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September 16, 1920 - Horse-drawn wagon filled with
explosives detonated near the subtreasury. Flames flooded Wall
Street, shooting up nearly six-stories-high. The blast shattered
windows around the area; 300 people were killed and a hundred
more were wounded. The only famous financial figure to be
injured was Junius Spencer, J.P. Morgan's grandson, who suffered
a slight gash on one hand.
June
16, 1933 - President Franklin D.
Roosevelt signed (second) Glass Steagall Act (Banking Act of
1933) as emergency response to failure of nearly 5,000
banks during Great Depression (bank failures resulted in losses to
depositors of about $1.3 billion between 1929-1933);
separated commercial from investment banking; tightened
regulation of national banks to Federal Reserve System;
prohibited bank sales of securities; created Federal
Deposit Insurance Corporation (FDIC) to insure bank
deposits with pool of money appropriated from banks);
November 12, 1999
- President Bill Clinton signed
Gramm-Leach-Bliley Act (Financial
Modernization Act of 1999); repealed Glass-Steagall Act, deregulated
financial markets
Senator Carter Glass (D-VA, third from left);
Representative Henry B. Steagall (D-AL, fourth from
right) (http://www.senate.gov/artandhistory/history/resources/graphic/large/Glass.jpg)
June 6, 1934 -
President Franklin Roosevelt signed the Securities Exchange Act;
set of regulations designed to rein in the stock swapping
shenanigans and duplicitous sales tactics that had riddled the
New York Stock Exchange (NYSE) and helped spark the Great Crash
of 1929; registration requirements for all exchanges and curbing
stock purchases by cash-strapped traders, the legislation
created the Securities Exchange Commission (SEC).
December
30, 1970 - President Nixon signed The Securities
Investor Protection Act of 1970; created Securities Investor
Protection Corporation (SIPC), private nonprofit corporation to
insure the securities and cash left with brokerage firms by
investors against loss from financial difficulties or failure of
such firms; first line of defense in the event a brokerage firm
fails owing customers cash and securities that are missing from
customer accounts.
1973
- Derivatives - Fisher Black, Myron Scholes
published Black-Scholes Option Pricing Formula in Journal of
Political Economy; specified first successful options pricing
formula
(mathematics of option pricing, dynamic
hedging strategies using options and other derivatives); described general framework
for pricing derivative securities, created financial
engineering; one of most important mathematical
tools in modem theory of finance (Black, F. and Scholes, M.
[1973]. "The Pricing of Options and Corporate Liabilities".
Journal of Political Economy, Vol. 86, p.637).
1997 - Black
(posthumously), Scholes, Merton Miller awarded Nobel
Prize in Economic Sciences "for a new method to
determine the value of derivatives."
1974
- Michael Milken created market for high-yield bond trading;
based on research of W. Braddock Hickman, former president of
the Federal Reserve Bank of Cleveland (Corporate Bond Quality
and Investor Experience, Princeton, NJ: Princeton University
Press, 1958) - corporate default history 1900-1943: diversified
long-term portfolio of non-investment-grade debt securities
outperformed portfolio of investment-grade debt, with the same
level of risk.
April 1977
- Junk Bonds - Drexel underwrote first junk bond issue, Texas
International; end of 1978 - Drexel number one issuer; used
financial innovation as low-cost solution to raising capital;
created high-yield new-issue bond market;
1981 - issued bonds for leveraged
buyouts; 1983 -
provided junk bond financing for hostile takeovers (leveraged
buyouts taken against incumbent directors' will);
March 1985 -
completed first junk bond-financed hostile takeover.
1977
- LBOs - Kohlberg Kravis Roberts & Co. (formed in May 1, 1976 by
former Bear Stearns executives Jerome Kohlberg, Henry Kravis,
George Roberts) financed $26 million leveraged buyout of A.J.
Industries, publicly-traded small manufacturer of brake drums
and other components (66% leverage financed with senior bank
debt); firms' first deal; couldn't persuade anyone to provide
subordinated debt (first LBO done in 1963 - Lewis B. Cullman
acquired Orkin Exterminating for $62.4 million with a $1,000
investment); May 14, 1979
- acquired Houdaille Industries in $355 million buyout; first
public-to-private transaction (leveraged buyout of a publicly
traded company); took almost one year to raise $355 million from
several banks, insurance companies for deal with 86% leverage
financed by multi-layered array of senior, subordinated
securities.
