JP Morgan Saves Wall Street | A Family Affair | 1
Business Movers
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Introduction
John Pierpont Morgan was a partner in Drexel Morgan and company on Wall Street. He feared that if one investment bank went under it puts all the rest of us at risk. The failure of Jay Cook set off a chain reaction that became known as the panic of 1873 Investors lost confidence in the system and demanded their money back. But Pierpont was wrong when he suggested his bank couldn't do anything to help.
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