Book Description

Today's banking systems, from prosperous America to muddled Europe and wobbly Japan, may be in worse shape than is generally assumed. Although large financial institutions face the challenges of the new Euro with confidence, smaller banks are not as well prepared to deal with the world's changing financial scene. While most banks' profits continue to come from lending, many have accepted lesser borrowers, and others have entered businesses, such as asset management, that could become less attractive. Given the pressure on banks to earn more profits and the extra risks they have taken, it behooves us to revisit the key issues in banking. This book casts the ongoing changes in money and banking into perspective. ... Read more

Book Description

This is the first major study of post-Civil War banking panics in almost a century.The author has constructed for the first time estimates of bank closures and their incidence in each of the five separate banking disturbances.The author also reevaluates the role of the New York Clearing House in forestalling several panics and explains why it failed to do so in 1893 and 1907, concluding that structural defects of the National Banking Act were not the primary cause of the panics. ... Read more

Book Description

The contributions in this volume reveal much about the institutional nature of central banks.They analyze the banks' growth and development as well as desired objectives and challenges in the future. The articles tackle the issues in a variety of ways, combining historical observation with economic theory and experimentation. ... Read more

Book Description

Written by leading economists including Nobel laureate Joseph Stiglitz, this collection combines rigorous economic analysis with insider perspectives on key policy debates surrounding the future of the International Monetary Fund.As the role of the IMF and the "Washington Consensus" have come under intense scrutiny, this collection offers a valuable wide-ranging overview of the debate, making it an essential reference for anyone interested in the role of international financial institutions in our globalized economy. ... Read more

Book Description

"This new book on retail banking is both readable and innovative. Its analysis is unusually accessible in its style, and the book's conclusions and predictions will be rightly thought provoking. The customer is gaining real power and this new book's insights on the importance of leadership, the need to unleash creativity and to make a bank's IT and people resource work together more effectively for customer satisfaction are important pointers to the shape of future competitive differentiation."
--Sir Mervyn Pedelty, Recently retired Chief Executive, The Co-operative Bank plc, smile, CIS and Co-operative Financial Services

"A stimulating read. A readable and lively book that is always informative, sometimes controversial and invariably challenging. The authors don't expect readers to agree with it all, but the readers will undoubtedly gain some fresh insights and perspectives on the multiple issues facing management in a rapidly changing industry."
--Chris Lendrum CBE, Recently retired Vice Chairman, Barclays Bank

"This book is clear enough for the layman and thorough enough for any banker to obtain an excellent sense of the options for successful strategies for their retail businesses. The challenges of technology introduction, cost of production and scope of service are driving banks into responses increasingly similar to other industry sectors. These forces have been apparent for some years but are so evident now they can no longer be ignored. This book provides an excellent guide to mapping that future."
--Joseph DeFeo, CEO, CLS Bank.

"This is a useful guide to retail banking that provides a thought-provoking view on the state of The Art (of Better Retail Banking). Clearly retail banking can get better, and must! To steal an analogy from the conclusion, there is a sea change going on - consumers are looking more and more for greater simplicity and value, and so many banks are still making such heavy weather of it. This book does a good job of charting the current developments."
-- Lindsay Sinclair, CEO, ING Direct UK.

"A whistle-stop tour of all aspects of retail banking. This is a very readable and insightful real world mix of theory, strategy, tactics and practice. They have even managed to make banking sound exciting. But mostly they have been able to cut through the complexity to remind us all that success in retail banking is not just about finance and efficiency - it is about customers and staff, who are all too often forgotten about."
--Craig Shannon, Executive Director - Marketing, Co-operative Financial Services.

"The authors live up to their promise of providing managers and students with a clear exposition of the retail banking sector and how banks can confront the challenging future they face. This book is a practical manual with lots of useful advice. I was looking for new insights in this book - and I found them!"
--Professor Adrian Payne, Professor of Services Marketing, Director, Centre for Services Management, Cranfield School of Management.

"A key determinant of any organisation's success will be an enhanced understanding of 'value' as defined by customers, employees, shareholders and other stakeholders. Value can mean different things to these different groups, and this book has set itself the objective of identifying the approaches that will improve the value proposition for all of these interested parties. It achieves this objective."
--Professor Steve Worthington, Faculty of Business and Economics, Monash University.

