%PDF-1.3 1 0 obj << /Type /Catalog /Outlines 2 0 R /Pages 3 0 R >> endobj 2 0 obj << /Type /Outlines /Count 0 >> endobj 3 0 obj << /Type /Pages /Kids [6 0 R 14 0 R 19 0 R 21 0 R 47 0 R ] /Count 5 /Resources << /ProcSet 4 0 R /Font << /F1 8 0 R /F2 9 0 R /F3 10 0 R >> /XObject << /I1 11 0 R >> >> /MediaBox [0.000 0.000 595.280 841.890] >> endobj 4 0 obj [/PDF /Text /ImageC ] endobj 5 0 obj << /Creator (DOMPDF) /CreationDate (D:20141027055827+00'00') /ModDate (D:20141027055827+00'00') /Title (Gentlemen Bankers: The World of J. P. Morgan) >> endobj 6 0 obj << /Type /Page /Parent 3 0 R /Annots [ 12 0 R ] /Contents 7 0 R >> endobj 7 0 obj << /Length 3969 >> stream q 381.750 0 0 120.000 34.016 687.874 cm /I1 Do Q 0.000 0.000 0.000 rg BT 34.016 676.469 Td /F1 12.0 Tf [(Published on )] TJ ET BT 99.356 676.469 Td /F2 12.0 Tf [(Reviews in History)] TJ ET BT 190.016 676.469 Td /F1 12.0 Tf [( \()] TJ ET 0.000 0.000 0.800 rg BT 197.012 676.469 Td /F1 12.0 Tf [(http://www.history.ac.uk/reviews)] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 197.012 675.075 m 357.332 675.075 l S 0.000 0.000 0.000 rg BT 357.332 676.469 Td /F1 12.0 Tf [(\))] TJ ET 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d 34.391 653.743 526.499 1.500 re S BT 34.016 615.321 Td /F3 18.0 Tf [(Gentlemen Bankers: The World of J. P. Morgan)] TJ ET BT 34.016 259.067 Td /F1 12.0 Tf [(Dr Pak?s important study of investment banking in New York in the first three decades of the 20th century )] TJ ET BT 34.016 244.811 Td /F1 12.0 Tf [(blends financial and social history. This excellent book, which combines quantitative and qualitative )] TJ ET BT 34.016 230.555 Td /F1 12.0 Tf [(approaches, is likely to appeal to some business-school academics and many social historians. The sections )] TJ ET BT 34.016 216.299 Td /F1 12.0 Tf [(of the book about Congressional investigations of Wall Street and international loans will also useful to )] TJ ET BT 34.016 202.043 Td /F1 12.0 Tf [(political historians. This book is written in an accessible style and could be assigned to senior )] TJ ET BT 34.016 187.787 Td /F1 12.0 Tf [(undergraduates in history departments.)] TJ ET BT 34.016 161.531 Td /F1 12.0 Tf [(This book is an example of the innovative ways in which North American historians have used race, class, )] TJ ET BT 34.016 147.275 Td /F1 12.0 Tf [(and gender as lenses for re-interpreting traditional topics. In the last two decades, such approaches have )] TJ ET BT 34.016 133.019 Td /F1 12.0 Tf [(allowed social historians to branch out from the study of marginalized groups and to assess the impact of )] TJ ET BT 34.016 118.763 Td /F1 12.0 Tf [(ideas about race, class, and gender on the behaviour of the powerful and the privileged, be they politicians, )] TJ ET BT 34.016 104.507 Td /F1 12.0 Tf [(military leaders, or, as in the case of the individuals studied in Dr Pak?s book, bankers. )] TJ ET BT 34.016 78.251 Td /F1 12.0 Tf [(Although this book presents some information on Junius S. Morgan \(1813?90\), the founder of the Morgan )] TJ ET BT 34.016 63.995 Td /F1 12.0 Tf [(banking dynasty, the focus is on the period after 1890, when John Pierpont Morgan \(1837?1913\) inherited )] TJ ET BT 34.016 49.739 Td /F1 12.0 Tf [(the operation and established J. P. Morgan and Co., the most important of the four banks that then made up )] TJ ET BT 34.016 584.699 Td /F3 12.0 Tf [(Review Number:)] TJ ET BT 34.016 570.443 Td /F1 12.0 Tf [(1514)] TJ ET BT 34.016 556.187 Td /F3 12.0 Tf [(Publish date:)] TJ ET BT 34.016 541.931 Td /F1 12.0 Tf [(Thursday, 21 November, 