Sublime

If Jackson had stood against the supposed evils of centralization, Warburg, more than anyone else, had recognized the weakness in stand-alone banking and crusaded to overcome the Jacksonian view.

Anthony Drexel, of the long-established Philadelphia banking family, changing the firm to Drexel, Morgan & Co., with the older man again named first.

Construction firms had not been willing to take on the risk associated with delays; instead, they put that risk on their clients. But Ivar understood a fundamental proposition about the allocation of risk: both parties to a deal can gain when the party in the best position to bear a risk takes on that risk. Construction firms, not clients, were in