Other People's Money


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(4.3 stars; 16 reviews)

Other People's Money and How the Bankers Use It is a collection of essays written by Louis Brandeis published as a book in 1914. The book attacked the use of investment funds to promote the consolidation of various industries under the control of a small number of corporations, which Brandeis alleged were working in concert to prevent competition. Brandeis harshly criticized investment bankers who controlled large amounts of money deposited in their banks by middle-class people. The heads of these banks, Brandeis pointed out, routinely sat on the boards of railroad companies and large industrial manufacturers of various products, and routinely directed the resources of their banks to promote the interests of their own companies. These companies, in turn, sought to maintain control of their industries by crushing small businesses and stamping out innovators who developed better products to compete against them.

Brandeis supported his contentions with a discussion of the actual dollar amounts -- in millions of dollars -- controlled by specific banks, industries, and industrialists such as J. P. Morgan, noting that these interests had recently acquired a far larger proportion of American wealth than corporate entities had ever had before. He extensively cited testimony from a Congressional investigation performed by the Pujo Committee, named after Louisiana Representative Arsène Pujo, into self-serving and monopolistic business dealing.

The book received great publicity at the time, and was widely lauded by legal academics. Attention to the book was amplified by Brandeis' nomination to the Supreme Court of the United States in 1916.(Summary by Wikipedia) (5 hr 16 min)

Chapters

01 - Our Financial Oligarchy 34:22 Read by Andy Minter (1934-2017)
02 - How The Combiners Combine 32:58 Read by Richard Kilmer
03 - Interlocking Directorates 22:25 Read by Kathleen Nelson
04 - Serve One Master Only! 34:52 Read by John Kooz
05 - What Publicity Can Do 24:46 Read by John Kooz
06 - Where The Banker Is Superfluous 35:18 Read by John Kooz
07 - Big Men And Little Business 39:57 Read by John Kooz
08 - A Curse Of Bigness 42:15 Read by Richard Kilmer
09 - The Failure Of Banker-Management 16:20 Read by TriciaG
10 - The Inefficiency Of The Oligarchy 33:01 Read by Kathleen Nelson

Reviews

Relevant Today


(5 stars)

Explains how modern banks supresss compeition and how this has happened


(5 stars)

Wow! I suspect that THIS BOOK accounts for the actual facts behind Ayn Rand’s Atlas Shrugged. Any Ayn Rand fan who believes in functioning with an open mind will be well served to listen to this!!