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   • fileAs: Karabell, Zachary
   • name: Zachary Karabell

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Penguin Books

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2021-05-18T00:00:00-04:00

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title

Inside Money

fullDescription

A sweeping history of the legendary private investment firm Brown Brothers Harriman, exploring its central role in the story of American wealth and its rise to global power
Conspiracy theories have always swirled around Brown Brothers Harriman, and not without reason. Throughout the nineteenth century, when America was convulsed by a devastating financial panic essentially every twenty years, Brown Brothers quietly went from strength to strength, propping up the U.S. financial system at crucial moments and catalyzing successive booms, from the cotton trade and the steamship to the railroad, while largely managing to avoid the unwelcome attention that plagued some of its competitors. By the turn of the twentieth century, Brown Brothers was unquestionably at the heart of what was meant by an American Establishment. As America's reach extended beyond its shores, Brown Brothers worked hand in glove with the State Department, notably in Nicaragua in the early twentieth century, where the firm essentially took over the country's economy. To the Brown family, the virtue of their dealings was a given; their form of muscular Protestantism, forged on the playing fields of Groton and Yale, was the acme of civilization, and it was their duty to import that civilization to the world. When, during the Great Depression, Brown Brothers ensured their strength by merging with Averell Harriman's investment bank to form Brown Brothers Harriman, the die was cast for the role the firm would play on the global stage during World War II and thereafter, as its partners served at the highest levels of government to shape the international system that defines the world to this day.
In Inside Money, acclaimed historian, commentator, and former financial executive Zachary Karabell offers the first full and frank look inside this institution against the backdrop of American history. Blessed with complete access to the company's archives, as well as a thrilling understanding of the larger forces at play, Karabell has created an X-ray of American power—financial, political, cultural—as it has evolved from the early 1800s to the present. Today, unlike many of its competitors, Brown Brothers Harriman remains a private partnership and a beacon of sustainable capitalism, having forgone the heady speculative upsides of the past thirty years but also having avoided any role in the devastating downsides. The firm is no longer in the command capsule of the American economy, but, arguably, that is to its credit. If its partners cleaved to any one adage over the generations, it is that a relentless pursuit of more can destroy more than it creates.

reviews

1. • premium: True
   • source:
   • content:

     December 1, 2020
     Beyond financial circles, few Americans recognize the name Brown Brothers Harriman. The banking giant has kept a low profile, letting others hog the celebrity spotlight. Author, columnist, and podcast host Karabell (The Leading Indicators, 2014) clarifies the record, revealing this bank's outsized influence in U.S. life, both in finance and politics. Founded in Baltimore at the outset of the nineteenth century by Irish immigrants, Brown Brothers began its wealth trading in Irish linens, then expanded into Southern cotton and railroads. The family firm survived the Panic of 1837, the Civil War, and the Great Depression before merging with the banking house of Harriman, a firm equally committed to maintaining a reputation for reliability, honesty, and solvency. Brown Brothers became a central part of the American establishment, fostering old-school connections and committing to sound stewardship and government service. Avoiding the excesses of the 1990s and 2000s, Brown Brothers Harriman stayed afloat in the 2008 collapse. Karabell writes financial history compellingly, transcending dull accountancy with the drama of humans creating and managing wealth.

     COPYRIGHT(2020) Booklist, ALL RIGHTS RESERVED.

2. • premium: True
   • source:
   • content:

     March 22, 2021
     Journalist and former finance executive Karabell (The Last Campaign) delivers a largely flattering history of the private investment firm Brown Brothers Harriman. In 1800, Alexander Brown left Belfast, Ireland, for Baltimore, Md., where he became an importer of linen and an exporter of tobacco. Drawing on company records, Karabell tracks the evolution of the Brown family business from trading to investment banking, and its merger, at the height of the Great Depression, with a bank founded by railroad heir and U.S. diplomat W. Averell Harriman. Along the way, Karabell documents formative moments in America’s economic and political history, including the rise of the cotton industry; the building of the nation’s first railroad, the Baltimore & Ohio; the U.S. invasion and occupation of Nicaragua in the early 20th century; and William Paley’s takeover of the CBS radio network in the 1920s. According to Karabell, Brown Brothers Harriman has weathered wars, banking panics, and stock market crashes by following Alexander Brown’s advice to his sons, including “avoid unnecessary risks,” don’t trade with “unvetted partners,” and “be known as someone whom others could trust.” Though he underplays the seamier aspects of the story, Karabell draws an illuminating contrast between Brown Brothers Harriman and behemoths such as Chase and Goldman Sachs. Fans of business history will be rapt.

