Americana: A 400-Year History of American Capitalism
Bhu Srinivasan - 2017
Americana takes us on a four-hundred-year journey of this spirit of innovation and ambition through a series of Next Big Things -- the inventions, techniques, and industries that drove American history forward: from the telegraph, the railroad, guns, radio, and banking to flight, suburbia, and sneakers, culminating with the Internet and mobile technology at the turn of the twenty-first century. The result is a thrilling alternative history of modern America that reframes events, trends, and people we thought we knew through the prism of the value that, for better or for worse, this nation holds dearest: capitalism.In a winning, accessible style, Bhu Srinivasan boldly takes on four centuries of American enterprise, revealing the unexpected connections that link them. We learn how Andrew Carnegie's early job as a telegraph messenger boy paved the way for his leadership of the steel empire that would make him one of the nation's richest men; how the gunmaker Remington reinvented itself in the postwar years to sell typewriters; how the inner workings of the Mafia mirrored the trend of consolidation and regulation in more traditional business; and how a 1950s infrastructure bill triggered a series of events that produced one of America's most enduring brands: KFC. Reliving the heady early days of Silicon Valley, we are reminded that the start-up is an idea as old as America itself.Entertaining, eye-opening, and sweeping in its reach, Americana is an exhilarating new work of narrative history.
Andrew Carnegie
David Nasaw - 2006
Celebrated historian David Nasaw, whom The New York Times Book Review has called "a meticulous researcher and a cool analyst," brings new life to the story of one of America's most famous and successful businessmen and philanthropists- in what will prove to be the biography of the season. Born of modest origins in Scotland in 1835, Andrew Carnegie is best known as the founder of Carnegie Steel. His rags to riches story has never been told as dramatically and vividly as in Nasaw's new biography. Carnegie, the son of an impoverished linen weaver, moved to Pittsburgh at the age of thirteen. The embodiment of the American dream, he pulled himself up from bobbin boy in a cotton factory to become the richest man in the world. He spent the rest of his life giving away the fortune he had accumulated and crusading for international peace. For all that he accomplished and came to represent to the American public-a wildly successful businessman and capitalist, a self-educated writer, peace activist, philanthropist, man of letters, lover of culture, and unabashed enthusiast for American democracy and capitalism-Carnegie has remained, to this day, an enigma. Nasaw explains how Carnegie made his early fortune and what prompted him to give it all away, how he was drawn into the campaign first against American involvement in the Spanish-American War and then for international peace, and how he used his friendships with presidents and prime ministers to try to pull the world back from the brink of disaster. With a trove of new material-unpublished chapters of Carnegie's Autobiography; personal letters between Carnegie and his future wife, Louise, and other family members; his prenuptial agreement; diaries of family and close friends; his applications for citizenship; his extensive correspondence with Henry Clay Frick; and dozens of private letters to and from presidents Grant, Cleveland, McKinley, Roosevelt, and British prime ministers Gladstone and Balfour, as well as friends Herbert Spencer, Matthew Arnold, and Mark Twain-Nasaw brilliantly plumbs the core of this facinating and complex man, deftly placing his life in cultural and political context as only a master storyteller can.
