Talk:JPMorgan Chase

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Edit note

I have moved the following par off the article page for the moment. While looking to expand the simple refs to a full reference, I noticed that the author for the material on the Raven website http://www.raken.com/american_wealth/other/infos.asp is listed as "D. C. Shouter (pseudonym)". While the material below may be accurate, my inclination is not to rely on an anonymous author as a source of quoted material unless there is some compelling reason.--Bob Burton 16:41, 2 October 2009 (EDT)

Background

"J.Pierpont Morgan was another monument of the Gilded Age. This son of a wealthy merchant banker joined forces with the Drexels of Philadelphia in 1873 to precipitate the fall of Jay Cooke, the patriot banker and Union bond broker now hopelessly entangled in the building of the Northern Pacific railroad. Morgan then became the peacemaker in the railroad wars of the 1880's, having gained the Vanderbilts' confidence in a transaction involving the sale of 100'000 New York Central shares in London and benefiting from the Drexels' introduction at the Pennsylvania."[1]

"Drexel, Morgan & Company became J.P.Morgan & Company in 1893, the nation's premier investment bank. It actively participated in the reorganization of railroads and in the consolidation of industries and public utilities. When he created United States Steel in 1901, the first American corporation with a capitalization exceeding $ 1 billion, John Pierpont Morgan wielded more power than any other American capitalist and indeed and other man in the World. Morgan creations also included General Electric, International Harvester and the reorganization of American Telephone & Telegraph Company. The Titanic was a ship of the International Mercantile Maritime trust, a corporation J.P. Morgan sponsored in 1902."[2]

Taken from America in the Gilded Age.



Under Reivew:

(from other controversies section)

Bernie Madoff

Chase has been accused of abetting Bernie Madoff by maintaining his checking accounts and trading with his brokerage firm, even after it was revealed that he engaged in fraud and of removing their own money from Madoff associated accounts; prior to public news accounts of the fraud.[1]. In 2009, Bernie Madoff was sentenced to 150 years in prison for his multi-billion dollar Ponzi scheme. He pled guilty to 11 federal crimes and admitted to operating the largest Ponzi scheme in history. In 2011, two Madoff investors sued the bank for $19 million, claiming they aided in his fraud. A JP Morgan spokesman dismissed the lawsuit as "meritless." [2]
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