Facts about John Pierpoint Morgan, the founder of JPMorgan financial company

If you know the JPMorgan Chase & Co. bank, you should know it was named after one of the most puissant moguls in the financial area – John Pierpoint Morgan (1837-1913). In addition to the banking imperium, John was a massive participant in the industries of railroad, harvest & steel in the US. His wealth was so big that he bailed out US Treasury twice: in 1895 & 1907. Below, we are giving you some interesting facts about the life & work of this great man.

JPMorgan: defying attempts to end 'too big to fail' | Financial Times

  1. John was a morbid infant often suffering from many health issues, so he was sitting mostly at home throughout his entire childhood. During those rare times as he was healthy, he visited concerts & galleries with his parents – that’s how he started to love arts.
  2. During his life, John gathered one of the most impressive collections of arts & books in his personal possessions.
  3. He knew French & German languages, in addition to his mother tongue English.
  4. In 1885, he brought aboard of his yacht, the Corsair, the representatives of clashing directors of two companies, where he was one of the directors & told them in the open sea that the yacht is not returning to the mainland until the gentlemen would come up with a compromise that is to end their feud. It was reached & later became known as the Corsair Compact.
  5. He was one of the leading persons to form the company General Electric (1892) by merging Thomson-Houston Company with Edison General Electric.Jamie Dimon weighs in on student loan debt
  6. In 1893, he saved the US from financial panic because of the low level of gold reserves by attracting an international syndicate of financiers to supply the gold reserves in exchange for a profitable price for 30-year treasury bonds, which he together with the syndicate then resold with a large profit.
  7. 5 years later, he formed the Federal Steel, the nation-wide corporation that shaped the steel market of the US. Another 3 years later, in 1901, he bought the rival steel company for $300 million & created the first billion-dollar company in the world.
  8. The same year, 1901, he became a controller of about 30% of shares of all railroads in the US.
  9. In 1930, he was responsible for the co-creation of the company that built the Panama Canal.
  10. In 1907, he has decided another banking crisis, when some of the major banks started to collapse. He called major bankers to his library & made similar to what was on the Corsair yacht: he locked the door & did not let anyone out until they would reach the solution. As by the dawn, it wasn’t made, he gave the contract with his deal conditions & forced exhausted bankers to sign, thus, saving the industry from collapse.
  11. In 1912, he had to be on Titanic but canceled the ship voyage due to health issues.

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