The Last Partnerships: Inside the Great Wall Street Dynasties
They laid the foundations of American finance and defined the American brand of capitalism. They bankrolled wars, were the impetus behind the building of the first transcontinental railroad system, and fueled a fledgling nation’s grandiose dreams of empire. S&M Allen, J. P. Morgan & Co., Goldman Sachs, Lehman Brothers...they were the great Wall Street partnerships, and for well over a century, through a combination of financial genius, political chicanery, and the audacity of Caesars, they wielded unprecedented influence over the business, financial, and political landscapes of a nation. The Last Partnerships combines rigorous scholarship with journalism at its best to present a panoramic history of the rise and fall of the great financial houses—from the “Yankee Bankers,” at the turn of the 19th century, up to Goldman Sachs’ historic IPO in 1999—tracing their origins, their successes and failures over the years, and the reasons for their ultimate demise. The Last Partnerships is must-reading for history buffs and everyone interested in the world of finance behind the business-page headlines.
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The last partnerships: inside the great Wall Street money dynastiesUser Review - Not Available - Book Verdict
Geisst (Wall Street: A History; Monopolies in America: Empire Builders and their Enemies from Jay Gould to Bill Gates) here provides a history of U.S. investment banking over the past 200 years. As ... Read full review
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activities American August Belmont bankers banking houses became become began bond issue brokerage brokers Brown Brothers Burnham capital cash Civil Clarence Dillon Clark Dodge clients commercial bank corporate Crash crisis customers deal decade Despite developed Dillon Read Drexel early established finance firm's fortunes funds gold Goldman Sachs Harriman helped Henry Hutton industry interest investment banking investors J. P. Morgan Jay Cooke Jay Gould Jewish Joseph Junius junk bond Kidder Peabody Kuhn Loeb later Lazard Freres Lehman Brothers London major ment merger Merrill Lynch Meyer Milken million money trust Morgan Stanley needed nineteenth century NYSE operation panic partners partnership Pecora percent Pierpont private banking problem profits proved purchase quickly railroad reputation retail Rothschilds Salomon Brothers Schiff Seligmans selling Shearson sold stock market success survive syndicate tion trading traditional U.S. Steel underwriting United Wall Street Wall Street firms Weinberg World York
Page 10 - The embarrassments', which have obstructed the progress of our external trade, have led to serious reflections on the necessity of enlarging the sphere of our domestic commerce; the restrictive regulations, which in foreign markets abridge the vent of the increasing surplus of our agricultural produce, serve to beget an earnest desire that a more extensive demand for that surplus may be created at home; and the complete success...
Page 165 - Curtin, what do you think of those fellows in Wall Street, who are gambling in gold at such a time as this?" "They are a set of sharks," returned Curtin. "For my part," continued the President, bringing his clinched hand down upon the table, "I wish every one of them had his devilish head shot off !
Page 122 - Agents of Concentration It is a fair deduction from the testimony that the most active agents in forwarding and bringing about the concentration of control of money and credit through one or another of the processes above described have been and are JP Morgan & Co. First National Bank of New York National City Bank of New York Lee, Higginson & Co., of Boston and New York Kidder, Peabody & Co., of Boston and New York Kuhn, Loeb & Co.
Page 23 - We all know that the Americans can fight. Nobody doubts their courage. I see now in my mind's eye a whole army on the plains of Pennsylvania in battle array, immense corps of insolvent light in fan try, regiments of heavy horse debtors, battalions of repudiators, brigades of bankrupts, with Vivre sans payer, ou mourir...
Page 125 - It might not be dangerous, but still it has gone about far enough. In good hands, I do not see that it would do any harm. If it got into bad hands, it would be very bad.
Page 187 - Because a man I do not trust could not get money from me on all the bonds in Christendom.
Page 64 - That would not be the way to do it. He gets his clients by reason of his reputation for ability and for successful cures and for sound advice given. And so it is with the lawyer. So it is with the architect. And so in our case it has long been our policy and our effort to get our clients, not by chasing after them, not by praising our own wares, but by an attempt to establish a reputation which would make clients feel that if they have a problem of a financial nature, Dr. Kuhn, Loeb & Co. is a pretty...
Page 125 - inveighed bitterly against the growing power of the Jews and of the Rockefeller crowd, and said more than once that our firm and his were the only two composed of white men in New York."97 In many respects.
Page 34 - Pray what is a syndicate Intended to indicate? Is queried abroad and at home. Say, is it a corner Where Jay Cook-y Horner Can pull out a very big plum?
Page 89 - ... operators to keep up with the news. In the meantime two forces were preparing to strike the conspirators a blow. One was a movement led by James Brown, a Scotch banker of New York, and supported by many leading bankers and merchants. The situation of all those whose legitimate business required the purchase of gold was exceedingly critical, and the boldest of them, under the lead of Brown, joined the great crowd of speculative bears in desperate efforts to break down the conspiracy and put down...
Hamilton Unbound: Finance and the Creation of the American Republic
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Limited preview - 2002