Whether looking at a woman who needs close to $360 to pay her rent or a railroad that needs to be built, financial intermediaries are an economic necessity.
I have confessed before that I admire the entrepreneurs who have been called the robber barons. Carnegie and steel, Rockefeller and oil, J.J. Hill and railroads, Morgan and money. These men and others from their 19th century world competed lethally.…
Some of the euro zone’s problems actually started with the Exxon Valdez oil spill. After the 1989 Exxon Valdez calamity, when an Alaska jury said that Exxon owed $5 billion in damages, they asked J.P. Morgan for a $4.8 billion…
During October 1907, when the stock market crashed and the banking system panicked, we had no central monetary authority. We just had J.P. Morgan. “Why don’t you tell them what to do, Mr. Morgan? (Belle da Costa Greene, J.P. Morgan’s…
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