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JP Morgan Essay

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Below is an essay on "JP Morgan" from Anti Essays, your source for research papers, essays, and term paper examples.

I am used to thinking, as portrayed in the popular culture, of our country's financial giants of yesteryear as bullies and crooks, who trampled over a lot of people for their own personal gain. The word "tycoon" had been for me a synonym for "thief," but on so grand a scale that the subject could not be touched by the weak arm of the law. At the same time, I am used to looking at the USA as a mighty superpower. It has seemed to be such throughout my lifetime save the last year or so. It appeared a reasonable assumption that it had been so for a good deal longer than that, and was thus also likely to remain so for an extended period into the future. However, after reading the book ‘Morgan – American Financier’ I realized that things may be a bit more complicated and interesting.
The book brought out some interesting ironies that highlighted the complex nature of Morgan. He was deeply religious and a womanizer. He was a handsome youth, but an ugly adult. He was a leader, but not a good speaker or writer. Despite achieving every worldly success, he suffered from fits of depression. Perhaps the biggest irony of them all was that while he was the architect of companies worth billions of dollars that defined the future of the United States, and while he singlehandedly averted a financial crisis and a depression that would potentially follow, his personal fortune was a mere $80 million at the time of his death. This number seemed to dwarf both his importance as a business man of such grand scale as well as his personality.
While there is no doubt that the law of money was all Morgan understood, he did a lot of good for the country and the world of finance. He can be credited with moving investments from Europe to the US and thus establishing it as the center of world finance. He can also be credited with scripting the broad-based shift from debt to equity type financing. Twice he saved the country from a potential financial disaster, and arguably served as the blueprint...

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