J. P. Morgan Becomes the Whipping Boy of Washington
I’ve always been a big fan of J. P. Morgan, the country’s largest investment bank, since it was established by the grand old man.
When visitors come to New York, I often take them down to 23 Wall Street and point out the vantage point J. P. Morgan (1837-1913) enjoyed as king of Wall Street finance back in the late 19th and early 20th century. And I then take them to the Morgan Library in midtown. Morgan was attacked as a robber baron, but he saved the Treasury twice in the 1890s when they were running out of gold, financed the first billion-dollar company (US Steel), and kept the United States from suffering another depression by solving the Panic of 1907. The Federal Reserve was created in 1913 because J. P. Morgan died in March, 1913, and without a private central banker, there was nobody around to work his magic. (His son, Jack, was no match for his father.)
Now 100 years later, J. P. Morgan may be in his grave but he’s still coming under attack.
Read more about the modern media’s assault on J. P. Morgan’s legacy at Eagle Daily Investor.