THE HOUSE OF MORGAN 1ST EDITION PDF, EPUB, EBOOK Ron Chernow | 9780802198136 | | | | | The House of Morgan 1st edition PDF Book The reviewer for The New York Times Book Review said, "As a portrait of finance, politics and the world of avarice and ambition on Wall Street, 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 Morgan family has pla I picked this book after reading Alexander Hamilton 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 George Peabody, 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 The Wall Street Journal 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.