Book Description

This ground-breaking best-seller reveals for the first time how the mighty and mysterious Federal Reserve operates -- and how it manipulated and transformed both the American economy and the world's during the last eight crucial years. Based on extensive interviews with all the major players, Secrets of the Temple takes us inside the government institution that is in some ways more secretive than the CIA and more powerful than the President or Congress. ... Read more

Reviews (34)

The Visible Hands
This is an excellent book about the Federal Reserve. Mr. Greider, a populist leftist ideologically, delivers a quality indepth history of this quasi-socialistic regulatory agency, whose existence mocks the very nature of the "free" markets worshipped by the public. Greider also explains the mechanics of the fed beautifully, which should be helpful for the newbie. He also examines the political behavior of this undemocratic institution, which I feel is this book's finest attribute.

Greider does a good job identifying how various social classes are affected by monetary policy. Given the depth he alloted to other issues, I wish he would have dedicated more treatment to the subject of the "egalitarian" effects of inflation, for intelligent readers may be justifiably incredulous initially. That premise (inflation=good) is the foundation of this book, after all. Overall though, this book is very well documented.

I love the author's writing style and couldn't set this book down. I'd recommend it to a person who is new about what goes on at the Fed, and perhaps specialists as well.

The Federal Reserve Isn't What It Appears To Be
Although I read this book years ago I'm reviewing it today because I perceive it is very important that more of us understand money, our monetary system and the intersection between money and power. Recent financial meltdowns in Thailand, Russia and Argentina provide a roadmap of the risks we face and which could be coming home to roost.

William Greider's book is a good introduction to the system. It's well written, informative and easy, entertaining reading.

Early in the book he asks a question about why it is that during the period leading up to the end of the 19th Century "Money and Monetary Systems" were hot topics in American political life, but today they are really off the radar screen?

That's a good question. Do you know the answer? I'd bet the answer is you, like most Americans probably don't. This book will give you the understanding you owe it to yourself to get. After all, it's your money.

Required reading, though...
Definitely one of the best books I've ever read. I concur with another reviewer who said that it explains central banking better than any college professor ever has.

My only criticism (similar to Dale Franks') is that Greider's main grumble, i.e. that the Fed is mainly out to protect Money's interests, is a bit shallow.

It's no doubt true that bankers and plutocrats lobby vigorously for higher interest rates, and that the Fed Chairman depends, at least to a degree, upon their support... But, realistically, how could the world be different? What system could possibly be better than the current compromise? I doubt Greider would seriously maintain that things would be better if the Congress ran the Fed, which would almost directly lead to an unstable currency. It's true that Volcker's medicine was harsh, but are we to imagine that bondholders could have been convinced to accept lower long-term interest rates by moral suasion or government promises?

It's sad that the little guys suffer the most from high interest rates, but don't blame the Fed. Don't blame anyone!

Still, though, with a book this great, Greider earned the right to make a political statement in the midst of what really is a set of difficult technical issues.

Central Banking for Poets
One might think of William Greider's "Secrets of the Temple: How the Federal Reserve Runs the Country" as "Central Banking for Poets." If you've ever scratched your head in wonder when reading how Alan Greenspan and the Fed have "lowered interest rates" or are "easing monetary policy," this book will be extremely enlightening and well worth the time it will take you to plow through all 700 plus pages. If (like me) you majored in economics, you'll be surprised how much better Greider is in explaining arcane economic theory than your college professors (and you'll probably learn -- or re-learn -- quite a bit in the process).

The focal point of the book is the celebrated and controversial tenure of Federal Reserve Chairman Paul Volker (1979-1987), but the mechanics of central banking so clearly and concisely explained are just as much applicable today as in 1980 - or 1950 for that matter.

Greider divides the book into three more-or-less equal thirds. The first covers the inflationary surge of the 1970s, Carter's tenuous decision to appoint Volker, and Volker's radical move of abandoning the control of interest rates in favor of controlling the nation's money supply. (In other words, a shift from the Keynesian orthodoxy dominant in the post-War period in favor of a monetarist approach more in line with the theories of the iconoclastic economist Milton Friedman.) The second, and most informative third provides an historical overview of central banking and its development in the United States. For those solely interested in a better understanding of central banking and the US Federal Reserve in particular, this book will be worth your while even if you only read this middle section. The final third deals with Volker's punishing monetary policy during the early 1980s, as he attempted to destroy lingering anticipation of inflation and the incredibly simulative effects of the Reagan era federal deficits and tax cuts.

Greider is highly critical of Volker's performance as Fed chairman. In short, he argues that far from being the independent and benevolent Shepard of the economy it often claims to be, the Fed, in practice, is beholden to its most powerful constituency: the major money-center financial institutions (i.e. Citibank, Bank of America, etc.). Traditional central bankers view combating inflation as their primary professional objective, which tends to favor creditors at the expense of debtors. Grieder suggests that in waging war on inflation the Fed in effect was waging war on the millions of ordinary Americans struggling to make end meets and keep their heads above water.

Whether you agree with his conclusions or not, Greider's "Secrets of the Temple" is exhaustively researched, expertly written, and extremely enlightening.

One of the very best books I've read in my life
I'm not going to recap the book contents; others, who have read the book more recently, can do a better job of that. I will tell you, instead, about its long term impact.

It's been probably fourteen years since I read _Secrets_of_the_Temple_ and it still haunts me as one of the most important, most influential books I've read in my 46 years of life.