1977
- Securitization - Salomon Brothers (Lewis S. Ranieri) and Bank
of America Corp. (BAC ) developed first private (non-Government
Sponsored Enterprise) mortgage-backed securities (MBS); bonds
pooled thousands of mortgages, passed homeowners' payments
through to investors (only 15 states recognized MBS as legal
investments); created "securitization," converting of home loans
into bonds that could be sold anywhere in world = capital
markets as source of funds for housing, commercial real estate;
1999 - size of market was $678 billion (41.6% credit card
receivables, 19.8% home equity loans, 11.8% auto loans);
1982 - developed
"collateralized mortgage obligation" (repackaged pools of
30-year mortgages into collections of 2-, 5-, and 10-year bonds
to sell to wide range of investors; seen as template for cutting
costs); led effort to obtain federal legislation to support,
build the market (Tax Reform Act of 1986).
November 12,
1999 - President Bill
Clinton signed Gramm-Leach-Bliley Act (Financial Services
Modernization Act of 1999); named for Senator Phil Gramm (R-TX),
Representative Jim Leach (R-IA), Representative Thomas J.
Bliley, Jr. (R-VA); repealed restrictions on banks affiliating
with securities firms contained in sections 20 and 32 of the
Glass-Steagall Act.
June 9, 2004
- SEC issued Final Rule on "Alternative Net Capital Requirements
for Broker-Dealers That Are Part of Consolidated Supervised
Entities"; permitted "a broker-dealer to use mathematical models
to calculate net capital requirements for market and
derivatives-related credit risk"; reduced amount of capital that
had to underlie assets; allowed increased leverage.
2006 (First Quarter)
- Bureau of Labor Statistics data indicated average weekly pay
for financial sector jobs in Manhattan was $8,323, up more than
$3,000 per week in three years; 280,000 workers in financial
sector collect more than half of all wages paid in Manhattan,
hold less than 1/6 of 1.8 million jobs in the borough; New York
City's dependence on Wall Street grows; unequal distribution of
income gains squeezing middle class.
March 2, 2007
- The Director of the National Park Service announced the Wall
Street Historic District (all or part of 36 blocks in lower
Manhattan), roughly bounded by Cedar St. and Maiden's Lane,
Pearl St., Bridge and S. William St., and Greenwich St. and
Trinity Pl., had been added to the National Register of Historic
Places (the nation's official list of cultural resources worthy
of preservation); area contains 65 historic buildings and sites
(21 had previously been listed individually in national
register, 29 had been designated as landmarks by the NYC
Landmarks Preservation Commission); new buildings added include
the New York Stock Exchange, Federal Hall, Trinity Church, U.S.
Custom House , American Bank Note Building and the Equitable
Building.
2008 -
Employment in Securities Industry
(http://graphics8.nytimes.com/images/2008/01/25/business/20080127_KIM.jpg)
October 2008
- Size of Market for Derivative Products
(http://graphics8.nytimes.com/images/2008/10/09/business/1009-web-GREENSPAN.gif)
(Returns), Roger G. Ibbotson, Rex A.
Sinquefield (1989).
Stocks, Bonds, Bills, and Inflation: Historical Returns
(1926-1987).
(Homewood, IL: Dow Jones-Irwin, 202 p.). Stocks--Prices--United
States; Securities--Prices--United States; Stock price
forecasting.
(Returns), Elroy Dimson, Paul Marsh, Mike
Staunton (2001).
Triumph of the Optimists: 101 Years of Global Investment Returns.
(Princeton, NJ: Princeton University Press, 399 p.). London
Business School. More data, extending farther back in time and
covering more countries than CRSP (Center for Research in
Securities Prices) - annual real and nominal returns on
equities, bonds, and bills, as well as GDP, inflation, and
exchange rate data, over 101 years (1900-2000) for sixteen
countries in North American and Europe plus Australia, South
Africa, and Japan (Australia, Belgium, Canada, Denmark, France,
Germany, Ireland, Italy, Japan, Netherlands, South Africa,
Spain, Sweden, Switzerland, United Kingdom, and United States.
(SEC), Rudolph Leo Weissman (1939).
The New Wall Street. (New York, NY: Harper, 308 p.).
First President of Financial Analysts of Philadelphia, Inc.
United States. Securities and Exchange Commission; Securities
--United States; Stock exchanges --United States; Wall Street
(New York, N.Y.).
(SEC), Hillel Black (1962).
The
Watchdogs of Wall Street. (New York, NY: Morrow, 241 p.). New
York Stock Exchange; United States. Securities and Exchange
Commission; Securities --United States.
