J.P. Morgan Takes on Quiznos

This morning I heard a headline on the news, radio station I was listening to. J.P. Morgan is becoming a Quiznos partner. (I found the article in the New York Times so I had a reference.) On Monday, March 20, 2006 J.P. Morgan’s Partners LLC said it would share ownership with the fast growing sandwich company. Quiznos Chairman and Chief Executive said that this is just what Quiznos needs to move to the next level. As of December 31, 2006, J.P. Morgan Partners had about $10 billion in capital under management, which shows it was a smart move to allow the company to join Quiznos.

John Pierpont Morgan began his career in 1857 as an accountant and worked for several banking firms. In 1871, he became a partner in Drexel, Morgan and Company. Morgan reorganized railroads in 1885 and became a board member. This position helped him to gain massive amounts of stock. In 1896 he began to embark on a steel and electric company. In 1901, he founded U.S. Steel, the world’s first billion-dollar corporation. By the 1900s, J.P. Morgan became very powerful and controlled a large portion of the economy. Many critics would call him a Robber Baron, while others refer to him as a Captain of Industry.