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| John Pierpont Morgan was born in |
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| eighteen thirty-seven to rich commodities broker. |
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| He grew up in a privileged environment and |
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| After his education he worked for his father and |
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| in 1871 started his own banking company. Using his father's banking contacts. |
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| He made connections with other banks to create a banking monopoly that |
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| would handle the mergers of many large companies and would then use these same connections to get himself put on the boards of these companies. |
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| He was able to effectively control competition and |
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| control large portions of the economy |
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| Throughout his life Morgan was known for |
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| He owned controlling interests in many large companies including |
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| US steel, western union telegraph and General Electric |
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| He also owned along with several other shipping lines |
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| The White star line which had in it's fleet the Titanic |
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| Morgan was scheduled to travel on the |
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| Titanic for it's infamous maiden voyage but changed his plans at the last minute |
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| In 1895 America was in a depression and the |
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| Country's gold supply was depleated |
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| Morgan headed a group of bankers that |
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| gave the government the needed gold in exchange for bonds |
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| He was vilified for making |
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| a large profit off the nations loss |
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| by the year 1900 Morgan controlled |
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| one hundred thousand miles of railroad, roughly half of all the nations railroad |
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| During the civil war Morgan bought 5000 rifles at |
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| 3.50 apiece, he then sold them to a general in the field for 22 dollars apiece. |
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| defective and many soldiers lost their thunbs |
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| Morgan was able to avoid service in the war |
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| by paying 300 dollars to a substitute |
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| art collector, after his death it was all donated to the Metropolitan Museum of Art |
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| his first wife died months after the wedding and he remarried five years later to a woman he would have four children with |
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| He had a deformed nose due a disease called |
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| rhinophyma and did not like for his photo to be taken without it being touched up |
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| He was also a philanthropist |
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| he used to wealth to form schools hospitals and libraries |
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| During his lifetime Morgan was criticized for |
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| his enormous wealth and power |
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| wages were very low for workers |
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| provided industry with a cheap and expendable workforce |
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| between the rich and the poor of the nation |
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| The workers of that time period |
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| worked a ten hour and were paid 20-40% less than the minimum needed to survive |
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| The workers did not receive much |
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| of the large profits made by the companies and the working conditions were often unsafe and unsanitary |
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| Sherman Anti trust act but this did little to help the workers and instead went after the labor unions |
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| Morgan again played a part in bailing out |
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| The US government in 1907 |
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| JP morgan died in 1913 leaving a fortune of |
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