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Wall Street during the bank panic in October 1907. Federal Hall National Memorial, with its statue of George Washington, is seen on the right.. The Panic of 1907, also known as the 1907 Bankers' Panic or Knickerbocker Crisis, [1] was a financial crisis that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange suddenly fell almost 50 ...
J. P. Morgan. John Pierpont Morgan (April 17, 1837 – March 31, 1913) [1] was an American financier and investment banker who dominated corporate finance on Wall Street throughout the Gilded Age and Progressive Era. As the head of the banking firm that ultimately became known as J.P. Morgan and Co., he was a driving force behind the wave of ...
Knickerbocker Trust (right, built 1909) and Manhattan Life Bldgs., 60 & 66 Broadway. The bank was chartered in 1884 by Frederick G. Eldridge, a friend and classmate of financier J.P. Morgan. As a trust company, its main business was serving as trustee for individuals, corporations and estates. Eldridge was the founding president serving until ...
By 1900, J.P. Morgan was the most important investment banker in the United States and "the dominant figure in all the Drexel banks." [31] The Morgan interests were involved in many of the largest investment actions of the 1890s-1910s. The Morgan partners used their large social networks to create an ethos of expertise.
The Federal Reserve System is the third central banking system in United States history. The First Bank of the United States (1791–1811) and the Second Bank of the United States (1817–1836) each had a 20-year charter. Both banks issued currency, made commercial loans, accepted deposits, purchased securities, maintained multiple branches and ...
Junius Spencer Morgan I (April 14, 1813 – April 8, 1890) was an American banker and financier, as well as the father of John Pierpont "J.P." Morgan and patriarch to the Morgan banking house. In 1864, he established J. S. Morgan & Co. in London as the successor to George Peabody & Co., of which he was junior partner.
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The Emergency Economic Stabilization Act of 2008, also known as the " bank bailout of 2008 " or the " Wall Street bailout ", was a United States federal law enacted during the Great Recession, which created federal programs to "bail out" failing financial institutions and banks. The bill was proposed by Treasury Secretary Henry Paulson, passed ...