"An enjoyable and useful read. It provides a good perspective on the role of IT and how IT suppliers and professionals need to contribute to future developments in retail banking strategy and implementation. It helps provide guidance for the significant challenges ahead for both suppliers and the Banks."
--Nick Caplan, Managing Director, Global Financial Services, LogicaCMG. ... Read more

Book Description

Why do governments turn to the International Monetary Fund (IMF) and with what effects? In this book, James Vreeland examines this question by analyzing cross-national time-series data from throughout the world. Vreeland argues that governments enter into IMF programs for economic and political reasons, and he finds that the programs hurt economic growth and redistribute income upward. By bringing in the IMF, governments gain political leverage - via conditionality - to push through unpopular policies. For certain constituencies, these policies dampen the effects of bad economic performance by redistributing income. But IMF programs doubly hurt others who are less well off: They lower growth and exacerbate income inequality. ... Read more

Reviews (2)

Is the IMF really as bad as they say?
The growing movement against neo-liberal policies needs more books like this, one that really examine if their propaganda matches up tough scrutiny. As Vreeland discusses to much of supposed statistical studies showing the harms of IMF policies mearly state "countries in IMF conditionalities do worse in criteria X than countries that do not" which he cmpares to simply saying people who go to a doctor are found to be sicker than those who do not. This book - not the final answer to the question - provides a first good study of the effects of IMF programs. While he dose find that IMF programs do negatively effect growth I believe many who have organized against the IMF will be surprised by how small the difference is. His findings that the programs exacerbate economic inequality are hardly new yet are a nice new addition to the literature. Most interesting - and where this book is a serious and importantant contribution is inhis studies on the what determines a countries participation in the IMF program. Combiming anecdotal evidence, logical anlysis and statistical studies he shows that it is largely determined by desire of the executive branch to have the conditions imposed on their country. To the extent that this is accuarate then the anti-IMF movement might need to rewrite its propaganda of the IMF being about class war of the first world nations against the third world countries to being about class war from the world capitalist against the world's workers.

Sound Analysis
In this book Vreeland offers a cogent analysis of why governments enter into IMF agreements, and identifies startling effects of the effect of such programs on host country economic performance.

Unlike Stiglitz in "Globalization and Its Discontents," Vreeland takes a quantitative approach in measuring the effects of IMF programs. His work seems less concerned with the empty rhetoric that surrounds the anti-globalization movement that have pre-occupied many IMF crtics, and instead draws heavily upon statstical evidence.

Not the only book published recently about the IMF in academia, but certainly one of the better ones. ... Read more

Book Description

The first book to look at how and why the British banking industry sold out

A revolution took place in the City in the 80s and 90s. The cosy club of British merchant banking collapsed in a series of sell-outs, closures and scandals. This left the City dominated by US and European giants. Was this the inevitable result of globalization, or did mismanagement play a part? This is the first book to look at how and why the British merchant banks and brokers sold out, and where that leaves us. Augar tells this fascinating story with pace and drama, taking us through the Thatcher years, the crash of 1987, Big Bang, and the aggressive invasion of the American banks. He looks at why the British banks failed to keep pace with the Americans, what this says about the way they were run, and what this means for the future. ... Read more

Book Description

Intended to develop the essential selling skills needed to effectively market the broad range of credit and noncredit services banks now offer. Assist bankers in their roles as financial consultants to their customers. Updated and revised, it offers bankers a framework they can use to assess their sales effectiveness, improve their post-sales-call evaluation, and recover during a call. ... Read more

Book Description

Praise for CAPITAL INSTINCTS

"Thom Weisel’s career has been remarkable. In sequence he has built two successful investment banking and research firms. That would be enough, but he has also revitalized the U.S. Ski Team, backed and inspired the winning Tour de France cycling team, encouraged Lance Armstrong to become a world-class competitor again after his battle with cancer, financially and spiritually empowered the Empower America think tank, and assembled a world-class contemporary art collection. You cannot do all this without having exceptional energy, uncanny vision, outstanding leadership qualities and extraordinary intuition. This book tells Thom’s story and includes some of his own insightful thought pieces. In Capital Instincts, you will learn a lot about management, motivation, leadership and the special qualities of humanity that are the substance of greatness."
–Byron R. Wien
Managing Director
Morgan Stanley

"Serial successes are rare. Those that span Silicon Valley and Wall Street, modern art, Olympic ski racing, and the Tour de France, rarer still. No, Capital Instincts: Life as an Entrepreneur, Financier, and Athlete isn’t a novel. But it is a thriller. Richard Brandt isn’t Robert Ludlum, but he’ll have you enjoying turning pages just as much. And Thom Weisel isn’t Jason Bourne, but he moves about as fast and covers more territory. A fascinating force, a remarkable blend of energy and focus, of talent and instinct for markets and people, of guts and drive, he has lit up the worlds of finance, art and sports for decades. Part biography, part business history, part Weisel’s own views on subjects from management, investment banking and entrepreneurship to the Internet bubble/bust and financial future, Capital Instincts is simply riveting. More than a must read–a delightful read as well. And with Weisel going strong, I can hardly wait for the sequel."
–Michael J. Boskin
T.M. Friedman Professor of Economics and Hoover Institution Senior Fellow
Stanford University

"Thom Weisel and Richard Brandt have produced an easy reading history that should be included in every business study program. Leadership lessons in sports and finance laced with real-life experiences. I found myself remembering recent headlines as Thom tells the inside story."
–Harvey W. Schiller
President & CEO US Operations
Assante Corp ... Read more

Reviews (6)

