John Morgan to editor: Jamie Dimon is not the new J.P. Morgan

Dear Editor: I’m a longtime admirer of Dave Zweifel, but when he says in his article “How the GOP has changed for the worse,” that “Jamie Dimon is the new J.P. Morgan,” I must offer a friendly demurrer.

J.P. Morgan was not one of the robber barons. He was an honest, compassionate and colorful character who happened to have a knack for making money. He gave much of it to hospitals, schools and museums. When he died, he was president of the Metropolitan Museum of Art.

When one of his lovers, before he was married, got engaged, he gave her a generous check as a wedding gift.

After the panic of 1907, he organized a syndicate of bankers to rescue the economy from collapse, using the government’s own deposits in the banks.

My favorite story about him is the time a visiting clergyman didn’t have time to get to the train station. Morgan told him, “Don’t worry, the train runs right behind my estate. We’ll just go flag it down.” When the conductor learned why his train had been stopped, he informed Morgan in colorful language that that sort of thing was not done. “Who do you think you are?” the conductor asked. “Well, I’m J.P. Morgan, and I happen to own this railroad.” “Well, I don’t give damn! You may own the railroad, but you don’t know anything about trains.” J.P. replied, “You’re absolutely right, sir. I assure you it will never happen again.”

John Morgan

Madison

Source: The Cap Times

My commentary: Jamie Dimon never owned J.P. Morgan. Dimon is just an overpaid job holder. John Piermont Morgan owned J. P Morgan. And here is footnote in Wikipedia of who took over the company after Mr. Morgan’s death:

His son, J. P. Morgan, Jr., took over the business at his father’s death, but was never as influential. As required by the 1933 Glass–Steagall Act, the “House of Morgan” became three entities: J.P. Morgan & Co., which later became Morgan Guaranty Trust; Morgan Stanley, an investment house; and Morgan Grenfell in London, an overseas securities house. 

2 responses to “John Morgan to editor: Jamie Dimon is not the new J.P. Morgan

  1. One of Jamie Dimon’s favorite quotes of John P Morgan he often says in meetings is “the only crime is competition”.referring to finance and banking.

  2. Interesting quote from Dimon. Hmmm. My favorite quote is this:
    “If you want to test a man’s character give him power.”–Abraham Lincoln
    Maybe Jamie and other corporate execs would take Lincoln’s statement to heart when they look in the mirror.

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