America 1919

Chapter 1584 579: The Inevitable Split of Morgan

The hearing of Jack Morgan lasted for several days.

During this time, not only did Jack Morgan undergo questioning, but all of Morgan's partners were also questioned.

For example, George Whitney, Jack Morgan's confidant.

It was also found that George Whitney received a gift from a certain company, amounting to 229,000 US Dollars!

Even at the end of the hearing, legal evidence of Morgan's guilt was still lacking.

However, it is undeniable that this hearing brought Morgan down from the altar.

People believed that a company comprised of the world's most famous and powerful bankers shouldn't face such situations.

At a golf course in Washington, Jack Morgan fiercely struck the golf ball.

"Dear Morgan, I don't think you're playing golf; you're hitting Ferdinand Pecora's head."

Donnie laughed from the side.

Jack Morgan said somewhat angrily: "If it was Ferdinand Pecora's head, I would swing even harder!"

Jack Morgan was a traditional New Englander, proud and conservative.

But the recent hearings made Jack Morgan feel like a clown.

He was extremely angry about Ferdinand Pecora's attitude at the hearing.

Likewise, he was utterly disillusioned with the new government.

"Had I known Franklin Roosevelt would take such an attitude, I wouldn't have voted in favor of his joining the Tarot Society back then!"

At this moment, Jack Morgan was also somewhat angry with Donnie.

It was Donnie who introduced Franklin Roosevelt to the Tarot Society.

But now that Franklin Roosevelt, after moving into the White House, had turned against Morgan, it made Jack Morgan increasingly angry!

Donnie could sense Jack Morgan's anger, but he decided not to concern himself with these minutiae, knowing that if he were in Jack Morgan's situation, he would be even angrier.

"But if someone else moved into the White House, perhaps this person wouldn't allow Morgan to end the whole matter this way!"

Although the hearing yielded no result for Morgan,

everyone knew Morgan's matter wasn't over yet.

They all understood that this was just the beginning.

Such analysis is a conclusion ordinary people can draw.

But for Donnie, he already knew more details.

Soon, Franklin Roosevelt's close friend, the senator from Virginia, Glas Steagall, would propose a law targeting Morgan or perhaps the entire banking industry.

History would also call this act the Glass-Steagall Act!

Banks could either engage in deposit banking or securities trading, but not both simultaneously.

The Morgan Consortium must decide whether to conduct deposit banking or investment banking.

Donnie knew about this law, and Jack Morgan knew about this law.

"Is there still room to salvage this matter?"

Jack Morgan bent down to place the golf ball, then looked up at Donnie with some anticipation in his eyes.

Although Jack Morgan didn't want to admit it, he had to acknowledge that if anyone could play a decisive role in this matter, it would be Donnie!

Unfortunately, Donnie shook his head, dashing Jack Morgan's hope.

"Back when Herbert Hoover signed the 'Smoot-Hawley Tariff Act,' I tried several times to stop it.

But it still didn't succeed.

And that person was Herbert Hoover!"

Though Donnie didn't give a specific response, Jack Morgan already understood.

The "Glass-Steagall Act" was Franklin Roosevelt's explanation to the public for his presidency.

Under such circumstances, the only thing that could make him abandon this act was one possibility!

If Franklin Roosevelt suddenly went to meet God!

Jack Morgan didn't care whether Franklin Roosevelt went to meet God, but he was well aware of the great cost involved.

"Since there's no changing the other party's mind, we can only seek solutions on our side!"

Jack Morgan murmured.

Donnie nodded and said, "It seems inevitable that Morgan will split!"

Jack Morgan had also discussed this matter with Donnie recently.

While Jack Morgan harbored some resentment towards Donnie, he also knew very well that if anyone in the world were qualified to discuss this with him,

it would definitely be Donnie Block!

Moreover, previously, they had already discussed the breakup process of the new Standard Oil of the Rockefeller Family.

Many believed the breakup of the new Standard Oil stifled the development of the Rockefeller Family.

But in reality, the breakup didn't weaken the Rockefeller Family's power; instead, it distributed their business, allowing for diversified development.

As a result, the Rockefeller Family became more low-key, but their family's strength grew even more formidable.

"This matter still needs discussion with those partners!"

Jack Morgan sighed.

At this time, he was extremely envious of Donnie, envious of Venus Bank.

Now, the scale of Venus Bank surpassed Morgan, but indeed Donnie's word at Venus Bank was akin to an emperor's command.

Everyone developed Venus Bank centered around Donnie.

Internally, Morgan had senior partners and partners, and each of them had their own interests at heart.