THE HOUSE OF MORGAN 1ST EDITION PDF, EPUB, EBOOK

Ron Chernow | 9780802198136 | | | | | The House of Morgan 1st edition PDF Book

The reviewer for The Times Book Review said, "As a portrait of finance, politics and the world of avarice and ambition on , the book has the movement and tension of an epic novel. Books by Ron Chernow. More Details Also Chernow has a tendency to adulate the rich which often ignores the fact that they often gain at others losses. View 1 comment. There are 8 more copies of this book View all search results for this book. For Pierpont, the leading symbol of railway monopoly, pure competition was never an option. Condition: Fair. Can't recall examples in detail though. The profits they reaped allowed them to divest from national government concerns and focus solely on the personal investor. The has pla I picked this book after reading Alexander by Chernow the best biography I have ever read. This book was published in Jun 07, Martin rated it really liked it. Pierpont was a heavy drinker and smoker, and believed that exercise was unhealthy. The best part of the This is a very long book that suffers from two problems. Part I: The Baronial Age is focused on the MEN, namely , Junius Spencer Morgan, an "Never before in the history of the world has there been such a powerful central control over finance, industrial production, credit, and wages as it is at this time vested in the Morgan group. This book has made me more interested in three things: 1 the history of railroads in the United States the Morgans were VERY involved in controlling a lot of railroads ; 2 financial history in general, though I think I want to start with more basics like the development of banking and accounting over the centuries, among other topics ; and 3 reading anything else by Ron Chernow. Oct 19, R. It showed Chernow's early talent for financial storytelling and gift for capturing historical characters. Years later, he a said, "The American public seems unwilling to admit The Glass-Steagall act was aimed at the House of Morgan, which did private banking for individuals but only the ones they wanted, the very wealthy ones , but also was a merchant bank. Packaging should be the same as what is found in a retail store, unless the item is handmade or was packaged by the manufacturer in non-retail packaging, such as an unprinted box or plastic bag. I have to keep reminding myself what this book is about -- not about politics or banking history or even the Morgan family, per se, but about the institutional House of Morgan, the evolution of this particular bank-among-banks, and how it fared during the isolationist years in America through the Great Depression and the s. In a sense this was unfair: the crisis wasn't caused by them, since they weren't speculators. A readable copy. But why should you care? Ron Chernow writes with such well thought out detail that it seems he never misses anything. Bank in History sez Bloomberg the other day. Such is the fate of all great empires. The section on the Diplomatic Age is very helpful to understanding the geopolitical sce Excellent read. Glass Steagall did a lot to erode it, not only by requiring the breakup to commercial and investment bank ie broker , but also as the series of lawsuits forced the bank to publish its balance sheets. Acclaimed by as "brilliantly researched and written," the book tells the rich, panoramic story of four generations of Morgans and the powerful, secretive firms they spawned. So government enacted laws like Glass- Steagal in an attempt to limit the power of financial giants like J. This is a great contrast with the bankers of the s, who are mainly concentrated on speculative activities and hostile takeovers which seem to have very little to do with work of real value. This section was 5-stars. Jul 16, Andrew Obrigewitsch rated it liked it Shelves: educational , history. There were many more options for companies to raise money issuing commercial paper, money markets and banks needed to schmooze and actively chase down deals. The House of Morgan 1st edition Writer

