Tania Damle and Nusaiba Mizan, 2nd Period
- Companies Merging: Edison General Electric and Thomson-Houston Electric Company
- Industry that this merger dominated: Utilities (specifically electricity)
- Outcome of the merger: The formation of General Electric
United States Steel Corporation
- Companies Merging: Federal Steel Company (he helped finance the creation of this company) and Carnegie Steel Company
- Industry that this merger dominated: Steel, Coal, Mining and Shipping
- Purpose of this merger: To buy out Andrew Carnegie's steel company and merge it with several other steel, shipping, mining and coal companies
- Outcome of the Merger: creation of the United States Steel Company
Panic of 1907
- Who: J.P. Morgan, the USFG and major New York banks
- What: Financial Crisis that almost crippled the American Economy
- When: 1907
- Where: New York
- Why: Major New York banks were on the verge of bankruptcy due to poor investment choices
- How: J.P. Morgan basically bailed them out by loaning TCI $30 million restoring the financial health of nearly all of the companies doing business on Wall Street.
He brought about a new and more efficient way of doing business that reduced costs by restructuring the hierarchy of a company. This was of doing business was highly monopolistic and was designed to create monopolies.
Why does he matter?
He transformed the American business and was one of the many figure heads who helped create the modern corporation.
J.P. Morgan and the Monopoly Man
That's right. The board game character you know and love was modeled after the one and only J.P. Morgan. Considering that Morgan bailed the USFG twice, it makes more sense now as to why you get $200 every time you pass go.