All the Presidents' Bankers: The Hidden Alliances that Drive American Power
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Nomi Prins. (2014). All the Presidents' Bankers: The Hidden Alliances that Drive American Power. PublicAffairs.

Nomi Prins. 2014. All the Presidents' Bankers: The Hidden Alliances That Drive American Power. PublicAffairs.

Nomi Prins, All the Presidents' Bankers: The Hidden Alliances That Drive American Power. PublicAffairs, 2014.

Nomi Prins. All the Presidents' Bankers: The Hidden Alliances That Drive American Power. PublicAffairs, 2014.

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     Nomi Prins is a journalist, speaker, respected TV and radio commentator, and former Wall Street executive. Author of five other books, including Other People's Money and It Takes a Pillage, her writing has been featured in the New York Times, Fortune, Mother Jones, the Guardian, the Nation, and other publications. She is a senior fellow at Demos. Follow her on Twitter @NomiPrins
     

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All the Presidents' Bankers

fullDescription

A groundbreaking narrative of how an elite group of men transformed the American economy and government, dictated foreign and domestic policy, and shaped world history.
Culled from original presidential archival documents, All the Presidents' Bankers delivers an explosive account of the hundred-year interdependence between the White House and Wall Street that transcends a simple analysis of money driving politics-or greed driving bankers.
Nomi Prins ushers us into the intimate world of exclusive clubs, vacation spots, and Ivy League universities that binds presidents and financiers. She unravels the multi-generational blood, intermarriage, and proté relationships that have confined national influence to a privileged cluster of people. These families and individuals recycle their power through elected office and private channels in Washington, DC.
From the Panic of 1907 to the financial crisis of 2008, this unprecedented history of American power illuminates how the same financiers retained their authoritative position through history, swaying presidents regardless of party affiliation. All the Presidents' Bankers explores the alarming global repercussions of a system lacking barriers between public office and private power. Prins leaves us with an ominous choice: either we break the alliances of the power elite, or they will break us.

reviews

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   • content:

     February 10, 2014
     The intricate connections between finance and politics add up to less than their parts in this unfocused history of Oval Office interactions with the banking industry. Drawing on exhaustive archival research, journalist and former Wall Street executive Prins (Other People’s Money) presents a sprawling, haphazard, eye-glazing account of interactions between presidents and leading bankers from the Panic of 1907 to the Crash of 2008. Bankers pop up everywhere in her narrative, lobbying presidents, holding cabinet positions, leading foreign-affairs missions and staking out policy positions. Prins styles all this as a sinister “hidden alliance” underpinning a nebulously undefined global “power,” “control,” and “hegemony,” but her revelations are neither original nor surprising: she mainly demonstrates that bankers are part of the Establishment, with special interests—less regulation, more bailouts and foreign business—that they hope to see advanced through government action—or inaction. Unfortunately, her (often well-merited) populist ire never builds its critique of bankers’ opportunism into a coherent account of policy-making, wallowing instead in cynical conspiracy-speak—“there are no accidents in global influence”—and contentless Theories of Everything. (“Bankers had a propensity to capitalize on wars, but they were equally adept at profiting from peace.”) The nexus of money and government deserves a more systematic and thoughtful treatment than Prins’s. Agent: Andrew Stuart.

2. • premium: True
   • source:
   • content:

     March 1, 2014
     A revealing look at the often symbiotic, sometimes-adversarial relationship between the White House and Wall Street. When it comes to the tactics of modern bankers, former Wall Street insider-turned-journalist Prins (It Takes a Pillage: An Epic Tale of Power, Deceit, and Untold Trillions, 2009, etc.) makes her disapproval known in no uncertain terms; their predecessors fare only slightly better in this sweeping history of bank presidents and their relationships with the nation's chief executives. The narrative begins circa 1900, when bankers began to supersede industrial tycoons as the nation's most powerful private-sector prime movers. Financial titans like J.P. Morgan and John D. Rockefeller figure prominently, along with lesser-known but equally important men like Winthrop Aldrich and Thomas Lamont, as they navigate the treacherous terrain of World War I and the 1929 crash, both butting heads with and coming to the aid of presidents from Theodore Roosevelt to Herbert Hoover. As Prins writes, ties proved strongest during wartime, with banks working alongside politicians to sell bonds and bolster the finances of U.S. allies. As the 20th century rolled on, however, power shifted north from Washington to New York, where deregulation and globalization created opportunities for bankers to create complex financial products that neither the public nor they themselves seemed to fully understand, which led to a series of market collapses and global recessions. Even wars in Iraq and Afghanistan have not been enough to galvanize the banking industry as prior wars did. At times, the author talks over the heads of a general audience, and her anti-banker bias, even if it's largely justified, cries out for some balancing commentary. Still, this is a valuable contribution to a growing body of books trying to make sense of an increasingly complicated financial world. The glossary of financial terms will prove helpful for general readers. A dense but worthy effort to explain how the economy went off the rails in recent years--and how we ended up in that situation in the first place.

     COPYRIGHT(2014) Kirkus Reviews, ALL RIGHTS RESERVED.

3. • premium: True
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   • content:

     Starred review from March 15, 2014
     

     Wall Street executive-turned-journalist Prins (Other People's Money) offers a history of the incestuous relationship between powerful bankers and the highest levels of American government. She traces her story from the Panic of 1907 through two World Wars, the Great Depression, 1930s bank regulation, the Cold War, innumerable market meltdowns, bank deregulation, the Lehman Brothers bankruptcy, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and President Obama's second term. She paints a picture of influential big bank executives and presidents forming a symbiotic relationship, where the federal government would permit the financial institutions to take on highly profitable risks with the government standing ready to bail them out when markets soured. The bankers in turn would offer campaign funds, boost economic conditions, and extend U.S. interests abroad. Prins says the bankers worked over the years to align government policy with their interests and that in recent decades that alignment became complete as members of the Wall Street fraternity moved in and out of pivotal government posts. Her final word is that America must sever the alliance between the White House and Wall Street or have it break us. VERDICT Prins divides her justifiably long text into digestible one- to three-page segments and seamlessly incorporates dozens of prominent banker profiles. Her work is highly recommended both to general readers and to students of financial history.--Lawrence Maxted, Gannon Univ. Lib., Erie, PA

     Copyright 2014 Library Journal, LLC Used with permission.

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A groundbreaking narrative of how an elite group of men transformed the American economy and government, dictated foreign and domestic policy, and shaped world history.
Culled from original presidential archival documents, All the Presidents' Bankers delivers an explosive account of the hundred-year interdependence between the White House and Wall Street that transcends a simple analysis of money driving politics-or greed driving bankers.
Nomi Prins ushers us into the intimate world of exclusive clubs, vacation spots, and Ivy League universities that binds presidents and financiers. She unravels the multi-generational blood, intermarriage, and proté relationships that have confined national influence to a privileged cluster of people. These families and individuals recycle their power through elected office and private channels in Washington, DC.
From the Panic of 1907 to the financial crisis of 2008, this unprecedented history of American power illuminates how...

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   • description: History / United States / 20th Century
3. • code: POL040000
   • description: Political Science / American Government / General