Compelling Portrait of an Über-Capitalist
Amid the expanding shelves of business biographies and dot com tell-alls, this portrait of Silicon Valley investment banker Thomas Weisel stands almost mythically taller than the others. It's not just that Weisel survived and thrived despite first the disastrous sale of his company to NationsBank and then the tech downturn. Nor is it just that Weisel is a bold and canny business thinker and a charismatic leader who inspires loyalty and near-reverence among employees and clients alike. More than anything, what fascinates is the feedback loop between Weisel's workaholic style and his consuming passion for skiing and cycling--a passion that led him first to successfully reconfigure the U.S. Olympic ski team organization, and then to put together the winning U.S. Postal Service cycling team led by Lance Armstrong. One only wonders how such an obviously brilliant man could have such simpleminded and even incoherent libertarian politics.

Author Richard Brandt, a veteran technology journalist from Business Week and the now-defunct Upside Magazine, makes use of his long intimacy with the tech sector business world to situate Weisel's career within the historical context of Silicon Valley's rise, hysterical boom and return to reality.

Next time pick your writer better
I'm an I-Banker and enjoy reading biographies of exceptional businessmen. Sandy Weill's recent biography comes to mind as a personal favorite. Since Tom Weisel is an exceptional athlete with many interests similar to mine, I thought I would enjoy this read. Frankly, it's very painful.

First of all, the two-page summary at the end of each chapter written by Weisel would have been a great framework around which to write a biography. But the actual chapters read like a paid self-promotion or someone in the throes of hero-worship. The author consistently talks of what a great athlete Weisel is while making sure he mentions that Weisel never brags about his athletic prowess. No need to given that the writer will glorify the results. Even concerning business the writer manages to find a positive in every event. For example, the original partners split up and start a competing firm but there is no attempt to mention if Weisel's faults could have had any impact. Of course, per this book, he has no faults.

Weisel eventually merges the successful but controversial Montgomery Securities into Nationsbank but after trumpeting this as a great deal, it merges poorly so blame is completely placed on Nationsbank. Now, of course anyone living this large competitive life must trade-in for a 24-year-old trophy wife when he is 49. Unfortunately there is never a significant mention of the break-up of his first marriage other than what a great father he is and how involved he is with all his kids.

This book is so filled with braggadocio that if Weisel were really interested in keeping the profile of a respected businessman, he would have done his best to limit his exposure to this book. Tom Weisel may very well be a great man but great men do not need to have this much said about them in this forum. I'm shocked he agreed to allow his name to be included in this work, as it is not becoming.

Great read, funny and smart
I loved "Capitol Instincts" and you will, too. It is a quick, enjoyable and often very funny read. For those of us who know far too little about the world of investment banking (and for that matter, art investing and high level sports) it is an easy way to gain insight and important knowledge.
I enjoyed the way Brandt took you from the history up to hot off the press issues changing the face of banking today, as well as very intriguing backroom dealmaking. He reveals a master dealmaker at work.
Weisel's sections keep the info coming, with his pointed valuable advice to entrepreneurs and investors.
The sections on sports and art were fascinating. Again, Brandt delivers depth with fascinating details and insight on his subjects. And it is fast and fun all the way.
Buy it, read it, send copies to all your friends. This book is hot, fast, easy and fun to read!
I can't wait to see what this hot author will tackle next!

A good read
This is a well-written, informative book, surprisingly so considering it's an authorized biography of an investment banker. Wiesel is a legend, and this book let's me see what makes him tick, revealing a bitmore I think than he might actualy want us to see. I found it fascinating to see the link between investment bankers and atheletes until I realized both are among the most competitive activities in our society. I was astounded at what this hard-boiled wheeler and dealer did for Lance Armstrong when no one else would go near him. Maybe he has a heart of gold, or may he just saw a good investment where others didn't. It's well written and never lags. I recommend it to anyone who wants to see the insider of investment banking, from an unsentimental and informative perspective.

Inside the insider
Authorized biographies are usually lovefests. This wasn't. It was honest, revealing and unsentimental. More a memoir than a biography,I found this a surprisingly excellent look inside the mind and life of someone I do not greatly admire into a business I do not greatly admire. I wish it had dealt more with the ethical issues that have gone awry in the investment banking community, but I got a clear picture of who Thom Wiesel is and found it a really interesting link between what compels athletes and investment bankers. I got to understand how it works and the vital role they play in the basic system of taking companies public. It is a well-written, fast-paced book.I never lost interest. ... Read more

Book Description

"Every hour spent reading Banking on Baghdad will be well rewarded. The historical detail is fascinating; Edwin Black’s mastery of it reads like a detective story and thriller combined, and the relevance of the past has seldom been so graphically portrayed. This is a gripping expos´e of historic follies, fantasies, and ferocity, taking place in a region that is today still a focus and storm center as it has so often been. Oil forms a twisting thread of wealth, corruption, and greed. The cast of characters and their bizarre behavior could come out of a novel; but this is fact not fiction, more endlessly intriguing and absorbing than any novel could be."
–Sir Martin Gilbert, author of Churchill: A Life, Israel: A History, The First World War: A Complete History, and The Second World War: A Complete History

