Ron Chernow Quote
As a lender of last resort, the House of Morgan favored like-minded institutions of similar character and background. Kidder, Peabody was just such a firm. It didn’t hustle business or steal clients and always played by Morgan rules. In 1930, it was hit by multiple blows. The Italian government removed $8 million in deposits, and the new Bank for International Settlements instructed Kidder to switch big sums to a Swiss bank. This led to another rescue at Jack Morgan’s home, chaired by George Whitney, who had started his career as a Kidder clerk. The House of Morgan arranged a $10-million line of credit. Under Whitney’s tutelage, the old Kidder, Peabody was folded.
As a lender of last resort, the House of Morgan favored like-minded institutions of similar character and background. Kidder, Peabody was just such a firm. It didn’t hustle business or steal clients and always played by Morgan rules. In 1930, it was hit by multiple blows. The Italian government removed $8 million in deposits, and the new Bank for International Settlements instructed Kidder to switch big sums to a Swiss bank. This led to another rescue at Jack Morgan’s home, chaired by George Whitney, who had started his career as a Kidder clerk. The House of Morgan arranged a $10-million line of credit. Under Whitney’s tutelage, the old Kidder, Peabody was folded.
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