This section contains 3,692 words (approx. 13 pages at 300 words per page) |
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The Legacy of JP Morgan
Summary: Discusses the legacy of American mogul J.P Morgan and his influence on world banking. Details Morgan's vast holdings and how they influenced American banking for most of the 20th century. Explains how Morgan's power grab led to U.S. legislation limiting bank power.
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 firm's 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 1980's 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 placing restrictions on American banking such as the Glass Steagall Act of 1934 brought about many changes in American banking and allowed...
This section contains 3,692 words (approx. 13 pages at 300 words per page) |
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