The construction of the House of Morgan

"Never before in the history of the world has there been such a powerful central control over finance, industrial production, credit, and wages as it is at this time vested in the Morgan group."
- Former Republican Chairman, quoted in Fortune, August 1933.

Ron Chernow's first financial biography/history is large It is 720 pages, plus notes/etc., and spans 1938 - 1989. It started off strong. Part I: The Baronial Age (1838-1913) is focused on the MEN, namely George Peabody, Junius Spencer Morgan, and J. Pierpont Morgan. The banks were simply extensions of the men. This section was 5-stars. It was fascinating. Part II: The Diplomatic Age (1913 - 1948) is focused on the bank(s). It begins with J.P. Morgan's death follows the House of Morgan through the war years (with "Jack" Morgan shepherding). Towards the end, with Glass-Steagal, the House of Morgan breaks into three major entities: Morgan Grenfell (already separate, English), Morgan Stanley (Investment Banking), and J.P. Morgan & Co. For me this was 4-stars. Part III: The Casino Age (1948-1989) explored the explosion of banking activity post war, the focus on M&A, and the loss of stature of the House of Morgan, both as it lost power and prestige. The book ends before J.P. Morgan was bought by Chase in 1990 (the book was published in 1990). This part was interesting, but like a shotgun, the further from Pierpont you get, the more diffuse the narrative. Eventually, there just seemed too much (too many actors, too many scandals, too many narrative threads). This part probably desereves 3-stars.

All in all, I liked the book. It showed Chernow's early talent for financial storytelling and gift for capturing historical characters. For me, the most valuable part of this book (besides the information on Pierpont) was the information on the other major partners that played a big roll during the wars, and Morgan's relationships with various 19th and 20th century figures (financial, cultural, political). I was fascinated by the deep relationship the House of Morgan had with fascist Italy, ultranationalist Japan, Germany, and the Vatican. I was entranced by Tom Lamont, Monty Norman, Russell Leffingwell, etc. The book was worth the effort just to learn about these other Morgan men.

Chernow writes primarily about banking families and American biographies:

Chernow's Banking Dynasties:
1. Titan: The Life of John D. Rockefeller, Sr. - ★★★★
2. The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance - ★★★★
3. The Warburgs: The Twentieth-Century Odyssey of a Remarkable Jewish Family - ★★★★

Chernow's American Political Biographies:
1. Alexander Hamilton - ★★★★★
2. Washington: A Life - ★★★★★
3. Grant - ★★★★★

Upon reviewing my reviews, I'm convinced Chernow does slightly better at writing histories of individuals rather than families; politics rather than finance. However, I should note, I've enjoyed ALL of his books and he's a master at his craft.

34 people found this helpful

Chernow's first book as good as his later ones

Any additional comments?

4.5 stars. This is Chernow's first published book and it is remarkable. An epic tracing four generations of the Morgan family (the progenitors of Morgan Stanley, Morgan Guarantee, and other international Morgan iterations), the biography is so much more than just that. Chernow's extensive research and eye for detail not only brings to life the Morgan men, but also places them in their world by explaining the financial and political climate of the times. The story of the Morgans and the institutions they created acts as a window into the financial history of the United States and how this country became a banking capital, wresting that title from London. And greater even than this financial history is the larger history of how financial markets played into general US and world history, including both World Wars. This book, published in 1990, takes the financial and world history up through the time of hostile takeovers, junk bonds, and the transformation of banking to the ruthless (and sometimes seemingly amoral) banking of today. A wonderful book that serves not only as a portrait of a family, but as an introduction to finance and its place as a driver of world events.

29 people found this helpful

A brilliant book for history or finance buffs

A genuine masterpiece. Beautifully written and read.

You might think a book about banking would be dry and boring - not this one! I found it gripping..

The Morgan dynasty's monopoly of large scale finance on both sides of the Atlantic spanned several generations. They were bankers to all the major world powers and key industrialists in the first half of the century.

