Banking-Power

U.S. Steel Corporation Formed - First Billion-Dollar Corporation in History

1901-02-25 00:00:00 +0000 UTC | Importance: 10/10

On February 25, 1901, J.P. Morgan incorporated the United States Steel Corporation with an authorized capitalization of $1.4 billion, creating the first billion-dollar corporation in history by purchasing Andrew Carnegie’s steel empire for approximately $480 million and consolidating it with …

J.P. Morgan Andrew Carnegie Charles Schwab U.S. Steel Corporation Carnegie Steel Company corporate-consolidation monopoly banking-power steel-industry gilded-age

First Bank of the United States Establishes Financial Elite Capture Pattern

1791-02-25 00:00:00 +0000 UTC | Importance: 8/10

President George Washington signs legislation creating the First Bank of the United States, establishing a national bank chartered for twenty years despite fierce constitutional opposition from Thomas Jefferson and James Madison. Treasury Secretary Alexander Hamilton’s proposal creates an …

Alexander Hamilton Thomas Jefferson James Madison George Washington U.S. Congress institutional-capture financial-system constitutional-conflict elite-corruption banking-power