2013)] TJ ET BT 34.016 527.675 Td /F3 12.0 Tf [(Author:)] TJ ET BT 34.016 513.419 Td /F1 12.0 Tf [(Susie Pak)] TJ ET BT 34.016 499.163 Td /F3 12.0 Tf [(ISBN:)] TJ ET BT 34.016 484.907 Td /F1 12.0 Tf [(9780674073036)] TJ ET BT 34.016 470.651 Td /F3 12.0 Tf [(Date of Publication:)] TJ ET BT 34.016 456.395 Td /F1 12.0 Tf [(2013)] TJ ET BT 34.016 442.139 Td /F3 12.0 Tf [(Price:)] TJ ET BT 34.016 427.883 Td /F1 12.0 Tf [(40.95)] TJ ET BT 34.016 413.627 Td /F3 12.0 Tf [(Pages:)] TJ ET BT 34.016 399.371 Td /F1 12.0 Tf [(344pp.)] TJ ET BT 34.016 385.115 Td /F3 12.0 Tf [(Publisher:)] TJ ET BT 34.016 370.859 Td /F1 12.0 Tf [(Harvard University Press)] TJ ET BT 34.016 356.603 Td /F3 12.0 Tf [(Publisher url:)] TJ ET BT 34.016 342.347 Td /F1 12.0 Tf [(http://www.hup.harvard.edu/catalog.php?isbn=9780674073036)] TJ ET BT 34.016 328.091 Td /F3 12.0 Tf [(Place of Publication:)] TJ ET BT 34.016 313.835 Td /F1 12.0 Tf [(Cambridge)] TJ ET BT 34.016 299.579 Td /F3 12.0 Tf [(Reviewer:)] TJ ET BT 34.016 285.323 Td /F1 12.0 Tf [(Andrew Smith)] TJ ET endstream endobj 8 0 obj << /Type /Font /Subtype /Type1 /Name /F1 /BaseFont /Times-Roman /Encoding /WinAnsiEncoding >> endobj 9 0 obj << /Type /Font /Subtype /Type1 /Name /F2 /BaseFont /Times-Italic /Encoding /WinAnsiEncoding >> endobj 10 0 obj << /Type /Font /Subtype /Type1 /Name /F3 /BaseFont /Times-Bold /Encoding /WinAnsiEncoding >> endobj 11 0 obj << /Type /XObject /Subtype /Image /Width 509 /Height 160 /Filter /FlateDecode /DecodeParms << /Predictor 15 /Colors 3 /Columns 509 /BitsPerComponent 8>> /Mask [ 255 255 255 255 255 255 ] /ColorSpace /DeviceRGB /BitsPerComponent 8 /Length 3280>> stream x[EQ㎦fVttҒ +3O{?lGDQԯDrB^.ϯ%~'0۠/2>0AG_>0j0GCfE67>rB^}@  !&y+r?INp:erc b8f=rQC!~-Wf^^zF[)G 2ޯe7V_Go3Ke GEGOo8rώ#\1ZY~N6^H}yLxS-!:412V+u\-LSO?xVvZ|GjǮT_8EYJF=Tw^ 7GxfN/S:Ʌ~ʟtt?5n÷J'JcF-GVξx{rO~tJd;#a\7}|~y'>}c2C vR}f׈**h.)_&@pfzjsx:5;S\vKhM5j=!Cn+h"u]a EUN]jn=k<,:Ք>sU!ni~6EJ)¦72?G}[y}_vc$t?iSܟ2Zݞ,VN?_`='RFK1A2qv&X_lLRWY'%:I㢖zb_UEx\>&ɆBˏ~K@ \gYØU4}$8Dv!'Q'*+Εj(UCGo[#< 2Ja(sZi9fZKE Rn`u\9r^Zmɯ׹}mstO4uc~#'jEvۼ Dx[z ޏQ4KL5,5u3>i^uÒ-53ba ~,~/pyt1fMU'CVm:qv~=Y'Es"WsφG?l_kN5}],Ow7 uh`xƫ?zMl7ٻv$A(4Dl(wwH} ?=[=S;yC]^BK>㕪9`Z'Wj;E|:bf>kCԘ#RY,iv쵗~}n'"1u" *uO΄/2^Sxr(!/DD\~mJyZ!MmrA!#u[if|99WB WΡpp}w}sh#,\ &:%˳X?D3 %W0cC?o̲^} F3XLVn]Cߖiϧ!7}yZJ#P7]=)7Ρp;>> Ye^xx{Oafw{ ;>4gfLt ʊ:q%#r/)pv!O4wGh|dS ӣݽހ-gVUC'pBxrB^} 7JA^} /'8!`:r?}}],X  }6y!`/~Br?}Q< >k7vx"] ,' .3jn{-i}|~%-};b6#U)7繎kiEw 㤳:E}[޼c"rꬊ7Dc$~"/Y&zSd:tFȌCrʙ`7u .#[-<)j ?TGS(j~oTup(hjU4PlJ=}|it.ҽ@\wʨuXÞZcx18Wo<~ikOg,ވ\^?EneyZcc0[R١z|zv7_m:_n]a?osS3~j^ hD.a_X'KfBX6w wݶ"Oa:,bvhrWH[uCF-Xfc}>x+Rz)2N-B 7y^٨;[/vg? | |2Sve}=o䑰j[vWjF0{굦?VI~}xM(_TlG__+]:#к?S} c>GŸD7 !w{S{B =x7a?oE#)+Gz:o_4Q<;n?\tt7?mGCџQGu4kņOF>F?#} hP&ђߴM#u!.СtL2^#o nIk_i.~7tr@n 1P~3?.[]=S5b߮~Yo^HFH YBi8a4iom>CKgMy*;?zqEӕ` >zB9iFzC?XF?ޟIܰ펉A}{I5ᄊx%ez#Mp@rߎpi]IOVjzuJt\۰f׺u5><,J~PTJp1)}){9N {!`/> endstream endobj 12 0 obj << /Type /Annot /Subtype /Link /A 13 0 R /Border [0 0 0] /H /I /Rect [ 197.0117 675.3895 357.3317 687.2695 ] >> endobj 13 0 obj << /Type /Action /S /URI /URI (http://www.history.ac.uk/reviews) >> endobj 14 0 obj << /Type /Page /Parent 3 0 R /Annots [ 17 0 R ] /Contents 15 0 R >> endobj 15 0 obj << /Length 7606 >> stream 0.000 0.000 0.000 rg 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(the transnational House of Morgan. Pierpont was succeeded by Jack Morgan \(1867?1943\). Dr Pak?s study )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(ends just before the entry of the United States into the Second World War. She explains with admirable )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(clarity the process by which merchant banks assembled the syndicates responsible for the securities issues )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(that funded the expansion of railroads and other great industrial enterprises in the Gilded Age \(pp. 13?20\). )] TJ ET BT 34.016 739.445 Td /F1 12.0 Tf [(These syndicates, which relied on a high degree of trust amongst their participating firms, operated in a )] TJ ET BT 34.016 725.189 Td /F1 12.0 Tf [(context that included interlocking directorships, overlapping membership in social clubs, and kinship ties. )] TJ ET BT 34.016 710.933 Td /F1 12.0 Tf [(These social networks reduced transaction costs during times of normal business conditions and were )] TJ ET BT 34.016 696.677 Td /F1 12.0 Tf [(indispensable during the financial crisis of 1907. Although the social networks linking the various firms in )] TJ ET BT 34.016 682.421 Td /F1 12.0 Tf [(Morgan?s network were doubtless functional, they also appeared incestuous and corrupt in the eyes of many )] TJ ET BT 34.016 668.165 Td /F1 12.0 Tf [(Americans.)] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(The first chapter of this book examines the social world of New York?s leading bankers before 1914. In )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(1912?13, the Pujo Committee of the House of Representatives investigated the activities of New York?s )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(?Money Trust?. J. P. Morgan was called to testify before Congress. Morgan and his associates resented this )] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(invasion of their privacy. The Pujo investigation placed a major strain on Morgan, who died in Rome in )] TJ ET BT 34.016 584.885 Td /F1 12.0 Tf [(March 1913 \(p. 35\). Today, bankers accept a degree of government oversight as normal, but a much lower )] TJ ET BT 34.016 570.629 Td /F1 12.0 Tf [(level of scrutiny was intolerable for Morgan and other private bankers because of the cultural context in )] TJ ET BT 34.016 556.373 Td /F1 12.0 Tf [(which they operated. As Dr Pak shows, Americans? strong belief in privacy was connected to the ideas that )] TJ ET BT 34.016 542.117 Td /F1 12.0 Tf [(informed the Supreme Court?s infamous 1896 decision in the case of Plessy v. Ferguson, which upheld )] TJ ET BT 34.016 527.861 Td /F1 12.0 Tf [(racial segregation \(p. 44\). The parallels that Pak draws between Jim Crow laws and the norms informing )] TJ ET BT 34.016 513.605 Td /F1 12.0 Tf [(merchant banking reinforce her point that banking was deeply racialized and gendered.)] TJ ET BT 34.016 487.349 Td /F1 12.0 Tf [(The second chapter of the book deals with the social world of investment bankers. We learn about the )] TJ ET BT 34.016 473.093 Td /F1 12.0 Tf [(gendering of space in banks and an African-American employee of Morgan who passed as white \(p. 46\). Pak )] TJ ET BT 34.016 458.837 Td /F1 12.0 Tf [(identifies what the Morgan partners had in common in terms of social background: she includes a useful )] TJ ET BT 34.016 444.581 Td /F1 12.0 Tf [(table describing the background of the partners in the London branch, who were typically alumni of Eton )] TJ ET BT 34.016 430.325 Td /F1 12.0 Tf [(and Oxbridge \(table 6, pages 51?2\). The American partners were disproportionately Harvard men. )] TJ ET BT 34.016 416.069 Td /F1 12.0 Tf [(Throughout the period studied by Pak, the partners remained monolithically white and Christian. However, )] TJ ET BT 34.016 401.813 Td /F1 12.0 Tf [(she shows that in the