JP Morgan Becomes Allied War Financier: $3 Billion in Loans and Munitions Contracts, Abandons Neutrality for Profit

In August 1914, as World War I erupted in Europe, JP Morgan & Co. approached the U.S. government about making loans to the French Government and the Rothschilds. Despite Secretary of State William Jennings Bryan’s principled position that “loans by American bankers to any foreign …