used to hit labor while JP Morgan told gov't it couldn't break up one of his financial trusts because it would destroy the economy.
I'll try to find the reference.
edit: Gustave Meyers, History of the Great American Fortunes (copyright 1910 & 1936)
CHAPTER XII
MORGAN AS “THE SAVIOR OF THE NATION”
In the difficult financial position of the Trust Company of America, the Morgan and Rockefeller interests, working in unison, saw their great opportunity of eliminating the competition of the Tennessee Coal and Iron Company. To prevent itself going into bankruptcy, the Trust Company of America needed large and immediate amounts of cash, which was scarce. Morgan and his clique had the cash. The condition insisted upon by Morgan was that the company should sell him the stock of the Tennessee Coal and Iron Company that it was holding as collateral for loans. Hard pressed, the Trust Company had to yield, and sell the stock at the low price offered. The next move was to make the Tennessee Coal and Iron Company a part of the Steel Trust.
There was, however, an obstacle. The Federal antitrust law prohibited such combinations. How could this situation be overcome ? President Roosevelt was incessantly and gustily threatening the great magnates with the enforcement of this law. But apparently Morgan knew Roosevelt much better than the country knew him. He undoubtedly reckoned that Roosevelt’s talk was mere words, and that Roosevelt would prove his subservience anew in acts.
The report went that Morgan, through emissaries sent to the White House, informed Roosevelt that unless the merger of the two steel companies was allowed by the Government, the Trust Company of America would go down in failure, causing a train of other bankruptcies, and the panic would be manifold intensified. Whatever were the reasons for Roosevelt’s submission, he gave his consent. At that very time the courts were enforcing the anti-trust law with a construction that no one had dreamed of when the law was passed. The eminent judges discovered that labor unions were trusts, and issued writs against them on the ground that they were conspiracies in defiance of that law ! Roosevelt was bitterly denounced ;6 his action, however, mattered little so far as the merging of the two corporations was concerned ; had not the Steel Trust obtained control at that particular time it would have inevitably done so at some other time, and by another process.7 According to disclosures before the Senate Committee on judiciary, the Steel Trust made a profit of $670,000,000 by forcing the Trust Company of America to sell the control of the enormously valuable plants and mines of the Tennessee Coal and Iron Company at a preposterously low price.
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