Pierpont Morgan and Anthony Drexel Discuss the Best Response to the Financial Crisis

Pierpont Morgan and his senior partner Anthony Drexel disagreed over their bank's initial response to the financial crisis of 1873. Pierpont wanted to ensure that Drexel, Morgan and Company didn't follow Jay Cook and Company into bankruptcy so he recalled loans given to its clients. The sudden demand of repayment might drive many of those clients into bankruptcy We'll be adding to the problem, making the panic worse And the clients who don't go bust are going to be furious When the markets settle, they'll take their business elsewhere Well, perhaps, and perhaps some of our clients will go bankrupt But in a panic, our first priority is ourselves No, Pierpont In