A sweeping history of the legendary private investment firm Brown
Brothers Harriman, exploring its central role in the story of
American wealth and its rise to global power Conspiracy theories
have always swirled around Brown Brothers Harriman, and not without
reason. Throughout the nineteenth century, when America was
convulsed by a financial panic essentially every twenty years,
Brown Brothers quietly went from strength to strength. By the turn
of the twentieth century, Brown Brothers was unquestionably at the
heart of the American Establishment. As America's reach extended,
Brown Brothers worked hand in glove with the State Department,
notably in Nicaragua in the early twentieth century, where the firm
essentially took over the country's economy. To the Brown family,
the virtue of their dealings was a given; their form of muscular
Protestantism, forged on the playing fields of Groton and Yale, was
the acme of civilization, and it was their duty to import that
civilization to the world. When, during the Great Depression, Brown
Brothers ensured their strength by merging with Averell Harriman's
investment bank to form Brown Brothers Harriman, the die was cast
for the role the firm would play on the global stage during World
War II and thereafter, as its partners served at the highest levels
of government to shape the international system that defines the
world to this day. In Inside Money, acclaimed historian,
commentator, and former financial executive Zachary Karabell offers
the first full and frank look inside this institution against the
backdrop of American history. Blessed with complete access to the
company's archives, as well as a deep knowledge of the larger
forces at play, Karabell has created an X-ray of American
power--financial, political, cultural--as it has evolved from the
early 1800s to the present. Today, Brown Brothers Harriman remains
a private partnership and a beacon of sustainable capitalism,
having forgone the heady speculative upsides of the past thirty
years but also having avoided any role in the devastating
downsides. The firm is no longer in the command capsule of the
American economy, but, arguably, that is to its credit. If its
partners cleaved to any one adage over the generations, it is that
a relentless pursuit of more can destroy more than it creates.
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