The Snowball: Warren Buffett and the Business of Life
Alice Schroeder - 2008
The legendary Omaha investor has never written a memoir, but now he has allowed one writer, Alice Schroeder, unprecedented access to explore directly with him and with those closest to him his work, opinions, struggles, triumphs, follies, and wisdom. The result is the personally revealing and complete biography of the man known everywhere as “The Oracle of Omaha.”Although the media track him constantly, Buffett himself has never told his full life story. His reality is private, especially by celebrity standards. Indeed, while the homespun persona that the public sees is true as far as it goes, it goes only so far. Warren Buffett is an array of paradoxes. He set out to prove that nice guys can finish first. Over the years he treated his investors as partners, acted as their steward, and championed honesty as an investor, CEO, board member, essayist, and speaker. At the same time he became the world’s richest man, all from the modest Omaha headquarters of his company Berkshire Hathaway. None of this fits the term “simple.”When Alice Schroeder met Warren Buffett she was an insurance industry analyst and a gifted writer known for her keen perception and business acumen. Her writings on finance impressed him, and as she came to know him she realized that while much had been written on the subject of his investing style, no one had moved beyond that to explore his larger philosophy, which is bound up in a complex personality and the details of his life. Out of this came his decision to cooperate with her on the book about himself that he would never write.Never before has Buffett spent countless hours responding to a writer’s questions, talking, giving complete access to his wife, children, friends, and business associates—opening his files, recalling his childhood. It was an act of courage, as The Snowball makes immensely clear. Being human, his own life, like most lives, has been a mix of strengths and frailties. Yet notable though his wealth may be, Buffett’s legacy will not be his ranking on the scorecard of wealth; it will be his principles and ideas that have enriched people’s lives. This book tells you why Warren Buffett is the most fascinating American success story of our time.
The House of Rothschild: The World's Banker 1849-1999
Niall Ferguson - 1998
Niall Ferguson's House of Rothschild: Money's Prophets 1798-1848 was hailed as a 'great biography' by Time magazine and named one of the best books of 1998 by Business Week.Now, with all the depth, clarity and drama with which he traced their ascent, Ferguson - the first historian with access to the long-lost Rothschild family archives - concludes his myth-breaking portrait of once of the most fascinating and power families of all time.From Crimea to World War II, wars repeatedly threatened the stability of the Rothschilds' worldwide empire. Despite these many global upheavals, theirs remained the biggest bank in the world up until the First World War, their interests extending far beyond the realm of finance. Yet the Rothschilds' failure to establish themselves successfully in the United States proved fateful, and as financial power shifted from London to New York after 1914, their power waned.'A stupendous achievement, a triumph of historical research and imagination' Robert Skidelsky, The New York Review of Books 'Niall Ferguson's brilliant and altogether enthralling two-volume family saga proves that academic historians can still tell great stories that the rest of us want to read'The New York Times Book Review'Superb ... An impressive ... account of the Rothschilds and their role in history'Boston GlobeNiall Ferguson is one of Britain's most renowned historians. He is Laurence A. Tisch Professor of History at Harvard University and a Senior Research Fellow of Jesus College, Oxford. He is the bestselling author of The Pity of War, The Ascent of Money, Empire, Colossus, The War of the World and Civilization.
Fooling Some of the People All of the Time, a Long Short (and Now Complete) Story, Updated with New Epilogue
David Einhorn - 2007
Short sell Allied Capital. At the time, Allied was a leader in the private financing industry. Einhorn claimed Allied was using questionable accounting practices to prop itself up. Sound familiar? At the time of the original version of "Fooling Some of the People All of the Time: A Long Short Story" the outcome of his advice was unknown. Now, the story is complete and we know Einhorn was right. In 2008, Einhorn advised the same conference to short sell Lehman Brothers. And had the market been more open to his warnings, yes, the market meltdown might have been avoided, or at least minimized.Details the gripping battle between Allied Capital and Einhorn's Greenlight CapitalIlluminates how questionable company practices are maintained and, at times, even protected by Wall StreetDescribes the failings of investment banks, analysts, journalists, and government regulatorsDescribes how many parts of the Allied Capital story were replayed in the debate over Lehman Brothers"Fooling Some of the People All of the Time" is an important call for effective government regulation, free speech, and fair play.
Greed and Glory on Wall Street: The Fall of the House of Lehman
Ken Auletta - 1985
The firm was Lehman Brothers Kuhn Loeb, a revered Wall Street institution with roots that stretched back to the Civil War. And what happened that July morning in 1983 would not only spell the end of a banking firm but would come to symbolize the recklessly high-flying Wall Street of the 1980s. Through hundreds of hours of interviews, through access to private company records, through the confidence of board members, partners, associates and employees, Ken Auletta created a prophetic spellbinder which resonates especially today. It is a story of greed, ego and error; a tale of primal combat between two men and between two irrevocably different and hostile worlds; a superb example of investigative journalism that rivals any best-selling novel for sheer surprise, drama and excitement.
