A great introduction to the financial world! Having known Arthur Hailey has authored many other outstanding titles like “Hotel”, “Airport”, “Strong Medicine”, to sprinkle a few, it is awe-inspiring how he managed to pick an industry and dish out such uncanny details, let alone blend it with amazing plots.
“THE MONEYCHANGERS” is a combo of money, people and banking made into a thrilling, totally absorbing story of the financial and personal crises in a reputed financial institution. It is a tale about a big bank which is one day powerful and next day is on the verge of bankruptcy, due to the greed of some executives.
The position of CEO of America’s large bank, Federal Mercantile American Bank, is about to become vacant due to the terminal illness of Ben Roselli, whose grand-father founded the bank. Two senior vice-presidents – Roscoe Heyward and Alex Vandervoort begin to vie for the position and the power play kicks in.
Roscoe wants financial prosperity for the bank, more importantly prosperity for himself, at the expense of bank’s credibility. Whereas, Alex’s basic banking principles are sound. Roscoe believes in high risk, high gain, even while compromising on basic ethics. Alex, on the contrary, insists compliance with principles along with calculated risk (where need be).
Roscoe gets involved in a high-profile affair in arranging a loan for $59 million to a big business conglomerate, concealing the negative realities to the FMA’s Board. Alex, the sole opposition, could not negate the loan, as he failed to command enough support.
The author takes the reader through the journey amid various plots and the tale gets more gripping. In the process, the reader is navigated through a panoramic view of the banking industry – in security arrangements, branch operations, profit margins, the attractions of foreign currency, the inside of a stock market, the techniques of a surprise audit in a branch bank and much more.
FMA faces a number of problems / decisions: the mysterious disappearance of $6,000 from the teller’s cash box; counterfeit credit-cards; the question of whether to continue funding a low-cost housing development or to float a master loan for a multinational corporate entity; policy decisions on whether to open new branches…… Above all, the bank faces the choice of a new president.
The plot, in the bargain, engages embezzlement, a little blackmail, undercover operations in counterfeit ring, some high level corporate scam, a major financial disaster, a panic and a near-run on the bank, employing a call-girl character, some kidnapping, torture, visits to insane asylums, a suicide…. Hailey designs his characters carefully so that we relate them to sustain the momentum. .
By the time you finish, page 476, you are impressed that you are learning something. You will really know what is banking. If you are interested in business and finance, you would enjoy the title to the full. The entire narration in the book is akin to reading a movie.
Though the book was first published in 1975, yet what he said such as credit card abuse, using tomorrow’s money to pursue today’s “dreams”, printing US dollars, the inflation, the gold standard and the monetary system …. is perfectly valid even in today’s scene , is n’t it?
An interesting excerpt: "For what they - the politicians, mostly - on one hand have created a Himalayas of debt which neither they, we, nor our great-great-grand children can ever pay. And, on the other hand, they have printed, as if producing toilet tissue, a cascade of currency, debasing our good money - especially the honest, gold-backed dollars which Americans once owned. It is all simply house-keeping - the most flagrantly incompetent, dishonest housekeeping in human history. This, and this alone, is the basic reason for inflation." Such epithets are perfectly valid for a country like India. And there are many such sparkles spread through the book.
Instead of reading a mere fiction, I feel it makes better sense when you read “THEMONEYCHANGERS” by Arthur Hailey. You get your money’s worth! Relentlessly readable!
“THE MONEYCHANGERS” is a combo of money, people and banking made into a thrilling, totally absorbing story of the financial and personal crises in a reputed financial institution. It is a tale about a big bank which is one day powerful and next day is on the verge of bankruptcy, due to the greed of some executives.
The position of CEO of America’s large bank, Federal Mercantile American Bank, is about to become vacant due to the terminal illness of Ben Roselli, whose grand-father founded the bank. Two senior vice-presidents – Roscoe Heyward and Alex Vandervoort begin to vie for the position and the power play kicks in.
Roscoe wants financial prosperity for the bank, more importantly prosperity for himself, at the expense of bank’s credibility. Whereas, Alex’s basic banking principles are sound. Roscoe believes in high risk, high gain, even while compromising on basic ethics. Alex, on the contrary, insists compliance with principles along with calculated risk (where need be).
Roscoe gets involved in a high-profile affair in arranging a loan for $59 million to a big business conglomerate, concealing the negative realities to the FMA’s Board. Alex, the sole opposition, could not negate the loan, as he failed to command enough support.
The author takes the reader through the journey amid various plots and the tale gets more gripping. In the process, the reader is navigated through a panoramic view of the banking industry – in security arrangements, branch operations, profit margins, the attractions of foreign currency, the inside of a stock market, the techniques of a surprise audit in a branch bank and much more.
FMA faces a number of problems / decisions: the mysterious disappearance of $6,000 from the teller’s cash box; counterfeit credit-cards; the question of whether to continue funding a low-cost housing development or to float a master loan for a multinational corporate entity; policy decisions on whether to open new branches…… Above all, the bank faces the choice of a new president.
The plot, in the bargain, engages embezzlement, a little blackmail, undercover operations in counterfeit ring, some high level corporate scam, a major financial disaster, a panic and a near-run on the bank, employing a call-girl character, some kidnapping, torture, visits to insane asylums, a suicide…. Hailey designs his characters carefully so that we relate them to sustain the momentum. .
By the time you finish, page 476, you are impressed that you are learning something. You will really know what is banking. If you are interested in business and finance, you would enjoy the title to the full. The entire narration in the book is akin to reading a movie.
Though the book was first published in 1975, yet what he said such as credit card abuse, using tomorrow’s money to pursue today’s “dreams”, printing US dollars, the inflation, the gold standard and the monetary system …. is perfectly valid even in today’s scene , is n’t it?
An interesting excerpt: "For what they - the politicians, mostly - on one hand have created a Himalayas of debt which neither they, we, nor our great-great-grand children can ever pay. And, on the other hand, they have printed, as if producing toilet tissue, a cascade of currency, debasing our good money - especially the honest, gold-backed dollars which Americans once owned. It is all simply house-keeping - the most flagrantly incompetent, dishonest housekeeping in human history. This, and this alone, is the basic reason for inflation." Such epithets are perfectly valid for a country like India. And there are many such sparkles spread through the book.
Instead of reading a mere fiction, I feel it makes better sense when you read “THEMONEYCHANGERS” by Arthur Hailey. You get your money’s worth! Relentlessly readable!