(SEC), Ralph F. De Bedts (1964).
The New Deal's
SEC: The Formative Years. (New York, NY: Columbia University
Press, 226 p.). Associate Professor of History (Old Dominion
College). United States. Securities and Exchange Commission.
(SEC), Michael E Parrish (1970).
Securities Regulation and
the New Deal. (New Haven, CT: Yale University Press, 270 p.).
Teaches 20th-Century American History (University of California,
San Diego). New Deal, 1933-1939; Securities --United States;
United States --Economic policy --1933-1945.
(SEC), Homer
Kripke (1979).
The SEC and Corporate Disclosure: Regulation in
Search of a Purpose. (New York, NY: Law & Business, Inc., 368
p.). Chester A. Rohrlich Professor of Law at New York
University. United States. Securities and Exchange Commission;
Stockholders --Legal status, laws, etc. --United States;
Disclosure of information --Law and legislation --United States.
(SEC), Susan M Phillips, J. Richard Zecher (1981).
The SEC
and the Public Interest. (Cambridge, MA: MIT Press, 177 p.).
Commissioner, Commodity Futures Trading Commission; Former
Director of Policy Research at the SEC. United States.
Securities and Exchange Commission. Role of SEC best viewed as
broker balancing strongly competing groups in securities
industry; extent to which premises on which SEC was founded
still apply; three areas in depth: deregulation of fixed
commission rates, development of national market system,
corporate disclosure system.
(SEC), Roberta S Karmel
(1982).
Regulation by Prosecution: The Securities and Exchange
Commission Vs. Corporate America. (New York, NY: Simon and
Schuster, 400 p.). Centennial Professor of Law Education
(Brooklyn Law School). United States. Securities and Exchange
Commission; Securities --United States.
(SEC), Joel
Seligman (1985).
The SEC and the Future of Finance. (New York,
NY: Praeger, 378 p.). Professor (George Washington University
Law School). United States. Securities and Exchange Commission;
Stock exchanges --Law and legislation --United States;
Securities --United States; Disclosure of information --Law and
legislation --United States.
(SEC), David A Vise, Steve
Coll (1991).
Eagle on the Street: Based on the Pulitzer
Prize-Winning Account of the SEC's Battle with Wall Street. (New
York, NY: Scribner's, 395 p.). Reporters (Washington Post).
United States. Securities and Exchange Commission --Officials
and employees; Securities industry --Corrupt practices --United
States; Securities fraud --United States. History of Securities
and Exchange Commission (SEC), its chairman John Shed during
1980s; deregulatory heyday of Reagan Administration, height of
insider trading scandals.
(SEC),
Anne M Khademian (1992).
The SEC and Capital Market Regulation:
The Politics of Expertise. (Pittsburgh, PA: University of
Pittsburgh Press, 278 p.). United States. Securities and
Exchange Commission; Capital market --Law and legislation
--United States; Securities --United States; Legislative
oversight --United States.
(SEC), Robert E Herman (1992).
A Study of the Securities and Exchange Commission Governance and
the Public Interest, 1969-1972. (New York, NY: Garland Pub, 343
p.). United States. Securities and Exchange Commission;
Securities --United States.
(SEC), Stuart Banner (1998).
Anglo-American Securities Regulation: Cultural and Political
Roots, 1690-1860. (New York, NY: Cambridge University Press, 318
p.). Professor of Law ( UCLA Law School). Securities --United
States --History; Securities --Great Britain --History.
Regulation of earliest securities markets in England, United
States, from origins in 1690s until 1850s; complex, moderately
effective body of regulatory control already extant during reign
of Queen Anne; reflected widespread Anglo-American attitudes
toward securities speculation; how popular thought about
securities market translated into regulation; how regulation
influenced market structures, activities of speculators.
(SEC), Joel Seligman (2003).
The Transformation of Wall Street:
A History of the Securities and Exchange Commission and Modern
Corporate Finance. (New York, NY: Aspen Publishers, 934 p.[3rd
ed.]). Dean and Ethan A.H. Shepley University Professor at the
Washington University School of Law. United States. Securities
and Exchange Commission -- History; Corporations -- United
States -- Finance -- History. Origins, accomplishments, failings of SEC, its leaders
- from
creation in 1934 until 2001, end of Arthur Levitt's
Chairmanship.
(SEC), Richard C. Sauer (2010).