Liar's Poker
Michael Lewis - 1989
The place was Wall Street. The game was called Liar’s Poker. Michael Lewis was fresh out of Princeton and the London School of Economics when he landed a job at Salomon Brothers, one of Wall Street’s premier investment firms. During the next three years, Lewis rose from callow trainee to bond salesman, raking in millions for the firm and cashing in on a modern-day gold rush. Liar’s Poker is the culmination of those heady, frenzied years—a behind-the-scenes look at a unique and turbulent time in American business. From the frat-boy camaraderie of the forty-first-floor trading room to the killer instinct that made ambitious young men gamble everything on a high-stakes game of bluffing and deception, here is Michael Lewis’s knowing and hilarious insider’s account of an unprecedented era of greed, gluttony, and outrageous fortune. .
Cable Cowboy: John Malone and the Rise of the Modern Cable Business
Mark Robichaux - 2002
For more than twenty-five years, Malone has dominated the cable television industry, shaping the world of entertainment and communications, first with his cable company TCI and later with Liberty Media. Written with Malone's unprecedented cooperation, the engaging narrative brings this controversial capitalist and businessman to life. Cable Cowboy is at once a penetrating portrait of Malone's complex persona, and a captivating history of the cable TV industry. Told in a lively style with exclusive details, the book shows how an unassuming copper strand started as a backwoods antenna service and became the digital nervous system of the U.S., an evolution that gave U.S. consumers the fastest route to the Internet. Cable Cowboy reveals the forces that propelled this pioneer to such great heights, and captures the immovable conviction and quicksilver mind that have defined John Malone throughout his career.
King Icahn: The Biography of a Renegade Capitalist
Mark Stevens - 1993
Chronicling the renegade capitalist's rise from lower middle class roots to the most powerful force on Wall Street and the most feared change agent in corporate America, King icahn is a unique and revealing look into the making of a massive American fortune. Written by CEO Mark Stevens--who as Carl's neighbor and tennis partner gained unprecedented access to Icahn for this uncensored and and unauthorized book--King Icahn; The Biography Of A Renegade Capitalist's 20th edition is now reissued with a never before told forward: The Battle To Publish This Book.
Billion Dollar Loser: The Epic Rise and Spectacular Fall of Adam Neumann and WeWork
Reeves Wiedeman - 2020
Adam Neumann, an immigrant determined to make his fortune in the United States, landed on the idea of repurposing surplus New York office space for the burgeoning freelance class. Over the course of ten years, WeWork attracted billions of dollars from some of the most sought-after investors in the world, while spending it to build a global real estate empire that he insisted was much more than that: an organization that aspired to nothing less than "elevating the world's consciousness."Moving between New York real estate, Silicon Valley venture capital, and the very specific force field of spirituality and ambition erected by Adam Neumann himself, Billion Dollar Loser lays bare the internal drama inside WeWork. Based on more than two hundred interviews, this book chronicles the breakneck speed at which WeWork’s CEO built and grew his company along with Neumann’s relationship to a world of investors, including Masayoshi Son of Softbank, who fueled its chaotic expansion into everything from apartment buildings to elementary schools.Culminating in a day-by-day account of the five weeks leading up to WeWork’s botched IPO and Neumann’s dramatic ouster, Wiedeman exposes the story of the company’s desperate attempt to secure the funding it needed in the final moments of a decade defined by excess. Billion Dollar Loser is the first book to indelibly capture the highly leveraged, all-blue-sky world of American business in President Trump’s first term, and also offers a sober reckoning with its fallout as a new era begins.
