JP Morgan Chase & Co.
JP Morgan Chase's own website pronounces the banking institution to be "...built on the foundation of more than 1,200 predecessor companies that have come together over the years to form today's company." In fact, from the perspective of libertarians and conspiratorial historians, JP Morgan Chase, like Goldman Sachs, is a prime instrument of elite repression and financial rapine.
It is seemingly yet another manifestation of the financial terrorism that the Anglo-American power elites have unleashed upon the world in their quest for global government. JP Morgan himself is currently held to have been an agent of the Rothschilds and thus a representative of the Money Power in America throughout his career. JP Morgan Chase is his legacy.
Everything is a matter of perspective, but it is evident and obvious that JP Morgan Chase has morphed into a huge financial company. Since its establishment in 1799, JP Morgan Chase has acquired, through merger, leveraged buy-out, or midnight backdoor dealing, nearly every major mid- to large-sized banking institution east of the Mississippi, eventually reaching west and overseas as well.
This list of acquisitions includes Bank One, Bear Stearns, Washington Mutual, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank. Each key merger has added an additional facet to the JP Morgan Chase range of financial services. It is the biggest of the "big four," which also includes Wells Fargo, Citigroup, and Bank of America.
According to Forbes (in 2011), JP Morgan Chase is also the largest public company in the world, with assets of over $2 trillion – and has the largest hedge fund in the US, with assets of more than $53 billion. Among its former list of CEOs is David Rockefeller. His affiliation with Chase Manhattan spanned nearly 40 years, beginning in 1949 as a manager and ending with his tenure as CEO from 1969 into the early 1980's.
JP Morgan Chase traces its roots back to 1799, when Aaron Burr formed the Manhattan Company. It was a company built on loopholes, ostensibly formed as a waterworks company. However, Burr wrote into the charter a provision that allowed the company to use its excess capital in any manner "not inconsistent with the Constitution of the United States."
Thus the Bank of Manhattan Company was born. Its purpose was to compete with the Bank of New York, established by Burr's rival, Alexander Hamilton, which was until then the only commercial bank in the city. Many of the early predecessors of the current company used a similar means to get around state prohibitions and restrictions against lending institutions: New York Manufacturing Company became Manufacturers Hanover and New York Chemical Company became Chemical Bank. In 1955, the Bank of Manhattan Company merged with Chase National Bank to become Chase Manhattan Bank. In 1996, Chemical Bank took over Chase Manhattan Bank, keeping the Chase Manhattan name.
J. Pierpont Morgan and Anthony Drexel formed the JP Morgan side of the equation in 1871 as Drexel, Morgan & Co. It began as an institution that aided European investment in US interests, helping to drive the Industrial Revolution. It was the sale of stock for William Vanderbilt's New York Central Railroad that made JP Morgan's name, solidifying his reputation for raising capital and linking him forever with the railroad industry.
The term "Morganization" was coined when Morgan, never one to ignore opportunity when it knocked, began to buy up and restructure struggling railroad companies. He later turned his hand and money to financing mergers of many big US companies.
Morgan's son, JP "Jack" Morgan, Jr., then led the company in capitalizing on the First World War, making a record $50 million loan to the British and French Allies, and later through the sale of government war bonds after the United States entered the war. JP Morgan & Co. was among those who made reconstruction loans to a war-devastated Europe, which helped to establish New York City as a leading financial center. JP Morgan & Co merged with the Guaranty Trust Company of New York in 1959, operating under the name Morgan Guaranty Trust Company until 1988, when it returned to using the name JP Morgan & Co.
In its current incarnation, which came into being with the merger of Chase Manhattan Company and JP Morgan & Co in 2000, JP Morgan Chase has interests in over 50 countries, boasting clients which range from major global corporations to governments. Its business concerns include investment banking, asset management, card services, treasury and security services and commercial banking.
Since that time, it has also been subject to over $6 billion in fines and repayments due to mismanagement, fraud and deception, including $4.2 billion dollars in fines and reimbursements to investors resulting from the Enron scandal. In 2009, JP Morgan Chase settled with the SEC for $722 million to end an investigation into its part in a stock-swap scam that nearly bankrupted the largest county in Alabama. The latest scandal involves the admitted overcharging on mortgage loans and illegal foreclosure on the homes of active-duty military personnel stationed in Afghanistan. A class-action suit was filed against them and a $27 million settlement reached in January of 2011.