„The first thing [in credit] is character … before money or anything else. Money cannot buy it.… A man I do not trust could not get money from me on all the bonds in Christendom. I think that is the fundamental basis of business.“
— J. P. Morgan
Testimony to the Pujo Committee (1912) Untermyer: Is not commercial credit based primarily upon money or property? Morgan: No, sir; the first thing is character.