Quote by Ron Chernow

If you go back to the time of J.P. Morgan, the world of high finance was completely wholesale. The prestigious investment banks on Wall Street appealed exclusively to large corporations, governments, and to extremely wealthy individuals.

If you go back to the time of J.P. Morgan, the world of high

Summary

This quote highlights the stark contrast in the financial landscape during the era of J.P. Morgan. It suggests that the realm of high finance was primarily focused on catering to big entities like large corporations and governments, as well as affluent individuals. The investment banks on Wall Street were seen as exclusive institutions that primarily operated on a wholesale basis, dealing with large-scale financial transactions. This explanation emphasizes the limited accessibility and target audience of prestigious investment banks during J.P. Morgan's time.

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