Part 2 Chapter 21 Embezzler Summary and Analysis

Jack Morgan never gets over his wife Jessie's death. He keeps all of their estates open at a tremendous financial cost. He tends to his dead wife's gardens and takes pride in his sixteen grandchildren. He hosts a formal dinner for the entire family every week at Matinicock Point. Jack suffers a heart attack in 1936. He has a second while in England to attend the coronation and misses the event.

In 1935 there is a Senate hearing on banker involvement with railroads. These are the Wheeler subcommittee hearings. Harry S. Truman, then a senator, is involved in these hearings. In May 1935 after another default by the Van Sweringen brothers, the Morgan groups decides to cut their losses and the stock is sold at auction. The stock sells for $3 million resulting in a $9 million loss for Morgan and Guaranty...