American Rascal
How Jay Gould Built Wall Street's Biggest Fortune
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4.0 • 74개의 평가
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- US$14.99
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A gripping, “rollicking” (John Carreyrou, New York Times bestselling author of Bad Blood) biography of Jay Gould, the greatest of the 19th-century robber barons, whose brilliance, greed, and bare-knuckled tactics made him richer than Rockefeller and led Wall Street to institute its first financial reforms.
Had Jay Gould put his name on a university or concert hall, he would undoubtedly have been a household name today. The son of a poor farmer whose early life was marked by tragedy, Gould saw money as the means to give his family a better life…even if, to do so, he had to pull a fast one on everyone else. After entering Wall Street at the age of twenty-four, he quickly became notorious when he paralyzed the economy and nearly toppled President Ulysses S. Grant in the Black Friday market collapse of 1869 in an attempt to corner the market on gold—an event that remains among the darkest days in Wall Street history. Through clever financial maneuvers, he gained control over one of every six miles of the country’s rapidly expanding network for railroad tracks—coming close to creating the first truly transcontinental railroad and making himself one of the richest men in America.
American Rascal shows Gould’s complex, quirky character. He was at once praised for his brilliance by Rockefeller and Vanderbilt and condemned for forever destroying American business values by Mark Twain. He lived a colorful life, trading jokes with Thomas Edison, figuring Thomas Nast’s best sketches, paying Boss Tweed’s bail, and commuting to work in a 200-foot yacht.
Gould thrived in an expanding, industrial economy in which authorities tolerated inside trading and stock price manipulation because they believed regulation would stifle the progress. But by taking these practices to new levels, Gould showed how unbridled capitalism was, in fact, dangerous for the American economy. This “gripping biography” (Fortune) explores how Gould’s audacious exploitation of economic freedom triggered the first public demands for financial reforms—a call that still resonates today.
PUBLISHERS WEEKLY
Securities analyst Steinmetz (The Richest Man Who Ever Lived) offers a well-rounded biography of railroad tycoon and Wall Street investor Jay Gould (1836–1892). Best known for his greed and underhanded business tactics, Gould also had a positive impact on thousands of lives, according to Steinmetz. Born in upstate New York, Gould left the family farm at age 13 to work as a surveyor, and rapidly gained a reputation as a go-getter. His first big break came when he partnered with congressman Zadock Pratt to open a tannery in Pennsylvania. He also harvested ice and shipped it via railway to New York City and began buying railroad stocks during the Panic of 1857. Eventually, Gould gained control of the Union Pacific and other Western railways at the height of the railroad boom. Steinmetz makes clear that Gould's lack of ethics fueled his rise; at one point, he spread rumors of Cornelius Vanderbilt's death in order to shake confidence in the financier's investment portfolio. Though Gould's well-documented crimes led to major regulatory reforms, Steinmetz argues that he "did as much as anyone... to build the country" and spur America's economic growth. This colorful and diligently researched account rescues a Gilded Age robber baron from infamy.
