by Ron Chernow ‧ RELEASE DATE: March 20, 1990
A brilliant, generation-spanning history of the Morgan banking empire, which offers a wealth of social and political as well as economic perspectives. Whereas most annalists leave off with the 1913 death of John Pierpont, Chernow (a former staff member at the Twentieth Century Fund) delivers a start-to-present chronicle, tracing the Morgan dynasty from the mid-19th century—when founding father Junius Spencer left New England to assume control of a London-based merchant bank—through 1987's traumatic stock-market break. To a significant extent, moreover, the narrative lives up to the subtitle's promise to track the development of latter-day finance. The House of Morgan, Chernow shows, spawned consequential enterprises on both sides of the Atlantic. Over the years, however, legislation (notably, the Glass-Steagall Act), wars, and other factors severed the ties that once bound them. Together or on their own, Morgan firms have been involved in remarkable ventures, escapades, and scandals. To illustrate, Chernow recounts how Pierpont organized major industrial corporations like AT&T, GE, and US Steel, also engineering celebrated "rescues" of the US Treasury in 1895 and 1907. His successors financed the Allies during WW I and then survived Wall Street's 1929 Crash. Between the wars, the author reveals, Morgan partners (in addition to more conventional clients) treated with Japanese militarists, Nazi bankers, Mexican dictators, and Italian fascists. With relationships an increasingly less important factor after WW II, Chernow documents how Morgan entities shifted gears to compete for business in an era marked by negotiated commissions, shelf registrations, and violent swings in interest rates. By way of example, he shows how Morgan Stanley, once an above-the-battle investment bank, pioneered hostile takeovers. Its UK counterpart, Morgan Grenfell, followed suit, only to come a cropper in a bid-rigging scheme for Guiness. In the meantime, Morgan Guaranty succumbed to the lure of seemingly easy money from LDC loans and M&A work. Chernow captures and records investment and commercial banking's fitful evolution from a time when institutions relied more on personal character and credit than on collateral to an era of casino capitalism in which tradition plays no part to speak of. He does so in lively, definitive fashion that could make his exhaustively documented account the standard reference for specialists as well as lay readers. The lengthy (771-page) text has over 80 photographs (not seen).
Pub Date: March 20, 1990
ISBN: 0802144659
Page Count: 1165
Publisher: Atlantic Monthly
Review Posted Online: Nov. 2, 2011
Kirkus Reviews Issue: Feb. 15, 1990
Share your opinion of this book
More by Ron Chernow
BOOK REVIEW
by Ron Chernow
BOOK REVIEW
by Ron Chernow
BOOK REVIEW
by Ron Chernow
by Robert Greene ‧ RELEASE DATE: Sept. 1, 1998
If the authors are serious, this is a silly, distasteful book. If they are not, it’s a brilliant satire.
The authors have created a sort of anti-Book of Virtues in this encyclopedic compendium of the ways and means of power.
Everyone wants power and everyone is in a constant duplicitous game to gain more power at the expense of others, according to Greene, a screenwriter and former editor at Esquire (Elffers, a book packager, designed the volume, with its attractive marginalia). We live today as courtiers once did in royal courts: we must appear civil while attempting to crush all those around us. This power game can be played well or poorly, and in these 48 laws culled from the history and wisdom of the world’s greatest power players are the rules that must be followed to win. These laws boil down to being as ruthless, selfish, manipulative, and deceitful as possible. Each law, however, gets its own chapter: “Conceal Your Intentions,” “Always Say Less Than Necessary,” “Pose as a Friend, Work as a Spy,” and so on. Each chapter is conveniently broken down into sections on what happened to those who transgressed or observed the particular law, the key elements in this law, and ways to defensively reverse this law when it’s used against you. Quotations in the margins amplify the lesson being taught. While compelling in the way an auto accident might be, the book is simply nonsense. Rules often contradict each other. We are told, for instance, to “be conspicuous at all cost,” then told to “behave like others.” More seriously, Greene never really defines “power,” and he merely asserts, rather than offers evidence for, the Hobbesian world of all against all in which he insists we live. The world may be like this at times, but often it isn’t. To ask why this is so would be a far more useful project.
If the authors are serious, this is a silly, distasteful book. If they are not, it’s a brilliant satire.Pub Date: Sept. 1, 1998
ISBN: 0-670-88146-5
Page Count: 430
Publisher: Viking
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: July 15, 1998
Share your opinion of this book
More About This Book
BOOK TO SCREEN
by Chris Gardner with Quincy Troupe ‧ RELEASE DATE: June 1, 2006
Well-told and admonitory.
Young-rags-to-mature-riches memoir by broker and motivational speaker Gardner.
Born and raised in the Milwaukee ghetto, the author pulled himself up from considerable disadvantage. He was fatherless, and his adored mother wasn’t always around; once, as a child, he spied her at a family funeral accompanied by a prison guard. When beautiful, evanescent Moms was there, Chris also had to deal with Freddie “I ain’t your goddamn daddy!” Triplett, one of the meanest stepfathers in recent literature. Chris did “the dozens” with the homies, boosted a bit and in the course of youthful adventure was raped. His heroes were Miles Davis, James Brown and Muhammad Ali. Meanwhile, at the behest of Moms, he developed a fondness for reading. He joined the Navy and became a medic (preparing badass Marines for proctology), and a proficient lab technician. Moving up in San Francisco, married and then divorced, he sold medical supplies. He was recruited as a trainee at Dean Witter just around the time he became a homeless single father. All his belongings in a shopping cart, Gardner sometimes slept with his young son at the office (apparently undiscovered by the night cleaning crew). The two also frequently bedded down in a public restroom. After Gardner’s talents were finally appreciated by the firm of Bear Stearns, his American Dream became real. He got the cool duds, hot car and fine ladies so coveted from afar back in the day. He even had a meeting with Nelson Mandela. Through it all, he remained a prideful parent. His own no-daddy blues are gone now.
Well-told and admonitory.Pub Date: June 1, 2006
ISBN: 0-06-074486-3
Page Count: 320
Publisher: Amistad/HarperCollins
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: March 15, 2006
Share your opinion of this book
© Copyright 2024 Kirkus Media LLC. All Rights Reserved.
Hey there, book lover.
We’re glad you found a book that interests you!
We can’t wait for you to join Kirkus!
It’s free and takes less than 10 seconds!
Already have an account? Log in.
OR
Sign in with GoogleTrouble signing in? Retrieve credentials.
Welcome Back!
OR
Sign in with GoogleTrouble signing in? Retrieve credentials.
Don’t fret. We’ll find you.