Introduction
Summary of the book The House of Morgan by Ron Chernow. Before moving forward, let’s briefly explore the core idea of the book. Imagine opening a heavy door to a grand, candlelit hall where powerful whispers shape the fate of nations. Inside, well-dressed gentlemen exchange trusting glances and sealed documents. They deal not in trinkets but in entire railroads, industries, and war supplies. This world is where the House of Morgan began and thrived. Over generations, the Morgans built influence that stretched from humble beginnings to grand rescues, from quiet handshakes to international controversies. Their story weaves through restless American states, frantic stock exchanges, world wars, and bold experiments in banking. Money, debt, and reputation swirl together as they navigate shifting landscapes of politics, law, and public expectations. Each chapter unveils how one family’s firm hand and evolving strategies changed the shape of global finance. Step inside and discover how determination, vision, and adaptation forged a name that still resonates today.
Chapter 1: Unsteady Beginnings in a Turbulent World of Debt, Doubt, and Daring Financial Diplomacy .
In the early decades of the nineteenth century, the United States was a young and restless nation still proving its trustworthiness to a skeptical world. Across the Atlantic, London had become the grand stage for global finance, where powerful banking houses like Barings and the Rothschilds shaped international money flows. Yet, American states, hungry for growth, had borrowed heavily, leaving overseas creditors anxious about their reliability. Confidence in the young republic’s ability to repay was shaky. At this time, being an American banker in London was not just unusual—it required remarkable courage and tact. George Peabody, an ambitious Baltimore native, stepped forward to bridge these worlds. The air was heavy with doubt: could an American truly persuade European creditors that the United States would stand by its debts? Such a task required more than numbers. It demanded character, vision, and relentless belief.
George Peabody carried himself like a diplomatic envoy of American finance. He did not rely solely on smooth words; he backed his promises with personal sacrifice and honest dealings. When he arrived in London in the 1830s, he found a city where every handshake could open—or slam shut—endless opportunities. His first great challenge was Maryland’s debt crisis. Facing a chorus of distrustful investors who suspected American states might never settle their obligations, Peabody offered calm reassurances. He arranged detailed repayment plans, allowing European lenders to feel less exposed to risk. By doing this, he was not only rescuing Maryland’s reputation but also defending the entire nation’s financial integrity. Slowly, foreign bankers began to see Peabody as a trustworthy figure who might herald a new era. Through his perseverance, he chipped away at the sense that Americans were reckless and unreliable debtors.
Peabody’s efforts paid off in unexpected ways. He had started with modest origins, born into a humble family in Massachusetts, yet through sheer determination he secured influence in London’s tight financial circles. By 1837, he established his own merchant house in London, switching the old pattern. Previously, it was typical for London bankers to send representatives to the United States. Now, he had reversed this current, proving that an American firm based in London could thrive and guide the flow of capital. When American states defaulted in the 1840s—a crushing blow to national pride—Peabody again stepped forward. Tirelessly, he worked to maintain faith in American bonds, not just because it was his business, but because he believed in the young nation’s future. His persistence showed that trust, once broken, can be restored by those with the vision and will to mend it.
As Peabody’s wealth grew, so did his desire to shape the world beyond business. He became a generous philanthropist, funding libraries and institutions that enriched public life. Yet behind these charitable acts was a man who never flaunted lavish luxury. He remained somewhat of a mystery—quiet, disciplined, and unwavering in his principles. As he searched for the right successor, destiny paired him with Junius Spencer Morgan in 1854. This partnership wasn’t just a business deal; it was the seed from which the legendary House of Morgan would grow. While economic storms, such as the panic of 1857, tested their courage, these hardships became stepping stones to perfect their strategies. This was more than banking; it was about forging a financial empire that would anchor future generations. From these uncertain beginnings, the roots of a mighty dynasty began to spread.
Chapter 2: A Determined Father, a Sensitive Son, and the Shaping of a Mighty Financial Dynasty .
By the mid-nineteenth century, the Morgan name was on the cusp of greatness, and at its center stood Junius Spencer Morgan. Unlike dramatic tales of sudden wealth, the Morgans rose on a platform of careful, steady advancement. Junius was not a showy figure; he believed in restraint, quiet dignity, and a methodical approach. He expected excellence and honesty, setting standards that would guide future generations. His influence on the family was both subtle and firm. He demonstrated that maintaining a stable and dependable household mattered just as much as savvy investments. By the time his son, John Pierpont Morgan—known as Pierpont—came of age, the foundation for a formidable dynasty was set. Yet, would Pierpont embrace these values or resist the guiding hand of a father he both admired and sometimes struggled to understand?
