BOOK REVIEW a scintillating topic) is explored in detail.

The book moves along quickly. Chapters shuttle between New York, London, Berlin, Paris, Vienna as the euphoria builds, and then again when the hangover starts. There is a lot of corruption and many fraudulent schemes along the way: Credit Mobilier, Union Generale, empires in Nicaragua, the election of 1876. Do

we need to know about Karl Marx’ s skin problems? Probably not, but it adds to his already unlikable profile.

There are parallels between the events described in this book and the present moment. Some are strong and some not. The book would be worth reading just to explore them. The added treat is Ahamed’ s skill linking the events of one isolated

period of financial madness to historical developments that emerge in the decades that followed. Financial history at its best.

James P. Prout is a lawyer with more than 30 years of capital market experience. He now is a consultant to some of the world’ s biggest public companies. He can be reached at jpprout @ gmail. com.

HOW MUCH DO YOU KNOW ABOUT FINANCIAL HISTORY?

1. What US president lost $ 26,000( more than $ 450,000 today) investing in a lobster company?

2. What president first appeared on $ 5,000 Treasurer bearer notes in 1813?

3. What Federal Reserve chairman coined the term“ irrational exuberance” 30 years ago this December?

4. What conservative financial firm collapsed on September 18, triggering the Panic of 1873?

5. What president signed the Federal Reserve Act into law?

6. What company created the first index mutual fund 50 years ago?

7. Who founded American Research and Development Corporation— the first venture capital firm to raise money from institutional investors— 80 years ago?

8. To what industry does Berkshire Hathaway trace its roots?

9. During the Colonial period, counterfeiting currency was considered an act of treason. What was the punishment?

10. What was the first colony to have an authorized lottery?

1. Franklin D. Roosevelt 2. James Madison 3. Alan Greenspan 4. Jay Cooke & Co. 5. Woodrow Wilson 6. Vanguard 7. General Georges Doriot 8. Textile manufacturing 9. Death 10. Massachusetts www. MoAF. org | Fall 2026 | FINANCIAL HISTORY 41