Category Archives: Finance

The history of Chase

JP Morgan Chase Bank was formed when JP Morgan and Chase Manhattan  Bank came together in 1955. Well one half of the bank Manhattan Company started in 1799. The company got its start providing water for NY. The founder of the bank Aaron Burr(the one who shot and killed Alexander Hamilition) had a clause written in the charter of the company that allowed it to use its extra cash for banking purposes. On a side note Burr’s main competitor for banking in New York was Alexander Hamilition Bank of New York.

JP Morgan bank began in 1854 when Junius S. Morgan and George Peabody & Co. started Peabody Morgan and Co. The company started off in government bonds and foreign exchange. The company later secured a contract with the bank of England, to underwrite war bonds for the UK, and France. Read more about the history of JP Morgan Chase Bank. Click the link.

The History of Wells Fargo Bank

Henry Wells and William G. Fargo started Wells Fargo during the same time as the gold rush in California. They faced a lot of competition but pushed on and preserved in spite of the circumstances. They also helped get other companies off the ground. when Fargo and Wells told the company that they worked for that they should expand into California they laughed at them and told them it was too competitive. So they started their own company. One reason they were success in the early years of the company was because they were well capitalized and kept lots of cash on hand. At one time they lost 33 percent of all the money they had due to losses, others banks crashed and burned and Wells and Fargo kept going. Well enjoy reading about the History of Wells & Fargo Bank. Click the link.

The History of Home Depot

The Home Depot was founded by Bernard Marcus, Arthur Blank, Ron Brill, and Pat Farrah in 1978. A friend of theirs was a banker and helped them secure financing for the venture…and the rest is history. So Home depot is still a relatively young company, its only about 36 years old. So age doesn’t matter with business or ideas I see. Enjoy.

http://en.wikipedia.org/wiki/The_Home_Depot