House of Morgan Review

The winner of the National Book Award and considered a classic, The House of Morgan gives a unique perspective into the elite world of banking. Having had limited exposure to novels of this topic, I was unsure of what to expect. I was amazed at the level of research and detail that went into the creation of the novel. Interviews, letters, bank records and other business archives were traced back their origin and portrayed elegantly in the book. This nonfiction novel reads like a fiction story. I was especially surprised at the level of influence the Morgans had on the banking booms and busts that shaped the world on both sides of the Atlantic.   For example, J.P. Morgan's relationship with Teddy Roosevelt shocked me as the world we live in now no longer condones such a close tie between government and private enterprise in a public forum. The House of Morgan traces the path of the J. P. Morgan empire from its obscure beginnings in Victorian London to the crash 1897. However, this book not only describes the financial aspects of this uprising, but also the social aspects that helped JP Morgan become what it is today. The stories such as Anne Pierpont’s ménage à trios and Richard Whitney’s grand larceny charge are what made this novel a true story to me as a reader. Ron Chernow paints a fascinating portrait of the private saga of the Morgans and the mysterious world of the American and British elite in which they moved.
The first half of the book reads like an old novel with the rise of George Peabody's merchant bank in London. Junius Morgan then enters the picture and revamps the Morgan bank. His son is portrayed as a boy who longs to make his mark on the world, just not the financial world, despite his nose. After that era, we see the Morgan banks separate and go their separate ways. It is portrayed as a boys club that has temporarily broken up due to schoolyard type scuffles. He compares recent Morgan executives with those from the past, and the comparison shows... [continues]

Read full essay