early 20th century the Morgan partners became less socially homogenous and included )] TJ ET BT 34.016 387.557 Td /F1 12.0 Tf [(more men from relatively humble backgrounds. For instance, Thomas W. Lamont \(1870?1948\), an )] TJ ET BT 34.016 373.301 Td /F1 12.0 Tf [(important partner, was the son of a Protestant minister \(p. 55\).)] TJ ET BT 34.016 347.045 Td /F1 12.0 Tf [(The third chapter of the book, Pak?s focus shifts to the topic of anti-Semitism?s impact on relations between )] TJ ET BT 34.016 332.789 Td /F1 12.0 Tf [(Jewish and non-Jewish bankers. Other historians who have looked at this period have argued that )] TJ ET BT 34.016 318.533 Td /F1 12.0 Tf [(discrimination against Jews had little or no impact on the actual business operations of New York?s German-)] TJ ET BT 34.016 304.277 Td /F1 12.0 Tf [(Jewish banks.)] TJ ET 0.000 0.000 0.800 rg BT 100.676 304.277 Td /F1 12.0 Tf [(\(1\))] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 100.676 302.883 m 114.668 302.883 l S 0.000 0.000 0.000 rg BT 114.668 304.277 Td /F1 12.0 Tf [( Dr Pak challenges this view. The third chapter of the book clearly shows that conditions )] TJ ET BT 34.016 290.021 Td /F1 12.0 Tf [(got worse, not better, for American Jews in the late 19th century, as many social clubs, universities, and )] TJ ET BT 34.016 275.765 Td /F1 12.0 Tf [(resorts began excluding Jews. J. P. Morgan made anti-Semitic comments in his private correspondence. He )] TJ ET BT 34.016 261.509 Td /F1 12.0 Tf [(even made the hyperbolic claim that his bank and Barings were the only ?white? \(that is, non-Jewish\) banks )] TJ ET BT 34.016 247.253 Td /F1 12.0 Tf [(in New York \(p. 91\). In effect, he was questioning the whiteness of the Jews at a time when non-white )] TJ ET BT 34.016 232.997 Td /F1 12.0 Tf [(immigrants could not even become citizens. Pak suggests that rising anti-Semitism led to the marginalization )] TJ ET BT 34.016 218.741 Td /F1 12.0 Tf [(of Kuhn, Loeb and Co. and the entrenchment of Morgan?s privileged position in the financial world.)] TJ ET BT 34.016 192.485 Td /F1 12.0 Tf [(The fourth chapter of the book is most likely to interest historians in Europe as it deals with the impact of the )] TJ ET BT 34.016 178.229 Td /F1 12.0 Tf [(First World War on the New York banks in the period of United States neutrality. The partners of Kuhn, )] TJ ET BT 34.016 163.973 Td /F1 12.0 Tf [(Loeb and Co. were initially sympathetic to Germany. This sentiment stemmed from nostalgia for the )] TJ ET BT 34.016 149.717 Td /F1 12.0 Tf [(ancestral homeland and visceral hatred of Tsarist Russia, a nation in which Jews were persecuted. During the )] TJ ET BT 34.016 135.461 Td /F1 12.0 Tf [(Russo-Japanese War, Kuhn, Loeb and Co. helped the Japanese government to finance the war. For them, this )] TJ ET BT 34.016 121.205 Td /F1 12.0 Tf [(transaction was more than an ordinary commercial transaction, since the Japanese were fighting the hated )] TJ ET BT 34.016 106.949 Td /F1 12.0 Tf [(Tsar. When Japan entered the First World War on the side of the Western allies, Kuhn, Loeb & Co. broke )] TJ ET BT 34.016 92.693 Td /F1 12.0 Tf [(off relations with that country, which created an opportunity for Morgan \(p. 114, 162\). The entry of the )] TJ ET BT 34.016 78.437 Td /F1 12.0 Tf [(United States into the war and the withdrawal of Russia prompted the Jewish bank to re-evaluate its position. )] TJ ET BT 34.016 64.181 Td /F1 12.0 Tf [(Although Kuhn, Loeb?s partners enthusiastically supported the American war effort in 1917 and 1918, their )] TJ ET BT 34.016 49.925 