The common beliefs that the Fed is near infallible, that it always knows what it is doing when it takes action, and that 80 years since the last Depression is proof that the Central Bank will always pull us through are more mistaken than most people would believe. Reading the history of Central Banking will open your eyes considerably, I think. Oh, yes, and this book is actually a pleasure to read -- it's that smoothly written. ... Read more

Book Description

Completely revised and updated, the Handbook of Assetiability Management helps you keep your protfolio in line and market risk under control. This reference includes; The benefits from risk management; Asset securitization; Measuring interest rate and yield curve risk; Using OAS to implement value at risk balance sheet management; Hedging with derivatives; Implementing controls for managing derivative positions. ... Read more

Reviews (2)

Covers a lot of ground on ALM
Chapters are written by different authors. So, they vary in depth and difficulty. Some chapters are very technical, some are easier to read. But, the content is always very solid. Studying this book will give you a strong overall knowledge of ALM.

Classical and Comprehensive of traditional ALM
This book can serve you as the authoritive summary of the traditional ALM issues and techniques. It doesn't only describe the concept we should consider, but also educate the details of the ALM tools. Though this book doesn't deal with hot issues such as VaR and stochastic term structure model, it contains the essential ALM theory and practical technique you must know before diving into the frontier of ALM. ... Read more

Book Description

THE CONSUMMATE DEAL MAKER

THE ULTIMATE DEAL

"Sandy Weill is probably the best deal maker on the planet. He is truly one of the leading business titans of our times."
–Maria Bartiromo

"Sandy’s record speaks for itself. I can only dream of where Bear Stearns would be if he had stayed with us."
–Ace Greenberg
Chairman to the Executive Committee, Bear Stearns

"King of Capital is about the extraordinary achievement of a man who climbed the highest pinnacles of the world of finance. Sandy Weill recognized early the transformation that was taking place in the financial markets and was able to capture many of the opportunities in them. This book is deftly written and provides many insights into today’s financial markets."
–Henry Kaufman
President, Henry Kaufman & Company, Inc.
author of On Money and Markets: A Wall Street Memoir ... Read more

Reviews (11)

An Eye-0pening Book
"King of Capital" is a must read for every investor who wants to learn more about how to be "Wall Street Smart," and how to chose effectively and honestly managed companies. Sandy Weill's clear vision, while not always apparent to those who work with him, becomes very apparent to the readers of this intriguing, reader friendly, and well-researched book by Stone and Brewster. Sandy is smart, competitive, and clean. How he became "King of Captial" should inspire future corporate leaders as they embark on their journeys which will be under closer scrutiny than ever before. However, even if you are not an investor or future CEO, this timely book is packed full of so much information about the deal makers of past few decades, that it makes for thoroughly enjoyable reading for those who desire just to be informed.

Sandy Weill: Rockin & Rollin on Wall Street
This book captures the very essence of the famous (and infamous)king of Wall Street..Sandy Weill. From his humble beginnings to his staggering success in the world of business and finance, this book leaves no stone unturned in detailing fascinating facts and trivia on both his personal and professional life.

This is a must read for any Sandy Weill fan, businessmen and businesswomen alike, or simply a CEO star in the making.

Fascinating...once you pick this book up, you won't be able to put it down!

Dealmaker
Sandy Weill's story make for a good read. The dealmaker produced much larger, much more efficient and profitable business by successfully merging with one new company after another - all the while swallowing a company larger than his current. After leaving American Express, many would have though his CEO days were over. The story of the building of Citigroup is fascinating. By beginning with a troubled company, he turned it around and began the acquisition game again. When Travellers and Citicorp merged to form Citigroup it was a personal triumph for Sandy. The story in the book ends with Sansy still in charge at Citigroup and leaves the readear wondering the future hold for boy Weill and his company. Those stockholders who tagged along for the ride with Mr. Weill were very well rewarded.

Weill rules!
From his humble beginning, Weill has done everything from a runner to a billionaire! Winning the power struggle against Robinson, Dimon, and Reed, makes Weill the king.

Now that the US Justice Dept is examining the roles that Citigroup played in Enron, Worldcom and other collapsing companies, the story is not over yet.

It is a must read for any CEO!

inspirational story
I can't believe I haven't seen more reviews or information about this book. It is so easy to read and so packed with interesting business anecdotes about Sandy Weill. These reporters did a great job and offer a lot of insight about Weill. This is one of the better books (especially for a business book) that I've ever read. ... Read more

Download Description

Look to this newly revised resource for an up-to-date, in-depth examination of how payments are made electronically across the Internet. The second edition covers the very latest developments in this quickly expanding area, including new security techniques such as the advanced encryption standard (AES) and multi-application smart cards. This timely guide provides background information on how payments are made in conventional commerce and gives you a comprehensive overview of the cryptographic techniques that are needed for online payments. It presents up-to-the-minute information on the status of secure electronic transactions (SET), electronic cash, account transfers, and micropayments, and features a completely new chapter on the exciting advances in mobile commerce. More than 150 illustrations and over 80 equations support major topics discussed in the text. ... Read more

Reviews (2)

Not up-to-date!
This book is from 2001 so it is definitely not up-to-date. In one table, it compares 25 different companies that offer payment options on the web but only 4 or so are even around. So I'd be wary about paying $88 for information that may not be too trustworthy. Seems geared more towards academics than professionals.

