162k views
1 vote
Which of the following were NOT created, directly or indirectly, as a result of J.P. Morgan's influence in the U.S.'s financial markets?

Standard Oil (Standard Oil Company)

G.E. (General Electric Company)

Federal Reserve (The Federal Reserve System)

AT&T (American Telephone and Telegraph)

U.S. Steel (United States Steel Corporation)

User Sergey D
by
7.3k points

1 Answer

5 votes

Final answer:

The Federal Reserve System was not created as a result of J.P. Morgan's influence; instead, Morgan was key in forming General Electric and U.S. Steel, while Standard Oil and AT&T were not directly associated with him. The correct answer is option: Federal Reserve System.

Step-by-step explanation:

Among the options provided, the Federal Reserve System was not created as a direct or indirect result of J.P. Morgan's influence in the U.S.'s financial markets. J.P. Morgan was instrumental in the establishment of key corporations such as General Electric (G.E.) and U.S. Steel Corporation through his investment banking firm. John D.

Rockefeller founded Standard Oil through the trust system and American Telephone and Telegraph (AT&T) evolved independently of Morgan's direct financial dealings. The Federal Reserve, however, was established by the Federal Reserve Act of 1913, primarily in response to a series of financial panics, notably the Panic of 1907, to which Morgan's financial actions were a response but not the cause of its creation.

User Mindmatters
by
8.8k points