Chernow states that the "Gentleman's code (was) of absolute loyalty to one's client"; the House of Morgan took this code to the extreme. Although Chernow outlines a number of cases when the House of Morgan overstepped the bounds of reasonable behavior I shall use one sovereign and one individual example of their loyalty; Italy and the Van Sweringen brothers. The House of Morgan actively supported Mussolini, the black shirt terror that killed a hundred people in 1921 was conveniently over looked, and despite escalation of violence during the 1924 election campaign Lamont seemed oblivious to these grisly developments when he visited Italy in 1925. Instead of voicing his concerns Lamont coached Mussolini in how to appeal to Anglo-American opinion in Oct 1925, despite Ben Strong stating of Mussolini "I should imagine that he would not hesitate to cut off a man's head instantly if he failed to deliver what was expected of him", not an obvious feature of a man of character. Chernow makes clear that Morgan intelligence kept Lamont well informed of events within Italy and that he was inwardly disturbed by Mussolini's actions, however Lamont continued to aid Mussolini. Even after the invasion of Ethiopia, when 500,000 Ethiopians were killed, Lamont wrote to defend Mussolini's actions, an act Chernow says "again reveals his (Lamont's) willingness to renounce principle for convenience". .
Although lending was based on character it seems that even if the House of Morgan made a mistake it felt bound by the moral responsibility to the client Pierpont talked of at the Pujo hearings. More so than the criteria used to grant credit, the support given to Mussolini, a man who clearly was not of a good character or even trustworthy shows the contradiction that ran through the House of Morgan; if they granted credit to an unworthy party they stuck by them. .
One might have thought that the House of Morgan continued to aid Mussolini due to the profitability of their dealings with him, and that in normal circumstances they would not consider supporting a character such as he.