Praise for Edwin Black’s Prior Books

On IBM and the Holocaust:

"An explosive new book... Backed by exhaustive research, Black’s case is simple and stunning: that IBM facilitated the identification and roundup of millions of Jews during the 12 years of the Third Reich....Black’s evidence may be the most damning to appear yet against a purported corporate accomplice."
–Michael Hirsh, Newsweek

"Black has tracked down document after document witnessing that Holleriths inventoried prisoners for death at Bergen-Belsen and other concentration camps....IBM and the Holocaust is a disturbing book–all the more so because its author doesn’t prescribe what should be done about sins committed more than half a century ago. It is left to readers to decide."
–Ron Grossman, The Chicago Tribune

On War Against the Weak:

"Edwin Black, author of the radical and revelatory IBM and the Holocaust, is a dangerous man. He tells us things we don’t want to hear, like, for instance, this:
‘The scientific rationales that drove killer doctors at Auschwitz were first concocted on Long Island.’ His groundbreaking War Against the Weak: Eugenics and America’s Campaign to Create a Master Race is a scary and necessary book."
–Adrienne Miller, Esquire

"In a new book, War Against the Weak, investigative reporter Edwin Black makes the case that 20th Century American proponents of eugenics...had substantive ties to the architects of Hitler’s racial extermination machine... Black lays bare the veins of collaboration between American eugenicists and Nazi scientists."
–Dan Vergano, USA Today ... Read more

Book Description

This is the first broad cross-country assessment of the ties between financial structure -- the mix of financial instruments, institutions, and markets in a given economy -- and economic growth since Raymond Goldsmith's 1969 landmark study. Most studies focus on developed countries and compare bank-based and market-based systems. Debates over the relative merits of the two systems have relied on case studies of Germany, Japan, the United Kingdom, and the United States, countries with similar long-run growth rates. The absence of data on developing countries limits the usefulness of such studies for policy makers.

The book contains recently acquired cross-country data from almost 150 countries. It includes information on the size, efficiency, and activity of banks, insurance companies, pension and mutual funds, finance companies, and stock and bond markets. It also incorporates information on each country's political, economic, and social environment. The chapters contain a mix of case studies, cross-country studies, macro- and micro-oriented approaches, and analytical and empirical work. The conclusions point not to markets versus banks, but to markets and banks. It is how well a financial system functions that is critical for long-run economic growth. The research suggests that strong legal rights for outside investors and the overall efficiency of contract enforcement are effective tools for developing the financial sector and the economy. The book includes a CD containing World Bank data. ... Read more

Reviews (7)

Unique and perceptive explanation of Japan's long recession
Having heard about the publication of this book for some time, I was excited to see it available on Amazon. And the book did not disappoint!

Werner takes an unconventional view of the causes of the recession in Japan--at least to those of us who were educated in the US and taught that the lack of US style free market capitalism was the principal cause. He suggests very convincingly that the extraordinary Japanese stock market and real-estate bubble and subsequent long-term recession were in part caused and created by certain institutions and individuals, namely the Bank of Japan, and discusses the motives of the behavior of those institutions.

The book is a great read with clear and concise explanations of difficult concepts (economics, finance, banking, central banks and financial institutions, etc.) and extensive footnoting of research, quotes and facts (even many of the footnotes are a great read!). I'm sure many will find his claims controversial but any reader will have to admit the arguments are compelling.

Whether you agree with his premise or not (I happen to agree), this book is a great read for anybody interested in Japan, economics, policy making, or even just the stock market.

My professor
As a student of Richard Werner's while he was teaching at Sophia University in Tokyo, I more than once had my eyes opened on the reality of economics and towards the end of my class, the banking sector. I recommend this book to anyone who has an interest in banking, credit, and the truth about the Japanese economy.

Toto pulls back the curtain on OZ and his cronies!
In "Princes of the Yen", Mr. Werner successfully makes the case that Japan's central bankers are in control of the economy and hence the country. His arguments are backed up substantial research including personal interviews.

In addition, Mr. Werner sheds light on how Japan's economic war continued long after its military war ended (Chapters 2 & 3).

Last but not least, "Princes of the Yen" provides a historical look at the development of money, credit and banking (Chapters 4 & 5).

Understandably, most of the book is devoted to the princes of the yen, and while I enjoyed Mr. Werner's treatment of Japan's central bankers, I also found his historical overview of money, credit, banking and the history of Japan's war economy to be immensely enlightening. In fact, I am still pondering the idea that money is credit, and that credit can be created out of thin air.

I strongly recommend "Princes of the Yen" to those with an open mind who have an interest in banking, money, economics and history. Rest assured that Toto won't fail to amaze you.

A new perspective to the existing literature
This book offers us an alternative perspective to the rise and fall of the Japanese economy. Supported by extensive research, the author has successfully uncovered the reasons behind the Japanese economic growth. Credit creation accounts for at least 90% of the money supply in the market. An uncheck institution such as the Bank of Japan has control over the country¡¦s credit creation and allocation. It is without a doubt that the central bank plays a major part in any country¡¦s economy. This book has also revealed a very essential question of the necessity of the current central banking system. Who has the control over the central banks? Do we really need a central bank?

This book is an excellent reading for anyone who does not want to be conformed by the standard textbook explanation. In a way, this book is probably closer to the reality than most conventional economic readings.

Lucid and eye opening, a life changing book
I was a student of economics and until reading this book I was wondering why I ever entered the disipline in the first place; after I read Princes of the Yen I finally felt that someone had given me that reason.

Princes explains the rise and fall of the Japanese economic and political system and dares to explore areas that historians and economists alike have failed to address. While almost all the information I have read on the Japanese economy focuses on the miracle growth and the recent bubble collapse, Professor Richard Werner goes even further back to WWII to uncover the uniqueness of the Japanese economy. He argues convincingly, through statistics, extensive research and personal interviews, that a purposely-designed bank centered version of capitalism has driven the Japanese economic system, and that those who control the creation and allocation of credit, namely the central bank princes, have made the ultimate decisions in Japan's postwar economic history. Thus the current problems in Japan are exposed not in the confused and varied ways that most economists tend to talk about Japan but as part of the actual credit policies and publicly stated (yet little known) goals of Japan's central bank governors.

I loved Japan but couldn't make any sense out of Japanese economics. I am thankful to Professor Werner that I finally have a clear explaination as to what really happened, and a renewed desire to pursue economics as a discipline. ... Read more

Book Description

Little over a decade ago, infrastructure concessions promised to solve Latin America's endemic infrastructure deficit. Awarded in competitive auctions, these concessions were supposed to combine private sector efficiency with rent dissipation brought about by competition. Yet something did not go quite right, as concessions were plagued with opportunistic renegotiations, most of them at the expense of taxpayers.This book is a major contribution toward understanding what went wrong and what should be done differently in the future to reap the potential benefits of infrastructure reform andprivate participation in infrastructure provision. It begins by analyzing a rich data set on more than 1,000 infrastructure concessions, uncovering a series of puzzling stylized facts. It then considers alternative explanations for the patterns it has uncovered, and concludes with a series of insightful policy proposals aimed at avoiding the common mistakes and make concessions to efficiently contribute to economic growth and poverty reduction. ... Read more

Book Description

Expanding upon the literature of new institutional economics, the first part of this study stresses the significance of imperfections in information, bankruptcy and banks. The second part examines the policy implications of the new paradigm emphasizing loanable fund demand and supply, and demonstrates its relevance to our understanding of two recent historical episodes--the East Asian financial crisis and the 1991 U.S. recession and subsequent recovery and boom. ... Read more

Reviews (1)

Learn current Banking Reality & What the Future Holds
First off I am not a not an economist.Bought this book because I am very interested in how current monetary system works and what the future holds.This book fortunatly covers both topics; in great detail.The book goes over the advantages and disadvantages of the current way, how banks lend to grow the economy.It then goes over how that is being transformed and what we can expect in the future.The book is not as dry as most hard-core academic books, it is readible.My goal is to have a broad understanding of how the financial system of our world works, and this book did a great job of helping me understand.It does have a few advanced mathematical equations, I do not know how to solve them but they were very well explained...so at least I do understand what the equations are for.Great book it might be worth it to look for more books in the Raffaele Mattioli Lecture series. ... Read more

Book Description

Reviews (1)

Not for the layman
This much heralded account of the Federal Reserve is justly lauded in academic circles because Meltzer brings forth many Fed documents which have long been buried away and unavailable to scholars. He is able to pursue step-by-step Fed actions and relate what happened in all those many meetings behind closed doors. Through the mass of information he has uncovered and his own in-depth knowledge of monetary policy and the Fed, he is able to bring new facts to light and correct previous interpretations that are more often than not those of Friedman and Schwartz's A Monetary History of the United States.

The weaknesses of Meltzer's book stem from his massive archive of information and the strength of his predecessors. The sheer volume of information he is trying to convey prompts the narrative to drift and the reader sometimes loses the point. And, as a good academic historian, he is engaged in a dialogue with other historians of the Fed and monetary policy that can push the layman to the sidelines. Meltzer's history assumes the reader has a rather advanced knowledge of economics and finance such as an understanding of the real bills doctrine and the operation of an international gold standard. Also, the charts and tables are often not very helpful in understanding the text or at least could have been presented in a better manner.