Selling America Short The SEC and Market Contrarians in the Age
of Absurdity. (Hoboken, NJ: Wiley, 324 p.). Former
Assistant Director with the U.S. Securities and Exchange
Commission. Sauer, Richard; United States. Securities and
Exchange Commission; Stock exchanges --United States; Finance
--Corrupt practices --United States; Fraud investigation
--United States. Crooked companies,
financial philanderers, hapless enforcers; illusory asset
valuations, myopic business strategies, feckless public
policies; damage wrought by deep biases, lack of worldly
experience common among those who hold reins of capital markets:
1) inner workings of financial system; 2) rogue's gallery of
crooked executives, professional fraud enablers, squirrelly
technocrats; 3) ways contrarian
views of public companies are suppressed, punished, deprive
market of critical information.
Daniel M. Abramson (2001).
Skyscraper Rivals: The AIG Building and the Architecture of Wall
Street. (New York, NY: Princeton Architectural Press,
207 p.). AIG Building (New York, N.Y.); 40 Wall Street (New
York, N.Y.); One Wall Street (New York, N.Y. : 1931- ); 20
Exchange Place (New York, N.Y.); Skyscrapers--New York
(State)--New York; Art deco (Architecture)--New York
(State)--New York; Wall Street (New York, N.Y.)--History--20th
century; New York (N.Y.)--Buildings, structures, etc.
Architecture of Wall Street
between wars through an amazing array of contemporary and
archival images and an informed discussion of financial,
geographical, historical forces that shaped this district.
Peter L. Bernstein (1992).
Capital Ideas: The Improbable Origins of Modern Wall Street.
(New York, NY: Free Press, 340 p.). Finance; Wall Street.
Breakthrough financial theories
of small group of academics laid intellectual groundwork for
many innovations, new products, strategies which
revolutionized world of finance.
--- (2007).
Capital Ideas Evolving: The Improbable Origins of Modern Wall
Street. (Hoboken, NJ: Wiley, 288 p.). Finance;
Investments. History of modern investment theory, history of
modern financial innovation. Financial theories now: 1) shape
underlying structure of portfolio management, market behavior,
2) spark important innovations (portable alpha, fresh insights
into risk/return trade-off); positive consequences of
interactions between theoretical critics and investment
practitioners.
Murray T. Bloom (1971).
Rogues to Riches; The Trouble with Wall Street. (New
York, NY: Putnam, 332 p.). Wall Street.
John Brooks (1961).
The Seven Fat Years : Chronicles of Wall Street. (Garden
City, NY: Doubleday, 238 p. [orig. pub. 1958]). Finance--United
States--History; Stock exchanges--United States.
David Colbert (2001).
Eyewitness to Wall Street: 400 Years of Dreamers, Schemers,
Busts, and Booms. (New York, NY: Broadway Books, 391
p.). Wall Street; Capitalists and financiers -- United States --
History; Securities -- United States -- History; Finance --
United States -- History.
Charles A. Conant (1968).
Wall Street and the Country, a Study of Recent Financial
Tendencies. (New York, NY: Greenwood Press, 247 p.
[orig. pub. 1904]). Trust companies; Trusts, Industrial;
Currency question -- China; United States -- Commerce; Economic
history; Stock exchanges.
Cathy Courtney; foreword
by Asa Briggs and an introduction by Paul Thompson
(1996).
City Lives: Changing Voice of British Finance.
(London, UK, Merthuen, 320 p.). Freelance Writer and
Oral Historian. Capitalists and financiers -- England --
London -- Interviews; Finance -- Great Britain --
History; Financial institutions -- Great Britain --
History; Financial institutions; London
(England). Transformation of one of world's major
financial capitals; contrast between old system of
mutual trust with demanding struggle with today's
unstable global markets.
Gerald F. Davis (2009).
Managed by the Markets: How Finance Has Reshaped America.
(New York, NY: Oxford University Press, 304 p.). Wilbur K.
