A Financial History of the United States (vol. 1-6) by Jerry W. Markham
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Overview: This encyclopedic work chronicles the growth and expansion of banking, securities, and insurance since the colonial period. The author traces the origins of American finance to the older societies of Europe and North Africa, and shows how English merchants transferred their financial systems to America. He explains how financial matters dominated the founding and development of the colonies, and how financial concerns incited the Revolution. And he shows how the Civil War began the transformation of America from a small economy largely dependent on foreign capital into a complex capitalist society. From the Civil War, this account of the nation’s financial history proceeds through periods of frenzied speculation, quiet growth, sudden panics, and furious periods of expansion, right up through the incredible growth of the stock market during the 1990s and the attack on the World Trade Center in 2001.
Genre: History, Economics
Volume 1: From Christopher Columbus to the Robber Barons (1492-1900) First volume covers the period from the “discovery” of America to the end of the nineteenth century. It describes the status of finance in Europe at the time of the discovery of America. The volume then proceeds to trace its transfer and development in America through the Revolution, into the Civil War, and beyond to the speculative excesses occurring after that event.
Volume 2: From J.P. Morgan to the Institutional Investor (1900-1970) The second volume begins with the investment bankers that were dominating finance at the beginning of the twentieth century, and it describes how their vilification led to the birth of the Federal Reserve Board. The volume traces finance through World War I, the stock market crash of 1929, and the Great Depression. From there, it examines the rebirth of finance after World War II and the growth of the institutional investor.
Volume 3: From the Age of Derivatives into the New Millennium (1970-2001) The third volume focuses on the growth of derivatives and the financial debacles involving those instruments, the failures of deposit institutions, and the scandals in the stock market that seemed to signal the demise of American financial services. That volume then reviews the market run-up and the rebirth of finance that was being strongly pushed by the Internet economy that was then just blooming. The market reversal at the end of the century was uggesting that the prosperity of the prior ten years was not to be a permanent condition.
Volume 4: A Financial History Of Modern U.S. Corporate Scandals: From Enron to Reform The author of the award-winning trilogy A Financial History of the United States now provides a definitive new reference or the major failures of American corporate governance at the start of the 21st century. An essential resource for students, teachers and professionals in business finance, and securities law, this exhaustive work provides in-depth coverage of the collapse of the Enron Corporation and other financial scandals that erupted in the wake of the market downturn of 2000. The authoritative volume traces the market boom and bust that preceded Enron’s collapse, as well as the aftermath of that failure, including the Enron bankruptcy proceedings, the prosecution of Enron officials, and Enron’s role in the California energy crisis. It examines the role of the SEC’s full disclosure system in corporate governance, and the role of accountants in that system, including Arthur Andersen LLP, the Enron auditor that was destroyed after it was accused of obstructing justice. The author chronicles the meltdown in the telecom sector that gave rise to accounting scandals at Nortel, Lucent, Qwest, Global Crossing, Adelphia, and WorldCom. He traces other accounting and governance failures at Rite Aid, Xerox, Computer Associates, AOL Time Warner, Vivendi, HealthSouth, and Hollinger. Markham also covers such Wall Street scandals as the Martha Stewart trial, the financial analyst conflicts, and the mutual fund trading abuses. He analyzes the Sarbanes-Oxley legislation that was adopted in response to these scandals, the burdens it imposes, and continuing flaws in full disclosure. Markham also traces the remarkable market recovery that followed the scandals and addresses the misguided efforts of corporate governance reformers that led to the abuses.
Volume 5: From Enron-Era Scandals to the Subprime Crisis (2004-2006) This volume starts with the aftermath of those scandals, particularly the prosecution of the executives caught up in them. It also addresses the considerable concerns that have been raised by the Enron-era reforms and prosecutions, describing how the Justice Department and the then–New York attorney general, Eliot Spitzer, resorted to unseemly practices in order to gain convictions. In addition, this volume discusses the debate over executive pay and corporate governance practices that arose from the Enron-era scandals. The history then turns to developments in the securities and derivative markets, covering hedge funds, venture capital, private equity, and sovereign wealth funds. It considers the development of the mortgage market in the United States, addressing the government housing policies that promoted subprime lending and describing predatory lending practices in the subprime market. A sixth volume in this series will address the events that preceded the subprime crisis and elaborates on that crisis in detail.
Volume 6: From the Subprime Crisis to the Great Recession (2006-2009) This volume describes the worldwide subprime crisis that occurred between 2007 and 2009. As a prelude to that crisis, this history examines the development of the securitized mortgage products that came to be known as collateralized debt obligations (CDOs) and their attendant credit support in the form of credit-default swaps (CDS) and monoline insurance. It next turns to the factors that led up to the subprime crisis and then describes events during that worldwide crisis as they unfolded, including the Great Panic that followed the bankruptcy of Lehman Brothers. The massive government bailout programs for financial services firms and automakers are addressed, and the regulatory reforms enacted by President Barack Obama’s administration to prevent such systemic failures in the future are considered.
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