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512 pages, Paperback
First published May 1, 1990
[Tom Sr.] greeted Roosevelt and said, "Mr. President, I'm here to tell you that the people in New York think you're going too far with regulation. Business should be well regulated, but we also believe it should be well treated. If you go much further, you will decimate what little there is left of business, and we'll end up with nothing."
Roosevelt shook his head and said, "Look here, Tom. You go back and tell your banker and businessman friends that I don't have time to worry about their future. I am trying to save this great nation. I think I am going to be successful. If I am successful, I'll save them along with everyone else."
These words turned Dad around completely. He saw the monumental job Roosevelt had on his hands and wanted to help. It was the last time Dad ever spoke for the conservative side. He used to tell me: "The average businessman's opinion of what is right for the country is almost always wrong."
It was 1901, right after Morgan organized U.S. Steel and talked [young Charles] Schwab into taking the top job. Schwab went to Paris to blow off steam, and stories about his hell-raising soon filtered back across the ocean. When he got back to New York, Morgan called him into his office and told him to stop acting like a fool.
Schwab said, "Mr. Morgan, you're being unfair. You know perfectly well I'm not doing anything you don't do yourself, except that you do it behind closed doors."
"Mr. Schwab, that is what doors are for," said Morgan.