The House of Morgan - Part 2 Chapter 24 Passages Summary & Analysis

Ron Chernow
This Study Guide consists of approximately 57 pages of chapter summaries, quotes, character analysis, themes, and more - everything you need to sharpen your knowledge of The House of Morgan.
This section contains 380 words
(approx. 1 page at 400 words per page)
Buy The House of Morgan Study Guide

In February 1940, J.P. Morgan and Company becomes a corporation. As the senior partners age, their death will result in a capital shortage for the firm as a partnership. The new corporation has Jack Morgan as president, George Whitney as chief executive and Lamont as head of the executive committee. The switch to the corporate form of business allows the bank to enter the trust business. This is something they cannot do as a partnership. In 1942 the bank joins the Federal Reserve System. Eight percent of Morgan shares are sold by a syndicate headed by Smith, Barney. The Drexel connection is ended when the Philadelphia office is closed and the Drexel name sold. The operations are taken over by Morgan. Morgan Stanley becomes a partnership, severing all of its links with Morgan.

Jack Morgan dies in March 1943. Tom Lamont becomes chairman...

(read more from the Part 2 Chapter 24 Passages Summary)

This section contains 380 words
(approx. 1 page at 400 words per page)
Buy The House of Morgan Study Guide
Copyrights
BookRags
The House of Morgan from BookRags. (c)2014 BookRags, Inc. All rights reserved.