Pierpont was introduced to the world with a distinct advantage: he grew up amid comfort, prestigious schooling, and opportunities few could dream of. Sent across Europe for education, he absorbed languages, cultures, and refined tastes. As a young financier, he learned the ropes during a time of great American upheaval—the Civil War era—where speculation was rampant. He proved clever in making money, seizing short-term chances even as the country was torn by conflict. But his private life was not always smooth. Tragedy struck when his beloved first wife, Amelia Sturgis, died young, leaving him devastated. Later, he found stability with his second wife, Frances Louisa Tracy, and gradually, personal heartbreak gave way to a calmer domestic existence. While the Morgans built wealth, their private sorrows reminded them that power and success could never fully shield them from life’s cruelties.
Junius’s influence over Pierpont extended beyond family dinners and stern lectures; it shaped his entire career. Partnering his son with Charles H. Dabney to form Dabney Morgan & Company offered Pierpont a proving ground. This arrangement taught him the Gentleman Banker’s Code—maintaining discretion, honoring trust, and eschewing flashy self-promotion. The Morgans believed that true influence lay not in boasting but in holding the quiet power to determine who received funds and at what cost. In an age when steel rails spread across the continent and massive factories sprouted, financiers like the Morgans were as important as industrial barons. They decided which businesses would rise, guiding railroads and heavy industries toward growth. Yet, they did so with an air of refined detachment, imposing terms that served their own cautious approach. This delicate balance of authority and restraint distinguished them from mere profiteers.
As the nineteenth century advanced, the Morgans’ understated style earned them a place among the world’s banking elite. They preferred solid clients and sound deals over reckless gambles. Their offices were quiet sanctums of order, far from the chaotic frenzy that some bankers stirred up. They took pride in stability, ensuring their clients understood that working with the Morgans meant reliability. People marveled at how such a reserved approach could wield so much influence. But the family knew that trust was the ultimate currency. Clients returned because the Morgans delivered results, often without ever making headlines. Junius taught Pierpont that power did not need to shout. In fact, it was more potent when it whispered—when it guided markets and governments gently but firmly. Through these lessons, Pierpont emerged well-equipped to guide the House of Morgan into a new era of global significance.
Chapter 3: One Man’s Moment: The 1907 Panic, Pierpont’s Firm Hand, and the Shaken American Banking Soul .
The year 1907 brought financial tremors that rattled the foundations of America’s markets. Stock prices wobbled and dipped, trust companies faced looming ruin, and ordinary citizens braced for calamity. A combination of factors led to this dread—tight money supply, public distrust fueled by President Roosevelt’s sharp words against wealthy financiers, and reckless speculation in copper and railway shares. In this moment of fear and uncertainty, John Pierpont Morgan stepped forward, a calm figure in a storm. At seventy, he had reached an age where many might retreat, but he instead chose to stand and coordinate a rescue. Could a single individual steady the nation’s teetering economy? The air crackled with tension as banks hesitated to lend, and stock traders rushed for the exits. The entire American financial system seemed ready to topple, and everyone was watching Pierpont’s next move.
J. P. Morgan’s strategy was clear: restore trust before panic turned into disaster. He gathered a handful of top bankers into his private library—an atmosphere of hushed voices and serious faces. They pooled their resources, assessed which institutions were too important to fail, and pledged capital to keep them afloat. Pierpont convinced the U.S. Treasury to inject funds, demonstrating that government and private financiers could cooperate in desperate times. By carefully directing cash to fragile trust companies, he prevented a domino effect of collapses. This crisis intervention resembled the role of a central bank, even though the United States had none at that moment. Observers marveled at how one banker effectively held the financial fate of a nation in his hands. His actions restored confidence almost overnight, and depositors, relieved, began to trust their banks once again.
