The House of Morgan

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An American banking dynasty and the rise of modern finance

Hi, welcome to Bookey. Today we will unlock the book, The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance. “London was the sun in the financial solar system. Bankers of the City, London’s financial district, were self-styled potentates. Firms such as Barings and Rothschilds maintained an imperial reserve; to be asked for lunch was like being received in audience by a king.” This is how the author describes the financial circle of London in the 30s and 40s. One day in 1835, an American named George Peabody set foot in London. Peabody was born into a poor family in Massachusetts. His father died when he was just a teenager, and Peabody started working in his brother's shop in order to feed his mother and six siblings. His early years of poverty shaped him into a frugal and diligent man. He kept working and devoted himself to accumulating wealth. In 1838, George Peabody opened his business at 31 Moorgate Street, London. At that time, his humble office had only a counter, a safe, and a few desks. But can you imagine that years later this shabby business would grow into a wealthy financial empire? How many legendary stories happened during this time? How was the financial empire built? This is the story of The House of Morgan. This book is a classic business literature whose subject stretches across finance, history, politics, diplomacy, and economics. With the Morgans as the main characters in the storyline, it describes the 150-years of the rise and fall of Wall Street. It provides detailed accounts from the dusty historical records of the mediation that House of Morgan has executed between political and financial figures, and unveils the mysterious financial empire built by four generations of the Morgan family. The author of this book, Ron Chernow, is the President of the Board of Trustees of the PEN American Center. He has written highly acclaimed books such as Washington: A Life, Alexander Hamilton, and Titan: The Life of John D. Rockefeller. He has won numerous awards such as the National Book Award, Pulitzer Prize, and American History Book Prize. Chernow is especially adept at writing biographies of financial, commercial, and political figures. Fortune magazine called him "America's best business biographer. Now, we will tell you the essence of this book in three parts: Part one, the Morgans of the Baronial Age (1838-1913;) Part two, the Morgans of the Diplomatic Age (1913-1948;) Part three, the Morgans of the Casino Age (1948-1990.)

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