Overall, Meltzer does not produce any stunning revelations but a great many correctives to previous accounts and much added detail. The novice to the history of US monetary policy would do better to read Richard Timberlake's book (though taken with a grain of salt because of its conservative leanings) or the classic work by Milton Friedman and Anna Schwartz. ... Read more

Reviews (6)

Acquire Non-Diminutive Cognizance of Greenspanisms
Morbid curiosity drove me to open this book. I suppose I expected to find some sort of arch-conservative, Reaganite-Republican, Ayn-Randian, ultra-capitalist dogmatist. But the figure that actually emerges is that of a dedicated, technical-minded civil servant.

The book contains selections from different Greenspan speeches given over the years. Most selections are prefixed with some scene-setting remarks by the author, Kahaner. The book doesn't have much structure to it -- the chapters are in alphabetical order (e.g., "Banks", "Capitalism", "Derivatives", etc). So you can skip back and forth without losing anything.

While Greenspan's speaking style is usually clear, he does have a roundabout way of talking. For example: "I don't want to suggest we're about to do anything at this stage, but I would confirm we are obviously going to do a great deal of thinking about the whole process." Somewhere else, he jokes: "I've been able to string more words into fewer ideas than anybody I know, and I'm continuing to do that."

Nonetheless, the reader can pick up most of Greenspan's opinions without too much trouble. For example: (a)Debt - bad. (b)Inflation - very, very bad. (c)Capitalism - hurray! His view on income distribution: "No society succeeds unless virtually all of its participants believe that it's fair and gives people opportunities." That one sounded all right to me, but his views on labor strike me as downright creepy; for example: "It should always be remembered that in economies where dismissing a worker is expensive, hiring one will also be perceived to be expensive."

On a subject of current political concern, the privatization of Social Security (or "modernization" is what they're calling it now, I think), Greenspan argues against it for workers already contributing to the system: "Investing Social Security assets in equities is largely a zero sum game." But he also suggests that allowing younger workers the option to move to a semi-privatized plan might be practical.

Greenspan maintains a pretty aloof tone in most of his speeches. For example, while touring the economically devastated region of South Central Los Angeles, he dryly observes, "We regulators are swamped with all sorts of data... It's important to put a face on the numbers." On the matter of dealing with others: "...beyond the personal sense of satisfaction, having a reputation for fair dealing is a profoundly practical virtue. We call it 'good will' in business and add it to our balance sheets."

A section near the end of the book contains remarks others have made about Greenspan. One economist sums it up best: "When Greenspan dies his headstone could read: 'I am guardedly optimistic about the next world, but remain cognizant of the downside risk.'"

On the one hand . . . But on the other hand . . . Yet . . .
The core of this book is a series of quotations by Dr. Alan Greenspan, chairman of the Federal Reserve (1987 - ) on the subjects of banks, capitalism, competition, debt and deficits, derivatives, education, employment, the Federal Reserve, forecasting, the gap between rich and poor, globalization, gold, housing, humor, inflation, the new economy, politics, reputation, risk, small business, Social Security and Medicare, the stock market, technology, and trade. The quotations are simplified into their key principles in brief commentaries by the author, Mr. Kahaner. The author has also provided a brief biographical sketch of Dr. Greenspan as well as comments by others about Dr. Greenspan. (For trivia buffs: Did you know he was once married to the painter, Joan Mitchell?)

Alan Greenspan is a classic conservative, monetarist economist. His views fit nicely into that category. He also has a lively wit, which is normally well hidden behind the facade of "non-speak" that he specializes in. The author has considerately included some of Dr. Greenspan's most famous bon mots. His convoluted sentences are more famous across the planet, and deliberately so.

For when Alan Greenspan really speaks, as he did about "irrational exuberance" in the stock market a few years ago, the ground moves beneath the financial markets. So he has to be careful.

Care is also required because of politics. The Federal Reserve is supposed to be an independent body that is not part of the political process. Yet Congress can change its powers very easily. So the best approach is to hide in the shadows, as much as any 800 pound gorilla can.

This strategy is complicated by the fact that the chairman has to make many speeches, and has many required reports to Congress each year. So, Chairman Greenspan has to utter a lot of words while saying very little.

Perhaps the truest statement in the book was the quote about him pointing out that people on both sides of any issue quote Alan Greenspan as supporting their position. And that's the brilliance of these obscure sayings.

The only times he can be open is when he is in front of a group that doesn't matter. For example, he can praise the small community banks to the skies, because they are so small. Bring up Citigroup, and he has to move off in other directions.

The book that still needs to be written about Alan Greenspan is his art of saying much while communicating little. Now, that would be a book!

My favorite slant on Alan Greenspan was missing from this book. The financial news channel, CNBC, has developed a way to anticipate which way interest rates will go. It depends on the size of Greenspan's brief case when he goes into a Fed meeting. When it is thick, rates change. When it is thin, nothing happens. With a between-sized case, the bias between tightening or not may shift. Interstingly, they are often correct with this approach. And this story shows perfectly how much scrutiny he is under.

The man has done a fabulous job of running the Federal Reserve. We should not forget that in our focus here on his words. This is an area where actions speak louder than words, as they often do.

