"For anyone interested in the world behind the business-page headlines, this is the book to read." --Publishers Weekly With the same breadth of vision and narrative élan he brought to his monumental biographies of the great financiers, Ron Chernow examines the forces that made dynasties like the Morgans, the Warburgs, and the Rothschilds the financial arbiters of the early twentieth century and then rendered them virtually obsolete by the century's end. As he traces the shifting balance of power among investors, borrowers, and bankers, Chernow evokes both the grand theater of capital and the personal dramas of its most fascinating protagonists. Here is Siegmund Warburg, who dropped a client in the heat of a takeover deal because the man wore monogrammed shirt cuffs, as well as the imperious J. P. Morgan, who, when faced with a federal antitrust suit, admonished Theodore Roosevelt to "send your man to my man and they can fix it up." And here are the men who usurped their power, from the go-getters of the 1920s to the masters of the universe of the 1980s. Glittering with perception and anecdote, The Death of the Banker is at once a panorama of twentieth-century finance and a guide to the new era of giant mutual funds on Wall Street. "Chernow . . . delivers a sound, accessible account of the forces shaping capital, credit, currency, and securities markets on the eve of a new millennium. " --Kirkus Reviews

National Book Award winner Ron Chernow expertly traces the decline of the big bankers and the rise of small investors. The reader is taken on a fascinating tour of Anglo-American high finance over the past two centuries, with detours into Canadian, German and Japanese finance. As the point of departure for his colourful, panoramic survey, Mr. Chernow poses a historic riddle: Why did the great financial dynasties - the Rothschilds, Barings, Morgans and Warburgs - flare so brilliantly in the 19th and 20th centuries and then enter into a precipitous decline? Why did such heavyweights give way to more anonymous financial conglomerates? And, most curious of all, why have small investors, banded together in mutual funds, suddenly inherited the financial earth? The Death of the Banker shows how American reformers mounted a spirited campaign to pry captive companies loose from their traditional bankers and restored competition to financial markets. In a world criss-crossed by capital flows, the banker will never again exercise such spectacular but arbitrary rule over clients.

Revealing a history of mysterious deaths, shady characters, and moral and political tensions, exposes the inner workings of the Catholic Church to trace how the Vatican evolved from an institution of faith into an extremely wealthy corporate power. --Publisher's description.

"There have been two global financial crises in the past century: the Great Depression of the 1930s and the Great Recession that began in 2008. Both featured loose credit, precarious real estate and stock market bubbles, suspicious banking practices, an inflexible monetary system, and global imbalances; both had devastating economic consequences. In both cases, people in the prosperous decade preceding the crash believed they were living in a post-volatility economy, one that had tamed the cycle of boom and bust. When the global financial system began to totter in 2008, policymakers were able to draw on the lessons of the Great Depression in order to prevent a repeat, but their response was still inadequate to prevent massive economic turmoil on a global scale. In Hall of Mirrors, renowned economist Barry Eichengreen provides the first book-length analysis of the two crises and their aftermaths. Weaving together the narratives of the 30s and recent years, he shows how fear of another Depression greatly informed the policy response after the Lehman Brothers collapse, with both positive and negative results. On the positive side, institutions took the opposite paths that they had during the Depression; government increased spending and cut taxes, and central banks reduced interest rates, flooded the market with liquidity, and coordinated international cooperation. This in large part prevented the bank failures, 25% unemployment rate, and other disasters that characterized the Great Depression. But they all too often hewed too closely and too literally to the lessons of the Depression, seeing it as a mirror rather than focusing on the core differences. Moreover, in their haste to differentiate themselves from their forbears, today's policymakers neglected the constructive but ultimately futile steps that the Federal Reserve took in the 1930s. While the rapidly constructed policies of late 2008 did succeed in staving off catastrophe in the years after, policymakers, institutions, and society as a whole were too eager to get back to normal, even when that meant stunting the recovery via harsh austerity policies and eschewing necessary long-term reforms. The result was a grindingly slow recovery in the US and a devastating recession in Europe. Hall of Mirrors is not only a monumental work of economic history, but an essential exploration of how we avoided making only some of the same mistakes twice--and why our partial remedy makes us highly susceptible to making other, equally important mistakes yet again"--

