NOTHING NEW UNDER THE SUN (ALMOST)
6th February, 1901 : J Pierpont Morgan, already one of the largest steel owners in America, yesterday pulled off the biggest business deal ever when he bought up a billion dollars worth of mines and steel mills. Never one for competition, preferring secret co-operation between supposedly competing corporations, Morgan now has a virtual monopoly of the steel industry.
[And today its the banking Industry.
The famous industry tycoons of the guilded age, such as the Rockefellers, Morgans came upon a realisation; although there respective businesses were in Oil, Steel and Railroads, their businesses functioned similar to banks. The key to abnormal profits was monopolization of the banking industry and eventually the money supply…]