Yet, not everyone admired this private heroism. Critics asked: Should a single individual wield such power without democratic checks and balances? Though Morgan acted to save the system, people worried it set a dangerous precedent. The 1907 crisis revealed glaring weaknesses in American finance. Trust companies, once considered helpful alternatives to big banks, were shown to be vulnerable when confidence vanished. The event called for deeper thinking about how to stabilize the economy. If a single magnate’s goodwill could save the day, what would happen if no such figure existed next time? These questions lingered, pressing for structural reform. Pierpont had patched a leaking ship, but the public now realized the hull had cracks. This near-disaster fueled momentum to create the Federal Reserve System in 1913, giving the United States a more reliable financial lifeboat for future storms.
In the aftermath of the 1907 panic, Pierpont Morgan’s image grew even larger, though he never bragged about his role. Instead, the event hardened his conviction that stability mattered above all else. He had done what he believed necessary, securing loans, managing bailouts, and placing his faith in the idea that honorable men could restore order. Meanwhile, whispers spread throughout the nation’s corridors of power—was this the moment that finally showed America it needed a central banking authority? Indeed, the Morgan intervention was a turning point. It heightened awareness that relying on a single titan’s rescue was risky. While Morgan and his associates exhaled in relief, lawmakers, businessmen, and citizens began laying the groundwork for a more structured financial overseer. Without Morgan’s decisive action, the panic might have tipped into a full-blown economic catastrophe. Yet his heroics also underscored the urgent need for reform.
Chapter 4: Guns, Loans, and Global Shifts: The House of Morgan Navigates the Fires of World War I .
In the summer of 1914, the world erupted into chaos. European nations lined up against each other, triggering the Great War—what we now call World War I. Suddenly, industrial armies needed ships, shells, horses, and rifles on an unimaginable scale. Before the shooting started, the financial stage was shifting. The United States had emerged as a creditor nation, as Europe’s troubles made it depend on American goods and loans. The House of Morgan, with its complex web of financial connections, found itself at the center of this storm. When Austria-Hungary declared war on Serbia, shockwaves rattled Wall Street. Fear that panicked investors would dump shares led bankers to shutter the New York Stock Exchange temporarily. By doing so, they stabilized markets and prevented a catastrophic capital flight. It was a daring move that highlighted the Morgans’ quick thinking and influence.
At first, the Morgans toyed with ideas of brokering peace, believing that their financial sway might calm warring nations. But these dreams quickly faded. The Allies—Britain, France, and later Italy—needed financing and equipment to resist the Central Powers. The Morgans stepped in to coordinate huge loans and manage supply purchases for the Allies. One early deal involved buying $12 million worth of horses, a seemingly small step that grew into a gigantic enterprise of war provisioning. Over time, the House of Morgan handled roughly half of America’s wartime supply sales to the Allies, amounting to billions. This was no ordinary commerce. The bankers had to navigate political sensitivities, ensure safe transport over dangerous seas, and maintain relationships with European allies who were desperate for support. The Morgans became conduits for turning American production into a massive arsenal feeding the Allied cause.
Such heavy involvement in the war drew praise and suspicion alike. Some Americans hailed the Morgans as heroes helping to defend freedom overseas. Others accused them of profiteering—making fortunes from bloodshed. The fact that the Morgans had deep historical ties to Britain and were closely aligned with English financial elites did not escape notice. Critics claimed their loyalty was to profits and old-world connections, not to neutral American interests. In the press, in Congress, and among ordinary citizens, debates flared: Was it patriotic or greedy to aid the Allies so lavishly? Did the Morgans push the United States closer to joining the war? While these questions simmered, the family pressed on, mindful that their reputation and fortunes were intertwined. They believed they were stabilizing global finance and supporting a cause they viewed as just, even as critics cried foul.
By the war’s end in 1918, the House of Morgan had secured a new position on the global stage. The United States emerged richer and more powerful, and the Morgans helped shape this transformation. Yet, as the celebratory confetti settled, the aftertaste was complex. The war had shifted economic power across the Atlantic, weakening London’s financial supremacy and strengthening New York’s. The Morgans had proven that private bankers could orchestrate massive international deals, steer enormous flows of capital, and influence world events. But they had also shown that private wealth and foreign entanglements could spark deep anxieties about national interests. As peace treaties were signed, the Morgan name stood for immense influence—both respected and resented. They had weathered the greatest storm modern warfare had yet unleashed, and from the experience, they gleaned lessons about balancing public image, private gain, and global responsibility.
