Cover image for On money and markets : a Wall Street memoir
Title:
On money and markets : a Wall Street memoir
Author:
Kaufman, Henry.
Personal Author:
Edition:
First edition.
Publication Information:
New York : McGraw-Hill, [2000]

©2000
Physical Description:
xi, 388 pages : illustrations ; 24 cm
Language:
English
Personal Subject:
ISBN:
9780071360494
Format :
Book

Available:*

Library
Call Number
Material Type
Home Location
Status
Central Library HG172.K38 A3 2000 Adult Non-Fiction Central Closed Stacks
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Summary

Summary

This is an intimate portrait of Henry Kaufman. one of the leading figures of the financial world. It includes history of finance and economic policy since World War II, an exploration and analysis of a dozwen leading subjects in finance and an in-depth look at the world's financial markets.


Reviews 3

Booklist Review

Much as Fed chairman Alan Greenspan's comments and warnings are warily tracked by investors today, Kaufman's alarms over inflation and escalating interest rates affected the stock market in the 1970s. Dubbed Dr. Doom by the financial press, Kaufman was a chief economist at Salomon Brothers, where he worked for more than a quarter century. Now in his 70s, Kaufman is an independent money manager who still commands attention. He foresaw the crash among the emerging markets, is concerned by the inability to predict the extremes of today's "financial euphoria," and has called for increased supervision and regulation of the world financial system. In the 1920s Kaufman's family lost its wealth as a result of Germany's hyperinflation, and in the 1930s the family had to flee Germany to escape Nazism. With this personal introduction, Kaufman chronicles his path to Wall Street. His focus, though, is on the evolution of financial and economic policy and its effect on financial markets throughout his long and distinguished career. --David Rouse


Publisher's Weekly Review

Crisp, jargon-free and self-assured, this memoir traces a famous economist's rise from rural Germany to the top of Wall Street. Born in a remote farming village in the upper Hessen region in 1927, Kaufman emigrated to America at age 10, when his family left Nazi Germany after a raid on their house. In New York, his lack of English put him four years behind in school, although Kaufman's intelligence and hard work later help him earn a Ph.D. in economics, gain a job at the Federal Reserve and, in the 1980s, rise to become the vice chairman of Salomon, Inc. and eventually found his own firm. Kaufman recounts these events with passion and precision, carefully avoiding melodrama. Among his recollections are several amusing anecdotes, including one from his years as an industrial banker in 1950s New York City, when he discovered a bank client on a rendezvous in a nightclub with a young woman who was not his wife and promptly revoked his credit line. His insider's perspective on the birth of the modern bond market and the globalization of banking will appeal to market watchers. Particularly interesting are Kaufman's candid revelations of how his experiences have affected his fiscal opinions. For example, his middle-class grandparents' memories of how 1920s German hyperinflation disenfranchised them made him a strong supporter of anti-inflationary policies; he was acutely sensitized to the relation between economic and social stability after witnessing how skyrocketing unemployment provided tinder to Nazi hatred. The book concludes with a survey of contemporary financial problems and the lessons of the recent and distant past. Though Kaufman's prose is starchy, his blend of moving personal history and insightful financial analysis make this memoir a sure bet for finance mavens. (June) (c) Copyright PWxyz, LLC. All rights reserved


Library Journal Review

For 26 years (through most of the 1980s), Kaufman was a highly respected economist with the Wall Street firm of Salomon Brothers, and his economic forecasts frequently affected the stock market. The publication of this book, which is part autobiography, part financial history and business analysis, is thus significant. Kaufman's personal story is very much a "rags-to-riches" tale that starts with a perilous flight from Nazi Germany in December 1937 to the United States, where he and his family were forced to start over. It wasn't easy, but Kaufman took to his new country with a passion. While at Salomon, Kaufman was a firsthand witness to many momentous financial events, including the market crash of 1987. The author's description of the trading floors at Salomon make for lively reading. Whether examining interest rates or derivatives, he writes gracefully and knowledgeably, much like the genuine Wall Street insider he is. This is an important book for anyone wishing to understand not only the "dismal science" of economics but how Wall Street works. Highly recommended for all public, specialized, or academic libraries with business collections.DRichard Drezen, Washington Post News Research, Washington, DC (c) Copyright 2010. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.


Table of Contents

Paul A. VolckerHenry Kaufman
Forewordp. V
Acknowledgmentsp. IX
1 From Nazi Germany to the New Worldp. 1
2 The Road to Wall Streetp. 21
3 The Growth and Transformation of Marketsp. 45
4 The Derivatives Revolutionp. 67
5 The Corporatizing of Wall Streetp. 85
6 Salomon's Growing Painsp. 99
7 The Americanization of Global Business and Financep. 113
8 The Rise of Financial Forecastingp. 137
9 Forecasting and the Great Bull Marketp. 157
10 The Fed's Rise to Dominancep. 183
11 Shortcomings of Fed Policyp. 201
12 The Urgent Need for Regulatory and Supervisory Reformp. 223
13 Learning from Financial Crisesp. 247
14 Learning from the Financial Excesses of the 1980s and 1990sp. 267
15 The Role of Bias in Economics and Financep. 287
16 Neglected Financial Lessonsp. 303
17 Financial Institutions in the New Centuryp. 327
18 Looking to the Futurep. 343
Bibliographyp. 363
Speeches, Articles, and Published Interviewsp. 367
Indexp. 383

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