The Gentleman Banker's Code prohibited the raiding of customers. It was thought not only bad form, but dangerous. J. P. Morgan and Kuhn, Loeb feared that if they competed for each other's clients, they would destroy each other in bloody, internecine battles.
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In addition, common stock issues accounted for a mere 3 percent of Morgan-sponsored securities. Since the chief damage of the 1920s would be done by stock manipulation, the House of Morgan was spared involvement in some of the worst excesses.
J. P. Morgan and Company engaged almost solely in a wholesale bond and banking business.
引自第305页Lefingwell subscribed to the cheap-money theory of the crash; that is, he blamed excessively low interest rates for the speculation in stock. In 1927, Monty Norman had visited New York and asked Ben Strong for lower interest rates to take pressure off the pound. Strong obliged by lowering his discount rate. Leffingwell believed this had triggered the stock market boom.引自第313页
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