Td /F1 12.0 Tf [(earlier pro-German leanings appear to have permanently damaged the bank?s reputation \(p. 131\). In sharp )] TJ ET endstream endobj 16 0 obj [14 0 R /Fit] endobj 17 0 obj << /Type /Annot /Subtype /Link /A 18 0 R /Border [0 0 0] /H /I /Rect [ 100.6757 303.1975 114.6677 315.0775 ] >> endobj 18 0 obj << /Type /Action >> endobj 19 0 obj << /Type /Page /Parent 3 0 R /Contents 20 0 R >> endobj 20 0 obj << /Length 7082 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(contrast, Jack Morgan, who had lived in London, was pro-Allies from the start of the war. In 1915, a )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(German-American shot Jack Morgan \(p. 112\).)] TJ ET BT 34.016 755.957 Td /F1 12.0 Tf [(The fifth chapter examines the relationship between the Morgan partners and Harvard. Pak shows that while )] TJ ET BT 34.016 741.701 Td /F1 12.0 Tf [(the ranks of the Morgan partners were transformed in the early 20th century by an influx of new blood )] TJ ET BT 34.016 727.445 Td /F1 12.0 Tf [(represented by Harvard graduates who lacked kinship ties to the old partners. In the early 1920s, Harvard )] TJ ET BT 34.016 713.189 Td /F1 12.0 Tf [(debated whether blacks should live in segregated dormitories, as well as various measures to reduce the )] TJ ET BT 34.016 698.933 Td /F1 12.0 Tf [(number of Jewish students \(p. 142?59\). Thomas Lamont, who served as a member of the college?s Board of )] TJ ET BT 34.016 684.677 Td /F1 12.0 Tf [(Overseers, appears to have harboured prejudice against African-Americans \(p. 151?4\). )] TJ ET BT 34.016 658.421 Td /F1 12.0 Tf [(The sixth chapter shows how the partners? racial attitudes influenced relations with Japan. After the First )] TJ ET BT 34.016 644.165 Td /F1 12.0 Tf [(World War, Morgan had been able to obtain the Japanese government?s account previously held by Kuhn, )] TJ ET BT 34.016 629.909 Td /F1 12.0 Tf [(Loeb and Co.. Their relationship with Japan forced the Morgan partners to confront the issue of racial )] TJ ET BT 34.016 615.653 Td /F1 12.0 Tf [(equality. At the Versailles Peace Conference in 1919, Japanese diplomats had pushed for international )] TJ ET BT 34.016 601.397 Td /F1 12.0 Tf [(recognition of the principle of racial equality \(p. 165\). This proposal was famously blocked by the British )] TJ ET BT 34.016 587.141 Td /F1 12.0 Tf [(Empire delegation and by President Woodrow Wilson. Japan was also offended by the Immigration Act )] TJ ET BT 34.016 572.885 Td /F1 12.0 Tf [(passed by the United States in 1924, which was even more racist than earlier US immigration laws. Lamont )] TJ ET BT 34.016 558.629 Td /F1 12.0 Tf [(patiently explained to officials in Washington that this law was likely to alienate Japan from the United )] TJ ET BT 34.016 544.373 Td /F1 12.0 Tf [(States \(p. 168\). Despite the deterioration in relations between the two countries, Lamont continued to work )] TJ ET BT 34.016 530.117 Td /F1 12.0 Tf [(with the Japanese government and banks to fund projects in Japan?s colonial empire such as the South )] TJ ET BT 34.016 515.861 Td /F1 12.0 Tf [(Manchurian Railway. The invasion of China proper by Japan in 1937 led to the end of relations between )] TJ ET BT 34.016 501.605 Td /F1 12.0 Tf [(Japan and J. P. Morgan \(p. 189\).)] TJ ET BT 34.016 475.349 Td /F1 12.0 Tf [(Chapter seven is essentially about the impact of regulatory changes on New York banks during the Great )] TJ ET BT 34.016 461.093 Td /F1 12.0 Tf [(Depression, when Wall Street was massively unpopular with the American public and legislators. The )] TJ ET BT 34.016 446.837 Td /F1 12.0 Tf [(famous Banking Act of 1933, commonly known as the Glass-Steagall Act, mandated the separation of )] TJ ET BT 34.016 432.581 Td /F1 12.0 Tf [(commercial and investment banking. J. P. Morgan opted to remain a commercial bank and gave up its )] TJ ET BT 34.016 418.325 Td /F1 12.0 Tf [(investment banking activities, which were taken over by Morgan, Stanley. During the 1930s, grandstanding )] TJ ET BT 34.016 404.069 Td /F1 12.0 Tf [(politicians accused Morgan and other bankers of having masterminded American involvement in the First )] TJ ET BT 34.016 389.813 Td /F1 12.0 Tf [(World War. The political conditions were even worse for Jewish banks, as anti-Semitism was peaking in the )] TJ ET BT 34.016 375.557 Td /F1 12.0 Tf [(United States at that time.)] TJ ET BT 34.016 349.301 Td /F1 12.0 Tf [(The book is based on an impressive range of primary sources in a variety of archives, including the Pierpont )] TJ ET BT 34.016 335.045 Td /F1 12.0 Tf [(Morgan library, the Baker Library at Harvard Business School, the American Jewish Archives, and the New )] TJ ET BT 34.016 320.789 Td /F1 12.0 Tf [(York Public Library. One of the strengths of this book is that it includes maps of Manhattan showing how )] TJ ET BT 34.016 306.533 Td /F1 12.0 Tf [(the residences of the partners of J. P. Morgan and Kuhn, Loeb and Co. clustered in two distinct areas. Pak )] TJ ET BT 34.016 292.277 Td /F1 12.0 Tf [(also shows that while Morgan partners were typically members of the same social clubs, their club )] TJ ET BT 34.016 278.021 Td /F1 12.0 Tf [(memberships rarely overlapped with those of the Kuhn, Loeb & Co. partners.)] TJ ET BT 34.016 251.765 Td /F1 12.0 Tf [(This reviewer has one substantive criticism of the book. Chapter seven seems like a missed opportunity to )] TJ ET BT 34.016 237.509 Td /F1 12.0 Tf [(investigate the claims that have been made about the role of various Wall Street banking interests in the )] TJ ET BT 34.016 223.253 Td /F1 12.0 Tf [(making of the Glass-Steagall Act. Since the 1930s, academics have debated whether Glass-Steagall?s )] TJ ET BT 34.016 208.997 Td /F1 12.0 Tf [(requirement that investment and commercial banking be kept separate was beneficial. These scholarly )] TJ ET BT 34.016 194.741 Td /F1 12.0 Tf [(debates attracted the attention of non-specialists in 1999, when key provisions of Glass-Steagall were )] TJ ET BT 34.016 180.485 Td /F1 12.0 Tf [(repealed, and then more recently, when the 1999 repeal was blamed for the 2008 financial crisis. Until fairly )] TJ ET BT 34.016 166.229 Td /F1 12.0 Tf [(recently, most academics have assumed that the legislators who voted for and against Glass-Steagall were )] TJ ET BT 34.016 151.973 Td /F1 12.0 Tf [(motivated by some conception of the public interest rather than the desire to please companies with deep )] TJ ET BT 34.016 137.717 Td /F1 12.0 Tf [(pockets. In 1998, the economist Alex Tabarrok presented a decidedly less romantic view of the making of )] TJ ET BT 34.016 123.461 Td /F1 12.0 Tf [(Glass-Steagall. He argued that the requirement that investment and commercial banks be separated was )] TJ ET BT 34.016 109.205 Td /F1 12.0 Tf [(inserted into the law to further the interests of the Rockefeller banks, which were rivals of the House of )] TJ ET BT 34.016 94.949 Td /F1 12.0 Tf [(Morgan. According to Tabarrok, the Banking Act of 1933 represented the culmination of more than a )] TJ ET BT 34.016 80.693 Td /F1 12.0 Tf [(generation of political conflict between the Rockefellers and the Morgans. Tabarrok claims