J.P. (Pierpont) Morgan and his underlings essentially started World War I, reaping huge profits from the death of every American, British, French, and German soldier. Pierpont Morgan's New Haven railroad was about to go bankrupt when hostilities in Europe broke out. Morgan first convinced US President Woodrow Wilson to allow his companies to make loans to France to finance its war effort. Morgan then convinced the British and French governments to name him essentially the sole purchasing agent for the $3 billion to be spent on war materiel. This netted the J.P. Morgan company $30 million in commissions.
Pierpont directed the contracts--and profits--to Morgan-connected companies: Banker's Trust, Bethlehem Steel, Du Pont, United States Steel, Morgan-Guggenheim Utah Copper Company, and International Harvester. However, by 1917, the Allies had been brought to their knees and the J.P. Morgan interests were in deep trouble. The Allies owed Morgan and other US corporations $1.5 billion. All these loans would go bad if the United States did not enter the war. American Ambassador to Britain Walter Hines wrote to President Wilson that "Unless we go to war with Germany, our Government, of course, cannot make such a direct grant of credit . . ." to France and Britain. Within four weeks, President Wilson asked Congress for a declaration of war--and J.P. Morgan was saved.