The House of Morgan
The House of Morgan
Ron Chernow
Trung Phan
About the Banking industry. - Trung Phan
Max Levchin
Trying new routine: starting day by reading few pages from a history book. Currently, [this book]. - Max Levchin
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The House of Morgan

The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance

Ron Chernow
By
Ron Chernow
4.0
594
ratings on Goodreads

In "The House of Morgan," Ron Chernow delivers a masterful saga that chronicles the sprawling empire of the Morgan banking dynasty, a pivotal force in the shaping of the modern financial world. From its Victorian origins to its zenith during the late 20th century, Chernow weaves a detailed narrative that captures the essence of a family and its immense influence on both sides of the Atlantic. Through meticulous research and unprecedented access to private archives, Chernow not only unfolds the history of a banking empire but also offers an intimate look into the lives of the Morgans and the elite circles in which they moved. This book stands as a monumental achievement in financial history, providing a gripping exploration of the booms and busts that have defined our times and the secretive power brokers who shaped them. Beyond mere bankers, the Morgans were architects of the financial landscape we navigate today. Chernow's narrative is as much about the complex characters who led the firm as it is about the pivotal events in global finance they influenced, from the Panic of 1907 to the Wall Street crash of 1987. "The House of Morgan" is not just a history; it is a narrative of immense wealth, family drama, and the silent workings of power, rendered with the depth and detail that only Chernow can provide. Engaging and insightful, it is an indispensable guide to understanding the intricacies behind the rise of international finance and its enduring impact on the world.

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Released
1990
20 Mar
Length
812
Pages

2

recommendations

recommendation

About the Banking industry. - Trung Phan
Trying new routine: starting day by reading few pages from a history book. Currently, [this book]. - Max Levchin
The panic was blamed on many factors—tight money, Roosevelt’s Gridiron Club speech attacking the “malefactors of great wealth,” and excessive speculation in copper, mining, and railroad stocks. The immediate weakness arose from the recklessness of the trust companies. In the early 1900s, national and most state-chartered banks couldn’t take trust accounts (wills, estates, and so on) but directed customers to trusts. Traditionally, these had been synonymous with safe investment. By 1907, however, they had exploited enough legal loopholes to become highly speculative. To draw money for risky ventures, they paid exorbitant interest rates, and trust executives operated like stock market plungers. They loaned out so much against stocks and bonds that by October 1907 as much as half the bank loans in New York were backed by securities as collateral—an extremely shaky base for the system. The trusts also didn’t keep the high cash reserves of commercial banks and were vulnerable to sudden runs.
— Ron Chernow, The House of Morgan

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