Word: morganized
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Dates: during 1990-1999
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Between 1836 and 1914, the U.S. lacked a central bank; Morgan stepped boldly, sometimes magnificently, into that breach. When gold reserves backing the country's legal tender dipped perilously low in 1895, he masterminded a bond issue in New York and London that replenished the gold stock--one of many acts he performed that preserved America's credit abroad and evinced a new financial maturity that won the confidence of foreign investors...
During the 1907 Panic on Wall Street, an aging Morgan mobilized the city's bankers in his solemnly ornate library and got them to commit money to a rescue fund that ended the bank runs convulsing the city. It was the last hurrah for a self-regulated financial system: Morgan's dazzling improvisation proved the urgent need for a central bank, setting the stage for the passage of the Federal Reserve...
Rockefeller, Carnegie and Morgan were not the only robber barons, of course. Edward H. Harriman fought Morgan for control of the railroads. Andrew and Richard Mellon founded four major companies, including Alcoa. But the scale on which Rockefeller, Carnegie and Morgan operated was unprecedented, paving the way for a world of global companies and capital flows. And their money built a platform for philanthropy that has grown every bit as much as their corporations...
...Chernow is the author of Titan: The Life of John D. Rockefeller Sr. He has also written a biography of J.P. Morgan...
...Main Street." For the last 17 years of his life, that's what he tried to achieve with his new firm, which became a laboratory for his grand experiment. Today when we conjure up the names of the great American financiers, we tend to think of people like J.P. Morgan and Warren Buffett and even Michael Milken. But none of them had the effect on American life that Charlie Merrill had. In fact, they're not even close...