National Book Award winner Ron Chernow expertly traces the decline of the big bankers and the rise of small investors.
The reader is taken on a fascinating tour of Anglo-American high finance over the past two centuries, with detours into Canadian, German and Japanese finance. As the point of departure for his
colourful, panoramic survey, Mr. Chernow poses a historic riddle: Why did the great financial dynasties - the Rothschilds, Barings, Morgans and Warburgs - flare so brilliantly in the 19th and
20th centuries and then enter into a precipitous decline? Why did such heavyweights give way to more anonymous financial conglomerates? And, most curious of all, why have small investors,
banded together in mutual funds, suddenly
inherited the financial earth?
The Death of the Banker shows how American reformers mounted a spirited campaign to pry captive companies loose from their traditional bankers and restored competition to financial
markets. In a world criss-crossed by capital flows, the banker will never again exercise such spectacular but arbitrary rule over clients.
