JP Morgan Saves Wall Street | A Family Affair | 1

Business Movers

Wondery

History, Business, Entrepreneurship

4.8 • 1.5K Ratings

🗓️ 1 June 2023

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

In the face of a financial crisis, the famous banker JP Morgan puts his reputation and his wealth on the line when he intervenes to save Wall Street, and the country, from a financial meltdown.

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Transcript

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0:00.0	Hey, prime members, you can listen to business movers, add free on Amazon Music, download the app today.
0:07.0	It's September 18, 1873, at the offices of Drexel Morgan & Company on Wall Street in New York City.
0:15.0	It's September 18, 1873, at the offices of Drexel Morgan & Company on Wall Street in New York City.
0:30.0	City at his desk is 36-year-old John Peerpont Morgan, known to all by his middle name, Peerpont.
0:36.0	Deep in his work, Peerpont takes notes as he reads a report detailing his company's transactions on the New York Stock Exchange the previous day.
0:45.0	As a partner in this investment bank, Peerpont knows it's vital that his company makes a good return on his client's money.
0:51.0	But at the moment, that's a difficult task.
0:54.0	The fallout from the somewhat recent Franco-Prussian War has sent many European economies into recession, reducing overseas investment in the US.
1:03.0	Recent fires in Chicago and Boston have dented growth in both of those important cities, and President Grant's administration is struggling to respond to the economic downturn,
1:13.0	even as inflation threatens to run out of control.
1:16.0	Peerpont looks up to see a clerk tapping on the glass partition that shields his desk from the staff floor.
1:22.0	Excuse me, Mr. Morgan? I thought I asked not to be disturbed. I know, sir, but you need to hear this.
1:28.0	The clerk's pale face suggests that something is wrong, so Peerpont waves him into the office.
1:34.0	I'm very well. What is it?
1:36.0	Jay Cook and Company, sir. They've just filed for bankruptcy.
1:39.0	Peerpont lowers the report he was reading.
1:42.0	That's not possible. Cook's one of the biggest investment banks in the city.
1:45.0	One of my friends is a clerk there. He told me that the staff pulled their own money out before the bank folded.
1:51.0	Peerpont sets down his report, takes a moment before responding in a grave tone.
1:56.0	Well, if one investment bank goes under, it puts all the rest of us at risk.
2:01.0	If Jay Cook and Company can fail, our clients may begin to wonder why not Drexel Morgan in company.
2:07.0	I fear the market is going to panic. What should we do, sir?
	...

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