Isaias Hellman, a Jewish immigrant, arrived in California in 1859 with little money in his pocket and his brother Herman by his side. By the time he died, he had effectively transformed Los Angeles into the modern metropolis we see today. In Frances Dinkelspeil's groundbreaking history, the early days of California are seen through the life of a man who started out as a simple store owner only to become California's premier money man of the late 19th and early 20th centuries. Growing up as a young immigrant, Hellman quickly learned the use to which capital could be put, founding Los Angeles's Farmers and Merchants Bank, that city's first successful bank, and transforming Wells Fargo into one of the West's biggest financial institutions. He invested money with Henry Huntington to build trolley lines, lent Edward Doheny the funds that led him to discover California's huge oil reserves, and assisted Harrison Gray Otis in acquiring full ownership of the Los Angeles Times. Hellman led the building of Los Angeles's first synagogue, the Wilshire Boulevard Temple, helped start the University of Southern California, and served as Regent of the University of California. His influence, however, was not limited to Los Angeles. He controlled the California wine industry for almost 20 years, and after San Francisco's devastating 1906 earthquake and fire, calmed the financial markets there in order to help that great city rise from the ashes. With all of these accomplishments, Isaias Hellman almost single-handedly brought California into modernity --

Praise for Nazi Gold "A compelling book on one of the greatest robberies of all time." --Rabbi Marvin Heir, dean, Simon Wesenthal Center "Nazi Gold [is] a compelling, outraged, carefully researched book. . . Tom Bower, one of the finest investigative journalists in the English-speaking world over the past generation. . .is the ideal chronicler for this story. Over the past 20 years he has built up a track record second to none in documenting crimes and conspiracies that the Nazis and their collaborators were able to cover up or escape from in the decades after 1945. . .Riveting, outstanding." --Martin Sieff, Washington Times "Nazi Gold is an important book that uncovers much new material." --Saul Friendlunder, author of Nazi Germany and the Jews "Compelling reading." --Chicago Jewish Star "[A] sensational expose. . .Impressively revealing." --Dade Jewish Star Some Revelations form Nazi Gold In 1942 thousands of Jewish refugees fleeing a Nazi roundup of Jews in occupied France crossed the border into Switzerland seeking asylum but where forcibly pushed back to the waiting Gestapo by the Swiss police. Virtually all of them were immediately shipped to concentration camps. During the war thousands of Swiss willingly worked undercover for the German secret service and the Nazis. The Swiss accepted for deposit without question gold bullion looted by German from the treasuries of Austria, Czechoslovakia, Poland, Denmark, and Holland'countries they had conquered. The Swedes and the Portuguese, also neutrals, refused to accept the looted gold.

Robert Maxwell was driven by an obsession to be remembered by posterity, to create and re-create his own life in order to become part of the Establishment. Tom Bower's compelling portrait, the subject of numerous libel suits brought by Maxwell in Britain before his death, is now published for the first time--in a thoroughly updated edition--in the United States. It provides a fascinating look at the man who was relentless in his attempts to obtain media power and respectability, attempts that would eventually destroy him. Born into a life of poverty, an outsider forever trying to get in, Robert Maxwell was plagued by a deep sense of alienation. His career as publisher, printer, politician, financier, industrialist, and tycoon extraordinary was charged with both magnificent coups and controversial setbacks. He built his fortune on a mixture of engineered leaks and secrecy at the expense of long-term stability. Accused of everything from creative bookkeeping to outright fraud, Maxwell withstood each debacle until the end, surviving troubles that would have felled a less determined personality. Bower describes the many suspect strategies of Maxwell's business dealings while he was alive and the disintegration of his empire after his death, focusing along the way on Maxwell's often nebulous business dealings and his immense skills at bullying and deception. Beginning with Maxwell's early years, Bower describes in depth the period after World War II during which Maxwell made a fortune out of barter deals and the export of scientific journals from Germany, which became the basis for his Pergamon Press flagship; the Pergamon-Leasco affair in the late 1960s (involving two millionaires, Maxwelland Saul Steinberg), an ill-fated takeover deal that fell apart with Maxwell declared unfit to hold office in a public company; and his revival of the loss-making British Printing Corporation. The author explains Maxwell's numerous acquisitions and his competitive obsession with Rupert Murdoch. We learn of the mysteries surrounding Maxwell's private banking in Liechtenstein, his strange links with the Soviet Union and Eastern Europe, the notorious "Mirrorgate" affair and Maxwell's close relationship with Israel. Going beyond recent media coverage, the author provides up-to-the-minute facts on missing corporate assets and pension funds as well as the nefarious share-support schemes. In this powerful biography, Tom Bower comes as close as anyone ever will to understanding Robert Maxwell and his demons.