Answer:
He saved the American Economy and led to the establishment of the Federal Reserve.
Explanation:
JP Morgan was a businessman with contacts and investments in many different industries. These contacts, and his wealth, allowed him to wield huge control over the financial industry. This resulted in two big events. Firstly, there was the Gold Crisis of 1895. The US Treasury nearly ran out of gold and Morgan persuaded the president to use an old law to buy gold off him (And the rockefellers). This stabalised the American Dollar and averted crisis. A similar thing happened in 1907. Major New York banks were on the verge of collapse and Morgan held a meeting at his mansion where he forced the New York finaciers to come up with a plan. This they diid and the federal government saved the banks. Morgan also used his controlling interest in US Steel to buy the stock of a competitor whos stock was casuing a brokerage firm to collapse. Despite the anti trust legislation he purchased the stock, This restored confidence in the banking system and ensured the crisis was over.
More importantly, the event made the government realise that they couldnt rely on there always being a wealthy indiividual like Morgan to save the day should there be another crisis. This lead to the creation of the Federal Reserve System in 1913. This was a joint effort of a team of banking and political leaders, led by Senator Nelson Aldrich.
Further explanation
JPMorgan is one of the world's leading financial research bodies. The name JPMorgan itself is of course taken from the founder of the company itself JPMorgan, who was born on April 17, 1837, in Hartford, Connecticut. JPMorgan later became one of the most famous investors in business history. Morgan started his own private banking company, which became known as JPMorgan & Co., one of the world's recognized research institutions.
JPMorgan Chase & Co. is a global securities, investment banking and retail banking firm from the United States. The largest bank in the United States has assets of US $ 2,424 trillion and branches in more than 100 countries in the world.
JP Morgan Chase has its headquarters in New York. This banking institution has operated in the Asia Pacific from 1872. Besides Indonesia, JP Morgan has also been present in 16 other countries throughout the Asia Pacific.
The government through the Ministry of Finance (MoF) decided to terminate all partnership relations with JP Morgan Chase Bank NA, which is the JP Morgan Chase & Co Banking division that manages private assets and private wealth.
JP Morgan Chase is again fraud or unlawful acts can occur anywhere, not only in developing or underdeveloped countries. Fraud can occur in developed countries like the United States and is carried out by large companies such as JP Morgan Chase.
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JP Morgan : https://brainly.com/question/13441960
Details
Class: middle school
Subject: history
Keywords : JP Morgan, Bank, financial
