When US Steel floated in 1901 it brought 265 steel plants and 168,000 workers under a single corporate structure. Organised by J Pierpont Morgan, funding this corporate colossus involved a combination of $200 million in public share subscriptions, equity swaps, and the issue of mortgage bonds. Morgan’s reputation as an industry consolidator began with the merging of electric utility companies into what became General Electric in 1892. During the same decade Morgan was a robust acquirer of rail companies that were dubbed “Morgan’s Roads.”
Daily Archives: September 19, 2020
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Henry Ford grew up on a farm in Dearborn Michigan. It is true that he didn’t have the education of, say, Sam Walton of Wal-Mart who also grew up on a farm and was university educated. Henry Ford, however, was no less inquisitive than Sam Walton or Walt Disney who too up on a farm and completed several college courses. A voracious want to acquire knowledge is published characteristic of billionaires post the gilded age. That want to acquire knowledge should not automatically be confused with attaining formal educational qualifications.