An excellent book, but...
If you want a great overview of electronic payments, the various schemes in operation and how they work, this is the book for you. I downloaded the eBook version of this book to do some research on electronic payments and it proved invaluable. I have read only the following sections in detail: overview, security techniques and micropayments, but I would say the book is worth the price just for the lucidity, structured presentation and breadth of coverage of these chapters. The chapters on credit cards and other forms of ePayments look just as well written based on my cursory look at them. The language is precise and non-obfuscatory, readable by managers and technical folks alike, while providing a depth of detail adequate to design your own systems based on these principles, unlike your typical technical book! However, the eBook version has certain extremely annoying featires which compel me to give this book only 3 stars as opposed to the 5 stars it deserves: you can't print even a single page, you can download it only to 3 computers (which is a pain if you have a PC and a laptop at home, and a work PC, and if you then want to refer to it when on a business trip or vacation from another PC), and you can't copy and paste even a word from this document. Draconian copyright measures, if you consider that you can do all these things with a paper version of the book. This is exactly the kind of arrogance on the part of eBook publishers that's going to kill the industry, because I will never buy an eBook again unless I have no choice. If you aren't in a tearing hurry, I'd say get the paper version. ... Read more

Book Description

21st Century Money, Banking & Commerce offers the first comprehensive analysis of electronic financial products and services and electronic commerce.This book analyzes emerging trends in electronic financial services; identifies the operational and legal risks; examines laws and rules applying to Internet commerce; and addresses security, privacy, and intellectual property considerations. 21st Century Money, Banking & Commerce is a practical roadmap to the future of financial services and electronic commerce. ... Read more

Reviews (2)

An Addition
Just an addendum to my previously submitted review: This review reflects my personal opinion and not necessarily that of the American Bar Association or any of its committees or subcommittees. Thanks!

One-Stop Shopping for E-Banking Law
As the chair of the American Bar Association's Subcommittee on Electronic Commerce, I recently reviewed this book for an upcoming issue of the South Carolina Law Review. In that review, I noted that few other works have addressed the intersection of electronic commerce and banking law, and characterized the book as "a consistently impressive combination of a treatise and a client memorandum." I found particularly useful the authors' detailed, informed, and intensely practical surveys of electronic payment technologies, regulatory actions, and judicial decisions. Separate sections, which can be read independently, are devoted to the missions and relevant activities of various regulatory agencies such as the Federal Reserve Board and the Federal Deposit Insurance Corporation. Other chapters discuss security and privacy of online banking systems, the operation of stored-value systems such as Mondex and Visa Cash, online brokerage and insurance services, intellectual property online, and Internet-based jurisdiction. I believe that this book is useful not only for reference but as a survey of developments in this rapidly-moving area. In my opinion, someone who sat down and read 50 pages a night of 21st Century Money, Banking and Commerce could get painlessly in two weeks more substantive information than most seminars on electronic commerce could deliver. ... Read more

Book Description

Is it possible to make multimillion-dollar profits outside the United States? Can you earn that money discreetly—without intrusion from Uncle Sam? And can you protect those assets from unfair lawyers, family members, and even your spouse in the event of divorce? The answer to all these questions is "Yes!" The secret is to put your money to work where it will generate the largest return—in one of the world's many offshore money havens.

In this completely revised and updated edition of his runaway bestseller, leading financial expert Jerome Schneider shows exactly how you can use the same international business strategies and tactics that have earned billions for America's most prestigious banks, corporations, and business people. He covers various ways to enter the foreign market, ranks the world's top offshore money havens, offers tips on how to avoid the common pitfalls of international business, and tells dozens of stories about creative men and women who have easily and successfully invested abroad.

Packed with hard-to-find information, The Complete Guide to Offshore Money Havens, Revised and Updated 3rd Edition spells out the latest, most comprehensive strategies for investing offshore to escape nuisance lawsuits, exorbitant taxes, and increasing invasions of privacy. You'll discover:

This is essential reading for anyone anxious to take control of his or her financial future in today's uncertain economy.

Reviews (43)

Enjoyable, can be a bit fuzzy at times
For the most part I thouroughly enjoyed this book. I have been quite interested in offshore advantages and this book is the first I've come across that explores those advantages with the idea that you will remain a US citizen. Other offshore books are geared towards those who wish to renounce their citizenship and move to another country. schneider's book goes into a great amount of detail on the legalities of offshore havens and even has a nice section that takes a look at each individual haven. You can find out which laws certain havens adhere to, how much it costs to bank there, privacy ratings, and much more. The only problem I had with the book is that a healthy portion of the book was geared towards those who wish to start an actual bank offshore, not just a bank account. However, Schneider clearly knows what he is talking about and anyone would do well to take a look at this book. In the Apeendix is a list of countries, the banks located there, the type of banking each one does, and how to get in contact with them, information we normally would have to pay an arm and a leg for. Warning: some citizens may be offended by Schneider's obvious disgust and anger over the taxes in the US.

Tried it, book doesn't work.
I followed the book's instructions to the letter and tried to open a current account at three Singapore banks recommended in the book. Only one replied, saying I could only open an account denominated in US dollars or Singapore dollars, and not any other currency, contrary to what the book says. In addition, this bank wanted somebody already known to them to introduce me to them before they'd deal with me. This book is a waste of time and money. I'm now doing internet research to get the informmation I need to do what I want to do. It takes a lot more time, but I feel confident of success.

we have a winner for "Worst Investing Book"!
this book is the equivalent of the saturday morning "get rich quick" scheisters you see on TV (and incidentally, the author, naturally, pitches his wares at the end).

the advice in the book goes beyond being bad...its irresponsible, misleading, and negligent.

here's one of the author's brainfarts (paraphrased):
"open an off shore reinsurance company, and then with your domestic company, purchase insurance from your off shore company--that way the premiums are both tax-deductible and a source of profit at the same time!" ---and how exactly would this help you in event of a claim?

or better still (and i quote):
" (US) banks are in bad shape--worse shape, in fact (though none are provided---a common refrain in this book, claims w/o data!), than most foreign banks. Of course, your money is insured up to $100k by the FDIC, but what would happen in the event of a universal banking crisis? Federal agencies could never handle the massive run on banks that would ensue..." ---oh, so this is to imply that a small private off-shore bank is going to serve as the new financial risk-free rate determinant (setting all financial markets back 100+ yrs), and this small off-shore bank is going to be far safer than the US Govt (FDIC)?

this book is an insult to anyone w/ a critical mind. its beyond terrible. its a great way to lose money, whether you invest as he advocates, or simply throwing away your $30 to buy it.