Error rating book. Jun 13, Karen rated it liked it. There are 8 more copies of this book View all search results for this book. Nowhere has our tenuous financial system been better described than by Chernow. He wraps up with the bank, like every other Wall Street bank, taking on increased levels of risk, becoming obsessed with leveraged buyouts LBOs and deals garnering huge undeserved fees, and a few scandals involving Morgan employees. Jun 07, Martin rated it really liked it. This was the first Chernow documentary I ever read and immediately fell in love with his style. Pierpont did all he could to keep things running effectively, leaving a powerful and influential House of Morgan for his son, Jack, after his death in It is a rich, panoramic story of four generations of Morgans and the powerful, secretive firms they spawned, ones that would transform the modern financial world. Part of the full Morgan service was political clout and behind the scenes influence, which could have bad consequences in the diplomatic age when governments were clients of big banking houses. By the time Pierpont took over daily running of the House, banking became but one of the ventures undertaken to produce great wealth. That a Morgan partner should advocate socialism is not so startling. The Glass-Steagall act was aimed at the House of Morgan, which did private banking for individuals but only the ones they wanted, the very wealthy ones , but also was a merchant bank. They didn't trade stocks, seeing it as speculation. The rise in rail importance created a strong upswing in the Morgan profits and thereby helped earn Pierpont Morgan the title of Robber Barron in the late nineteenth century. Steel, who held private dinners to fix prices in the steel industry, testified: "I would be very glad if we had some place where we could go, to a responsible governmental authority, and say to them, 'Here are our facts and figures, here is our property, here our cost of production; now you tell us what we have the right to do and what prices we have the right to charge. Ron Chernow writes with such well thought out detail that it seems he never misses anything. Creating a financial aristocracy in America and laying the groundwork for international importance, the baronial age ushered in some of the most trying and successful years of the House of Morgan. I've added three other famous Chernow books to my to do list, but I venture to guess I have already read the best two. Rockefeller, Sr. The early House of Morgan was paternalistic towards its employees and stressed an esprit de corps—the importance of banking tradition over personal egos. Wish I could have given it 5 stars, but it was just not as engrossing for me from the s onward. But as there was increasing reliance on 'rented' capital, the power shifted to traders who bet on interest rates to hedge the cost of the CDs. There were many more options for companies to raise money issuing commercial paper, money markets and banks needed to schmooze and actively chase down deals. Open Preview See a Problem? American companies had simply grown large and self sufficient enough to not require banker's capital, and also there wasn't much investment and credit growth in the US during the 's for obvious reasons. Above all, it seems 6 May Phew! In those inter-war years, the House began seeing itself managed more by US administrations, through legislation. Thus, corporates increasing access to money markets distintermediated the banks. While Chernow sought to find a family whose influence on worldwide banking lasted long enough to write about its development, he has done so in spades with this exploration of the Morgans. Rockefeller, which chronicles the life and times of the richest man in the United States in the early s. The most important was undoubtedly Thomas Lamont. Nationalistic interests in Europe have historically led to internal conflicts, which has usually benefited America. It has been my experience, that modern political discourse and apparently throughout history, as the book elaborates , tends to dumb down the world of the finance for the average American. After graduating with honors from Yale College and Cambridge University with degrees in English Literature, he began a prolific career as a freelance journalist. What he did know is that they required steady revenues to cover their fixed interest costs on bonds marketed in New York and London. Whoa, this was not the longest book I've listened to, but it was the looongest book I've listened to. AbeBooks has millions of books. Download as PDF Printable version. This book was published in Related Articles. The arrogance of the Morgan family was pretty astounding, and their role in the various financial panics was bizarre to read about from a 21st century perspective. After all, Pierpont, starting with his Railway associations of the late s, espoused industrial cooperation instead of competition. Pages and cover are clean and intact. The House of Morgan 1st edition Reviews From an engineering standpoint, Pierpont knew little about railroads. The early House of Morgan was paternalistic towards its employees and stressed an esprit de corps—the importance of banking tradition over personal egos. Refresh and try again. The book covers the fate of minor offshoots like Morgan, Grenfell in London the story of Rupert Murdoch's News of the World takeover is a good one. He captures more in one chapter than some other biographies capture in an entire book. Jun 07, Martin rated it really liked it. Chernow was also able to do a lot of first person reporting in part III, so the characters and quotes are fresher, rather than reconstructed from letters. He might be a member of a secretive club: the Zodiac club, for example, where every member is a powerful banker representing a zodiac sign. The market went from a cozy business of deals between friends who went to the same select schools, to a sharp-edged, constant race to carve out slight profits, where any rest would let the competition ahead of you. I have no doubt Pierpont, Jack, and the Morgan partners considered themselves enlightened benefactors of humanity. If you never thought banking was a dry topic before, this may make you think otherwise. Error rating book. We're sorry; this specific copy is no longer available. I love Ron Chernow This was Chernow's debut. The Bank of Morgan began with the 19th century financier George Peabody, a sort of Dickensian miser turned philanthropist. The first part deals, swiftly, with the founding of the bank and then moves on to cover in more detail the reign of Pierpont Morgan, arguably the most dominant and formative character of the original JP Morgan, who led the bank through the late 19th C, and all the way up till nearly World War I. Using corporations as clients, the House sought to bridge financial wealth with the acquisition of key businesses all over the world, though they were more a servant to aid in the diversification of business interests. Yet it followed logically from the anarchy of late nineteenth-century railroads, with their rate wars , blackmail lines [Note: I think the comma between blackmail and lines is a typo], and lack of standardized gauges. However, Chernow doesn't provide me a compelling reason to agree with them. Wish I could have given it 5 stars, but it was just not as engrossing for me from the s onward. Chernow touches on this in the preface, but does explore how Junius wanted to use the mid-nineteenth century to develop a core group by which he could make sizeable investments and see his own profits soar. That a Morgan partner should advocate socialism is not so startling. It started off strong. It traces the history of four generations of the J. He needed the government to get a real cartel going. This was precarious territory and could flirt with treasonous activity. Between and , Chernow published over sixty articles in national publications, including numerous cover stories. It is interesting to think about and how to think about what stage Asia is now at. Book is in Used-Good condition. Read more A book this size needs a mission or a thesis. Divesting its monetary policy outside of America, the Morgans had enterprises in London and , two key areas in Europe with long reaches across the continent and around the world. A large tome as only Chernow could write, and actually his first. See details for additional description. I thought the sections where it showcased the Morgan family to be interesting. This section was 5-stars. But I think i is primary, the others were simply complementary and facilitative. Hamilton musical miniseries. Blue Rectangle. Later on, Judge Elbert Gary of U. The old banking culture had certain rules. Beginning with a fascinating look at 19th century economic expansion, it is clear that without bankers like J. The section on the Diplomatic Age is very helpful to understanding the geopolitical sce Excellent read. A gripping history of banking and the booms and busts that shaped the world on both sides of the Atlantic, The House of Morgan traces the trajectory of the J. They didn't trade stocks, seeing it as speculation.

