The Money Kings: The Epic Story of the Jewish Immigrants Who Transformed Wall Street and Shaped Modern America

by Daniel Schulman

The incredible saga of the German-Jewish immigrants—with now familiar names like Goldman and Sachs, Kuhn and Loeb, Warburg and Schiff, Lehman and Seligman—who profoundly influenced the rise of modern finance (and so much more), from the New York Times best-selling author of Sons of Wichita

Joseph Seligman arrived in the United States in 1837, with the equivalent of $100 sewn into the lining of his pants. Then came the Lehman brothers, who would open a general store in Montgomery, Alabama. Not far behind were Solomon Loeb and Marcus Goldman, among the “Forty-Eighters” fleeing a Germany that had relegated Jews to an underclass.

These industrious immigrants would soon go from peddling trinkets and buying up shopkeepers’ IOUs to forming what would become some of the largest investment banks in the world—Goldman Sachs, Kuhn Loeb, Lehman Brothers, J. & W. Seligman & Co. They would clash and collaborate with J. P. Morgan, E. H. Harriman, Jay Gould, and other famed tycoons of the era. And their firms would help to transform the United States from a debtor nation into a financial superpower, capitalizing American industry and underwriting some of the twentieth century’s quintessential companies, like General Motors, Macy’s, and Sears. Along the way, they would shape the destiny not just of American finance but of the millions of Eastern European Jews who spilled off steamships in New York Harbor in the early 1900s, including Daniel Schulman’s paternal grandparents.  

In Money Kings, Schulman unspools a sweeping narrative that traces the interconnected origin stories of these financial dynasties. He chronicles their paths to Wall Street dominance, as they navigated the deeply antisemitic upper class of the Gilded Age, and the complexities of the Civil War, World War I, and the Zionist movement that tested both their burgeoning empires and their identities as Americans, Germans, and Jews.

Genres: History, Nonfiction, Biography, Business, Finance, American History, Economics

592 pages, Hardcover

First published November 14, 2023

About the author

Daniel Schulman is the New York Times best-selling author of Sons of Wichita: How the Koch Brothers Became America's Most Powerful and Private Dynasty (2014) and The Money Kings: The Epic Story of the Jewish Immigrants Who Transformed Wall Street and Shaped Modern America (2023). His work has appeared in publications including the Atlantic, the Boston Globe Magazine, the Los Angeles Times, Politico, Vanity Fair, the Washington Post, and Mother Jones, where he is the magazine's deputy editor (news and politics). He lives outside of Boston with his wife and sons.

Dan enjoys talking with readers—for book clubs and 1:1s, find him on Skolay.

Reviews

[Anne · Rating 5 out of 5]

Wow!!! The Money Kings is a phenomenal nonfiction that had me flipping pages to see what was going to happen next. It was so interesting to learn the backstory of so many names that are synonymous with banks, stocks, wealth, and American dreams. There is so much information that this is one book I am highlighting and annotating. I will be rereading this one so I can go back and remember more of the information. I just couldn’t help reading fast because I wanted to know more. The photographs in the center really helped put a face and places to the people and places mentioned. The one thing that would help me is a basic timeline to be able to refer to once in a while so I could understand the connections better. I’m trying to draft one so I’ll try to post it to my Instagram with the review of the book. The amount of research and time spent on writing this important part of our history had to be overwhelming.

[Dan Walker · Rating 4 out of 5]

What a strange book. It makes wonder if it was written to be boring on purpose. Meaning, the first 2/3s of the book felt like a family history, of interest to no one except relatives. There are just too many characters to keep track of. Sure, the German-Jewish bankers evolved into an extremely tight-knit community, with frequent intermarriage (apparently sometimes forced, so that should have reduced the number of characters to keep track of). And sure, the beginnings of these banking houses, with names that are familiar even today after 150+ years, is somewhat intriguing, but knowing that the scion of a Jewish banking house in Germany spent time in an insane asylum (if memory serves), is just not that interesting. Sorry, I just couldn't be bothered to check the Index to confirm that boring fact.

Maybe the author intended to give modern American Jews a view of their own history, and they would be interested to see where their distant relatives show up in the narrative. Or maybe he was trying to bridge the apparent rift between German and Russian Jews - I learned from the book that contrary to popular opinion, Jews are not a monolithic religious culture - there are dramatic differences based on when an immigrant came to America and from where. I bet those differences in social status persist to this day. But to an outsider, it was plain boring.

