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Paul Volcker: The Making of a Financial Legendby Joseph B. Treaster
Synopses & Reviews
Paul Volcker is a living legend of finance. He has established himself as one of the world's most influential economic thinkers and is regarded as both a figure of integrity and an instinctive leader who — throughout his career — has invariably done what he has thought was right, regardless of the consequences. Volcker is that rare financial titan who never sought to amass great personal wealth. Throughout his career, it is evident that he had no greater goal than doing the best job he could in the public interest, leading organizations from both the public and private sector to seek out his advice when crises of confidence arose.
Written by award-winning New York Times journalist Joseph B. Treaster, Paul Volcker: The Making of a Financial Legend takes you through the most compelling moments of Volcker's fifty years in finance and public service — documenting his days as one of the most powerful voices in America as chairman of the Federal Reserve, as well as his more recent endeavors, including a mission to revive the Arthur Andersen accounting firm and efforts to recover billions in lost savings of Holocaust victims from Swiss banks.
From public politics to private business, this masterful book examines the ethical, economic, and moral dilemmas Volcker faced at every turn. Compelling moments captured within these pages include Volcker's:
Weaving together anecdotes and analysis in an action-oriented narrative, Paul Volcker: The Making of a Financial Legend is an engaging account of how one man achieved results that ultimately improved the lives of millions of Americans and continues to influence the worlds of business and finance.
"Paul Volcker may be the most important figure of our time on the U.S. economic scene. In his book, Paul Volcker: The Making of a Financial Legend, Joseph Treaster has captured the man, his time, and his influence with exceptional insight, clarity, and readability. It's a must-read for anyone interested in the American economy." Myron Kandel, CNN Financial Editor
"Only a truly great chairman of the Federal Reserve could stay the course, keep interest rates at an all-time high to lower inflation, and save the economy in the face of near unanimous denunciation and derision. That drumbeat was summed up in a congressman's shout, 'Your course of action is wrong. There isn't anybody who says you're right.' That chairman was Paul Volcker. Events, of course, proved Volcker right." Ed Koch, former Mayor, New York City and current Partner, Bryan Cave LLP
"Paul Volcker is a true American hero. His courage as a central banker in leading the assault on the Great Inflation of the 1970s was the single most important step on the road to economic renewal in the United States. Treaster's probing look inside the man reveals a strength of character that made it easy for Volcker to do the toughest job in America." Stephen S. Roach, Chief Global Economist, Morgan Stanley
"At a time when a number of business leaders have betrayed the public trust upon which their power, position, and, ultimately, the prosperity of their companies depend, Paul Volcker stands out as a financial leader of unusual competence, unquestionable diligence, and uncompromising integrity. Joseph Treaster has vividly captured the essential greatness of the man in his excellent book." David Rockefeller III, former Chairman and CEO of The Chase Manhattan Bank
"Joseph Treaster has written a splendidly useful book that reveals how one courageous banker broke the back of double-digit inflation in America. There are up-to-the-minute lessons here for everyone who wants to learn from history rather than be condemned to repeat it." Marshall Loeb, columnist for CBS MarketWatch and former Managing Editor of Fortune and Money
Book News Annotation:
Treaster, a longtime New York Times reporter most recently specializing in financial news, narrates the life of the closely watched banker through anecdotes and analysis. Volcker served as chairman of the Federal Reserve through the Carter and Reagan administrations and was seen in financial circles as the second most powerful person in America; later he became a university professor and investment banker. In the course of the biography, Treaster, who views his subject as both a great financial strategist and a moral leader, delves into basic issues of economics such as what the Fed is and why its actions matter. Illustrated by 16 slick pages of b&w photos.
Annotation ©2004 Book News, Inc., Portland, OR (booknews.com)
As the Chairman of the Federal Reserve from 1979 to 1982, Paul Volcker established himself as one of the most influential economic thinkers. Currently a major advocate for corporate governance and accounting reforms, Volcker’s reputation as a great business leader with uncompromising ethics continues to this day. Written by award-winning New York Times journalist Joseph Treaster, Paul Volcker: The Making of a Financial Legend takes readers through the most compelling moments of this legend’s life in private and public service. From his early days as a young Treasury Department official through his appointments to the New York Federal Reserve Bank, the Federal Reserve, and James D. Wolfensohn, Inc., this inspiring book captures the significant moments in Volcker life and explores the ethical, economic, and moral dilemmas he faced at every turn.
Paul Volcker: The Making of A Financial Legend, takes readers through the most compelling moments of this man's life in private and public service-from his early days as a young Treasury Department official during the Nixon years grappling with international economic affairs through his appointments as President of the New York Federal Reserve Bank, Chairman of the Federal Reserve, Chairman of James D. Wolfensohn, Inc., and his work in recovering money from Holocaust-era bank accounts in Switzerland.
About the Author
Joseph B. Treaster, a prizewinning reporter for the New York Times for more than 25 years, began his career with the Times as a foreign correspondent in Southeast Asia and has reported from dozens of countries. Treaster currently writes lead stories in economics, business, and finance for the Times.
Table of Contents
Chapter 1. A Legend
Chapter 2. Seventy-Six
Chapter 3. The Power of the Fed
Chapter 4. Chairman
Chapter 5. Youth
Chapter 6. School Days
Chapter 7. Hardship
Chapter 8. Difficult Choices
Chapter 9. The Fallout
Chapter 10. Fly Fishing
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