A collection of bedtime stories
This book is poorly structured. The author reiterates the same concept of going offshore over and over again. He does not reveal any detail on how to do it. Instead, he gives you a great number of short stories that he had heard from someone else. This was one of the worst books I had ever read! Stay away!

Good Introduction to the subject
There is a lot of information jam packed into this book. Mr.Schneider uses many examples, anecdotes, and political reasons for why you should move offshore and how to go about doing it.

Some of the ideas are never fully developed. Such as owning your own banks or captive insurance companies.

Plus with the new United States scrutinization of offshore havens after Sept. 11th much of the information is outdated and many ideas are now useless.

Mr.Schneider's book is easy to read and does a great job of pumping you up. It reminds me of an infomercial in that respect.
The primary detractor of the book is the constant selling of Mr.Schneider's services and other products.

Interesting read, I have been a financial advisor for 11 years and I have written several books on my area of expertise, but at the end of the day, when my clients ask me about going offshore I always discourage it. ... Read more

Book Description

The Handbook of International Banking provides a clearly accessible source of reference material, covering the main developments that reveal how the internationalization and globalization of banking have developed over recent decades to the present, and to analyze the creation of a new global financial architecture.

The Handbook is the first of its kind in the area of international banking with contributions from leading specialists in their respective fields, often with remarkable experience in academia or professional practice. The material is provided mainly in the form of self-contained surveys, which trace the main developments in a well-defined topic, together with specific references to journal articles and working papers. Some contributions, however, aim to disseminate new empirical findings especially where competing paradigms are evaluated.

The Handbook is divided into four areas of interest. The first deals with the globalization of banking and continues on to banking structures and functions. The authors then focus on banking risks, crises and regulation and finally the evolving international financial architecture.

Designed to serve as a source of supplementary reading and inspiration, the Handbook is suited to a range of courses in banking and finance including post-experience and in-house programs for bankers and other financial services practitioners. This outstanding volume will become essential reference for policymakers, financial practitioners as well as academics and researchers in the field. ... Read more

Reviews (2)

Understand How the Federal Reserve Works
mrbigbeast obviously disagrees with the purposes of the Federal Reserve, but he seriously misrepresents what is in the book. His political leanings are not unique, but the fact of the matter is that the Federal Reserve System is the central bank of the United States and was created by the Congress with the passage of the Federal Reserve Act in 1913. The Federal Reserve System includes the central governmental agency, the Board of Governors located in Washington DC with responsibilities to report regularly to Congress, and twelve regional Federal Reserve Banks that are corporations whose shares are owned by the member banks. There is an entire chapter explaning the New York Fed and its unique powers, as well as a second chapter explaining the other reserve banks.

Other chapters include Why Care About the Fed, How We Got a Federal Reserve, Fedspeak: The Secret Language of Money, and The Money Machine's Key Responsibiities. This book is an excellent overview if you want to know how the Fed works and how it impacts your daily life.

A blatant whitewash.
Starts with the outright lie that the Federal Reserve is a government agency (it is actually a private corporation with government-appointed "decision makers"). Continues with farcical statements such as "the number one goal of the Fed is still to avoid inflation", while conveniently defining inflation as a rise in prices, rather than bloating of the money supply. Like every book and pamphlet ever written by a past or present Fed insider, this book meticulously avoids ever mentioning the Fed's single most important and most frequently abused power - that of creating new money at will out of thin air. Since one of the authors was a vice chairman of the Fed, you can forget journalistic ignorance as the excuse. The most important piece of information about the Fed was omitted purposely, with careful phrasing and organization. An omission this needless and this monstrous can only throw gasoline on the flames of conspiracy theories. One's hopes surge momentarily at noticing a section called "Let's be open" about open market operations. Nothing but varnish. Most Idiot books are OK. This one can serve only as quick primer on the knowledge which is non-essential to John Q. Public. Do yourself a favor. Look deeper. ... Read more

Amazon.com

For better or worse, most of us have at least one of the 720 million little plastic cards that are used each year to complete $860 billion worth of purchases at 15 million incredibly varied merchant locations throughout the world. This is a far cry from the humble beginnings of these myriad credit, debit, and charge cards, which just a few decades ago were generally a perk offered only to elite customers for the acquisition of fine meals, hotel rooms, department-store goods, and oil-company products. They are now so common and such an integral part of our economy, in fact, that few pay them much mind--a situation that makes David Evans and Richard Schmalensee's Paying with Plastic all the more interesting. Evans, senior vice president of National Economics Research Associates, and Schmalensee, dean of MIT's Sloan School of Management, meticulously trace the history of these cards from both the consumer and merchant perspectives in this surprisingly appealing volume, which will prove enlightening to anyone who ever wondered how plastic money works. --Howard Rothman ... Read more

Reviews (4)