So I was struggling through the book, mostly out of a sense of duty (my wife bought it for me), when suddenly I sat straight up and began furiously highlighting whole passages! What changed???

Mr. Schulman finally got around to bragging about how instrumental Jews were in creating the progressive utopia we all enjoy today. That's right, he starts pointing out how instrumental super-wealthy German-Jewish-American bankers were in getting the 16th Amendment (the federal income tax) confirmed and in passing the Federal Reserve Act. So much for the constant insistence, so prevalent even today, that evil billionaires are trying to keep the people down. Turns out that no one supports the progressive agenda and centralized government control more than... billionaires. That fact is always left out when progressives pretend to be populists. And apparently, no one had more to do with it than German-Jews.

Note: I say German-Jews because that's what the author calls them. Many of them were 48ers who came over to escape the turmoil of the European uprisings in 1848. In contrast, Russian-Jews came over in large numbers later, during the huge immigration crisis in the years before WWI. Yes, when people like to declaim the evils of "unrestrained" capitalism of the Gilded Age, they conveniently ignore the unrestrained immigration that made labor so cheap. Mr. Schulman at least acknowledges it. Well, he has to. After all, that's a huge part of the legacy of Jacob Schiff (the Jewish JP Morgan). He was indefatigable in trying to aid the Jewish immigrants. Good for him.

But back to the German-Jews and progressivism. The author claims that the pivotal character who built the guts of the Federal Reserve Act was Paul Warburg, a scion of the German banking house in Hamburg, Germany, who had to wait for his English to improve before he could publicize his ideas for a European-style central bank. Well, thank you very much!

As for the Federal Reserve, Mr. Schulman gives an honest review of the history and shares about the meeting on Jekyl Island, so secret that the participants wouldn't admit attendance for DECADES, and how they deliberately concealed their intentions even from President Taft. Woodrow Wilson played his part, pretending to be a populist and demagoging on the Money Kings, but signing the Federal Reserve Act and cementing Wall Street's power at the earliest possible moment.

I begin to see the roots of anti-semitism. Please spare me the crap about the Middle Ages and Passion Plays. Modern anti-semitism is based on MODERN events. Jacob Schiff deliberately underwrote Japanese bonds and blocked Russian bonds during the 1905 Russo-Japanese war. Turns out the most important ingredient for war is not men or munitions - it's money. Schiff had his reasons: Czar Nicholas had a terrible human rights record on Jews. A million+ Russian-Jews didn't come to America for nothing. On the outside, Schiff was utterly justified in his actions. But I wonder if he shouldn't have asked for some diplomatic advice before he started to play sides in a conflict on the other side of the globe. The Nazis made all kinds of hay out these actions when the Russians had to capitulate. And there were riots - with Jews as frequent targets - after the Russians lost.

Furthermore, a Warburg was in the German delegation that "negotiated" the Versailles Treaty ending WWI. The Nazis were all over that. (Typical of Progressivism - at the peak of Wilson's triumph, he failed and set the stage for violent anti-semitism and a SECOND world war). But you're an ugly nativist if you question the results of all this progressivism.

Finally, it can't make nativists comfortable when Mr. Schulman lets slip that Schiff and his partners, after decades of life in the US and building unimaginable fortunes, wrote their interoffice memoranda... in GERMAN. Are you serious??? Maybe it was a way to prevent competitors from reading their mail.

All this makes me wonder if I'm only getting one side of the story. After all, a writer for Mother Jones can be expected to emphasize certain points.

In the end, Mr. Schulman made me more of a nativist than I thought I was. Yup, the strange sideline story into Henry Ford's antisemitism seemed to be included to demonstrate that Midwesterners are naturally antisemitic. The fact that Midwesterners are utterly unaware of this fact makes them no less guilty. Seems that being suspicious of foreign wars and of central bankers who deliberately create inflation in order to transfer wealth from flyover country to New York City makes one racist. Well, then I guess I am.

Lump Charles Lindbergh into the guilt-by-association category. In an important historical footnote, his FATHER made an unintended contribution to the establishment of the Federal Reserve. He was the spearhead going after NYC bankers, the populism that Wilson took advantage of to achieve the progressive goal of centralized control. Talk about stabbed in the back, as progressives carefully circumvented a plank in their own campaign platform to pass the Act.

