Morgan : American Financier

Customer Reviews

Insights the Strouse bio makes accessible inform the daily world around us in bounteous ways that make this book an incredibly worthwhile (as well as compelling) read. In this morning's WSJ, there was discussion of Iran now making good on previously nationalized assets so as to make Iran a more attractive place for international investors; the discussion of the bond market in light of the stock market's powerful gains continues; and individual investors as well as institutions are forever coming to terms with the fact that the market continues to support companies with what have traditionally been considered wildly high p/e ratios.

Add to the mix that Morgan was a fascinating man--as interested in the details of the dresses he had made for his wife, daughters, and mistresses as in the contents of his library, the speed of and fittings on his latest yacht, as well as the characters of the men who worked for him and with whom he chose to form investing syndicates, and you have a delightful, powerful biography.

For me, the chapters on JP Morgan's relationship with his father, Junius, and the internal struggles he had with traditional financing versus the role of financer as corporate director were at times touching and admirable. Specifically, the chapters entitled "Family Affairs and Professional Ethics" and "Fathers and Sons" were the most successful and enjoyable. Bottom line: if you enjoy biographies/histories of the people who shaped American capitalism, this is a wonderful book. But even if that isn't your cup of tea, there is a lot of the human element to make this great reading.

Strouse obviously spent a tremendous amout of time researching her subject. In an interview she said that she had gained access to previously untapped copies of letters and diaries of both Morgan and his inner circle. Her book details Morgan's life in almost painstaking detail - from his financial dealings to his art acquisitions to his affairs to his relationship with his father. The author also does a good job and giving us background information about the period in which Morgan lived - the social conditions, the progressive movement and various presidential elections. This is important because all of these factors effected how Morgan conducted his business and how he was viewed by the press and public at the time.

Unfortunately, for all of her research, this is not a very readable biography. The writing is some what bland and uncolorful. The author does a serviceable job trying to explain the complex financial dealings that ruled Morgan's world but often bogs the reader down in figures. I felt as if I needed a degree in finance just to understand the way Morgan shifted around stocks and bonds. It was push for me to finish this book, often times I had trouble wanting to pick it up and continue.

There are few recent biographies of this important 19th century character available, which is why I was excited when I saw Strouse's biography of Morgan. Morgan is a man shrouded in the myth and legend of his financial dealings and I was hoping this biography would shed some light on the man. One cannot fault Strouse's extensive research into her subject however her writing style bogs down the information and makes the book difficult to complete.

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