Highly Recommended!
In this history of payment cards, David S. Evans and Richard Schmalensee provide an amazingly lucid account of a couple of unusual business models: the "two-sided platform," which in the use of payment cards means walking a tightrope between the interests of merchants and consumers; and the "co-opetitive," in which the bank members of MasterCard and Visa cooperate in developing industry practices while competing for business. The authors, who are both former Visa consultants, sound like your favorite college professors - up to date and extremely sophisticated, yet friendly and anecdotal (at one point, they describe a Shell gas station near MIT to make a point about competition among cards). They typically begin chapters with easily understood notions from which they methodically build complex structures of ideas and information. Another virtue of the book is its concreteness - although that occasionally devolves into repetitiveness - starting with an explanation involving electronic signals and following the paper path of what happens when you hand your credit, debit or charge card to a cashier. The authors even consider the design and manufacture of the cards themselves. We recommend this book as essential reading for those in the banking or payment card industries; and it's not a bad idea for card users to read it - which these days means you...and just about everyone else.

Bias comes through.
The authors both are long-time consultants for Visa and it is very apparent in this book. The discussion of MasterCard, Discover, and American Express is limited.The treatment of various legal actions (Nabanco, US DOJ, WalMart, duality) is one sided.There is minimal study of the economics of the business from vantage points (consumer, merchant, acquirer, Issuer, co-branding partner, etc.) other than the card association.

It's clear from some of the statistical material prsented that Visa particpated in the book.

Ever see JAG?It's about a real portrayl of the Navy & Marine Corp as this is of the card industry.

A monumental effort!
I picked up this book because I have always been interested in the history of money and the power of gold as currency. If you are fascinated by the concept of money and how it makes the world go round, Paying With Plastic will whet your appetite.

To many a layperson, paper money has intrinsic value ostensibly because it is backed by gold. That, is furthest from the centre of gravity. Since Bretton Woods, paper money has not been backed by gold and has absolutely no value. The "value" of paper money is perceived and has "value" only because governments say so and because we believe in it. In fact, paper money forms only a very small portion of the money that is in circulation. These days, money is in the form of digits, bits and bytes - expressed as numbers in some computer harddisk.

Paying With Plastic explores a new form of money and how credit cards are the latest form of money - evolving from metal coins, bills of exchange, and paper money. The book traces the early and painful development of what was initially a clumsy mode of payment to what is today one of the most effecient, organised and widespread form of payment.

Paying With Plastic is the leading book of its kind - thorough, yet readable. If you are interested in the concept of money and how the credit card system works, then this book is for you.

Excellent overview of the development of cards
The authors bring disciplined methodology to the study of "industrial development," using credit cards as a case study.The book is useful not just for its anecdotal review of how credit cards got started & howthey are used; and not just for the wealth of statistics it provides on howcard & other payment usage has changed over the years; but mostimportantly, by putting some structure around all that material so that wecan understand it coherently.So many books on banking & on industrialdevelopment (like things by guru Tom Peters) are just so many anecdotesstrung together for 100s of pages, with no "system" forunderstanding what's being talked about.This book's strength is that itprovides the reader with a way of interpreting not only what's in the bookbut with a way of understanding the incessant new developments in theindustry that we read about in the trade press every day.I recommend thisbook highly to anyone in banking or interested in what's going on in thepayments system. ... Read more

Book Description

A comprehensive handbook for bank managers, corporate planning executives and graduate students, surveying recent fundamental changes in financial institutions and markets and analyzing their strategic implications for bank management. Noted authorities assess the growing importance of financial intermediaries and address the ``whys'' of changes in intermediation. Major shifts in financing practices are examined in light of the effects of inflation, technology and regulation. Chapters also explore specific changes in banking services, customers, suppliers, and regulation. ... Read more

Book Description

Two "virtuosos of risk management" show you how to close up the holes in your gap defenses—before the regulators call! Bankers Monthly dubbed them "virtuosos of risk management…[who have] raised A/L management to an art." And this hands-on approach to asset/liability management from Bitner and Goddard is exactly what you’d expect from such banking leaders. It’s the first true action book in the field moving beyond simple gap analysis, theory, and fundamentals to show you how to apply the full range of today’s sophisticated A/L management techniques—and comply with the latest banking regulations. You’ll find…

• Full discussions of interest rate exposures not measured by gap, but of vital interest to institutions and regulators alike: basis risk (the difference in the change of interest rates between instruments of identical maturities) and imbedded options (loan payoffs and early deposit withdrawals)
• Helpful and informative insights from leading A/L management practitioners, consultants, and software developers

Reviews (1)

A book that finally gets to the heart of risk mgmt. for all
I've been looking for a book that deals with risk management at all levels...from the beginner to the expert level

And I finally found it...a great reference for ideas that work! ... Read more

Reviews (1)

Citibank, 1812-1970 (Harvard Studies in Business History, 37
12 Feb 2000

Dear Sirs,

A landmark in the writing of banker history for Citibank, a nation's most influential commercial and investment banking.

After reviewed the book, it's my gracious to know the name of National City Bank be renamed to Citibank and Citicorp by Mr. Walter Wrision? The Author do not express further the name of Citibank achieve from? Why must Mr. Wrision renamed the bank to Citibank and Citicorp group and not other names? it the renamed name significance to the background of the center of the nation's banking system?

Thank You

Harry Tan ... Read more

Book Description

The adoption of the euro in 1999 by 11 member states of the European Union created a single currency area second in economic size only to the United States. The euro zone's monetary policy is now set by the European Central Bank (ECB) and its Governing Council rather than by individual national central banks. This CESifo volume examines issues that have arisen in the first years of ECB monetary policy and analyzes the effect that current ECB policy strategy and structures may have in the future.

