Paul Volcker: The Making of a Financial Legend
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Paul Volcker is a living legend of finance. He has established himself as one of the world’s most influential economic thinkers and is regarded as both a figure of integrity and an instinctive leader who–throughout his career–has invariably done what he has thought was right, regardless of the consequences. Volcker is that rare financial titan who never sought to amass great personal wealth. Throughout his career, it is evident that he had no greater goal than doing the best job he could in the public interest, leading organizations from both the public and private sector to seek out his advice when crises of confidence arose. Written by award-winning New York Times journalist Joseph B. Treaster, Paul Volcker: The Making of a Financial Legend takes you through the most compelling moments of Volcker’s fifty years in finance and public service–documenting his days as one of the most powerful voices in America as chairman of the Federal Reserve, as well as his more recent endeavors, including a mission to revive the Arthur Andersen accounting firm and efforts to recover billions in lost savings of Holocaust victims from Swiss banks. From public politics to private business, this masterful book examines the ethical, economic, and moral dilemmas Volcker faced at every turn. Compelling moments captured within these pages include Volcker’s:Early days as a young Treasury Department official during the Nixon years and his leading role as Treasury Department undersecretary in ending the Bretton Woods systemAppointment as president of the New York Federal Reserve BankTenure as chairman of the Federal Reserve from 1979 to 1987–through the Carter and Reagan administrationsRole as chairman of the investment firm James D. Wolfensohn, Inc.Campaigns for change in corporate governance and accountingWeaving together anecdotes and analysis in an action-oriented narrative, Paul Volcker: The Making of a Financial Legend is an engaging account of how one man achieved results that ultimately improved the lives of millions of Americans and continues to influence the worlds of business and finance. Foreign Affairs Paul Volcker has become an American icon-if not in every bar, at least in the worlds of politics, business, and finance. This short, readable biography covers not only his public life at the U.S. Treasury and the Federal Reserve Bank of New York and as chairman of the Federal Reserve System's Board of Governors, but also his little-known childhood and family life. One of the dramatic public events covered is the "Nixon shock" of 1971, when the United States dropped its commitment to convert dollars into gold on request by foreign central banks and negotiated a devaluation of the dollar. (Volcker was the key deputy to Treasury Secretary John Connolly.) Another is the switch, soon after President Jimmy Carter's appointment of Volcker as chairman of the Federal Reserve in 1979, to a stiff anti-inflation policy, which provoked mixed reactions during the painful period of disinflation but earned Volcker lasting respect after it was over. In addition to providing a flattering portrait of a dedicated public servant, Treaster offers an informative, nontechnical glimpse at how the Federal Reserve works.
ForewordCh. 1A finance legend1Ch. 2Seventy-six11Ch. 3The power of the Fed29Ch. 4Chairman47Ch. 5Youth71Ch. 6School days95Ch. 7Hardship113Ch. 8Difficult choices139Ch. 9The fallout165Ch. 10Fly-fishing185Epilogue201Bibliography207Notes211Acknowledgments237Index239
