Yesteryear's Savior: J.P. Morgan Sr. (center) and son J.P. Morgan Jr. (right) in the early 1900s
In 1907, one man saved us from financial collapse. Today it takes a troika.
"This is the place to stop this trouble!" J. P. Morgan said on the afternoon of Oct. 23, 1907. After the failure of several trust companies (unregulated banks, kind of like today's subprime lenders), the banker had decided that the collapse of the Trust Co. of America would cause too much damage to America's fragile financial system.
Paulson told NEWSWEEK in September. J. P. Morgan, sitting in his fortress-like office at the corner of Wall Street and Broad Street, could easily survey the entirety of the U.S. financial system and get his arms around the problems.
clipped from: www.newsweek.com 