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THE HOUSE OF MORGAN, a 1990 National Book Award winner, may be the most ambitious history ever written about an American banking dynasty. It is a rich panoramic story of four generations of Morgans, of the firms they built, of their private alliances and public feuds, and of a presence that continues to this day.
Yet THE HOUSE OF MORGAN is more than any of these. It is the story of the colorful J. Pierpont Morgan with his colossal collection, numerous mistresses and Corsair, his cruiser-size yacht...of his son, J.P., who financed the Allies in WW I and fought with FDR...and of other famous families, the DuPonts, Astors, Vanderbilts and their ilk.
"A penetrating look at the real power (money) behind the historical events, and the industrial empires that have transformed the world." (Publisher's Source)
The most ambitious history ever written about an American banking dynasty, The House of Morgan traces the astonishing path of the J.P. Morgan empire with the sweep of an epic novel. "Brilliantly researched and written" (The Wall Street Journal), the hardcover was recently named winner of the 1990 National Book Award for Nonfiction. 32 pages of photographs.
Anonymous
Posted Thu Jul 26 00:00:00 EDT 2001
In ¿The House of Morgan¿, Ron Chernow gives a fascinating account of the rise to prominence of the Morgan, one of the world¿s most influential banking dynasties during the nineteenth and twentieth centuries. The author narrates, with much clarity, the metamorphosis of JP Morgan into a powerhouse during the Baronial Age, the taming and breakdown during the Diplomatic Age, and its comeback with a vengeance during the Casino Age. Furthermore, Chernow excels in giving life to the characters of the House of Morgan, their allies as well as foes, against the economic, political and social backdrop of their time. The reader progressively comes to the understanding of how much the US financial system is indebted to the domestic and overseas tribulations of a single bank. No other US bank has been able to emulate the power and influence that the House of Morgan has exercised under its various legal disguises since its birth in the City. The eventual repeal of the Glass-Steagall Act does not offer the guarantee that JP Morgan Chase & Co. and Morgan Stanley Dean Witter, the current incarnations of the House of Morgan, will one day be reunited again. Powerful public and private interests probably have too much to fear and lose from the rise of the Phoenix from its ashes.
3 out of 3 people found this review helpful.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.Anonymous
Posted Sun May 19 00:00:00 EDT 2013
I found this book to be an excellent history of the American banking and finance industry. By using the House of Morgan as a vehicle for explaining the whole system and its evolution, it both personalized it and also made it eminently more readable by focusing on a smaller number of personalities which drove the change in the industry. I have only two issues with this book. First, I would have appreciated more treatment of J.P. Morgan himself. I realize that this book is not a biography of the man himself, but he is dead within the first quarter to a third of the book and the rest of the book follows the subsequent history of the bank after his death. My second issue with the book has nothing to do with the writing or quality of the book but rather with the date it was written. It covers the subject excellently up to the point it was published in the late 80's or early 90's. However, given the developments of the financial sector in the last 5-10 years, this is a book which is screaming for an update to address J.P. Morgan Chase's role in the financial crisis of 2008.
1 out of 1 people found this review helpful.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.WaldoRWE
Posted Mon Dec 10 00:00:00 EST 2012
Ron Chernow is my favorite author. With all the financial turmoil today he really educates us about the importance of financial leadership.
1 out of 1 people found this review helpful.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.Lawrence_Von_Frederick
Posted Fri Jun 21 00:00:00 EDT 2013
Chernow does a very good job of placing the history of the House of Morgan in its historical context. He writes well and explains most in sufficient detail. For those, like me, who have limited economic knowledge the details can be overwhelming even if readable. He places the House generally in American history but concentrates on the history of banking. The strengths of the book are the detailed biographies of the leaders of the House of Morgan and similar details about how the House, or least some parts of it, adapted to the extreme changes in banking over 100 years or so.
Must read for those who want to see how banks as institutions declined and became just another vehicle for profit. The transformation explains the tenuous nature of a global economy dominated by a search for profit rather than concentrating on the core business. Part of the core business was being a guardian of quality in all types of negotiable instruments and working with clients. With those attributes gone it is sad to see business become truly a dog-eat-dog world all done to maximize profit. Certainly makes a case for government regulation as the banks no longer do that institutionally.
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Overview
THE HOUSE OF MORGAN, a 1990 National Book Award winner, may be the most ambitious history ever written about an American banking dynasty. It is a rich panoramic story of four generations of Morgans, of the firms they built, of their private alliances and public feuds, and of a presence that continues to this day.
Yet THE HOUSE OF MORGAN is more than any of these. It is the story of the colorful J. Pierpont Morgan with his ...