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However, Chernow doesn't provide me a compelling reason to agree with them. Answer: The rich end up giving low-cost goodies to the poor and middle class but often end up rejoining those classes because they lose all their wealth in the process. Listening to the Audible unabridged version. The book was still excellent, but slightly harder to follow from when the bank cycled through several less memorable leaders and accompanying scandals. Satisfaction Guaranteed! What a wonderful way to begin your life-long journey of writing. Book Description Atlantic Monthly Press, Morgan empire from its obscure beginnings in Victorian London to the crash of is still going strong, though J. Add to Cart. The House used its significant influence to help foster stability within the European countries, providing key loans and, at times, propping up their national currencies to the point of steering away from significant devaluation. It was a clever move, for while Wall Street accused railroads of irresponsible behavior, the railroads blamed Wall Street for floating too many securities and creating the overexpansion that led to price wars. Ron Chernow paints a fascinating portrait of the private saga of the Morgans and the rarefied world of the American and British elite in which they moved. It is the definitive account of the rise of the modern financial world. Chernow was also able to do a lot of first person reporting in part III, so the characters and quotes are fresher, rather than reconstructed from letters. Published by Atlantic Monthly Press Paperback , pages. And unlike Pierpont, he saw that they had acquired a public character, and he favored government licensing of interstate companies and extended worker benefits, including profit sharing, social insurance, and old-age pensions. This is a historical masterpiece, and it earned a 4 from me instead of a 5 only because the subject matter was a little but less captivating to me than Hamilton's life, but this isn't totally fair to the author. The immediate weakness arose from the recklessness of the trust companies. It begins with J. In addition to covering the fascinating personalities of the Morgans, this book also gives a very good overview of the early days of merchant banking, the rise of brokerage houses and developments in international banking and capital. But the book sags a bit toward the end: this is just about banks eking out profits in creative ways, not anything world-historical. As we shall see, the House of Morgan always favored government planning over private compilation, but private planning over either. Here we have the story of the Morgan banking family through the late 19th century in the US and UK, starting JP's father, and ending with the various breakups and companies that became the off spring of this dynasty and the fade out of the family members by the 's. The activities of the bankers also change markedly in this history. Net assessment: Boring, without insight and definitely not worth the time. Mar 30, Andrew Willis rated it really liked it. I have to keep reminding myself what this book is about -- not about politics or banking history or even the Morgan family, per se, but about the institutional House of Morgan, the evolution of this particular bank-among-banks, and how it fared during the isolationist years in America through the Great Depression and the s. Chernow touches on this in the preface, but does explore how Junius wanted to use the mid-nineteenth century to develop a core group by which he could make sizeable investments and see his own profits soar. Less romance and secrecy, more efficiency and greed. Railroads were coming into vogue and their development as more than regional entities could be seen by amalgamating companies into monopolising monstrosities. As banking became more diverse, even almost chaotic, this was my least favorite part. The dust jacket is missing. Ron Chernow was born in in , New York. But junk bonds also enabled corporate raiders to get much more aggressive. Pierpont was a heavy drinker and smoker, and believed that exercise was unhealthy. But why should you care? Book Description Atlantic Monthly Pr. It was fascinating. His second book, The Warburgs , won the Eccles Prize for Excellence in Economic Writing in and was also selected by the American Library Association as one of that year's best nonfiction books. Get A Copy. In , the SC abolished fixed commissions on stock trading, this liberalisation again decimated a stable source of bank revenues, led to many regional bank collapses, and again, forced banks to swashbuckle to survive. The author continues the history of Morgan Stanley and the JPMorgan bank even after the actual Morgans have departed the story, and while it was still informative without Pierpont and Jack Morgan, I have to admit that it lost some of the zest that their personalities had given it. Packaging should be the same as what is found in a retail store, unless the item is handmade or was packaged by the manufacturer in non-retail packaging, such as an unprinted box or plastic bag. One thing this book excels at, t Listening to the Audible unabridged version. I enjoyed the first two parts the most, Baronial and Diplomatic ages because they focused more on a few central leaders Pierpont Morgan, JP Morgan, Tom Lamont , as did the bank during these eras. Any Condition Any Condition. But Morgan also made a fortune from the crisis, and the nation was desperately struggling, so their indignation rings hollow. It is an interesting perspective of the Morgan family and the banking firm it created.

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