Chapter 5: Shaken Foundations: The New Deal, Glass-Steagall, and the Reluctant Splitting of a Financial Empire (1933–1938) .
The early 1930s brought the Great Depression, a crisis so deep that it forced Americans to rethink nearly every aspect of their economy. Banks failed, unemployment soared, and trust in Wall Street vanished. In Washington, President Franklin D. Roosevelt’s New Deal programs aimed to restore stability and fairness. Among these reforms was the Glass-Steagall Act of 1933, a law that would hit the House of Morgan at its very core. Glass-Steagall divided commercial banking from investment banking, forbidding single firms from handling both. For the Morgans, masters of a broad financial empire, this was a bitter pill to swallow. They had long operated in a world with few restrictions, their power resting on personal connections and discretion. Now they had to choose: remain a deposit-taking bank or become an investment bank—and accept a strict firewall in their operations.
Before Glass-Steagall, the Morgans had resisted the new regulatory climate. They hoped the Securities Act of 1933 might be watered down or even repealed. But the political winds had changed. The public demanded greater transparency and accountability, forcing bankers to reveal more information about their deals. Gone was the old buyer beware principle. Now sellers, underwriters, and brokers had to disclose details to protect investors. This reversed a longtime tradition of secrecy that benefited firms like the Morgans. In 1934, as attempts to fight the reforms failed, the Morgans recognized they were facing a new world order. Their once ironclad confidence wavered, as partners felt disheartened. J. P. Jack Morgan Jr., who had led the firm after his father’s death, found himself unable to turn back the tide. The House of Morgan had to adapt or risk losing its prestige entirely.
In 1935, a crossroads emerged. The firm decided to keep J. P. Morgan & Co. as a commercial bank, handling deposits and loans. Simultaneously, they spun off Morgan Stanley as a separate investment banking entity. This decision was practical but painful. It meant splitting the proud House of Morgan into two distinct parts—like breaking a powerful machine into separate gears. From the outside, it looked like a forced retreat. From the inside, it was a strategic maneuver to preserve some influence. Morgan Stanley would carry forward the underwriting tradition, while J. P. Morgan & Co. focused on commercial banking. Across the Atlantic, their British arm, Morgan Grenfell, restructured as well, navigating the shifting ground in the United Kingdom. All these changes were attempts to protect their legacy, maintain loyal staff, and brace for a future where their old dominance could not return easily.
The New Deal reforms fundamentally altered the financial landscape. The age of gentle handshake deals and understated influence had ended. In its place stood a system of formal rules, government oversight, and public disclosures. The Morgans found themselves operating under brighter lights, with regulators and reporters watching closely. Their previous prestige could still earn them respect, but the days of absolute autonomy had slipped away. This shift forced them to learn new habits—embracing transparency, adhering to strict lines between their banking arms, and cooperating with agencies that once would have seemed like meddling intruders. Though it was painful, the restructuring also paved the way for future stability. Without these reforms, the American financial system might have remained dangerously fragile. The Morgans reluctantly discovered that sometimes surviving means bending rather than standing rigid against unstoppable currents of political and economic change.
Chapter 6: Quiet Power and Antitrust Battles: How Morgan Stanley Moved Through Post-War Challenges .
In the post-World War II era, Wall Street’s landscape looked different. Gone were the freewheeling days of the Gilded Age. Instead, stability and moderation ruled. Morgan Stanley, the firm born out of the forced separation from J. P. Morgan & Co., emerged as a leader in investment banking. Known for its select client roster, it quietly shaped corporate financing decisions and guided America’s top industrial giants. Large companies lined up to have Morgan Stanley handle their stock offerings or advise on mergers. This privileged club atmosphere allowed Morgan Stanley to operate with an air of exclusivity, which enhanced its reputation. They were not the loudest players, nor the most adventurous, but they were dependable and respected. Clients valued their careful approach and the sense that Morgan Stanley was a gatekeeper to sophisticated financial services.
