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Is the700 billion dollar bailout really needed?
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[QUOTE]Originally posted by ohio_trader: [QB] i dunno how JP Morgan (the actual inventors of the CDS) managed to have so little downside exposure to them (so far anyway) John Pierpont Morgan (April 17, 1837 – March 31, 1913) was an American financier, banker and art collector who dominated corporate finance and industrial consolidation during his time. In 1892 Morgan arranged the merger of Edison General Electric and Thompson-Houston Electric Company to form General Electric. After financing the creation of the Federal Steel Company he merged the Carnegie Steel Company and several other steel and iron businesses to form the United States Steel Corporation in 1901. He is widely credited with having saved or rescued the U.S. national economy in general—and the federal government in particular—on two separate occasions. He bequeathed much of his large art collection to the Metropolitan Museum of Art in New York City and to the Wadsworth Atheneum of Hartford, Connecticut. He died in Rome, Italy, in 1913 at the age of 75, leaving his fortune and business to his son, John Pierpont ("Jack") Morgan, Jr.(his son) Jack Morgan took a prominent part in the financial aspects of the World War I. Following its outbreak, he made the first loan of $12,000,000 to Russia. In 1915, a loan of $50,000,000 was made to the French Government. All of the munitions purchased in the United States by the British were made through one of his firms. Mr. Morgan organized a syndicate of about 2200 banks and floated a loan of $500,000,000 to the Allies. After the war, Jack Morgan made several trips to Europe to investigate and report on financial conditions there. On July 4th, 1915, a Frank Holt, (AKA Eric Muenter) tried to assassinate Morgan at his home at Glen Cove on Long Island. The night before, Holt had detonated a bomb in the Senate wing of the U.S. Capitol. After traveling to New York by train, he attacked Morgan the next morning, shooting him twice in the groin. The stated purpose of both acts was to get the U.S. to stop shipping munitions to France and Germany during World War I. After being arrested, Holt committed suicide in his jail cell several days later. It should also be noted that Jack Morgan is also one of the signers of the Federal Reserve. He resembled his father in his dislike for publicity and in continuing his father's philanthropic policy. In 1920 he gave his London residence to the U.S. government for use as its embassy and later created the Pierpont Morgan Library as a public institution in 1924 as a memorial to his father. (one of his 2 sons) Henry Sturgis Morgan was an American banker. He was the son of John Pierpont ("Jack") Morgan Jr. and Jane Norton Grew. His father was the eldest son of renowned banker John Pierpont Morgan, Sr., founder of J.P. Morgan & Co.. His mother was the daughter of Boston banker and mill owner Henry Sturgis Grew, and was the aunt of Henry Grew Crosby. Henry Sturgis Morgan co-founded the company Morgan Stanley in 1935, together with Harold Stanley and other former members of JP Morgan & Co., which was forced to split its Commercial and Investment Banking divisions following the Second Glass-Steagal Act of the same year. Morgan Stanley (NYSE: MS) is a global financial services provider headquartered in New York City, New York, United States. It serves a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 33 countries around the world with 600 offices, with an approximate employee workforce of 45,000.[2] The company reports US$779 billion as assets under its management[3]. The corporation, formed by J.P. Morgan & Co. employees Henry S. Morgan, Harold Stanley and others, came into existence on September 16, 1935. In its first year the company operated with a 24% market share (US$1.1 billion) in public offerings and private placements. The main areas of business for the firm today are Global Wealth Management, Institutional Securities and Investment Management. The company found itself in the midst of a management crisis in the late 90s[4] that saw it lose a lot of talent and competence[5] and ultimately saw the firing of its then CEO Philip Purcell in 2005. Since then Morgan Stanley has been undergoing a massive restructuring which also involved job cuts across various of its units. On September 21, 2008, it was reported that the Federal Reserve allowed Morgan Stanley to change its status from investment bank to bank holding company in order to survive the American economic meltdown of 2008. [6] On September 22, 2008, it was announced that Mitsubishi UFJ Financial Group, Japan's largest bank, plans to take a stake of up to one-fifth in Morgan Stanley as part of a strategic alliance. these guys are very very connected-they speak, u.s. govt jumps [/QB][/QUOTE]
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