that the )] TJ ET BT 34.016 66.437 Td /F1 12.0 Tf [(Rockefellers? bankers knew that the forced separation of investment and commercial banking would harm )] TJ ET BT 34.016 52.181 Td /F1 12.0 Tf [(the Morgan interests far more than it would harm them and supported the move as a way of raising their )] TJ ET endstream endobj 21 0 obj << /Type /Page /Parent 3 0 R /Annots [ 24 0 R 27 0 R 29 0 R 31 0 R 33 0 R 35 0 R 37 0 R 39 0 R 41 0 R 43 0 R 45 0 R ] /Contents 22 0 R >> endobj 22 0 obj << /Length 7188 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(rival?s costs. He claims that the lobbying campaign by the Rockefeller interests that resulted in the Glass-)] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(Steagall Act was supported by Kuhn, Loeb and Lehman Brothers, two Jewish firms, and was coordinated by )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(Winthrop Aldrich of Chase National Bank, who was a Protestant. The Rockefellers, it should be noted, were )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(Protestant, not Jewish, as were the legislators who advanced their interests. Tabarrok?s narrative, which )] TJ ET BT 34.016 739.445 Td /F1 12.0 Tf [(undermined the academic legitimacy of Glass-Steagall in the period immediately before the 1999 vote to )] TJ ET BT 34.016 725.189 Td /F1 12.0 Tf [(repeal of the legislation, was based mainly on circumstantial evidence, such as the close social ties between )] TJ ET BT 34.016 710.933 Td /F1 12.0 Tf [(the Rockefeller interests and key members of Congress.)] TJ ET 0.000 0.000 0.800 rg BT 301.964 710.933 Td /F1 12.0 Tf [(\(2\))] TJ ET 0.24 w 0 J [ ] 0 d 301.964 709.539 m 315.956 709.539 l S 0.000 0.000 0.000 rg BT 315.956 710.933 Td /F1 12.0 Tf [( In effect, Tabarrok left the task of finding an )] TJ ET BT 34.016 696.677 Td /F1 12.0 Tf [(evidentiary ?smoking gun? to historians willing to invest time in exploring the archives. Given that Dr Pak )] TJ ET BT 34.016 682.421 Td /F1 12.0 Tf [(has done extensive research into the relations between J. P. Morgan and its Jewish and non-Jewish rivals, it )] TJ ET BT 34.016 668.165 Td /F1 12.0 Tf [(is unfortunate that she did not try to determine the accuracy of Tabarrok?s claim, which was recently was )] TJ ET BT 34.016 653.909 Td /F1 12.0 Tf [(repeated by an influential financial journalist in the course of a discussion of the current debate about the )] TJ ET BT 34.016 639.653 Td /F1 12.0 Tf [(financial reform.)] TJ ET 0.000 0.000 0.800 rg BT 114.656 639.653 Td /F1 12.0 Tf [(\(3\))] TJ ET 0.24 w 0 J [ ] 0 d 114.656 638.259 m 128.648 638.259 l S 0.000 0.000 0.000 rg BT 128.648 639.653 Td /F1 12.0 Tf [( If true, Tabarrok?s claim that the Rockefellers and Jewish bankers were united in an anti-)] TJ ET BT 34.016 625.397 Td /F1 12.0 Tf [(Morgan coalition has implications for Dr Pak?s thesis that the division between Jews and non-Jews was the )] TJ ET BT 34.016 611.141 Td /F1 12.0 Tf [(most important cleavage within the New York banking community in this period. If Tabarrok?s claim is not )] TJ ET BT 34.016 596.885 Td /F1 12.0 Tf [(supported by any archival evidence, this fact deserves to be pointed out to all concerned. There is obviously )] TJ ET BT 34.016 582.629 Td /F1 12.0 Tf [(room for additional research by Dr Pak or another social historian who wishes to contribute to our )] TJ ET BT 34.016 568.373 Td /F1 12.0 Tf [(understanding of the making of Glass-Steagall.)] TJ ET BT 34.016 542.117 Td /F1 12.0 Tf [(To conclude, Dr Pak?s work in an important contribution, despite the limitation identified