Despite this favorable position, the investment banking world faced a test in the late 1940s and early 1950s. The U.S. Justice Department accused 17 major investment banks, including Morgan Stanley, of illegally colluding to monopolize underwriting. The lawsuit dragged on for years, putting the industry under a magnifying glass. Judge Harold Medina oversaw the trial, and everyone watched closely. If proven guilty, these firms could face drastic restrictions. But the trial concluded with a finding that the bankers had not broken antitrust laws. Still, the ordeal was a warning shot. It told banks like Morgan Stanley that they were not untouchable. Public scrutiny and legal challenges would follow them if they appeared to limit competition or manipulate markets. While they escaped punishment, the lesson was clear: adapt to a more transparent, fairer marketplace or risk reputational harm.
As the post-war years advanced, the relationships between investment banks and their clients began to change. No longer could firms rely solely on tradition and personal ties. The world was growing more complex, with new competitors and evolving corporate strategies. Morgan Stanley adapted by choosing clients carefully and maintaining conservative standards. They focused on big, stable corporations rather than chasing risky startups. This patience and deliberate selectivity helped them maintain a kind of silent authority over corporate America’s finances. Yet, they had to accept that the old simplicity was fading. Meanwhile, J. P. Morgan & Co., now separate, continued as a commercial bank, focusing on lending and other traditional services. The two halves of the Morgan legacy moved forward, sometimes cooperating indirectly, but mostly carving out their own niches under the watchful eye of regulators and public opinion.
The 1950s and 1960s tested whether elite investment banks could remain top dogs in a fast-changing economy. Morgan Stanley proved they could flourish by not straying too far from their principles. Their name remained a badge of quality. Yet, technological changes, political shifts, and an expanding global market would soon challenge their conservative approach. As the decades rolled by, companies began to demand more sophisticated financial products, and new firms tried to break into the investment banking sphere. Morgan Stanley’s careful approach would serve as both a shield and a limitation. While it protected them from sensational failures, it could also slow them from seizing new opportunities. In this balancing act, Morgan Stanley’s quiet power still loomed large, reminding everyone that the House of Morgan’s legacy was not just history—it continued to influence the ever-evolving financial landscape.
Chapter 7: The Reagan Revolution and the Frenzy of Deals: Morgan Stanley’s Aggressive New Face in the 1980s .
The 1980s ushered in a new wave of energy on Wall Street. President Ronald Reagan’s policies favored deregulation, tax cuts, and a pro-business ethos. Stock markets soared as America rediscovered its appetite for risk. Beneath the glamorous surface, however, the U.S. economy struggled to compete against rising powers like Japan and Europe. Investment bankers found new ways to profit—mergers, acquisitions, and leveraged buyouts—transforming the financial world into a battlefield of corporate conquests. Morgan Stanley, once the hallmark of measured conservatism, adapted to this climate with surprising eagerness. As younger executives took charge, the old genteel style gave way to a bold, profit-driven ethos. Relationship banking, where firms built long-term trust with clients, gave ground to deal-making that favored speed, aggressiveness, and massive paydays. It was a world in which quiet whispers turned into triumphant shouts.
Eric Gleacher, who led Morgan Stanley’s Mergers and Acquisitions Division, symbolized this shift. Instead of waiting for clients to request deals, he sought opportunities and pushed for aggressive takeovers. Morgan Stanley plunged into the swirling ocean of corporate battles, sometimes orchestrating deals that didn’t necessarily align with a company’s long-term interests. Instead, the aim was short-term gains, winning fees, and enjoying the status of completing headline-grabbing mergers. This was a marked departure from the older era, when bankers considered their long-term reputations with clients as more important than any single transaction. The 1980s demanded quick thinking and bold moves. Morgan Stanley embraced these tactics, profiting handsomely but also raising eyebrows. People wondered if the House of Morgan had abandoned some of its honorable roots to chase market hype and flashy victories.
One of the defining trends of the era was the leveraged buyout—using borrowed money to purchase companies, then making them pay back that debt. Morgan Stanley dove into this arena, partnering with clients who acquired companies by piling on loans and junk bonds. Although such deals could generate quick profits, they also saddled businesses with heavy debt burdens. This often meant painful restructuring—layoffs, asset sales, cost cutting—to keep interest payments flowing. Critics argued that this new Wall Street culture favored short-term gains over long-term stability. Did the Morgans’ heirs even care about the old virtues of careful stewardship anymore? Or was this simply the price of progress—a new kind of financial engineering that rewarded creativity and courage? As Morgan Stanley soared in profits, the public wondered if America’s capitalist core had grown too hungry for its own good.
