How the Morgans became an American banking dynasty

Once modern-day Medicis, the Morgans were the bluest of blue-blooded banking dynasties. A century after the death of its legendary patriarch, the family name still carries prestige.

When the US was hit with a financial crisis in 1907, there was no Federal Reserve to act as lender of last resort to stem the crisis. But while a central bank didn't exist as such, that doesn't mean it didn't have a central banker.

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