TAILIEUCHUNG - THE LAST PARTNERSHIPS Inside the Great Wall Street Money Dynasties phần 6

Trớ trêu thay, đó là kinh doanh ngân hàng tư nhân truyền thống gây ra những khó khăn nghiêm trọng. Sự sụp đổ của thị trường chứng khoán gặp khó khăn Kidder Peabody, nhưng công ty còn nguyên vẹn. Tuy nhiên, sự kiện năm 1930 gây ra nó để thất bại, tạo ra một điểm thấp trong lịch sử của công ty. | 5 CORNER OF BROAD AND WALL J. P MORGAN AND MORGAN STANLEY OM_ . e r NE OF THE truisms of nineteenthcentury banking was that investment capital needed to be imported from Europe. The firms that were the most successful all had a British connection or links to other Continental banking affiliates that ensured a flow of investor funds into the United States. The most successful banking operation of the nineteenth century that of J. P. Morgan Co. began in Britain and gravitated toward the United States bringing with it access to cash and connections sorely needed to help develop the growing American economic infrastructure. The story of the Morgans rise to financial power is less flamboyant than that of August Belmont and is more calculated and opportunistic. After Junius Spencer Morgan inherited the banking operation of Peabody in London his son John Pierpont Morgan developed a parallel career in the United States. Within twenty years he was the most widely respected and feared banker in the country. How such a remarkable accession to power was accomplished in such a short time makes the rise of the Seligmans or Goldman Sachs seem somewhat mundane by comparison. Needless to say Pierpont had a head start on his eventual competition and did not exactly have to begin from scratch but the actual power he was able to attain and pass to his son Jack was still breathtaking. Like all of his counterparts Pierpont Morgan was opportunistic and detail-oriented to a fault but it was his political instincts that differentiated him from the rest. The same political instincts would eventually fail his son Jack and his partners later in the twentieth century. 157 Copyright 2001 The McGraw-Hill Companies Inc. Click Here for Terms of Use. THE LAST PARTNERSHIPS The rise of the House of Morgan was quite different from that of the other prominent banking houses in the nineteenth century. The founder of the dynasty Junius Spencer Morgan was neither an immigrant nor penniless when he began .

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