In Wall Street, Banks, and American Foreign Policy, Rothbard presents the idea that Theodore Roosevelt was a major backer of J.P. Morgan. However, how is this reconciled with the Northern Securities Case, an antitrust lawsuit directed at the Morgan-controlled Northern Securities Company?
A case can go to the Supreme Court without the authority of the President. I don’t know how much you’ve read into it, but Roosevelt probably tried to stop it from happening.
It may have been a distraction from the big case supported by the Teddy administration which was the anti-trust case against Standard Oil. After the case, the Rockfellers, and JP Morgan and his minions (JP Morgan was still alive) teamed up to conspire with the Wilson administration to mount the second to the worst attack on individual freedom and US Federalism (The first was the support for slavery in the Constitution.) in the creation of the Federal Reserve and institution of the direct election of senators.
How badly did it hurt Morgan? It could have just been a sacrifice to make antitrust look legit.