Now that we are off the gold standard, controlling the money supply is more important than ever because there is no limit on the potential to create inflation. As a former economic forecaster, Greenspan knows that economic forecasts are more often wrong than right. So you have to be vigilant and aggressive in anticipating problems. You will get a good sense of that perspective from this book. It will bring all of those words into a coherent sense of Greenspan's philosophy for you.

After you have finished absorbing these very long sentences, I encourage you to think about when in your life it is good to be balanced in your communications in order to moderate the response. Clarity is not always a virtue. But do be clear whenever it is important to get the point across. Follow Hemingway then. When obscurity helps, follow Greenspan.

May you aggressively pursue the opportunities in front of you, but in a balanced way that exercises extreme caution about the risks involved. In considering your choices, you should pause to consider how forecasting may not always be correct. Naturally, you will want to give full weight to the concerns that your hear as well. (This is my attempt at a Greenspanism, for demonstration purposes.)

One of A Kind
At a time when so many on Wall Street hang on his every word, this compendium of Alan Greenspan quotations is just what is needed. Reading a collection of quotes -- along with the author's excellent analysis -- gives you a better understanding of Greenspan's theories. The author does an excellent job of organizing the Chairman's thoughts into concise chapters with brief commentary. I found the book an easy read for a topic that can be hard to comprehend.

Incredibly enough -- not a snooza-thon!
I know so little about the world of finance and economics and I'm so terrified by my ignorance, I Quicken© what my kids spend their allowances on. So, a book on Alan Greenspan's cryptic ruminations on economic theory wasn't exactly at the top of my "must read" list. But Larry Kahaner has performed a minor miracle here. Not only does the Sphinx-like Greenspan speak in this book -- he also makes a lot of sense. Kahaner does an excellent job of putting Greenspan's words of wisdom into an understandable context with clear, supple, and lively explanations. Now I know why Greenspan has been so influential -he works from a core of bedrock beliefs and strategies that guide his decisions no matter what the economy is doing. This book is a great example of how to make the obtuse and obscure understandable for the common reader. It's also a terrific introduction to basic economic principles because Kahaner does such a good job of showing how Greenspan's macro theories can be easily translated into the micro of your own financial life. A surprisingly good read.

Excellent Book
I read this book because this guy seems to be one of the most important men in the world. I wanted to understand him by seeing what he had to say, rather what someone else said about him. The book is organized very well, and the writer, Larry Kahaner, did an excellent job overall. If you're interested in business and the stock market, I'd say this is a must read. Also, Kahaner's other books are also very good. This is an author I follow. ... Read more

Book Description

Financial Institutions and Markets, 2/e emphasizes a functional focus on financial intermediaries and markets such as government securities, mortgage, corporate debt, equity markets, derivatives, and market microstructure. Chapters cover liquidity and risk, regulation, and developing financial systems. ... Read more

Book Description

This book is a major contribution to a controversial area of economic history and to the debate about the nature of British society in the late Victorian and Edwardian eras. Translated into English for the first time, it provides a detailed analysis of the banking community of London when the City was the undisputed financial center of the world.Attention is paid to the social origins, education careers, business interests and fortunes of its members, to the networks of relationships of its most important dynasties, as well as to the political influence of the world of banking. ... Read more

Book Description

Dead Bank Walking is a stunningly candid portrait of the historic merger between Security Pacific Bank and Bank of America, a combining of two giants that set in motion the fever of banking marriages we now witness. This book not only answers the WHO, WHAT and WHY of the mega-merger, but stands alone as an object lesson on all mergers. It evokes the humor and frantic chaos surrounding a deal that is still regarded as either a brilliant coup or a tragic swan song to banking sovereignty and independence. In Dead Bank Walking, Robert H. Smith, former Chairman and CEO of Security Pacific (and later President of Bank of America) spins a tale that will enthrall business people and mesmerize readers who never thought they could be interested in an epic about bankers. Part business thriller and part interpersonal drama, the story details the final paroxysms of a 120 year old institution revered by Wall Street for its leading edge thinking and entrepreneurial spirit--until it got into trouble.

Dead Bank Walking begins innocently enough when Smith assists real estate developer Charles Keating in his acquisition of Lincoln Savings. This act and the resulting S&L crisis trigger a chain reaction of legislation, regulatory crackdowns, and economic difficulties that threaten the very existance of Security Pacific.

The story includes a virtual Who's Who of politics and Wall Street: Warren Buffett, Donald Trump, Alan Greenspan, Bill Seidman, Carl Reichardt, Pete Wilson, Bob Campeau, Chris Hemmeter, Peter Ueberroth and many other movers and shakers.

Dead Bank Walking shuttles the reader from elaborate bankers conventions in Hawaii to contentious Board Rooms. It peeks through the crevices of high finance, as Smith and Richard Flamson--an outspoken and gutsy chairman dying of a rare blood disease--embark on a strategic acquisition spree that ultimately extends the bank's vision to include worldwide securities companies and a controversial and ultimately dangerous Merchant Bank.

