Founders

#139 J.P. Morgan

140 snips
Aug 9, 2020
Discover the fascinating rise and complexities of the House of Morgan, a banking dynasty intertwined with U.S. power structures. Delve into J.P. Morgan's early years shaped by personal hardships and influential mentors. Explore his confrontations with Teddy Roosevelt and how political tides altered his legacy. Examine his role during the financial panic of 1907 and the paradox of his immense wealth juxtaposed with personal struggles. The narrative paints a captivating portrait of a titan of finance and his enduring impact on the banking world.
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INSIGHT

Unprecedented Power

  • The House of Morgan's power was unique and unlikely to be replicated.
  • The dispersal of financial power among institutions makes such concentrated influence improbable.
ANECDOTE

Chernow's First Book

  • Ron Chernow, a freelance writer with no formal historical training, wrote "The House of Morgan."
  • This was Chernow's first book, and it launched his successful career as a historian and biographer.
ADVICE

Peabody's Cautious Approach

  • Learn from history and prepare for financial panics.
  • George Peabody's cautious approach helped him amass a fortune despite economic downturns.
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