The crypto crash resembles the Panic of 1907, with Sam Bankman-Fried in the role of J.P. Morgan
Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations. During the 19th and early 20th centuries, in an era before government bailouts became de rigueur, private banks and even some individual citizens had enough financial resources and influence to step into financial panics to calm markets. They were often the only lender of last resort. Cornelius Vanderbilt stepped in to quell the Panic of 1873, rescuing a few troubled railroads (and becoming the undisputed titan of the industry as a result). Vanderbilt became so powerful that his mere presence strolling down Wall Street could provide brokers the confidence they needed to buy stocks.