Generations Of Americans Have Played The Essay

Submitted By Davidj2318
Words: 1361
Pages: 6

Generations of Americans have played the game of Monopoly, but few know that it, along with its mascot, “Rich Uncle Pennybags”, was inspired by a real person who was fundamental in keeping the American economy stable for decades. Presidents sought him out to preserve the nation. For four decades, the power was not held by the oval office, or by congress, or by the People. Rather it rested in the pocketbook of John Pierpont Morgan. In order to understand how America rose to superpower status in back to the legacies of our industrial founding fathers, primarily J.P. Morgan. J.P. Morgan’s legacy left a strong impact upon American economics, which has lasted for the past century.

J.P. Morgan’s legacy left a strong impact upon America economics, which has lasted for the past century. John Pierpont Morgan was born intended to be a powerful leader. His father played a huge part in pushing him towards banking. He noticed of how strong a leader Pierpont was amongst his childhood peers. Pierpont was enrolled him in some of the finest schools in the Massachusetts/Connecticut area, specializing in mathematics and designed for men entering into commerce. He also went to schools in Switzerland and Germany, where he could develop his French and German, and be able to one day develops connections with the powerful European banks and bankers. Pierpont’s father controlled his career choices and decisions, pushing him to the top of the financial “food chain”. After schooling, his father arranged for him to work at one of the family’s bank branches in New York. When Pierpont had accumulated a sizable fortune, he considered retirement, but his father forbade him. Instead, he encouraged him to push forward in his career as a banker. As a man in his late twenties, his father still made arrangements for Pierpont to be mentored by A.J. Drexel, a very well established financier and his future major business partner. J.P. Morgan had always been an ambitious man in his own right. After his father prevented him from retiring, Pierpont became determined to become the best of the best American bankers. He became almost ruthless in his attempt to consolidate and monopolize his way to power. According to historian and author Meyer Weinberg, by the time of his death, Morgan had bought out GE, AT&T, the New York Times, Coal corporations, plow/harvester production industries, Copper Corporations and almost all of the most important railroads across the country, showing how shrewd he was in business, as well as his desire to control as many of the America’s most essential industries as possible.

Clearly, J.P. Morgan was made of leader material. How he used that ability to become America’s most powerful banker is rather astounding. Morgan’s rise to power began when he started working at his father’s bank in NY. As soon as he was settled in NY, Morgan pushed his way into high society. Morgan began banking for some of New York’s wealthiest families. Using his formal connections with his rich and famous clientele, Morgan began branching out socially. He was invited to parties, dinners, and other social gatherings exclusively for the highest-ranking members of New York society. Morgan cemented these connections with wealthy families during this time, which proved very useful as he became a more powerful and nationally-acknowledged banker later. His ultimate rise to wealth and power came when he teamed up with another powerful financier, Anthony Drexel, to create a new banking company. Morgan already had wealth, influence, and talent under his belt. When he became partners with Drexel, they, as well as their new bank, were indomitable. Through their combined shrewdness in business, the Drexel, Morgan, and Co. bank quickly became one of the most powerful banking firms in the country. This surge in capital, status, and hegemony gave Pierpont the impetus to become even more ambitious. However, it was Drexel who held him back. When Drexel died in 1893, Morgan took…