 Although Morgan was briefly seen as a hero , widespread fears concerning plutocracy and concentrated wealth soon eroded this view . Morgan 's bank had survived , but the trust companies that were a growing rival to traditional banks were badly damaged . Some analysts believed that the panic had been engineered to damage confidence in trust companies so that banks would benefit . Others believed Morgan took advantage of the panic to allow his U.S. Steel company to acquire TC & I. Although Morgan lost $ 21 million in the panic , and the significance of the role he played in staving off worse disaster is undisputed , he also became the focus of intense scrutiny and criticism . 