Pierpont Collegiate Professor of Management at the Ross School
of Business (University of Michigan). Capital market --United
States --History --21st century; Business cycles --United States
--History --21st century; United States --Economic conditions
--2001-. Finance-driven American society;
how finance has replaced manufacturing at center of American
economy over past three decades; how new finance-centered system
works, how we got here, what challenges lay ahead; evolution
from industrial to postindustrial society; 1900-1930
- era of financial capitalism; 1930-1980 - era
of managerial capitalism - Americans looked to corporation, long-term savings
to provide them with security; 1980s- takeovers, financial move
to high risk savings, late 1990s - deregulation and corporate
scandals - Americans became disillusioned with corporation as
source of lifetime employment and retirement capital, relied on
financial markets for security, wealth creation; ownership
society (George W. Bush) - when individuals see themselves as
free agent investors, consequences for society can be dire; new
investor society; since
early 1980s - finance and financial
considerations have increasingly taken center stage,
dramatically reshaped American society: 1) corporations focus on
creating shareholder value, personnel practices no longer
provide secure employment, economic mobility, health insurance,
retirement benefits; 2) employees must become shareholding
free-agents, left to their own fate; 3) banking shifted from
traditional role of taking in deposits, making loans to
widespread use of "securitization", turned loans (mortgages,
corporate debt) into bonds owned by institutional investors; 4)
financial services industry more concentrated among large banks
and mutual funds, yet more spread out among under-regulated
specialists (mortgage finance companies, hedge funds); 5) states
act as "vendors" in global marketplace of law, emulate firms
such as Nike, hire contractors to do much of work of government;
6) individuals, households find welfare tied to stock market,
mortgage market as never before; 7) turbulence of recent years
underscores dangers of depending too much on financial markets.
Steve Fraser (2005).
Every Man a Speculator: History of Wall Street in American Life.
(New York, NY: HarperCollins, 752 p.). Wall Street--History;
Stock exchanges; Stocks; Securities.
--- (2008).
Wall Street: America’s Dream Palace. (New Haven, NY:
Yale University Press, 200 p.). Senior Lecturer (University of
Pennsylvania), Co-Founder of the American Empire Project,
Metropolitan Books. Capitalists and financiers--United
States--Biography; Wall Street (New York, N.Y.)--History.
America’s love-hate relationship
with Wall Street; four iconic, recurring Wall Street types: 1)
aristocrat, 2) confidence man, 3) hero, 4) immoralist; how
nation has wrestled, wrestles with fundamental questions of
wealth and work, democracy and elitism, greed and salvation.
Martin S. Fridson (1998).
It Was a Very Good Year: Extraordinary Moments in Stock Market
History. (New York, NY: Wiley, 244 p.). Merrill Lynch
Junk Bond Department. Investments--United States--History;
Stocks--United States--History.
Robert Gambee (1990).
Wall Street Christmas. (New York, NY: Norton, 272 p.).
Christmas--New York (State)--New York; Stock exchanges--New York
(State)--New York; Wall Street (New York, N.Y.)--Social life and
customs; New York (N.Y.)--Social life and customs.
--- (1999).
Wall Street: Financial Capital. (New York, NY: Norton,
272 p.). Wall Street (New York, N.Y.)--History--Pictorial works;
Wall Street (New York, N.Y.)--History; Business enterprises--New
York (State)--New York--History--Pictorial works; New York
(N.Y.)--History--Pictorial works; New York (N.Y.)--Buildings,
structures, etc.--Pictorial works.
Charles R. Geisst (1990).
Visionary Capitalism: Financial Markets and the American Dream
in the Twentieth Century. (New York, NY: Praeger, 191
p.). Capital market--United States--History--20th century;
Finance--United States--History--20th century;
Capitalism--United States--History--20th century.
--- (1997).
Wall Street: A History. (New York, NY: Oxford University
Press, 404 p.). Professor of Finance (Manhattan College School
of Business). Wall Street--History.
--- (1999).
100 Years of Wall Street. (New York, NY: McGraw-Hill,
178 p.). Professor (Manhattan College). Wall Street (New York,
N.Y.)--History--20th century. Author of "Wall Street: A
History," takes a picturesque look at the history of Wall
Street.
--- (2004).
Wall Street: A History: From Its Beginnings to the Fall of Enron.
(New York, NY: Oxford University Press, 438 p. [rev. and exp.
ed.]). Professor of Finance (Manhattan College School of
Business). New York Stock Exchange; Wall Street--History.
--- (2005).
Undue Influence: How the Wall Street Elite Put the Financial
System at Risk. (Hoboken, NJ: Wiley, 314 p.). Professor
of Economics and Finance (Manhattan College). Stock
exchanges--United States; Stock exchanges--Law and
legislation--United States; Securities
industry--Deregulation--United States; Financial crises--United
States.
John Steele Gordon (1999).
The Great Game: The Emergence of Wall Street as a World Power,
1653-2000. (New York, NY: Scribner, 319 p.). Wall
Street--History; Securities--United States--History;
Investments--United States--History.