But Wilson had his reasons. On the day that Paul Warburg was confirmed to the Federal Reserve Board, England sent 120,000 soldiers to France to fight WWI. Again, you can't fight wars without loads of cheap money.

But Paul Warburg was unable to savor his victory, ultimately forced to leave the Board. After all, how exactly does one confirm a German to govern a bank that's loaning money to the US government to fight a war against Germany?

Sorry for the rambling diatribe. I guess the book was successful, even great! After all, writing this review took over 2 hours. Maybe start reading on page 335, instead of page 1. Well, at least read up to page 17. That's when the author reveals that the Lehman Brothers (yes, THAT investment bank) were slaveowners! Yes, that's right. More than one NY German-Jewish banking family got its start as peddlers in Alabama. The Seligmans were the other family, although they apparently avoided the conflicting situation of Jews owning slaves!

So read the book, even if you don't read this review.

[Aaron · Rating 4 out of 5]

If one is a fan of the Ron Chernow type of informative, at times dry (but not too dry), well put together, relatively inoffensive biographies of American giants, the Money Kings is right up your alley. This is not throwing shade on the author; the book is really enjoyable though finance while sometimes glamorized in movies and popular fiction is still mostly a dry affair—even more so when we’re turning the lens towards eras where people wore ‘fancy dress’ every day of the week and bearing elbows would be seen as a major social faux pas.

Billed in its sub-title as “The Epic Story of the Jewish Immigrants Who Transformed Wall Street and Shaped Modern America” one may go into this book thinking it’s going to be a Jewish-oriented historical telling of certain key figures in the world of finance from the last century. But it’s not.

As noted, this is more of a Chernowisque biography, but that does not mean it—Money Kings or even Titan, Chernow’s immense biography of John D. Rockefeller—does not have a religious focus. Be it John D. or the collection of bankers here (Lehman, Schiff—especially Schiff!--Goldman, Warburg, Seligman, and others) definitely kept the safety and security of their people as their lodestars. Schiff in particular whom may have been closer to a ‘Cafeteria Catholic’ of the ritualistic parts of our faith put his own biases aside and did his best to help all Yids in need.

Thus, while one can consider the lion’s share of this book to be more of a historical focus of American finance in the 19th and early 20th centuries, given the cast of characters and their own rags-to-riches backstories, Judaism does remain an undercurrent throughout. Nevertheless, there are very few religion (including charity)-focused chapters. A detailed look first and foremost at how Jewish bankers fought for their less fortunate brethren this is not. Rather, this is America coming into its own from the eyes of those whom some can consider robber barons of the Gilded Age and others the lucky few who got in early and levered their religious pursuit of endless education into the business of making business.

A whole bunch of characters are featured in the almost 700 pages that cover a good half century of US and also some European history from the mid 19th century through the end of WW2. You will not remember all names unless you’ve previous familiarity with them. What’s more, it’s almost—but not quite since the book manages to stay engaging—disappointing how the heavy focus early on about the Lehmans and Seligmans seemed to fall to the wayside towards the end where the camera remained mostly on the Schiffs and Warbugs. The author had a ton to work with, did a ton of research (including interviewing living descendants), and this definitely feels like a passion project like no other. For fans of history, for fans of American history, for fans of financial history, perhaps not exactly for fans of solely Jewish history, but even that exists here in promissory note form.


---Notable Highlights---

Was his inspiration Benjamin Buford "Bubba" Blue?
“The fire destroyed three-quarters of San Francisco. But when the smoke cleared, Jesse’s store and the Tehama House remained intact. The disaster proved lucrative for the Seligmans since it temporarily wiped out all of Jesse’s competitors.”

Even Lincoln hated them:
“Gold speculators infuriated Abraham Lincoln, who once remarked that “for my part, I wish every one of them had his devilish head shot off.”

They were discussing it as an allegory for that week’s parashah of course:
“Whatever else may have transpired during the meeting, Hill departed fully aware that his plans were in jeopardy. He also appeared to have given some indication that he was willing to deal, for he accepted an invitation to join the Schiffs that evening for their Sabbath dinner, after which Hill and Schiff stayed up past midnight discussing how to bring harmony to their competing fiefdoms.”

