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Harriman vs. Hill
In 1901, the Northern Pacific was an unlikely prize: a twice-bankrupt construction of the federal government, it was a two-bit railroad (literally-five years back, its stock traded for twenty-five cents a share). But it was also a key to connecting eastern markets through Chicago to the rising West. Two titans of American railroads set their sights on it: James J. Hill, head of the Great Northern and largest individual shareholder of the Northern Pacific, and Edward Harriman, head of the Union Pacific and the Southern Pacific. The subsequent contest was unprecedented in the history of American enterprise, pitting not only Hill against Harriman but also Big Oil against Big Steel and J. P. Morgan against the Rockefellers, with a supporting cast of enough wealthy investors to fill the ballroom of the Waldorf Astoria.
The story, told here in full for the first time, transports us to the New York Stock Exchange during the unfolding of the earliest modern-day stock market panic.Harriman vs. Hillre-creates the drama of four tumultuous days in May 1901, when the common stock of the Northern Pacific rocketed from one hundred ten dollars a share to one thousand in a mere seventeen hours of trading-the result of an inadvertent \"corner\" caused by the opposing forces. Panic followed and then, in short order, a calamity for the \"shorts,\" a compromise, the near-collapse of Wall Street brokerages and banks, the most precipitous decline ever in American stock values, and the fastest recovery. Larry Haeg brings to life the ensuing stalemate and truce, which led to the forming of a holding company, briefly the biggest railroad combine in American history, and the U.S. Supreme Court ruling against the deal, launching the reputation of Justice Oliver Wendell Holmes as the \"great dissenter\" and President Theodore Roosevelt as the \"trust buster.\" The forces of competition and combination, unfettered growth, government regulation, and corporate ambition-all the elements of American business at its best and worst-come into play in the account of this epic battle, whose effects echo through our economy to this day.
eBook
Harriman vs. Hill : Wall Street's great railroad war
\" In 1901, the Northern Pacific was an unlikely prize: a twice-bankrupt construction of the federal government, it was a two-bit railroad (literally--five years back, its stock traded for twenty-five cents a share). But it was also a key to connecting eastern markets through Chicago to the rising West. Two titans of American railroads set their sights on it: James J. Hill, head of the Great Northern and largest individual shareholder of the Northern Pacific, and Edward Harriman, head of the Union Pacific and the Southern Pacific. The subsequent contest was unprecedented in the history of American enterprise, pitting not only Hill against Harriman but also Big Oil against Big Steel and J. P. Morgan against the Rockefellers, with a supporting cast of enough wealthy investors to fill the ballroom of the Waldorf Astoria. The story, told here in full for the first time, transports us to the New York Stock Exchange during the unfolding of the earliest modern-day stock market panic. Harriman vs. Hill re-creates the drama of four tumultuous days in May 1901, when the common stock of the Northern Pacific rocketed from one hundred ten dollars a share to one thousand in a mere seventeen hours of trading--the result of an inadvertent \"corner\" caused by the opposing forces. Panic followed and then, in short order, a calamity for the \"shorts,\" a compromise, the near-collapse of Wall Street brokerages and banks, the most precipitous decline ever in American stock values, and the fastest recovery. Larry Haeg brings to life the ensuing stalemate and truce, which led to the forming of a holding company, briefly the biggest railroad combine in American history, and the U.S. Supreme Court ruling against the deal, launching the reputation of Justice Oliver Wendell Holmes as the \"great dissenter\" and President Theodore Roosevelt as the \"trust buster.\" The forces of competition and combination, unfettered growth, government regulation, and corporate ambition--all the elements of American business at its best and worst--come into play in the account of this epic battle, whose effects echo through our economy to this day. \"-- Provided by publisher.
Book
Moralizing the market : how Gaullist France embraced the US model of securities regulation
\"In the late 1960s, France attempted a complete overhaul of its financial regulations without being forced to do so by a stock market crash or the collapse of its banking system. Out of pure political expediency, Gaullist reformers seized the opportunity offered by a minor insider trading case to establish the \"Commission des Opérations de Bourse (COB), an independent commission in charge of regulating the securities market. Even more surprisingly, these staunch defenders of national sovereignty drew their inspiration from an American model, the Securities and Exchange Commission. Rather than a comparative study of securities regulation in France and the United States, the book is an investigation of the dynamics of policy transfer in the field of securities regulation. Along the way, it reveals a great deal about French and American perceptions of morality and capitalism, but also, more generally, about the exercise of political power in modern democracies, the interaction between business and government, and the mechanisms of institutional innovation\"-- Provided by publisher.
Book
Harriman vs. Hill
In 1901, two titans of American railroads set their sights on the Northern Pacific. The subsequent battle was unprecedented in the history of American enterprise, pitting not only James J. Hill against Edward Harriman but also Big Oil against Big Steel and J. P. Morgan against the Rockefellers, with a supporting cast of enough wealthy investors to fill the Waldorf Astoria's ballroom.
Publication
Global capitalist crisis and the second great Depression
In this comprehensive work, Armando Navarro delivers a timely analysis of the global capitalist crisis that has arisen in the United States. Navarro offers a wide-ranging political historical analysis of events the led up to the present co-called “Second Great Depression.” Starting with the end of World War II, he tracks the various political and economic decisions that have led to the emergence of the global economic crisis that began in 2006. He provides context for the current economic situation by discussing the major economic and political events, including the Great Depression, the New Deal, the rise of neo-liberal capitalism, and the collapse of the subprime mortgage industry. Navarro incisively reviews and critiques the Obama administration and Democrats’ quasi-welfare capitalist legislation. Driven by social democratic models, he constructs a transformative social movement paradigm that calls for the rise of reform and proposes dramatic systemic change. Navarro concludes by looking at the U.S. political culture—what he contends is the major obstacle to the rise of “socialism” in the United States—and speculates about the potentially bleak economic future to come.
eBook
Law Enforcement and the History of Financial Market Manipulation
First Published in 2014. Routledge is an imprint of Taylor & Francis, an informa company.
Introduction 1. Manipulation: Some History 2. Market Manipulation and the New Deal Legislation 3. Postwar Manipulation and Speculation 4. Manipulation of Commodity Prices in a Time of Inflation 5. Manipulation Setbacks Under the Federal Securities Laws 6. The Battle over OTC Derivatives 7. The Dodd-Frank Act 8. Challenges for the New Manipulation Standards
Jerry W. Markham is a Professor of Law at the Florida International University College of Law in Miami, USA.
\"Professor Markham has written another masterpiece. His book provides a rich history and detailed analysis of financial fraudulence, commonly known as manipulation, from a regulatory policy perspective, and the ways that case law has evolved and characterized this fraud. Markham then properly addresses the new theories that have been developed since the passage of Dodd-Frank in 2010 and places them in the context of the rich enforcement traditions of the Commodity Futures Trading Commission, the Securities and Exchange Commission, the Federal Trade Commission, the Federal Energy Regulatory Commission, and others. The book is a must read for financial services lawyers and regulators as well as academics.\" -- Ronald Filler, New York Law School
\"Jerry Markham as always provides an insightful analysis on the history of the financial markets--this time focusing on law enforcement and market manipulation.\" -- Thomas Lee Hazen, School of Law, University of North Carolina at Chapel Hill
eBook