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown
Simon Johnson - 2010
Anchored by six megabanks—Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley—which together control assets amounting, astonishingly, to more than 60 percent of the country’s gross domestic product, these financial institutions (now more emphatically “too big to fail”) continue to hold the global economy hostage, threatening yet another financial meltdown with their excessive risk-taking and toxic “business as usual” practices. How did this come to be—and what is to be done? These are the central concerns of 13 Bankers, a brilliant, historically informed account of our troubled political economy. In 13 Bankers, Simon Johnson—one of the most prominent and frequently cited economists in America (former chief economist of the International Monetary Fund, Professor of Entrepreneurship at MIT, and author of the controversial “The Quiet Coup” in The Atlantic)—and James Kwak give a wide-ranging, meticulous, and bracing account of recent U.S. financial history within the context of previous showdowns between American democracy and Big Finance: from Thomas Jefferson to Andrew Jackson, from Theodore Roosevelt to Franklin Delano Roosevelt. They convincingly show why our future is imperiled by the ideology of finance (finance is good, unregulated finance is better, unfettered finance run amok is best) and by Wall Street’s political control of government policy pertaining to it. As the authors insist, the choice that America faces is stark: whether Washington will accede to the vested interests of an unbridled financial sector that runs up profits in good years and dumps its losses on taxpayers in lean years, or reform through stringent regulation the banking system as first and foremost an engine of economic growth. To restore health and balance to our economy, Johnson and Kwak make a radical yet feasible and focused proposal: reconfigure the megabanks to be “small enough to fail.” Lucid, authoritative, crucial for its timeliness, 13 Bankers is certain to be one of the most discussed and debated books of 2010.
Bitter Brew: The Rise and Fall of Anheuser-Busch and America's Kings of Beer
William Knoedelseder - 2012
You’ll never crack open a six again without thinking of this book.”—John Sayles, Director of Eight Men Out and author of A Moment in the SunThe creators of Budweiser and Michelob beers, the Anheuser-Busch company is one of the wealthiest, most colorful and enduring family dynasties in the history of American commerce. In Bitter Brew, critically acclaimed journalist William Knoedelseder tells the riveting, often scandalous saga of the rise and fall of the dysfunctional Busch family—an epic tale of prosperity, profligacy, hubris, and the dark consequences of success that spans three centuries, from the open salvos of the Civil War to the present day.
The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It
Scott Patterson - 2010
They were preparing to compete in a poker tournament with million-dollar stakes, but those numbers meant nothing to them. They were accustomed to risking billions. At the card table that night was Peter Muller, an eccentric, whip-smart whiz kid who’d studied theoretical mathematics at Princeton and now managed a fabulously successful hedge fund called PDT…when he wasn’t playing his keyboard for morning commuters on the New York subway. With him was Ken Griffin, who as an undergraduate trading convertible bonds out of his Harvard dorm room had outsmarted the Wall Street pros and made money in one of the worst bear markets of all time. Now he was the tough-as-nails head of Citadel Investment Group, one of the most powerful money machines on earth. There too were Cliff Asness, the sharp-tongued, mercurial founder of the hedge fund AQR, a man as famous for his computer-smashing rages as for his brilliance, and Boaz Weinstein, chess life-master and king of the credit default swap, who while juggling $30 billion worth of positions for Deutsche Bank found time for frequent visits to Las Vegas with the famed MIT card-counting team. On that night in 2006, these four men and their cohorts were the new kings of Wall Street. Muller, Griffin, Asness, and Weinstein were among the best and brightest of a new breed, the quants. Over the prior twenty years, this species of math whiz --technocrats who make billions not with gut calls or fundamental analysis but with formulas and high-speed computers-- had usurped the testosterone-fueled, kill-or-be-killed risk-takers who’d long been the alpha males the world’s largest casino. The quants believed that a dizzying, indecipherable-to-mere-mortals cocktail of differential calculus, quantum physics, and advanced geometry held the key to reaping riches from the financial markets. And they helped create a digitized money-trading machine that could shift billions around the globe with