The one time Jacob Schiff got roasted and boy did it burn:
“I am divided into three parts. I am an American, I am a German, and I am a Jew.” A Zionist agitator named Shmarya Levin rose from the audience and asked Schiff whether he divided himself horizontally or vertically. And if the former, which section belonged to the Jewish people? The episode was prophetic, for during the war the three parts of Schiff’s identity came increasingly into bitter conflict.”

[Moonkiszt · Rating 4 out of 5]

A wide-ranging book telling the story of money in America, focusing especially on those who were Jewish in that tale. Beyond interesting, but a read that required many stops, refreshes and backtracks. Rather texty and filled with facts and featured families - overfilled for this reader and was work to finish, but worth the fight.

I learned much from this read on topics I felt already educated on - not so - well maybe - educated in the way with the "truths" my generation has been fed goose-style. I appreciated this look at much of that "learning" from an entirely different perspective. So glad other points of view are floating to the surface of "truth". . .may it continue to do so.

*A sincere thank you to Daniel Schulman, Knopf, Pantheon, Vintage, and Anchor | Knopf, and NetGalley for an ARC to read and review independently.* TheMoneyKings #NetGalley 25|52:3f

[Casey · Rating 5 out of 5]

This book is well written and researched. The subtitle of the book gives a good overview synopsis of what it is about. It covers the families and companies they developed in the 1800’s through today. These include J. & W. Seligman, Goldman Sachs, Kuhn Loeb and Lehman Brothers and other lesser known companies. I describes how they developed relationships both here and in Europe, family disagreements, the challenges of dealing with financial panics, World War I, slander and libel by various groups including Henry Ford, and the constant striving for assisting Jewish immigrants in the United States and those stranded in Europe, primarily in Russia. This is a must read for anyone who wants a better understanding of the true story of how theses companies developed and played a part in the development of the financial system in the United States.

[Debbie · Rating 3 out of 5]

"The Money Kings" by Daniel Schulman is a riveting exploration of the profound impact Jewish immigrants had on Wall Street and, by extension, the shaping of modern America. Schulman skillfully weaves together historical narrative and personal stories, creating a compelling tapestry of ambition, resilience, and financial prowess.

The book delves into the lives of key figures who rose from humble beginnings, such as Marcus Goldman and his descendants, to become financial titans. Schulman adeptly captures the essence of their struggles, triumphs, and the cultural challenges they faced. The narrative unfolds with a cinematic quality, making it accessible to both history enthusiasts and those new to the subject.

What sets "The Money Kings" apart is its nuanced exploration of the intersection between ethnicity, finance, and societal evolution. Schulman navigates complex themes with clarity, offering readers a profound understanding of how these immigrant families not only transformed Wall Street but also played a pivotal role in shaping the broader narrative of American success and identity. This book is a must-read for anyone interested in the intersection of finance, immigration, and the American Dream.

[Renata Stuhlberger · Rating 4 out of 5]

This is a fantastic book about the history of modern finance, immigration, and the Ashkenazi Jews who laid the foundations of America—its infrastructure, railroads, and financial institutions. Above all, it’s an excellent history lesson on the Ashkenazi Jewish Diaspora and, inevitably, of the rise of modern antisemitism.

You’ll enjoy this book if you’ve liked other epic tales of Jewish dynasties that shaped the world we live in, such as ''Kings of Shanghai'' (my all-time favorite) and ''A Banker’s Journey''.

--

How are these books similar and different?

''The Money Kings'' is similar to ''A Banker’s Journey'' in that both explore families who helped shape the modern financial industry. However, ''A Banker’s Journey'' is much more personal, focusing deeply on the life of Edmond Safra.

Compared to ''Kings of Shanghai''—which chronicles families who left Egypt and thrived in what was then a nearly inhospitable China—''The Money Kings'' is equally epic but centers on a different Diaspora: that of the Ashkenazi Jews. This was the aspect that most captivated me.

--

Now, let’s dive into the review of ''The Money Kings''.

The book feels like a thorough history course on the Ashkenazi Jews and their 19th-century diaspora.

It covers their journey from the Inquisition in 1492 to their escape from the harrowing pogroms in Germany and Russia in the late 1800s and early 1900s. I was stunned by many of the facts presented—what an impressive feat of research.

