The House of Morgan - Part 3 Chapter 32 Samba Summary & Analysis

Ron Chernow
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Part 3 Chapter 32 Samba Summary and Analysis

In the mid 1970s half of the profits for J.P. Morgan and Company are coming from abroad. The Euromarket centers in London. Morgan Guaranty is the largest lender to Mexico, Brazil and Argentina. Since attaching austerity programs to loans causes riots, the banks prefer to leave this role to the International Monetary Fund whose purpose was to help with Balance of Payments imbalances. The austerity programs mean they cannot pay off their debts.

Even though Morgan is the one of the biggest lenders to Brazil, the Brazilian office will not let them open an office in the country. Morgan hires Antonio Gebauer, who is a Venezuelan married to a Brazilian. He develops relationships with most of the Latin American leaders and makes numerous loans to Brazil. But Morgan cannot do anything about Brazil's inflation. In April...

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This section contains 498 words
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