J.P. Morgan Biography Essay Research Paper
John Pierpont Morgan was criticized from many angles for he was undoubtedly the most successful businessman in the history of mankind. During the mid to late nineteen hundreds it was said that at one point Morgan controlled this country more than the government itself for Morgan was the chief financier in many of its operations. Morgan refinanced the United States Treasury on more than one occasion using his investment banking skills to help keep the country from failing. Furthermore he did all this while pursuing his own personal hobbies such as philanthropy and creating one of the most immense private art collections of all time. John Pierpont Morgan was a brilliant man who adhered to a strict code of business and personal ethics helping him to make his way to the top of the world not because he was a robber baron but by outworking and out thinking those that ended up below him.John Pierpont Morgan was born on April 17th 1837 in Hartford Connecticut. He studied at numerous schools in Hartford as a young boy while suffering from a very rare disorder that often lead to fainting spells and extreme fatigue. After his adolescent schooling was completed he moved to Germany where he studied at the country?s most prestigious place of higher learning the University of Gottigen. Later in life he suffered from an inflammation of the nose known as Acne Rasaccea which in some cases scared off competitors and potential clients. After his studies in Germany he went on to start his own business with the help of his father Junius Spencer Morgan. Junius Spencer Morgan (1813-1890) had extensive business experience himself for he was the owner of many businesses and financed many of his son?s projects during his almost lifelong career. Junius was originally the owner of a large mercantile house in Boston until he moved onto a larger establishment where he was made a partner. After the trade business ceased to be profitable enough for him Junius went on to take over a successful investment firm from George Peabody in London England. Morgan?s father was a very reputable man; he gained respect from his peers for recovering endangered companies and loaning to companies when it was absolutely needed and for his ?audacious? loan to the French after the Franco-Prussian War (Allen Pp. 21). Junius Morgan was obviously an avid supporter of the Northern Union in the Civil War for that is where he conducted most of his business. He believed that if the South seceded that would be the end of slavery in those states because the North was so overpowering saying ?The day which draws on a Southern Confederacy will see the ?beginning of the end of slavery? in those states.? (Strauss Pp. 134) Junius was utterly disgusted with the Civil War for he believed that it was a representation of the overall failure of businessmen across the country whereas he stated to a colleague:Whatever may be the result of the present troubles I look upon the reputation of our country as gone. We have shown to the world how little real strength it has and how powerless for good is our government Hereafter we must take out stand before other nations on the same level with the petty States of Central America.
Morgan also attended every tri-annual convention of his church until his death on March 31st 1913 in Rome Italy while on one of his many trips around the world with his family.J.P. Morgan was an extraordinary man who took advantage of the fact that there was no central bank during his time to create investment opportunities for himself which brought him to the top of the world. His riches carried over into the present day corporation of J.P. Morgan which is still one of the most successful companies in the world. Morgan?s riches also carried over into society for a large portion of his money was left to science charity and the progression of the arts. The illusion that Morgan was a ?robber baron? [a term that the press created to ridicule those as successful as Morgan] was just that an illusion for Morgan gave more back to the people of society than any other businessman of his time while still making more money than all of his rivals making him one of the most successful people ever.