Karen Ho (2009).
Liquidated: An Ethnography of Wall Street. (Durham, NC:
Duke University Press, 392 p.). Associate Professor of
Anthropology (University of Minnesota). Securities industry
--United States --Employees; Stockbrokers --United States;
Investment banking --United States; downsizing of organizations
--United States. How financial markets are constructed; how financially dominant, highly
unstable market system is understood, justified, produced
through restructuring of corporations, larger economy; bankers’
approaches to financial markets, corporate America inseparable
from structures, strategies of their workplaces; based on
culture of liquidity, compensation practices tied to profligate
deal-making; culture of Wall Street often obscured by triumphalist readings
of capitalist globalization.
Harland W. Hoisington, Sr. (1972).
Wall Street, 1920-1970; Five Fabulous Decades. (New
York, NY: Vantage Press, 207 p.). Wall Street.
Sidney Homer and Richard E. Sylla (1996).
The History of Interest Rates. (New Brunswick, NJ:
Rutgers University Press, 3rd ed., rev.; 688 p.). Academics
(NYU). Interest Rates, Credit. Classic.
Jane Elizabeth Hughes, Scott B. MacDonald
(2004).
Carnival on Wall Street: Global Financial Markets in the 1990s.
(New York, NY: Wiley, 258 p.). Capital market--History--20th
century; International finance--History--20th century; Stock
exchanges--History--20th century; Wall Street--History--20th
century; Bull markets--United States--History--20th century;
Stock Market Bubble, 1995-2000; Financial crises--East
Asia--History--20th century; Globalization--Economic
aspects--History--20th century.
David Kynaston
(1995).
The City of London: World of Its Own 1815-1890 v.1.
(London, UK, Pimlico, 512 p.). Professional Historian. City of
London--History. City's 19th century ascent to position as
world's leading international financial centre; rise of merchant
banks, growth of Stock Exchange, internationalism of money
market, characters behind these developments (mercurial Nathan
Rothschild, dour Joshua Bates, who consolidated power of
Barings); 1838 - burning of Royal Exchange on snowy night;
hectic making of fortunes from South American guano; 1890 -
Baring crisis (city's most respected house rescued by keenest
rival); mainstream of British and international history.
---
(1995).
The City of London: Golden Years, 1890-1914 v. 2.
(London, UK, Chatto & Windus, 688 p.). Professional
Historian. City of London--History. London dominant, as Britain's legendary gold-standard reigned
supreme across globe; how possible; how relationship
between finance, politics became dangerously close; The
Stock Exchange, muscular, rumour-ridden club of
gentlemen and would-be gentlemen, brought to life in
incidents like Marconi scandal, Battle of Throgmorton Street", murder of stockbroker by
his mistress on Lord Mayor's day; city in action in
summer of 1914 - sweating over deals, looking to short
term, never dreaming would shortly change
forever.
---
(2000).
The City of London: Illusions of Gold, 1914-45 v. 3.
(London, UK, Pimilco, 581 p.). Professional Historian.
City of London--History. Period covering two world wars,
return to gold standard, Wall Street Crash, 1930s'
depression - City sought to
regain pre-1914 dominance over international finance,
found itself increasingly overwhelmed by leverage
exerted by New York, by politicians anxious for votes,
by trade unions, by provincial industrialists; anecdote, vignette, character sketch (eminent
bankers such as Lord Revelstoke of Barings, cads and
schemers like Clarence Hatry); Montagu
Norman, Governor of the Bank of England from 1920 to
1944.
---
(2002).
The City of London: Club No More, 1945-2000 v. 4.
(London, UK, Pimilco, 640 p.). Profession Historian.
City of London--History. Fourth, final volume of epic history of square mile in modern era -
from post-war era (City hemmed in by bombsites,
austere Chancellors) to recent developments ("Big-Bang"
deregulation of 1986); social history, financial study,
discussions of changing class, sexual complexion of
City, early computerisation of
big companies; colourful characters, dramatic boardroom
struggles, heated exchanges between politicians and
bankers; comparison of Stock Exchange to acqueduct; evidence of
share-dealing, pensions, derivatives scandals (Robert
Maxwell, Nick Leeson); only City, never any individual
within it, to blame.
Leonard L. Levinson (1961).
Wall Street; A Pictorial History. (New York, NY:
Ziff-Davis, 376 p.). New York (N.Y.)--Streets--Wall street; Wall
Street (New York, N.Y.); United States--Economic conditions.