in the previous )] TJ ET BT 34.016 527.861 Td /F1 12.0 Tf [(paragraph. She should be commended for blending social and financial history in an innovative book.)] TJ ET BT 34.016 492.963 Td /F3 18.0 Tf [(Notes)] TJ ET BT 48.816 462.346 Td /F1 12.0 Tf [(1.)] TJ ET BT 64.016 462.341 Td /F1 12.0 Tf [(Barry E. Supple, ?A business elite: German-Jewish financiers in nineteenth-century New York?, )] TJ ET BT 64.016 448.085 Td /F2 12.0 Tf [(Business History Review)] TJ ET BT 182.672 448.085 Td /F1 12.0 Tf [(, 31, 2 \(1957\), 170; Vincent P. Carosso and Rose C. Carosso, )] TJ ET BT 479.324 448.085 Td /F2 12.0 Tf [(The Morgans: )] TJ ET BT 64.016 433.829 Td /F2 12.0 Tf [(Private International Bankers, 1854?1913)] TJ ET BT 268.004 433.829 Td /F1 12.0 Tf [( \(Cambridge, MA, 1987\), p. 452.)] TJ ET 0.000 0.000 0.800 rg BT 426.656 433.829 Td /F1 12.0 Tf [(Back to \(1\))] TJ ET 0.24 w 0 J [ ] 0 d 426.656 432.435 m 480.644 432.435 l S 0.000 0.000 0.000 rg BT 48.816 419.578 Td /F1 12.0 Tf [(2.)] TJ ET BT 64.016 419.573 Td /F1 12.0 Tf [(Alexander Tabarrok, ?The Separation of Commercial and Investment Banking: the Morgans vs. the )] TJ ET BT 64.016 405.317 Td /F1 12.0 Tf [(Rockefellers?,)] TJ ET BT 135.992 405.317 Td /F2 12.0 Tf [(Quarterly Journal of Austrian Economics)] TJ ET BT 335.984 405.317 Td /F1 12.0 Tf [(,1, 1 \(1998\), 5?6.)] TJ ET 0.000 0.000 0.800 rg BT 421.304 405.317 Td /F1 12.0 Tf [(Back to \(2\))] TJ ET 0.24 w 0 J [ ] 0 d 421.304 403.923 m 475.292 403.923 l S 0.000 0.000 0.000 rg BT 48.816 391.066 Td /F1 12.0 Tf [(3.)] TJ ET BT 64.016 391.061 Td /F1 12.0 Tf [(Matt Yglesias, ?The shocking true story of Glass-Steagall and how it made me a believer?, )] TJ ET BT 502.940 391.061 Td /F2 12.0 Tf [(Slate)] TJ ET BT 526.940 391.061 Td /F1 12.0 Tf [(, 14 )] TJ ET BT 64.016 376.805 Td /F1 12.0 Tf [(August 2013 <)] TJ ET BT 64.016 362.549 Td /F1 12.0 Tf [(http://www.slate.com/blogs/moneybox/2013/08/14/glass_steagall_secret_history_i_m_a_believer.html)] TJ ET BT 64.016 348.293 Td /F1 12.0 Tf [(> [accessed 2 October 2013].)] TJ ET 0.000 0.000 0.800 rg BT 204.404 348.293 Td /F1 12.0 Tf [(Back to \(3\))] TJ ET 0.24 w 0 J [ ] 0 d 204.404 346.899 m 258.392 346.899 l S 0.000 0.000 0.000 rg BT 34.016 322.037 Td /F3 12.0 Tf [(Other reviews:)] TJ ET BT 34.016 307.781 Td /F1 12.0 Tf [(Wall Street Journal)] TJ ET 0.000 0.000 0.800 rg BT 34.016 293.525 Td /F1 12.0 Tf [(http://online.wsj.com/news/articles/SB10001424127887324823804579014723728715270)] TJ ET 0.24 w 0 J [ ] 0 d 34.016 292.131 m 466.028 292.131 l S 0.000 0.000 0.000 rg BT 469.028 293.525 Td /F1 12.0 Tf [([2])] TJ ET BT 34.016 279.269 Td /F1 12.0 Tf [(Central Banking)] TJ ET 0.000 0.000 0.800 rg BT 34.016 265.013 Td /F1 12.0 Tf [(http://www.centralbanking.com/central-banking-journal/review/2306970/book-notes-gentlemen-bankers-the-)] TJ ET 0.24 w 0 J [ ] 0 d 34.016 263.619 m 559.256 263.619 l S BT 34.016 250.757 Td /F1 12.0 Tf [(world-of-jp-morgan)] TJ ET 0.24 w 0 J [ ] 0 d 34.016 249.363 m 129.992 249.363 l S 0.000 0.000 0.000 rg BT 132.992 250.757 Td /F1 12.0 Tf [([3])] TJ ET BT 34.016 236.501 Td /F1 12.0 Tf [(Washington Times)] TJ ET 0.000 0.000 0.800 rg BT 34.016 222.245 Td /F1 12.0 Tf [(http://www.washingtontimes.com/news/2013/sep/24/book-review-gentlemen-bankers/)] TJ ET 0.24 w 0 J [ ] 0 d 34.016 220.851 m 449.312 220.851 l S 0.000 0.000 0.000 rg BT 452.312 222.245 Td /F1 12.0 Tf [([4])] TJ ET BT 34.016 207.989 Td /F1 12.0 Tf [(Financial World)] TJ ET 0.000 0.000 0.800 rg BT 34.016 193.733 Td /F1 12.0 Tf 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