1. J.P. Morgan & Trusts, Monopolies, and Cartels... September 21, 2015

2. 1837 – 1913 Born in Connecticut – Wealthy family Made BILLIONS being a FINANCIER Financier = BANKING 1850s: Banking in NYC By 1900 – Focus on RAILWAYS across country 1901: bought out 3 dozen steel companies to form U.S. Steel Corporation – Including Carnegie’s BAD: Morgan controlled economy U.S. Steel GOOD – Prices LOW U.S. Steel BAD – Prices HIGH – People can’t afford Net Worth at death: $41.5 Billion – Today’s Value: Over $400 Billion

3. Trusts, Monopolies, and Cartels & John D. Rockefeller September 22, 2015

4. Trust: business owned by one person, but is broken up into stock & given to board of trustees – Trustees make decisions for business – Also known as: corporation – Example: FaceBook Cartel: association of business owners who work together to coordinate prices/ production – Example: OPEC Monopoly: when one business owner controls the ENTIRE industry – Example: Toothpaste

5. 1839 – 1937: John D. Rockefeller Born in New York – 15 yrs old: family moves to OH 1870: formed Standard Oil Company – Buy up weak competitors 1882: Standard Oil Co. dominates WHOLE industry 1911: U.S. Supreme Court orders Rockefeller to break up Standard Oil – Monopoly – Rockefeller retires Highly religious – Gave money to churches & YMCA Formed University of Chicago 1901: $500 million for Rockefeller Institute for Medical Technology (NY) Son continued charity work – Land for UN Headquarters; Williamsburg, VA funding; Rockefeller Center