Ralph G. Martin and Morton D. Srone (1960).
Money, Money, Money; Wall Street in Words and Pictures.
(Chicago, IL: Rand McNally, 221 p.). New York Stock Exchange;
Finance--New York (State)--New York.
Ranald C. Michie (1992). The City of
London: Continuity and Change, 1850-1990. (Basingstoke,
Hampshire (UK): Macmillan Academic and Professional, 238 p.).
Financial institutions--England--London--History; London
(England)--History--1800-1950; London (England)--History--1951-.
Alexander Dana Noyes (1938). The Market
Place; Reminiscences of a Financial Editor. (Boston, MA:
Little, Brown, 384 p.). Finance -- United States -- History;
United States -- Politics and government -- 1865- ; Journalists
-- Biography.
Nomi Prins (2004).
Other People's Money: The Corporate Mugging of America.
(New York, NY: New Press, 342 p.). Former Managing Director
(Goldman Sachs, Bear Stearns). Investment banking Moral and
ethical aspects United States; Corporations Moral and ethical
aspects United States; Corporations Corrupt practices United
States; Stock Market Bubble, 1995-2000; Capital market United
States History 20th century.
Fred Schwed. Illustrated by Peter Arno (1940).
Where Are the Customers' Yachts? or, A Good Hard Look at Wall
Street. (New York, NY: Simon & Schuster, 215 p.). Wall
Street; Investments; Speculation. Wall Street, 1927-1940.
Lois Severini (1983).
The Architecture of Finance: Early Wall Street. (Ann
Arbor, MI: UMI Research Press, 237 p.). Public buildings--New
York (State)--New York; Financial institutions--New York
(State)--New York--Buildings; Wall Street (New York,
N.Y.)--History.
Robert M. Sharp (1989).
The Lore and Legends of Wall Street. (Homewood, IL: Dow
Jones-Irwin, 246 p.). Wall Street--History.
Simon Johnson and
James Kwak (2010).
13 Bankers: The Wall Street Takeover and the Next Financial
Meltdown. (New
York, NY, Pantheon Books, 320 p.). Former Chief Economist of the
International Monetary Fund, Ronald A. Kurtz Professor of
Entrepreneurship at Sloan School of Management (MIT); Former
Consultant for McKinsey & Company and Software Entrepreneur.
Banks and banking --United States; Bank failures --United
States; Finance --United States; Financial crises --United
States. Recent U.S. financial history within context of previous
showdowns between American democracy and Big Finance; why ideology of finance, Wall Street’s political control of government policy
pertaining to it imperil future; stark choice: whether
Washington will accede to vested interests of unbridled
financial sector or reform; banking system as first, foremost an engine of
economic growth; proposal: reconfigure megabanks to be “small
enough to fail.”
B. Mark Smith (2001).
Toward Rational Exuberance: The Evolution of the Modern Stock
Market. (New York, NY: Farrar, Straus and Giroux. Stock
exchanges--United States; Stocks--United States.
--- (2003).
The Equity Culture: The Story of the Global Stock Market.
(New York, NY: Farrar, Straus and Giroux, 344 p.). Stock
exchanges; Stocks; Securities.
Andrew Smithers (2009).
Wall Street Revalued: Imperfect Markets and Inept Central
Bankers. (Chichester, West Sussex, UK: Wiley 246 p.).
Founder of Smithers & Co. Capital market --United States;
Monetary policy --United States; Finance --United States; Banks
and banking, Central --United States. New way to value asset
prices; root cause of current crisis - indifference to
overvalued asset prices by investors, central banks, much of
financial press; how assets can be valued, shows how much
incorrect, inaccurate information is published on subject, how
to spot this; how asset prices affect economy, how central banks
lose their ability to stabilise it when bubbles collapse; new
model for understanding limited efficiency of financial markets,
key condition for improving investment, economic management
today.
Antony C. Sutton (1974).
Wall Street and the Bolshevik Revolution. (New Rochelle,
NY: Arlington House, 228 p.). Former Economics Professor
(California State University Los Angeles). Investments, American
--Soviet Union; United States --Foreign economic relations
--Soviet Union; Soviet Union --Foreign economic relations
--United States; Soviet Union --History --Revolution, 1917-1921.
Covert politics, economics
in twentieth century; Wall Street executives worked to uphold
new Soviet regime; first volume of a trilogy.
Antony C. Sutton (1975).
