Business law Essay Example | Topics and Well Written Essays - 500 words - 3

Business law - Essay Example The bank which we know as J.P. Morgan, has not only established itself globally as a financial powerhouse, but is also the bank of royalty and governments. The bank of J.P. Morgan is incidentally, the bank of choice of the Vatican. The journey from the Morgan family’s inheritance of the empire in the early eighteen hundreds to today is long and arduous, and not without difficulty at times. During the Second World War, J.P. Morgan and company face the possibility of non-payment from a newly invaded Austria. In essence, J.P. Morgan is a company which originated in the new America but was routed in English ancestry. After Morgan inherited the company, his children and grandchildren would illustrate just how integral the company’s ties to England really were. Jack Morgan, Junius’s son, was fond of living both in England and America, while many of the Morgans had close ties with the royal family back in England. The great depression of the 1930’s did not find the house of Morgan to be immune, even with a net worth of $118 million. Due to the severity of the depression and global unrest caused by the Second World War, decision makers in the U.S. government under the Hoover regime, were not prepared for the type of strategizing required to dig America out of the resulting financial rut. The house of Morgan’s net worth surfaced after the depression at about $59 million which means that it was diminished to half of its original value. Interestingly enough, as powerful and prestigious as the Morgan empire had become, it was not able to withstand the crippling effects of the depression of the 1930’s leaving little hope for the financial empires of today in our current economic crisis. The Morgan company often had ties with presidential candidates or other important figure heads, making them seemingly in control of the fate of nations. It was rumored at one time that a partner of the J.P. Morgan