After a detailed description and assessment of ECB monetary policy making that focuses on such issues as price stability and the predictability of policy decisions, the book turns to two important issues faced by European central bankers: the transparency and credibility of decision making and the ECB's decentralized structure. After showing that transparency in decision making enhances credibility, the book discusses the ECB's efforts at openness, its political independence as guaranteed by law, and its ultimate accountability. The book then considers the effects of the decentralized ECB structure, focusing on business cycle synchronization, inflation differentials, and differences in monetary policy transmission in light of the enlargement of the monetary union. The book also discusses options for ECB institutional reforms, including centralization, vote weighting, and cross-border regional banks. ... Read more

Book Description

The bank loan market has increased dramatically in recent years and is now viewed by some as a distinct asset class. This comprehensive book covers the structure of the market, secondary market in trading practices, and how to manage a bank loan portfolio. ... Read more

Reviews (1)

A solid overview
As I find with all of the Fabozzi books, this is a very comprehensive overview of a complex subject. Fabozzi has gathered together an impressive list of experts who each write on what they know best. I found the chapter on Latin American loans to be particularly useful. ... Read more

Book Description

This history and analysis of the euro and the European Central Bank traces the process of European monetary integration from its beginnings as a utopian vision in the aftermath of World War II through the establishment of a single currency managed by a central bank. Tommaso Padoa-Schioppa, a central banker who has been involved in the making of European monetary unification since 1979, offers an accessible guide to the euro and the European Central Bank for scholars, students, and the general reader, discussing the related economic, financial, monetary, and international political issues. In the process he also provides an overview of central banking in general and the multiple activities of a central bank; as the case of the European Central Bank illustrates, central banking involves not only monetary analysis and policy but much else, including banknote printing and handling, market operations, payment systems, bank supervision, and coordinating with other public institutions.

Padoa-Schioppa begins with the historical background of European monetary integration, starting with the 1957 Treaty of Rome, which lay the foundation for the Common Market, and covering the 1992 Maastricht Treaty, the development of an anchor currency, and the "euroskepticism" of the U.K. Subsequent chapters are devoted to economic policy, monetary policy, the euro as unifier in the financial system, the payment system, the euro as an international actor outside "euroland," and the challenges ahead for the still relatively young project of European monetary integration. ... Read more

Reviews (5)

Many Shades of Weitz
As a biographical note:

John Weitz the author of this book, is the same John Weitz that was a popular US clothing desinger in the second half of the 20th century.He was also an intelligence agent for the OSS, the forerunner of the CIA during and immediately after WWII.Ian Fleming mentioned Weitz as the prototype of his character, James Bond.

Weitz is also the father of Paul and Chris Weitz, the directors of "American Pie", and "About A Boy", and admirably not "American Pie II".

Poor
Those parts of the book that deal with Schacht himself are OK. Those parts dealing with the bigger picture are poorly written and contain errors.

A fair portrait of the man, but shaky on the facts
Afraid to say that Weitz's book is littered with errors as regards basic facts of the Nazi era and the inter-war period in general. This won't matter to those who have a good knowledge of the times, but students freshto the subject should beware. The heavy reliance on US news reports of thetime suggests a certain thinness of research. Even so, the picture ofSchacht that emerges is reasonably well-balanced and so the book is worth atry.

excellent
This book is as my summary suggests excellent. The chapter on hyper inflation is brilliant. This book is not only a biography of Schacht which is quite gripping, but an economic history of Germany between the wars. Itis simply written making it easy to read, easy to understand and detailed.It is an equally siutable book for a reader with a casual interest in thisperiod, a GCSE student, an A-level student or degree standard.

A thorough explanation of Schacht's thinking.
Hjalmar Horace Greeley Schacht first attracted the attention ofthe world when he was given credit for ending the German hyperinflation of 1923, after which the economy of the Weimar Republic performed remarkably well until the 1929 recession which eventually developed into the Great Depressionplaguingthe advanced capitalist system in the 1930s.When the World War I reparations payments were subject to a general moratorium in 1931, Schacht played a major role in the creation of the Bank for International Settlements that was responsible for the servicing of the loans made under the Dawes and Young Plans.to Germany. These loans were finally paid off by the Federal Republic od Germany in 1980.. Schacht had certain fundamental beliefs: he opposed the paying of reparations required by the terms of the Versailles Treaty in 1919; he had the typical banker's fear of inflation and the role of governmental expenditures in the creation of rising prices; he advocated the rearmament of Germany and sincerely believed that this would contribute to world peace. By 1936, he had begun to oppose Hitler's 4-Year Plan which, under the leadership of Goering, called for a drive towards autarky and additional military spending in an economy that was already back to full employment as a result of deficit spending.. Schacht was opposed to devaluating the mark, which wasincreasingly seen as a solution based on Britain's devaluation of the pound in 1931 and their comparatively successful subsequent coping with the Great Depression in Great Britain. Instead,Schacht and his cohorts came up with .the Mefo bonds which were used to deficit finance the construction of the famous Autobahns. Schacht went along with the 4-Year plan only after being assured that the Mefo bonds, which he regarded as a stop-gap measure, would be paid off or retired in 1938. Presumably the inflationary impact of rising military expenditures would be offset by the deflationary retirement of the bonds. The increasing reluctance ofSchacht to go along with theMilitary Keynesianism of his successor, Walther Funk, who, like Schacht , was an economic journalist, showed up in Schacht's increasing criticism of Hitler and personally in his souring relationship with his first wife, Luise, who was a convinced Nazi. By the time of the serious attempt to assassinate Hitler in July 1944, Schacht was acandidate for involvement in this conspiracy and was subsequently imprisoned.by the Nazis. Thus, it becomes more understandable why Funk received a long sentence while Schacht was acquitted following the Nuremberg Trials. Schacht's opposition to the autarky and additional military spending to support Hitler's aggressive plans saved his neck , although he was harrassed by the West German courts long after his Nuremberg acquittal. Schacht never joined the Nazi Party and was clearly used by Hitler since his intellectual talents were too great to ignore. After the war his services were in high demand in the Third World, particularly in Indonesia,India, Egypt, and Iran. He organized his own export company and regained some of his earlier wealth before dying in his nineties.. Lynn Turgeon Professor Emeritus of Economics. ... Read more

