JP Morgan
How J.P. Morgan single-handedly rescued the American financial system twice and built the banking empire that still bears his name over a century later.
In eighteen ninety five, the US Treasury was in crisis. The gold standard was collapsing. The government didn't have the reserves to defend it. Congress was gridlocked. JP Morgan, the nation's most powerful banker, met with President Cleveland and offered a solution: Morgan would personally loan the Treasury enough gold to stabilize the currency. Morgan didn't do this to help America. He did it because instability was expensive. A financial crash could destroy every bank's assets. So Morgan organized a consortium of the wealthiest bankers in the country to backstop the crisis. In nineteen oh seven, when another panic threatened Wall Street, Morgan did it again, organizing the bailout personally.
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