Study of the Hegemony of Parasitism - michaeljgoodnight.com

Steel. Perkins then created the Progressive Party in
1912 to split the party and defeat Taft.
J.P. Morgan's apex of power was attained in the Panic of
1907, when he assumed control of Wall Street. Oakleigh
Thorne, president of the Trust Co. of America, a victim of
the "panic", testified before a Congressional Committee
that his bank had been subjected to only moderate
withdrawals, that he had not applied for help, and that it
was Morgan's 'sore point' statement alone that had
caused the run on his bank..... "that Morgan interests
took advantage of the unsettled conditions during the
autumn of 1907 to precipitate the panic, guiding it
shrewdly as it progressed so that it would kill off rival
banks and consolidate the preeminence of the banks
within the Morgan orbit."
Morgan's financial power came from control of the
enormous cash flow of the nation's biggest life insurance
companies. He gained control of Mutual Life, New York
Life, Metropolitan Life, and with George F. Baker and
James Stillman, bought controlling interest in Equitable
from Thomas Fortune Ryan, who had acquired it from
the Hyde family. Hyde originally set Equitable up while
acting as a front for Jacob Schiff and James Speyer.
On June 7, 1933, Nation noted: "J.P. Morgan is generally
regarded as the most prominent banker in the world."
Paul Y. Anderson mentioned in this article that testimony
before the Senate Banking Committee showed that
Morgan and his partners, including Thomas W. Lamont