Recommended by: WiseSuit Staff 

J.P. Morgan acted as the Fed before the Fed existed. He held Wall Street in the palm of his hand. His financial acumen is legendary. His power was scary. The US Government turned to him for help during a financial crisis and he bailed them out. This is the story of the world Morgan lived in and the businesses and industries he helped build...  

America has not always held the esteem of the financial world as it has in recent years.  There was a dark side.  A story that grows from its history is told in the pages of this book.  The American banking system was born of adversity.  Of its own doing, of course, but there it was nonetheless.

Enter George Peabody who left for London to stake out America's financial foundation among the elite British bankers of the time.  Often repudiated and snubbed by his peers, he forged ahead. That Peabody was able to achieve any kind of success in this environment is a story all its own. He, no less a man of ignoble character, blazed a path wide enough to shake the entire financial world.

The Morgan name was introduced with the arrival of Junius Morgan under tutelage of Peabody.  The Morgan legacy was established in colorful form in the characters of J.P. Morgan Sr. (Pierpont) and J.P. Morgan Jr.

The tracing of the American financial history against the backdrop of the British and European systems is recounted in three sections in the book.

Part One: The Baronial Age - 1838-1913

In this section we are witness to the rising of the American railroads, steel and oil industries.  We are also made familiar with the dominating character of J.P. Morgan Sr. and his influence in the commanding of industry, collecting art, building of yachts, and keeping appearances with women.

Part Two: The Diplomatic Age - 1913-1948

J.P. Morgan Jr. is not as imposing of a figure, but even so, the bank became an international influence under his reign.  Other bankers' names came into focus during this time, such as Dwight Morrow who was the father of Anne Morrow Lindbergh. Also, a dark revelation concerning the financing of the Nazis, Mussolini, and the Japanese nationalists makes for intriguing reading.

Part Three: The Casino Age - 1948-1989

This part traces the more recent history of the Morgan enterprises including the split between Morgan Guaranty and Morgan Stanley as well as the demise of Morgan Grenfall in England.  The industry of finance had entered into an era of battling between banks in take-over bids.

What is even more fascinating is the recounting of the intertwining between the figures from the world of finance, business and politics.  The names of American and British elites Charles Lindbergh, Henry Ford, Franklin Roosevelt, Nancy Astor and Winston Churchill grace the pages.

"Like a ghost, he (J.P. Morgan Sr.) brooded in the West Room of his library, beneath stained-glass windows and thick draperies that muffled the sounds of a changing world."

Reviews:

"Chernow vividly portrays the influence that the Morgan banks have had on the history of the Western economy since the late 18th century. The epic story of the development of the American industrial experience is inextricably related to the history of the Morgan banks." - Library Journal 

About the Author:

Ron Chernow was born in Brooklyn, New York in 1949.  He graduated with honors from Yale University and Cambridge University with degrees in English Literature.  His career path was that of a freelance journalist.  He has published more than 60 articles in national publications between 1973 and 1982.

Chernow is also the author of The Warburgs, the selected as 1993's best nonfiction books by the American Library Association.  Also, he authored the national best seller Titan which was a finalist for the National Book Critics Circle Award.  It also was selected as one of the ten best books of 1998 by the New York Times and Time magazine.

Categories:  Leadership ,  Biography,  Corporate Finance