''The Money Kings'' also serves as a powerful study of antisemitism. Much of modern antisemitism revolves around blaming Jews—and their hard-earned business successes—for the world’s misfortunes. The book discusses ''The Protocols of the Elders of Zion'', the touchstone of modern antisemitism, which emerged during the period the book explores.

In many ways, it’s also a story about the United States and the birth of modern finance. The book highlights key forces that shaped America: immigration, westward expansion, early investments in railroads (the infrastructure, technology, and venture capital of that era), and later, the rise of financial institutions that would come to dominate the nation—and the world. This includes the creation of the Monetary Fund and banking giants like Goldman Sachs and Lehman Brothers, along with their legacies.

One downside of the book is its length (almost 700 pages). It’s very well written, and many sections flow easily, but still—it’s undeniably long. With all due respect to Daniel Schulman’s outstanding research, some parts could have been more concise. This is the only reason I give this book a 4/5 star rating instead of a 5/5 rating.

Final praise for the opportunity to meet some of the key figures in the book. I hadn’t known much about Jacob Schiff—what an extraordinary entrepreneur, businessman, philanthropist, and lobbyist. This German immigrant built a lasting legacy for Jews in America. This book should be required reading in all Jewish institutions so that his story is widely known.

[Jamele (BookswithJams) · Rating 4 out of 5]

What a fascinating story about the big names behind Wall Street. It started off strong and held my interest for the most part, but this did get a little dry in the middle and lost me for a while. The audio always helps in these situations so I definitely recommend reading it this way if you can. There are some fascinating nuggets in here that I really loved learning about.

Thank you to Knopf and PRH Audio for the copies to review.

[Evelyn Petschek · Rating 5 out of 5]

4 1/2 stars rounded up. A bit of a slow read at times, but fascinating. Part history, part biography - a detailed history of the American financial system from the late 1800s and character studies of key figures that helped form it.

[Tracie Hall · Rating 4 out of 5]

(Goodreads doesn't have the Audio version listed. I have tried importing using the PenguinRandomHouse.com URL for it, but it takes time for Goodreads to import and it doesn't always work. I'll try to remember to check if it did later, and switch this review to that one if it is successful, but meanwhile, I'll just do it here.)
“The Money Kings: The Epic Story of the Jewish Immigrants Who Transformed Wall Street and Shaped Modern America”
by Daniel Schulman

BIBLIOGRAPHIC DETAILS:
-Print: COPYRIGHT ©: November 14, 2023; ISBN: 9780451493545; PUBLISHER: Knopf; PAGES: 592 pages; UNABRIDGED (Hardcover Info from Goodreads)

-Digital: COPYRIGHT ©: November 14, 2023; PUBLISHER: Knopf; PAGES: 1019 pages; UNABRIDGED (Kindle Info from Goodreads)

-*Audio: COPYRIGHT ©: September 23, 2019; ISBN: 9781524722036; PUBLISHER: Random House Audio; DURATION: 22 hours and 21 minutes; Unabridged; (Audiobook Info from Amazon and PenguinRandomHouse.com-https://www.penguinrandomhouse.com/bo... )

-Feature Film or tv: No.

SERIES: No

SUMMARY/ EVALUATION:
-SELECTED: I was browsing the Libby app and found this. I like learning about history, people, & places, although I think the initial draw was getting to learn a little banking history.

-ABOUT: “The New York Times Book Review Editors' Choice The incredible saga of the German-Jewish immigrants—with now familiar names like Goldman and Sachs, Kuhn and Loeb, Warburg and Schiff, Lehman and Seligman—who profoundly influenced the rise of modern finance (and so much more), from the New York Times best-selling author of Sons of Wichita” __From Amazon.com

-OVERALL OPINION: Organizing biographies seems challenging even when it’s only about one person. I thought this was well organized and quite interesting.

