It was from Pecora's hearings that many of the standards and regulations affecting the financial industry emerged, and continue to govern the way the 'street' does business today. It was also the time of the Glass-Steagall Act.

The roaring twenties gave way to the Depression Era of the 1930's and still J.P. Morgan bore the standard for financial firms on Wall Street. The firm was the first one to be investigated in an attempt to discover what caused the 1929 stock market crash. In 1933, J.P.'s son 'Jack' was called before a Congressional hearing to testify on the bank's behalf. He told the Senators there "If I may be permitted to speak…I should state that at all times the idea of doing only first-class business, and that in a first-class way, has been before our minds" (The History, pg. 13).

With the enactment of the Glass-Steagall act of 1933, Morgan...
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