Description
Book SynopsisTrade Review"Rose utilizes a sure grasp of regulatory issues, a command of interdisciplinary literature, the fruits of deep archival research, and the ability to craft political narratives and biographical sketches.
Market Rules is, without doubt, the best book we have on the history of the regulation of commercial banking from the 1960s to 1999." *
The Journal of American History *
"Mark Rose has written a lively and lucid account of banking and financial history over the past half century, laying out the grand ambitions and rivalries of leading bankers and policymakers like Walter Wriston, Donald T. Regan, and Sandy Weill-and the changing strategies for delivering economic growth led by presidents Kennedy, Reagan, and Obama.
Market Rules relates the history of today's massive multipurpose banks, the 2008 crisis, and its aftermath to broader trends in American society and life from the 1960s to the present. It is a great achievement." * Walter Friedman, Harvard Business School *
"Compared to half a century ago, America has many fewer and much larger banks. Mark Rose's engaging study shows that this was far from a market outcome. It was a product of bank politics: entrepreneurial bankers persuaded U.S. presidents and regulators that ever-larger, less regulated 'supermarket' banks were more efficient, more stable, and thus more growth-promoting. The actual outcome-financial crisis, the Great Recession, and slower growth-lead Rose to suggest that, in banking, political clout trumped economic efficiency." * Richard Sylla, New York University *
"Mark Rose's engaging study follows a group of men, who, over successive presidential administrations, helped transform the landscape of American banking in the late twentieth century. Rose makes a compelling argument that the history of American banking is a fundamentally political one. In its focus on politics and people at the center of banking,
Market Rules offers a unique voice." * Susie Pak, St. John's University *
Table of ContentsPreface
Introduction. Politics and the Markets They Made
PART I. LAWMAKERS AND REGULATORS
Chapter 1. Deregulation Before Deregulation: John Kennedy, Lyndon Johnson, and James Saxon
Chapter 2. Supermarket Banks: Richard Nixon and Donald Regan
PART II. BANKERS IN POLITICS
Chapter 3. Rescuing Banks Through Growth: Walter Wriston and Citicorp
Chapter 4. A Marine in Banker's Clothing: Hugh McColl and North Carolina National Bank
PART III. NEW REGIMES FOR BANKERS
Chapter 5. Full-Service Banks: Bill Clinton and Sandy Weill
Chapter 6. God's Work in Finance: Ken Lewis, Charles Prince, Richard Fuld, and Henry Paulson
Chapter 7. Reregulating the Regulators: Barack Obama and Timothy Geithner
Epilogue. Another Round of Bank Politics
Notes
Index
Acknowledgments
