![]() ![]() His successors financed the Allies during WW I and then survived Wall Street's 1929 Crash. To illustrate, Chernow recounts how Pierpont organized major industrial corporations like AT&T, GE, and US Steel, also engineering celebrated "rescues" of the US Treasury in 18. Together or on their own, Morgan firms have been involved in remarkable ventures, escapades, and scandals. ![]() Over the years, however, legislation (notably, the Glass-Steagall Act), wars, and other factors severed the ties that once bound them. The House of Morgan, Chernow shows, spawned consequential enterprises on both sides of the Atlantic. To a significant extent, moreover, the narrative lives up to the subtitle's promise to track the development of latter-day finance. Whereas most annalists leave off with the 1913 death of John Pierpont, Chernow (a former staff member at the Twentieth Century Fund) delivers a start-to-present chronicle, tracing the Morgan dynasty from the mid-19th century-when founding father Junius Spencer left New England to assume control of a London-based merchant bank-through 1987's traumatic stock-market break. ![]() ![]() A brilliant, generation-spanning history of the Morgan banking empire, which offers a wealth of social and political as well as economic perspectives. ![]()
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