Jack Morgan, Jr had to fill really big shoes – not only was he the son of JP Morgan, but his mother was the 18th great granddaughter of King Edward the First. A quick study and diplomatic, Jack ably controlled the House of Morgan through almost two World Wars. He also made a lot of money doing it.
Jack, like his dad, did not like to be in the spotlight. In fact, he eventually chose to stay on his yacht The Corsair, rather than hotels or his mansions. When his father passed in 1913, Jack took over. Senior had conglomerated a bunch of banks into Guaranty Trust. In a couple of years the international powerhouse worked both sides of the Atlantic.
During the first World War, the bank, now called JP Morgan & Co, loaned tons of money to Russia, and even more to Britain and France. At the time, many questioned Morgan. America had never been enemies to Germany, and England was our enemy twice. So was Morgan trying to sway us into war against Germany? Further, the French were suspicious of Morgan as it was clear its actions favored the British.
The House of Morgan became the official purchasing agent for the British government, buying supplies, commodities and making commission off of every purchase. Enraged at the war-mongering and profiteering, a would-be assassin, Eric Muenter, broke into Jack’s estate on Long Island and shot him twice. Morgan was back at work in a month.
At the conclusion of the war, the House of Morgan oversaw reparations from Germany. The new argument held that France demanded crippling fees from Germany, and it weakened them to the point of weakening the entire European economy.
Like his father, Jack Morgan donated works to the Met. He also created the Pierpont Morgan Library (now known as the Morgan Library & Museum) and gave his mansion in London to be the United States Embassy.
After the Crash of ’29, the House lost 40% of its value, but clearly kept itself righted. Jack Morgan became a symbol to some, especially opportunistic politicians as the embodiment of banking evil and the Senate convened the Pecora Hearings which galvanized Main Street against Wall Street.
In 1940 he took Morgan & Co public which protected its assets and allowed him a more peaceful end to his life three years later. Today JP Morgan is synonymous with wealth, big banking and to those that are conspiratorial – the center of all behind-the-scenes world machinations.