[Download] 👈 PDF American Rascal: How Jay Gould Built Wall Street's Biggest Fortune

American Rascal: How Jay Gould Built Wall Street's Biggest Fortune

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Review : 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. Read more

 

Review : Actually, my rating would be 4 1/2 since some professional reviewers suggested that the author's scholarship was less than rigorous. Nonetheless, I couldn't put the book down. Jay Gould was a name I'd heard, but I knew little about him. He lived in the rough and tumble times of the late 19th Century when financial manipulation was the order of the day. Manipulating markets was commonplace, and it would be a mistake to criticize Gould since all the other major Wall Street players were doing the same thing. At one point, he and his partner James Fisk even tried to corner the gold market. Gould's primary focus across the arc of his career was railroads. In the 19th Century there were scores of them, most created to serve small specific markets. Gould's vision was to combine many of these small lines into one continuous line that would cross the entire U. S. from coast to coast. Unfortunately, Gould died before his vision could be realized. Reading the book was a nostalgia trip. So many railroads were brought to mind, MKT, NYCentral, Pennsylvania, Southern Pacific, Union Pacific, Wabash, Erie, Texas Pacific. At some point Jay Gould was involved with them all. His principle nemesis was Cornelius Vanderbilt, and each was always trying to bankrupt the other. At the time of his death, Gould may have been the wealthiest man in the U. S. According to the book, Forbes rated Gould as the fourteenth wealthiest man in U. S. history. This book brought Gould to life and also served to highlight the era of the Robber Barons of which there were many featured in the book. I thoroughly enjoyed the opportunity to learn more about that colorful era.