Simply put, this is richly-patterned, finely-detailed, eminently compelling history. On the downside, as a prose stylist Ron Chernow seems to think that he's Henry James, but isn't, and the writing tends to be, well, a tad bit self-consciously cluttered, even awkward. But this is perhaps a carping observation as most readers probably won't be bothered by it.
The Morgan history began with Junius Morgan. He was concerned with establishing America's financial credit with European countries, which were very reluctant to lend money to a country that had been recently formed. Their doubts were reinforced when several American states repudiated payment on loans. In his efforts to preserve America's credit worthiness with Great Britain, Junius Morgan created a financial link between the Anglo-Saxon countries that would influence Morgan politics for the next century.
The most famous member of the family was J.P. Morgan, who presided over the bank during the Age of the Robber Barons. During his tenure, the Morgan bank would play the role of lender of last resort for America. Because laissez-faire capitalism was the prevalent practice during this era, only the Morgan bank under the energetic J.P. Morgan possessed the financial and political clout to organize efforts to stop widespread bank failures and catastophic stock declines. Despite being portrayed in the media by Populists as crooked and elitist, the Morgan bank continued to play this important role for the American economy and remained influential nationally even after the creation of the Federal Reserve System.
Although the Morgans were economically powerful, they possessed many human frailties. Many of the Morgan men were reluctant to participate in the family business. Even J.P. Morgan, despite his fame and power, was for most of his life fearful of his father and felt constantly nervous about the imperfections of his nose. Chernow is lauded for depicting the personal lives of the Morgan family.
Despite desperate attempts by the Morgan bank to remain influential and anonymous, the combination of the American public's demand for accountability, its fear of elitist organizations, and the rise of international finance and trade, divided the Morgan bank and forced its successors into such mundane practices as the public listing of its financial records and the offering of common stocks. The abandonment of such traditional practices as the Gentleman Banker's Code culminated in the merger mania of the 1980s, as Morgan Guaranty, Morgan Grenfell, and Morgan Stanley each sometimes assisted one client in acquiring another of its client.
From cooperation to cutthroat competition between bankers, the House of Morgan is filled with triumphs and tragedies of Morgan and American history. It is recommended for every American adult. I am looking forward to reading Titan.
I thought that the first 40 pages were pretty slow, but the actions did pick up real soon. By the 700th page, I was hoping there would be a second book written on the House of Morgan. I was especially impressed with Mr. Thomas Lamont that I proceeded to read a separate biography on him. I loved the book so much that I went on to buy some other books related to it - (RJR Nabisco story on Leverage Buyout and The Chief: The Life of William Randolph Hearst). It's a thick book but it's really worth the time to read. You'll be pleased with yourself!