The author does a magnificent job of bringing the characters and all the high dramas to life. It's also a superb chronicle of modern history. Listening to their exploits gave me insights and perspective on history and economics that would be hard to find elsewhere.

If you don't know anything about finance you may struggle with some of the details about financial instruments, but you'll still get a good sense of the big picture.

Regardless of your politics or what you think about bankers, if you're at all interested in history or finance this is definitely one to get.

Ten out of ten!

30 people found this helpful

good start but second half dragged

struggled to finish. this may be my fault due to my lack of interest in the realm of finance and banking, but once it moved beyond the death of Jack, it devolved into a blur of marginal personalities and financial jargon that Chernow could not bring to life the way he was able to in the first half.

12 people found this helpful

Excellent and Informative Book!!!!!

I am a studying to get a bachelors in Finance. This book has given so much information about Finance and International Business. This book and Ron Chernow's other book "Titan" clears up a lot of misinformation and also gave confirmation of pieces of information I have came across regarding finance. A must read!!!!!

12 people found this helpful

Superb narration

Robertson Dean takes what could have been a dry financial history and turns it into a fascinating tale. I did not catch a single mispronunciation, even on foreign words like "cognoscenti" and "pince-nez." He is one of the best in the business. I thoroughly enjoyed the book, particularly because it confirms the hair-raising truth about central banking described by G. Edward Griffin in "The Creature from Jekyll Island."

16 people found this helpful

behind the thick curtain of old, old WASP money

? did you spend much of your life in and around NYC finance
? do you know why people speak the name "Morgan" with reverence
? would you like a look into this remote, impenetrable world and family

Ron Chernow has written a detailed, kind and insightful guide to the Morgans
their influence on Wall Street, over the last 150 years, simply can't be overstated
their finger prints are on every USA financial upheaval since before the Civil War

as you'd expect, after three generations, the Morgan influence is now waining
today's America is a more diverse and democratic and transparent society
Chernow's book, however, shows us how Wall Street got to where it is now

6 people found this helpful

Monumental. Loved it.

This is the first Ron Chernow book I have read. Wow, what a storyteller. I presume the reader already has an interest in the overall topic. Mr Chernow has a way of plucking out a telling little detail that sets a scene or gives a sense of a personality marvelously. And he tirelessly delivers this sort of thing across a vast canvas. He did the same with Alexander Hamilton, as I have since heard it. I hope an audio of his book "The Warburgs" is forthcoming.

12 people found this helpful

Starts out strong but then fractures

Would you try another book from Ron Chernow and/or Robertson Dean?

Absolutely! Chernow's book on Rockefeller is one of my all time favorites! Writing a book about an investment bank that is both interesting and compelling throughout is a herculean task. Ron Chernow has done as good a job as can be done for such a book. This book is 34 hours and 36 minutes long so keeping the mind engaged was challenging in the end where the company was so fractured was difficult

Would you recommend The House of Morgan to your friends? Why or why not?

It depends on the friend but in general - no. Most would not enjoy this book and would find the details of investment bankers dealings quite tedious. If a friend was interested in understanding the financial history of the US economy and the forces that shaped it - I would recommend this book.

Which character – as performed by Robertson Dean – was your favorite?

Lamont was an interesting and complex man.

Do you think The House of Morgan needs a follow-up book? Why or why not?

No. I think Chernow has pretty much covered everything.

Any additional comments?

The book is very monolithic in the begining with the powerful J.P. Morgan - but as the company moved out of the hands of the Morgan's and became more fractured I found it more difficult to follow all these little men.

18 people found this helpful

Chernow has done better...

But the subject of banking is not exactly a murder mystery. As such, the book's sub-plot biographies of Junnius, JP and Jack Morgan rescued what otherwise would've been some pretty dry history. Unfortunately, Jack died long before the House of Morgan concluded, leaving a pretty tedious ledger sheet of complex finance, corporate takeover, incomprehensible economics and Wall Street greed. What else is new?

3 people found this helpful