3. • premium: True
   • source:
   • content:

     Starred review from March 12, 2021
     

     The history of American capitalism is intricately intertwined with the evolution of the private investment firm Brown Brothers Harriman, which has thrived for over 200 years. In the 19th and 20th centuries, this institution provided credit and helped establish the banking and financial systems that fueled rapid economic growth and wealth creation. The partnership survived a number of financial crises, while many of its competitors floundered. Notable figures once worked at the company, including W. Averell Harriman, Prescott Bush, and Robert A. Lovett. In this extensively well-researched book, author, investor, and former financial executive Karabell (The Leading Indicators) elucidates how deals and friendships often take place through social and family networking. Despite its achievements and tragedies, the Brown family has remained extremely private about its affairs, and Brown Brothers Harriman has often operated under the radar. Karabell had full access to the company's archives and has produced the first comprehensive inside story of Brown Brothers Harriman and the peoplebehind it. VERDICT A long overdue history offering a behind-the-scenes look at one of the world's leading financial institutions. Recommended for public and academic library readers.--Caroline Geck, Somerset, NJ

     Copyright 2021 Library Journal, LLC Used with permission.

4. • premium: True
   • source:
   • content:

     May 15, 2021
     Historian Karabell examines the long history of a financial services firm that exercised outsize power in the political sphere. Brown Brothers, a firm as old as the nation, merged in the Depression with a smaller firm headed by Prescott Bush, whose family and fortunes were intertwined with those of Averell Harriman, "the debonair yet tight-lipped eldest son of the pugnacious railroad baron E.H. Harriman." Brown Brothers had avoided investing in railroads in generations past, which made the merger seem unlikely, and the two firms operated very differently, the one using private resources, the other borrowing widely. Still, Brown Brothers Harriman "became a pillar of what would soon be called the American Establishment." In the next decade, the firm would also become an agent for the exportation of American capitalism as a means of containing Soviet ambitions. Karabell digs deep into the history of the intertwined firm, sometimes revealing uncomfortable truths, such as Brown Brothers' deep involvement in the Southern cotton economy and thus implication in the institution of slavery. In the balance, however, the more important story is the wedding of American money to global power. In the postwar era, the U.S. became a creditor and not a debtor nation, and members of the firm took political positions in diplomacy and defense and helped administer foreign-aid efforts such as the Marshall Plan. "In a few short years," Karabell writes, "they succeeded beyond all measure in erecting a system of laws and institutions and the primacy of the dollar that came to govern almost every country on the planet by the end of the twentieth century." They also exhibited a form of financial conservatism that would soon give way to the wild, risky speculation of the 1970s and beyond, a conservatism that Karabell counsels would serve us well today. A readable, unfailingly interesting study on the making of the American century.

     COPYRIGHT(2021) Kirkus Reviews, ALL RIGHTS RESERVED.

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1. • value: Business
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shortDescription

A sweeping history of the legendary private investment firm Brown Brothers Harriman, exploring its central role in the story of American wealth and its rise to global power
Conspiracy theories have always swirled around Brown Brothers Harriman, and not without reason. Throughout the nineteenth century, when America was convulsed by a devastating financial panic essentially every twenty years, Brown Brothers quietly went from strength to strength, propping up the U.S. financial system at crucial moments and catalyzing successive booms, from the cotton trade and the steamship to the railroad, while largely managing to avoid the unwelcome attention that plagued some of its competitors. By the turn of the twentieth century, Brown Brothers was unquestionably at the heart of what was meant by an American Establishment. As America's reach extended beyond its shores, Brown Brothers worked hand in glove with the State Department, notably in Nicaragua in the early twentieth...

sortTitle

Inside Money Brown Brothers Harriman and the American Way of Power

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Brown Brothers Harriman and the American Way of Power

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Penguin Publishing Group

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   • description: Business & Economics / Corporate & Business History
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   • description: History / United States / General