By the end of the 1980s, Morgan Stanley’s transformation was unmistakable. The firm that once shunned unnecessary risk and prided itself on quiet influence now thrived on big deals, headlines, and daring strategies. The Reagan era’s relaxed rules allowed financial innovation to explode, but it also exposed the economy to greater dangers. Without careful oversight, speculation could run wild, fueling imbalances and future crises. The House of Morgan, in its new form, had adapted to remain at the forefront of finance. But in doing so, it had steered away from some of the old codes of discretion and patient stewardship. The legacy of trust and stability once championed by Junius and Pierpont Morgan had evolved into a modern quest for bigger profits and more dynamic deals. This raised an unsettling question: Could the spirit of careful guardianship ever return?
Chapter 8: Layers of Legacy, Winds of Change, and the Lessons That Still Shape Modern Finance .
As the twentieth century gave way to the twenty-first, the House of Morgan stood as both a memory and a living force. The name Morgan had spread across continents and shaped the very bones of global finance. Its history was layered—first the modest origins of George Peabody building trust for a young America, then the steady guidance of Junius Morgan instilling values of quiet strength, and later, Pierpont Morgan stepping forth as a financial hero in crisis. World War I found the Morgans at the center of colossal deals, while the Depression and New Deal forced them to break apart and retool. Post-war stability gave them room to breathe, yet the Reagan era demanded daring leaps into new financial frontiers. Each era left a mark, altering the firm’s character and reputation.
Over time, new competitors arose, and old lines blurred. Banks, investment firms, and innovative financial services challenged Morgan Stanley and J. P. Morgan & Co. Technological advances sped up trading, data analysis, and global connectivity. Deals could be arranged in seconds, and capital no longer respected national borders. The Morgans’ legacy was still visible in the way big banks conducted themselves, the way governments regulated finance, and the way markets responded to confidence and fear. Their story became a measuring stick for how great powers in finance rise, stumble, adapt, and endure. Even as modern financial institutions refined sophisticated instruments and sought new profit opportunities, they found themselves echoing old patterns—moments of brilliance and boldness, followed by calls for reform when things spun out of control.
Wealth, influence, and adaptation defined the House of Morgan from its earliest days. The family and its successor firms learned that good times never last forever and crises always lurk around the corner. From the panics of the nineteenth century to the uncertainty of the Cold War world, and later to the mania of the 1980s, the Morgans navigated shifting landscapes. They forged alliances, overcame regulatory hurdles, and sometimes reinvented themselves to survive. This adaptability helped them remain relevant through centuries of change. Looking back, one cannot ignore the contradictions: a clan famous for dignified restraint eventually embracing aggressive deals, a dynasty that once symbolized trust becoming involved in questionable tactics. It was all part of the ongoing struggle to align principles with profit in a world that constantly changed its rules.
Today, the Morgan legacy lives on in brand names, institutional cultures, and financial regulations that still reflect lessons learned long ago. The influence of the House of Morgan reminds us that finance is not merely about numbers; it is about trust, character, risk, and resilience. It teaches us that when unchecked ambition rushes ahead, society eventually demands the guardrails of reform. The Morgan story is a testament to how banking dynasties are woven into the fabric of nations, shaping policies, economies, and even wars. Their evolution from measured guardians of capital to daring masters of deals mirrors the broader journey of global finance itself. As we move further into the uncertain future, understanding their past can guide us. The House of Morgan’s saga reveals that true power lies not only in wealth, but also in the ability to change and learn.
All about the Book
Delve into ‘The House of Morgan, ‘ a riveting chronicle of America’s financial empire, exploring its history, key players, and the impact of Wall Street on society, investment, and global economies through engaging storytelling by Ron Chernow.
Ron Chernow is an acclaimed historian and biographer, celebrated for his compelling narratives and extensive research, bringing history to life through his bestselling works that illuminate America’s past.
Financial Analysts, Investors, Economists, Historians, Business Students
Reading business history, Investing, Economic analysis, Collecting historical documents, Studying finance
Wealth inequality, Financial crises, Impact of banking on the economy, Historical influence of American business
The true test of a civilization’s prosperity is not how much wealth it accumulates, but how it wisely distributes it.
Warren Buffett, Michael Bloomberg, Barack Obama
George Washington Award, Mark Lynton History Prize, New York Times Best Seller
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