Morgan was a major financier and power broker at the beginning of the 20th century. Through his elaborate financing programs, he controlled numerous corporations including General Electric, AT&T and International Harvester – essentially “overseeing” the backbone of the American economy. In 1901, Morgan purchased Andrew Carnegie’s steel business and created U.S. Steel, which became the first billion-dollar corporation in the United States. He had the power to stop financial panics (which he did in 1907), powers that would later be assigned to the Federal Reserve System.