John Pierpont Morgan was born into a wealthy family and received his education at the University of Göttingen, but he made money through several endeavors, namely the railroads, steel and the selling of government bonds. He saved the government from economic disaster on a couple of occasions.
J. P. Morgan began his career in a New York City bank. Unwilling to sit back and enjoy his family's wealth, he became proactive in becoming a financial success in his own right. He formed companies in a number of areas, and he invested in railroads, a decision that proved advantageous for him and the railroad companies he helped finance. He merged his steel company, the Federal Steel Company, with others and established the United States Steel Corporation. He made a tremendous amount of money in this industry. Despite his willingness to bail out the government on two occasions and the successful implementation of both efforts, the government seemed to turn on Morgan in later years. He was investigated for the creation of monopolies in 1912, and his steel company had to give up its monopoly. The government also declared his railroad company in violation of antitrust law. Morgan left America to live in Europe afterward.