Morgan has earned that status for the simple fact that it was the man himself who carried it well. Most people today, who remember the financial crisis of 2008, would think that it was the first time that banks were in the middle of a bailout debate between the U.S government and Wall Street, but the fact is that J.P Morgan himself was at the center of that debate once before. Here, we'll look at J.P. Morgan and what his legacy means for America.
J.P.'s OriginsJohn Pierpont Morgan was born on April 17, 1839 and almost from childhood was raised to be the business man whose legacy left such a mark on American business and government that we see today. From the beginning he became interested in powerful oratory, which was established from his influential reverend grandfather, also named John Pierpont. He also took a lot of interest in the actions of Napoleon Bonaparte and was noticeably a leader among his classmates in grade school. It was when his father took notice that he started to condition him into a powerful business banker.
J.P. Morgan developed into an interesting business man with his fascination with collectible art and and the ability to count numbers with lightening speed. He was methodical and hardworking which made him very appealing to high society where he was able to gain a lot of influence as well. He established a lot of business contacts in New York and at a social gatherings. It was after this that he was tested when he was forced to purchase a ship full of coffee that was at risk of spoiling to Louisiana merchants using his firm's money.
In 1861 J.P. Morgan went out on business on his own and during the American Revolution, for which he dodged the draft by paying a substitute, he stepped in with his newly established firm to direct European investments into American industry. In 1879 he had done well with his firm and invested in railway stock through a Vanderbilt deal. From here he was able to establish financial control from which he was noticed throughout Wall Street. It was from here that he helped pull American industry through financial crisises with the railroad industry.
Having It His Way
Throughout J.P. Morgan's career, he established a very influential way of doing business called the Corsair pact where he was able to isolate businessmen and force them to make deals using “great set pieces” on his yacht in flamboyant ways. For generations now, the Morgan family has continued to carry the influence and be at the head of Wall Street dealings each and every time.