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"For anyone interested in the world behind the business-page headlines, this is the book to read." --Publishers Weekly
With the same breadth of vision and narrative élan he brought to his monumental biographies of the great financiers, Ron Chernow examines the forces that made dynasties like the Morgans, the Warburgs, and the Rothschilds the financial arbiters of the early twentieth century and then rendered them virtually obsolete by the century's end.
As he traces the shifting balance of power among investors, borrowers, and bankers, Chernow evokes both the grand theater of capital and the personal dramas of its most fascinating protagonists. Here is Siegmund Warburg, who dropped a client in the heat of a takeover deal because the man wore monogrammed shirt cuffs, as well as the imperious J. P. Morgan, who, when faced with a federal antitrust suit, admonished Theodore Roosevelt to "send your man to my man and they can fix it up." And here are the men who usurped their power, from the go-getters of the 1920s to the masters of the universe of the 1980s. Glittering with perception and anecdote, The Death of the Banker is at once a panorama of twentieth-century finance and a guide to the new era of giant mutual funds on Wall Street.
"Chernow . . . delivers a sound, accessible account of the forces shaping capital, credit, currency, and securities markets on the eve of a new millennium. "
--Kirkus Reviews
- Sales Rank: #426082 in Books
- Published on: 1997-07-14
- Released on: 1997-07-14
- Original language: English
- Number of items: 1
- Dimensions: 7.80" h x .40" w x 5.10" l, .33 pounds
- Binding: Paperback
- 130 pages
Amazon.com Review
Ron Chernow, the National Book Award-winning author of two astoundingly comprehensive biographies of prominent American financiers, now examines the ultimate decline of such power brokers and the corresponding rise of international money in The Death of the Banker. This surprisingly concise (but no less illuminating) volume opens with an expanded version of a speech on "the dwindling role of the financial intermediary" that he presented early in 1997; it concludes with condensed versions of his earlier books on J. P. Morgan and the Warburgs that show how the essence of financial power has changed in the 20th century.
From Library Journal
Chernow revisits here a period he explored in depth in earlier works: the 19th-century golden age of merchant banking and the likes of J.P. Morgan (The House of Morgan, LJ 2/1/90) in the United States and the Warburgs (The Warburgs, LJ 9/1/93) in Europe. His work grew out of a lecture in which he maintained that "the salient fact of 20th-century finance will be the sharp erosion of banker power." What he meant was the passage of "relational" banking, where bankers had ongoing relationships with their clients, to a "transactional" type of banking, where all bankers are competing for the same work. To justify his point, he here profiles both the Morgan and Warburg banks in two separate essays. While both are well written, one wonders why he's reinvented the wheel. His two previous books on Morgan and Warburg are brilliant and masterly, yet his condensation of their lives for his new book, while highly readable, makes the reader hunger for more. Appropriate for larger business collections.?Richard Drezen, Washington Post News Research Ctr., Washington, D.C.
Copyright 1997 Reed Business Information, Inc.
Review
Some fastidious fans will inevitably call it "Financial History for Dummies" or "Chernow Lite." But I call it a delight--an intimate chat with a writer so thoughtful and well informed about his topic that one closes the book feeling far more worldly and intelligent than when one opened it. -- The New York Times Book Review, Diana B. Henriques
Most helpful customer reviews
4 of 4 people found the following review helpful.
Fascinating Introduction to Banking
By dcreader
This book provides a fascinating overview of the evolution of banking from its origins as an offshoot of general merchandising to the complex subject it's become today. Chernow skillfully and entertainingly reveals how bankers have gone from being all powerful "Masters of the Universe" to much less exalted financial bureaucrats. Chernow could have gone further, though, and extrapolated to explain how this is the natural product of capitalism, where the only true "Masters" are the vast bulk of consumers.
14 of 14 people found the following review helpful.
an introduction to the history of merchant banks
By lector avidus
Ron Chernow, who has degrees in English literature from Yale and Cambridge, has written excellent biographies of the Rockefeller, Morgan and Warburg families. In this book, which essentially is a spin-off of his other books, he explains how the economic niche that JP Morgan and the Warburgs inhabited, that of the middleman between the very wealthy and corporations and aspiring entrepreneurs, has disappeared in today's world of telephones, fax machines, the internet, the SEC, and mutual funds and venture capital.
This book grew out of a talk he delivered on the topic, with a brief summary of the Morgans and the Warburgs appended. Oftentimes talks given at conventions are in part written to fill time; this seems to be the case with this book; anyone with a bachelors in economics could summarize it on a page or two without any loss of meaningful detail, the second part is a short look at the lives of the subjects of his other books. Stylistically, the focus is on the use of elegant English, to such an extent that the book suffers under it. There certainly is a place for beautiful English in historical works, as anyone who has read Macaulay's History of England knows, but not as its own reward.
Those who want to familiarize themselves with the economic history of the great merchant bankers in an unthreatening way free of all too much economic jargon will greatly enjoy this book. PhD economists, on the other hand, will probably feel that Chernow ought to get to the point.
5 of 5 people found the following review helpful.
Twelve years ahead of its time
By Aaron C. Brown
As other reviewers have mentioned, the main part of this book is an essay about the historical transformation of finance, which is then illustrated by brief accounts of the Morgan and Warburg banking dynasties and collateral historical material. I did not read this when in came out in 1997, because I had read the longer Chernow works, including The House of Morgan and The Warburgs. I picked it up for a train ride the other day and was astounded at its prescience.
Chernow sketches the development of early finance arising naturally out of merchant activity and evolving into more specialized institutions subservient to users of capital (usually princes fighting wars). As finance globalized but information technology stagnated, bankers grew in power relative to their borrowers, reaching a peak around 1900. Changes in laws and information processing increased the stature of the great corporations, which evolved their own banking services just as early modern merchants had done 500 years earlier. Somewhat later, demographic and other changes empowered suppliers of capital. These two trends squeezed out the banker.
This is a simple story and even with elaboration makes a short book. What's astounding to me is how well this account explains the twelve years since it was published. It's hard to imagine how someone could see so clearly at a time when some of the most prestigious banks (including Goldman Sachs and Lazard Frères) were private partnerships, Glass-Steagall was in force and equity underwriting was the hot business. Chernow ignored all that, looking to a time when finance was dominated by diversified public companies, Glass-Steagall and banking regulation in general was irrelevant and underwriting and advisory work were minor side businesses to asset management and proprietary trading.
I suppose the moral is that a historical perspective is more valuable than detailed study of current events. In any case, I recommend this book both as a quick, pleasant read and a useful counterweight to books over-reacting to last month's events.
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