Book Description

The Federal Reserve banking system was created in 1913 in an effort to bring coherence to nationwide banking practices and prevent crises like the financial panic of 1907. Since it began operating in 1914, the Federal Reserve has played a crucial role in determining American financial policy and practice. It is largely an entity unto itself, operating independently, rarely subject to the political machinations of Congress or the presidency. Yet few Americans know how it works, and even fewer know anything of its history.

This history of the Federal Reserve begins by giving an overview of American banking practices before the Federal Reserve’s formation. The events leading to the Reserve’s creation, and its early trials and tribulations, are then documented. Subsequent chapters track the Federal Reserve’s history: its role during times of financial and military crisis, its relationship to each presidential administration, and the Fed’s evolution as its leadership has changed over the years. The history wraps up with the Alan Greenspan era, explaining major changes in the institution’s operating procedures since the 1980s. An appendix lists all members of the Federal Reserve Board of Governors, from its formation until 2003. ... Read more

Book Description

Where there’s greed and ambition, you’ll find . . .

Money & Power

"The project reveals a sharp eye for details and even sharper personalities. . . .The book tells stories with colorful messages."
–Toronto Globe and Mail

"Quite intriguing."
–ecompany

"Money and Power offers essential insight into the forces that drive the West’s great economic engine."
–Executive Edge, Continental magazine

"Refreshingly simple . . . intriguing tales."
–Business 2.0

"A gripping journey."
–PA Centre Daily Times

"Means extracts some valuable lessons for today."
–Fort Worth Star-Telegram

This companion book to CNBC’s acclaimed documentary Money and Power provides an expansive global view of the moguls and dynasties that have defined business in the last millennium. Deftly tracing the movement of trade, banking, industry, and commerce from East to West, from ancient times to modern, it offers important lessons that are of timeless value–and inspiration for the next generation of groundbreakers and visionaries of business. ... Read more

Reviews (13)

"Definitive and Representative" Personalities
Frankly, I did not know what to expect as I began to read this book. (The use of "The" in the subtitle is somewhat misleading.) Having read it, I consider this to be among the most enjoyable as well as most informative books about business I have read in recent years. Referring to a collaboration with David Grubin to produce a CNBC documentary, Means explains that "we followed the money to the personalities -- both definitive and representative -- that have dominated the last thousand years of business, and to some of the most defining and colorful events of the millennium." The personalities are Sir Godric, Cosimo de' Medici, Philip II, those involved with "Tulipmania", James Watt and Matthew Boulton, those involved with the Transcontinental Railway, J. Pierpont Morgan, John D.. Rockefeller, Henry Ford, Robert Woodruff, the key players involved in the merger which created Time Warner, and Bill Gates. Here are brief comments by Means on a few of the individuals and situations which are the focus of his attention throughout this book:

"Born at a time when capital accumulation for the peasantry was nearly unthinkable, [Godric] was nonetheless a model of modern wealth creation: an up-from-the-bootstraps capitalist who transformed the hand fate had dealt him."

"Cosimo helped to create a world that revolved not around God but around a society with man at the center. After five hundred years, power was shifting from the men of the Church to the men of business."

"Gifted with unprecedented mineral wealth, [Philip} had set out to reverse the flow of history rather than look forward and embrace growth, and history has judged him accordingly."

"James Watt is known to us as the father of the Industrial Revolution, and indeed the steam engine he brought to such perfection is the [italics] defining invention of the movement....He needed a partner [Boulton] to transform his genius into a product and to bring the product to a market where fortunes were waiting to be made....The steam engine [developed by Watt and promoted by Boulton] that would power the first locomotive would radically alter transportation across England and throughout Europe. Across the ocean, it would even pull a continent together. But its invention and manufacture would be left to other minds and hands."

"Throughout the last millennium, it was control that created fortunes: control over the oceans or railroads, the highways or the airwaves. At the start of the new millennium, it's still control -- this time over cyberspace, the new wealth machine. Some things never change but here's the difference: This road to riches is open to everyone."

I include these brief excerpts to suggest both the style and thrust of Means's presentation of material. As Grubin correctly points out in the Foreword, "Scientists and politicians, artists and scholars, all contributed to the millennium of change, but the world's businessmen -- its bankers and industrialists, merchants and entrepreneurs -- were a powerful driving force behind the stunning transformation." Means is to be commended for so skillfully guiding his reader through this immensely interesting process. Those who share my high regard for this book are urged to check out Mokyr's The Lever of Riches.

Big Themes of 900 Years of Business in Twelve Stories
Who says that history has to be dull? Money & Power is a lively introductory look at how modern business developed. You could graduate in economics from the finest colleges in North America, and never get this information. Anyone who wants to have a basic understanding of some key elements and tensions in business operations should read this book.

