John Pierpont Morgan
Morgan was known as the Bankers' Banker. He schemed, to eliminate wasteful competition. As the depression weakened businesses, he would recommend a consolidation of rivals. This came to be known as Interlocking Directories. He didn't believe that money power was dangerous in the right hands, his hands.
In 1893 he took over what would be called J.P. Morgan & Company. He made a name for himself on wall street with his contribution to railroads, insurance companies, and banks. He began to dive into the business of steel tubing. After tough pressuring to have his rival ruin his industry, he agreed to buy out Carnegie for $400 million. He supplemented his new estate with similar deals from other companies. He took the stocks of these companies along with his own, and watered them liberally. In 1901 he started the United States Steel Corporation, the first billion dollar company.
In 1893 he took over what would be called J.P. Morgan & Company. He made a name for himself on wall street with his contribution to railroads, insurance companies, and banks. He began to dive into the business of steel tubing. After tough pressuring to have his rival ruin his industry, he agreed to buy out Carnegie for $400 million. He supplemented his new estate with similar deals from other companies. He took the stocks of these companies along with his own, and watered them liberally. In 1901 he started the United States Steel Corporation, the first billion dollar company.