j.p.morganandu.s.steel_

Meanwhile, J.P. Morgan took Carnegie’s holdings, added others, and launched the United States Steel Corporation in 1901, a company that became the world’s first billion-dollar corporation (it was capitalized at 1.4 billion). J.P. Morgan also placed his own men on the boards of directors of other rival competitors to gain influence there and reduce competition, a process called interlocking directorates. A man generally has two reasons for doing a thing. One that sounds good, and a real one. Mr. Morgan.