Unlike many books related to television specials, this one has been turned into a book rather than simply being a copy of the television script. Money & Power does not require you to have seen the special to benefit from its very interesting contents.

The book is organized around 12 chapters that each highlight one person or event in business history. The beginning of the chapter provides linkage material to put the information into context and to relate it to what preceded the chapter.

The first problem that business people faced in Christian Europe was that profit-making (especially earning interest on money) was considered sinful. The book takes a look at how that belief evolved through first considering an early peddler-merchant, St. Godric, who eventually gave up his entrepreneurially bookstrapped career to become a hermit, and was eventually sainted. By the Renaissance, the consummate banker Cosima de' Medici was able to handle this differently. Through a large donation he obtained absolution for his sins in operating a business.

The importance of trust is also developed. From the de' Medici's to J.P. Morgan, banking relied on prudent, dependable people whom you could trust. During financial panics in the late 19th century and early 20th century, J.P. Morgan was the lender of last resort who bailed out the markets. After Morgan, the Federal Reserve system was created to fulfill this critical economic role.

At the opposite end of the spectrum, greed can be destructive. The book describes the manias in Holland with tulip bulbs and the parallel bubble in England, as well as the wasteful use of wealth by Phillip II of Spain (he of the ill-fated Spanish Armada).

The role of business person, as separate from inventor, is nicely developed in the story of how James Watt and Matthew Boulton collaborated to commercially exploit the steam engine. That theme is continued in examining Henry Ford's work in creating his own infrastructure and marketplace for the mass-produced auto.

The role of financiers and speculators is nicely developed in a section on the U.S. transcontinental railroad (the 1860s version of the Internet today).

A chapter on Robert Woodruff of Coca-Cola explains the power of modern brands and marketing.

A chapter on Time Warner develops the ways that new combinations of capabilities can allow new developments to occur (think of Time as "conduit" and Warner as "content"). This continued the theme of creating a favorable industry structure that was begun in the chapter on John D. Rockefeller's creation of the Standard Oil trust.

A final chapter on Bill Gates and Microsoft heralds the current age, in which "the road to riches is open to everyone."

Many books that operate at a "simple" level are also simplistic. This is not the case with Money & Power. Great precision is used that provides relevant distinctions that are valuable to those with more knowledge. For example, the book points out that St. Godric was the son of a freeman. This is an important point, because the son of a serf could not legally have wandered off to become a peddler. Very few people were freemen in the late 11th century. His experience is much more understandable for having that information included.

I thought that the 12 examples were especially well chosen to make anyone who reads the book more business literate. If the book could have been expanded to 15 examples, it would have been nice to capture some of the great work in establishing new concepts for corporations that has occurred in the last 30 years.

After you read this book, I also suggest that you think about what the conceptual hurdles are today that limit the effectiveness of businesses to provide for society's needs. How can those limitations be removed in the future in ways that are beneficial to everyone?

Understand the almost universal appeal of money and power, and how it can be made more productive!

The History of Human Liberation from Superstitions
Money & Power is a lively introductory look at how modern business grew and developed. This well-researched book outlines the history of industry, commerce and power. This summary of the History of Business portrays the figure of an Entrepreneur as a real Creator of the future. The greatest problem that business people faced in Christian Europe was that profit-making was considered sinful, because Jesus drove away money-changers from a temple (As you know, temples in the Middle East were used as banks before Christ, because it was the safest place to keep treasures.) And in Orthodox Russia the problem was absolutely the same, though Russian Orthodox monasteries were producing vodka and earning interest on borrowed money even in 14th century.

This book is organized around 12 chapters. Each chapter highlights one person or event in business history. The book presents an inside view of the step-by-step history of business and its development over the years as history of liberation from ideological dogmata, superstition and prejudice. The story begins from the 12th century monk St. Godric. A final chapter on Bill Gates and Microsoft heralds the current age, in which "the road to riches is open to everyone." And everybody, who wants, must be rich. Now it is available for everyone. It is obvious today that entrepreneur is the most creative person making the most creative work in the world.

Sure, I especially enjoyed the sections on JP Morgan and Bill Gates. The book was recently translated into Russian.

Recommend this book!

Thoroughly Enjoyable
I found this a thoroughly enjoyable book. It is an easy read without being superficial. The writers focus mostly on American business--Morgan, Rockefeller, Ford and Gates--with emphasis on their money-making schemes & abilities. These are not "tell-all" biographical sketches. The writers never lose sight of their overall theme: money and power and how the two blend together. I would have liked more historical analysis (such is my bias). I found the chapter on Tulipmania fascinating (it is also the first time I have ever really understood Futures Trading). For anyone who finds economics and business an elusive mystery, this is an excellent starting point. (Also check out P.J. O'Rourke's Eat the Rich.)

Packed With Knowledge!
This volume, based on a PBS documentary, is as much about the unique characters who drove the evolution of business as it is about vast historic trends. Author Howard Means blends the color of a cinematic treatment with the rich context and detail of a comprehensive history. In so doing, he's accomplished the ultimate historian's goal: Presenting history in such a way that it is clearly relevant to modern-day life, and in this case, business. From biblical moneychangers to the miraculously large pool of Microsoft millionaires, Means traces the history of commerce from the perspective of power, asking who acquired it, how they amassed it, how they used it and what became of it? We [...] recommend his intense narrative to anyone in business, since business is about money, and money is, after all, power.
... Read more

Book Description

Timely, original, provocative, and one of the first studies of the way in which the World Bank is reinventing itself as the "Knowledge Bank."Essential for those with an interest in the future of the World Bank, the role of think tanks, and the changing nature of development. ... Read more