The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance by Ron Chernow
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Summary
Winner of the National Book Award and now considered a classic, The House of Morgan is the most ambitious history ever written about an American banking dynasty. 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. It is the definitive account of the rise of the modern financial world. 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. P. Morgan empire from its obscure beginnings in Victorian London to the crash of 1987. 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. Based on extensive interviews and access to the family and business archives, The House of Morgan is an investigative masterpiece, a compelling account of a remarkable institution and the men who ran it, and an essential book for understanding the money and power behind the major historical events of the last 150 years.
I struggled to get through the audiobook. Chernow mentions that he had a wealth of information on the deals after JP Morgan's death, but there was much less material available for the earlier Morgan deals. Once the book moved past the 1929 Black Monday crash and the passage of the Glass Steagall Act in 1933, it felt like a lengthy list of deals, managing directors, their extravagant yachts and homes, with a few interesting tidbits about Lindbergh and Hitler's financial advisor thrown in. The last 10 hours of the audiobook were extremely dull, with Churnow going into detail about various takeovers and mergers. It's possible that the book was written too early in 1990, before the Gramm-Leach-Bliley Act of 1999 repealed much of Glass Steagall and ultimately led to the economic collapse under GW Bush.
This book is absolutely fantastic as it seamlessly connects politics with money, greed, financial products, and biases. If you're interested in gaining insight into the correlation between war and the influence of money, as well as the dangers of inadequate regulation, then this book is an absolute must-read. The writing is outstanding and the narration through the audiobook brings a whole new level of greatness to the experience.
This book on the rise of modern finance is a real gem. The narration is top-notch, making it a captivating piece on the history of business. Despite its length, I was hooked by the story the whole way through. Bank executives and finance students would definitely benefit from reading this, it's a must-have!
The topic of banking may not be as thrilling as a murder mystery, but the sub-plot biographies of Junnius, JP, and Jack Morgan added depth to what could have been a rather dull historical account. Regrettably, Jack's untimely demise occurred well before the House of Morgan's story came to a close, resulting in a somewhat monotonous chronicle of intricate financial dealings, corporate takeovers, perplexing economics, and the ever-present greed of Wall Street. Nothing out of the ordinary, really.
Every person working at Morgan Stanley and every financial advisor in the United States should definitely read "The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance" by Morgan Stanley. It is a must-read!
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