Too far too fast? Absolutely. When economic recession pounds California and Security Pacific's stock slides, consultants warn management to halt the acquistions and if possible locate a merger partner. If Smith can't, the Board will find someone who can. A potentially momentous merger with Wells Fargo Bank falls through at the eleventh hour and an uncanny sequence of events brings Security Pacific to the brink of disaster. Smith's colorful management team labors to solve the problems and ultimately embarks on a year-long odyssey with Richard Rosenberg, Chairman and CEO of Bank of America.

Smith recounts in vivid detail, the triumphs, disasters, mind-games, insults, ego trips, walk-outs, and layoffs as he and Rosenberg work, sometimes at cross purposes, to create the most powerful bank in the United States, often in the face of ridiculous forces that seek to derail the merger at every juncture. Near the end, Smith realizes that he stands to lose everything--from his personal wealth to his reputation--should the deal collapse. In a final life and death episode, he faces a potential $1 billion penalty that may represent a material breach of the merger agreement. Smith partners up with brilliant attorneys for an almost hallucinatory last dance with the Internal Revenue Service in order to preserve the merger and save his own scalp. And lingering beneath the deal is the unfathomable bureaucracy of Bank of America, a foreboding maze of committees which in the end destroys the most unique and valuable assets of the institution it works so hard to acquire.

Fifty percent comedy, fifty percent tragedy, Dead Bank Walking is an exhilarating, timely and supremely unique business story populated by a cast of characters one would expect to find only in a work of fiction. Read it, and never think of your bank--or the people who run it--in the same way again. ... Read more

Reviews (19)

A Unique Insider's Perspective
Having read other books (Den of Thieves, Barbarians at the Gate, etc.) written on some of the other deals which took place in the late eighties and early nineties, I was looking forward to something similar with "Dead Bank Walking."

While the book certainly delivers an informative account of Security Pacific's rise and eventual merger with Bank of America, it also offers the perspective of one of the deal's main decision makers. Instead of the 'Monday Morning Quarterback' approach of most business retrospectives, Smith offers the reader the opportunity to understand all of the factors which influenced this mega-merger and the eventual aftermath.

I'd recommend this book to anyone involved in the financial services industry or considering a career in finance.

Everything you never knew about M&A
Dead Bank Walking gives a very candid and sobering insight into the merging of two banking bohemoths: Security Pacific and Bank of America. People who choose to purchase this book will be thrust into a world of high stakes finance, replete with sometimes brutally honest depictions of the people involved in one the biggest banking mergers in history. Mr. Smith holds nothing back and does a brilliant job of placing the reader directly in the line of fire...basically, in his shoes! His narrative is very descriptive and positively enthralling. Although armed with a seemingly unending supply of wacky characters (including downright white-collar criminals, pompous executives and bloated know-it-all middle managers), Smith avoids the easy way out of making this a diatribe of how unfairly he was treated, rather he takes great pains to illustrate the personal sacrifices others were forced to make in the best interest of the shareholders. Unfortunately, this places the author in an extremely difficult position and what transpires is nothing short of miraculous.
This book is an absolute nail-biter that will surprise you. You definitely would not expect this from a book about "some bank merger that happened 10 years ago out in California." If you work in the business world, especially in the banking industry, you must read this work of passionate dedication and self-sacrifice. The book's in-your-face comments and insight, peppered with self-depricating wit, will make you forget you're reading a book about "business," making it read more like a Oliver Stone screenplay.

A Good Read; Good Lessons
While Dead Bank Walking was an enjoyable and stimulating read for anyone in the corporate world, it doesn't stop there. It's packed with great lessons for executives, particularly in the financial services industry.

If you have ever faced mergers, regulators, stockholders and/or employees during difficult times, you can relate to Smith's story. If you haven't, read the story! There are great lessens here.

A Good Quick Read for Current/Former Employees...
3-1/2 stars.

Mainly of interest to people employed in the banking/financial services industry, especially those with some connection to Bank of America or Security Pacific - like me. Don't imagine this book would thrill the average reader; agree with comment that potential buyers should wait for the book to end up in the bargain bin.

If You Were There......
In general, I agree with all of the reviews by the folks who understood Security Pacific, and, disagree with all of those who had no other knowledge of Security Pacific than Bob's book. I do agree that the book did read like a novel and it did sound like Bob, who at times was a likeable person to be around, however that doesn't offset the many "un" and "half" truths potrayed in this book.

I was very surprised to find out just how bad off we were, so I do agree with the person that said Bob did a good job of keeping that information from the troops. But to what avail? Bob did sell the employees down the river. If you didn't get layed off, you were very poorly treated by B of A employees and management, and it's unbelievable that Bob didn't forsee that.

I believe that, with all of the innovation exhibited by Security Pacific employees in the past, in both financial and technical aspects, had Bob been a forthright and competent leader, Security Pacific would not have failed. ... Read more