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Impeccable Connections: The Rise and Fall of Richard Whitney
Rating: 3 out of 5 stars
3/5
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About this ebook
"In 'Impeccable Connections,' Malcolm MacKay, who knew his subject, attempts to fathom the man whom puzzled contemporaries could not."
—Maxwell Carter, writing for the The Wall Street Journal
“Read this spellbinding book, which repeatedly takes your breath away, and learn that some things never change.”
—Craig R. Whitney, author of LIVING WITH GUNS: A LIBERAL’S CASE FOR THE SECOND AMENDMENT
Although Richard Whitney is not a common name today, the story of his rise to the top of Wall Street and fall to Sing Sing presages the more recent trajectories of men such as Bernard Madoff, Ivan Boesky, and Charles Keating. In a sense, Whitney’s fall was even greater in that he started at the top of the old-guard establishment.
“NOT DICK WHITNEY. NOT DICK WHITNEY!” President Franklin D. Roosevelt exclaimed upon being told Richard Whitney, the long-time president of the New York Stock Exchange, was a criminal. Almost ten years earlier, on October 24, 1929, Black Thursday, as one newspaper’s headline put it the next day, “Richard Whitney Halts Stock Panic.” In 1934, he appeared on the cover of Time magazine, hailed as the leader of the securities industry in its fight against New Deal regulation. Whitney’s message was clear: the securities industry could regulate itself, and the federal government should stay out. Sound familiar? This book tells the tale of Richard Whitney and describes in detail the banking and investment structure that precipitated the stock market collapse of 1929, and how as president of the New York Stock Exchange, Richard Whitney played his role while manipulating powerful and trusted friends.
—Maxwell Carter, writing for the The Wall Street Journal
“Read this spellbinding book, which repeatedly takes your breath away, and learn that some things never change.”
—Craig R. Whitney, author of LIVING WITH GUNS: A LIBERAL’S CASE FOR THE SECOND AMENDMENT
Although Richard Whitney is not a common name today, the story of his rise to the top of Wall Street and fall to Sing Sing presages the more recent trajectories of men such as Bernard Madoff, Ivan Boesky, and Charles Keating. In a sense, Whitney’s fall was even greater in that he started at the top of the old-guard establishment.
“NOT DICK WHITNEY. NOT DICK WHITNEY!” President Franklin D. Roosevelt exclaimed upon being told Richard Whitney, the long-time president of the New York Stock Exchange, was a criminal. Almost ten years earlier, on October 24, 1929, Black Thursday, as one newspaper’s headline put it the next day, “Richard Whitney Halts Stock Panic.” In 1934, he appeared on the cover of Time magazine, hailed as the leader of the securities industry in its fight against New Deal regulation. Whitney’s message was clear: the securities industry could regulate itself, and the federal government should stay out. Sound familiar? This book tells the tale of Richard Whitney and describes in detail the banking and investment structure that precipitated the stock market collapse of 1929, and how as president of the New York Stock Exchange, Richard Whitney played his role while manipulating powerful and trusted friends.
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Author
Malcolm Mackay
Malcolm Mackay was born in Stornoway on Scotland's Isle of Lewis. His first novel, The Necessary Death of Lewis Winter, won the ITV Crime Thriller Award, and was short-listed for several other prizes, including an Edgar Award and a CWA Dagger. His second novel, How a Gunman Says Goodbye, won the Deanston Scottish Crime Book of the Year Award. Mackay still lives in Stornoway.
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Reviews for Impeccable Connections
Rating: 3 out of 5 stars
3/5
2 ratings1 review
- Rating: 3 out of 5 stars3/5Succinct real world indictment of unfettered capitalism. Whitney relies on loyalty from friends and poor business decisions to financially ruin his clients and then has an absurdly short sentence. A quick read, I read it in a sitting and felt it did the subject justice.