The Panic of 1907

In 1907, JP Morgan bailed out New York banks by putting his own money on the line. He did this because he was generous and deeply cared about his competitors to a point where he would risk his own bank to save others. The following year, Senator Nelson Aldrich was appointed as the chairman of the National Monetary Commission with the mission to study the European financial system. As people didn't know was the behind the scenes, Senator Aldrich had close ties to bankers.