Wall Street and FDR. (New Rochelle, NY: Arlington House
Publishers, 200 p.). Former Economics Professor (California
State University Los Angeles). Roosevelt, Franklin D. (Franklin
Delano), 1882-1945; Securities industry --United States; United
States --Politics and government --1933-1945; United States
--Economic policy --1933-1945; Wall Street (New York,
N.Y.)--Biography--Pictorial works. Second volume of trilogy.
Antony C. Sutton (1976).
Wall Street and the Rise of Hitler. (Seal Beach, CA: ’76
Press, 220 p.). Former Economics Professor (California State
University Los Angeles). Investments, American --Germany
--History; United States --Foreign economic relations --Germany;
Germany --Foreign economic relations --United States; Germany
--History --1933-1945. Covert politics and economics in the
twentieth century. Wall
Street financed rise to power of National Socialist German
Workers Party; perceived government-guaranteed profits,
contractor relationship in inevitable socialism; third volume of
a trilogy.
Bob Tamarkin and Les Krantz (1999).
The Art of the Market: Two Centuries of American Business as
Seen Through Its Stock Certificates.(New York, NY:
Stewart, Tabori & Chang, 176 p.). Award-winning Journalist,
Respected Art Editor. Stock certificates--United
States--History; Industries--United States--History.
Dana Lee Thomas (1967).
The Plungers and the Peacocks: An Update of the Classic History
of the Stock Market. (New York, NY: Morrow, 384 p.).
Wall Street (New York, N.Y.) -- History.
Robert I. Warshow (1929). The Story of Wall
Street. (New York, NY: Greenberg, 362 p.). Wall Street;
Speculation; Capitalists and financiers--United States..).
Louise Yamada (1998).
Market Magic: Riding the Greatest Bull Market of the Century
(New York, NY: Wiley, 252 p.). Wall Street -- History -- 20th
century; Stock exchanges -- United States -- History -- 20th
century; Stock exchanges -- History -- 20th century; Economic
history -- 1945-.
_________________________________________________________________________________
Business
History Links
The Funny Side of the Street
http://www.library.hbs.edu/hc/wsj/
This exhibit features samples of the "Pepper...and Salt"
cartoons that appeared in the Wall Street Journal starting in
the 1950s. The cartoons are accompanied by brief essays about
the business world and financial conditions of the decades in
which they appeared. Also includes a brief history of the
cartoon feature, a note on the feature from its founder, and a
reading list. From the Baker Library at the Harvard Business
School.
Hess Collection at University of Toledo
http://www.cl.utoledo.edu/canaday/hess/introduction.html
July 1987 - The Ward M. Canaday Center for Special Collections
(University of Toledo) received the Hess Collection, a bequest
of Dr. Nicholas Gimbel. Originally, these books were collected
by Gimbel's father who was a partner in the New York brokerage
firm Birdsall & Hess. Consists of books on the history of a
variety of financial markets (stock, commodity, bond, etc.),
fiction, biography, humor, and even works denouncing the stock
market altogether. Perhaps the strongest area of concentration
in this collection is made up of books on "technical analysis."
Museum of American Financial History
http://www.financialhistory.org/home.htm
The nation's only independent public museum dedicated to
celebrating the spirit of entrepreneurship and the democratic
free market tradition which have made America the financial
capital of the world. Founded in 1988, the Museum was chartered
as an educational institution. Today, the Museum is committed to
helping all Americans look to the lessons of financial history,
while taking charge of their own financial lives. The Museum
showcases the history of Wall Street, the economic miracle of
the markets, and the achievements of American businessmen and
women from Alexander Hamilton's founding designs for a national
economy, to the rise of "dot com" entrepreneurs in the global
"new economy."
Securities and Exchange Commission
Historical Society
http://www.sechistorical.org/
This Virtual Museum & Archive of the SEC and the Securities
History (independent of and separate from the U.S. Securities
and Exchange Commission) preserves and shares the history and
historic records of the U.S. Securities and Exchange Commission
and of the securities industry from the 1930s to the present. It
includes a wide range of primary materials, including a
timeline, papers, photos, oral histories and original programs
broadcast from this site, which contribute to the understanding
of how the SEC has shaped and continues to shape U.S. and
international capital markets.
The Thomas
Willing Institute for the Study of Financial Markets,
Institutions, and Regulations
www.augie.edu/thomaswilling
The Thomas Willing Institute for the Study of
Financial Markets, Institutions, and Regulations (TWI, for
short) was founded in 2010; mission is to increase financial
history literacy.
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