the click of a mouse. Few realized that night, though, that in creating this unprecedented machine, men like Muller, Griffin, Asness and Weinstein had sowed the seeds for history’s greatest financial disaster. Drawing on unprecedented access to these four number-crunching titans, The Quants tells the inside story of what they thought and felt in the days and weeks when they helplessly watched much of their net worth vaporize – and wondered just how their mind-bending formulas and genius-level IQ’s had led them so wrong, so fast. Had their years of success been dumb luck, fool’s gold, a good run that could come to an end on any given day? What if The Truth they sought -- the secret of the markets -- wasn’t knowable? Worse, what if there wasn’t any Truth? In The Quants, Scott Patterson tells the story not just of these men, but of Jim Simons, the reclusive founder of the most successful hedge fund in history; Aaron Brown, the quant who used his math skills to humiliate Wall Street’s old guard at their trademark game of Liar’s Poker, and years later found himself with a front-row seat to the rapid emergence of mortgage-backed securities; and gadflies and dissenters such as Paul Wilmott, Nassim Taleb, and Benoit Mandelbrot. With the immediacy of today’s NASDAQ close and the timeless power of a Greek tragedy, The Quants is at once a masterpiece of explanatory journalism, a gripping tale of ambition and hubris…and an ominous warning about Wall Street’s future.
Robber Barons: The Lives and Careers of John D. Rockefeller, J.P. Morgan, Andrew Carnegie, and Cornelius Vanderbilt
Charles River Editors - 2016
Men like Andrew Carnegie built empires like Carnegie Steel, and financiers like J.P. Morgan merged and consolidated them. The era also made names like Astor, Cooke, and Vanderbilt instantly recognizable across the globe. Over time, the unfathomable wealth generated by the businesses made the individuals on top incredibly rich, and that in turn led to immense criticism and an infamous epithet used to rail against them: robber barons. Dozens of men were called “robber barons”, but few of them were as notorious as Cornelius Vanderbilt, who also happened to be one of the nation’s first business titans. Vanderbilt was a railroad and shipping magnate at a time that the industry was almost brand new, but he rode his success to become one of the richest and most powerful men in American history. When historians are asked to name the richest man in history, a name that often pops up is that of John D. Rockefeller, who co-founded Standard Oil and turned it into the first real trust in the United States. Rockefeller had been groomed ambitiously by a huckster father nicknamed “Devil Bill”, who was just as willing to cheat his son as an unsuspecting public, and John certainly chased his dreams of living long and large. Rockefeller forged his empire in the first few decades of his life and nearly worked himself to death by the time he was 50, which helped compel him to retire for the last several decades of his life. At one point, Rockefeller’s wealth was worth more than 1.5% of the entire country’s gross domestic product, and by adjusting for inflation, he is arguably the richest man in American history if not world history. When robber barons across America took the reins of vast industries, they needed financing, and many of them turned to the most famous banker of all: John Pierpont Morgan. It was J.P. Morgan who bankrolled the consolidation of behemoth corporations across various industries, including the merging of Edison General Electric and Thomson-Houston Electric Company, which subsequently became General Electric, still known simply as GE across the world today. Similarly, he financed Federal Steel Company and consolidated various other steel businesses to help form the United States Steel Corporation. While critics complained about the outsized influence that these gigantic businesses had, Morgan’s massive wealth also gave him unprecedented power in the financial sector and the ability to deal with politicians. In fact, Morgan played an important part in the Panic of 1907 and the subsequent decision to create the Federal Reserve as a monetary oversight. Ironically, one of America’s most famous robber barons, Andrew Carnegie, epitomized the American Dream, migrating with his poor family to America in the mid-19th century and rising to the top of the business world in his adopted country. A prodigious writer in addition to his keen sense of business, Carnegie was one of the most outspoken champions of capitalism at a time when there was pushback among lower social classes who witnessed the great disparities in wealth; as he once put it, “Upon the sacredness of property civilization itself depends—the right of the laborer to his hundred dollars in the savings bank, and equally the legal right of the millionaire to his millions.