AUTHOR:
Daniel Schulman
“Daniel Schulman is an American author and journalist. He is a senior editor at the Washington, D.C. bureau of Mother Jones.[1] In 2014, he wrote the book Sons of Wichita, a biography of the Koch family.[1][2][3] In 2015, Schulman, along with David Corn, released a story in Mother Jones questioning whether Bill O'Reilly's story about his coverage of the Falklands War was accurate.[4]” __From Wikipedia

NARRATOR:
Jonathan Davis
“As a child growing up in San Juan, Jonathan Davis loved Roald Dahl and also listened to stories told by his uncle Sholom Secunda, who was an esteemed composer of Yiddish theater. "Sholom was a wonderful storyteller, who instilled my desire to become an actor," Jonathan recalls. "I also remember my mother telling me she once went to a medium, who told her I would have a career using my voice. The medium actually thought I'd become an opera singer. Little did we know!" __Excerpt from Audiofile Magazine.

GENRE:
Nonfiction, Biography, Memoir, History, Business, American History, Judaism

TIME FRAME:
Late 19th Century – 20th Century

SUBJECTS:
Americans, Germans, Jews, Civil War, World War I, Zionist movement, Wall Street, Gilded Age, Finance, Economics, Banking

DEDICATION:
"For Stacey, Wesley, and Reid and in memory of Bernard Schulman (1930-2022)"

SAMPLE QUOTATION:
Excerpt from Chapter 8, “The Gilded Ghetto”

“The Seligmans arrived at the hotel on Thursday, June 14, 1877, crossing the expansive porch where guests lounged in wicker rocking chairs. Joseph’s wife and children waited in the parlor, a row of large crystal chandeliers shimmering overhead, while he went to arrange for their rooms. Recognizing the renowned financier, a manager, a man named Wilkinson, ushered him to a private office. He had a pained look on his face.
“Mr. Seligman, I’m required to inform you that Mr. Hilton has given instructions that no Israelites shall be permitted in the future to stop at this hotel.”[26]
Had he heard the man correctly? No Jews? His and other Jewish families had been staying there for years. Plus, he was not just any Jew. He was one of the nation’s wealthiest and most powerful men, an adviser to presidents and Treasury secretaries, a pillar of Wall Street. An uncomfortable silence filled the room as Seligman, thunderstruck, conjured the words to respond.
“Do you mean to tell me that you will not entertain Jewish people?” Joseph demanded.
“That is our orders, sir.”
“Are they dirty, do they misbehave themselves, or have they refused to pay their bills?” Seligman continued, his anger rising.
“Oh, no,” the manager replied. “There is no fault to be found in that respect. The reason is simply this: Business at the hotel was not good last season, and we had a large number of Jews here. Mr. Hilton came to the conclusion that Christians did not like their company, and for that reason shunned the hotel. He resolved to run the Union on a different principle this season, and gave us instructions to admit no Jew.”[27]
Embarrassed and indignant, Joseph channeled his outrage into a missive to Judge Hilton, which he sent from the Clarendon Hotel, down the street from the Grand Union. Written with a surface decorum characteristic of the times, Seligman offered “dear Judge” Hilton some “friendly and disinterested advice.” The letter, of course, was neither friendly nor disinterested

Now, permit me, dear Judge, in your own interest, and in the interest of Mr. Stewart’s valuable estate, the lion’s share of which you seem to have acquired, to say that you are adding to the many serious mistakes which you have committed since you inherited that estate by refusing admittance to the Union Hotel to a large class of people, irrespective of their respectability, wealth, and proper bearing, merely to pander to a vulgar prejudice, under the mistaken notion that by doing so you will fill the house with other nationalities. You will find yourself mistaken. You are no judge of American character. The civilized world is beginning to be more tolerant in matters of faith or creed or birth than you believe or would have them. They despise intolerance, low cunning, and vulgarity, and will not patronize a man who seeks to make money by pandering to the prejudices of the vulgar.
I regret that you are running the Union at a loss. I regret that you are making no headway in your wholesale departments in New-York and Chicago, and that even the Ninth-street retail store, so popular and prosperous under the management of the late Mr. Stewart, has lost its best patrons. A little reflection must show to you that the serious falling off in your business is not due to the patronage of any nationality, but to the want of patronage of all, and that you, dear Judge, are not big enough to keep a hotel, nor broad enough in your business views to run a dry goods store.[28]

A group of Joseph’s friends in New York, led by his attorney Edward Lauterbach, briefed a New York Times reporter on the dispute, reading aloud Seligman’s letter to Hilton.[29] By the following week, Seligman’s Grand Union rebuff had become a national scandal. “A Sensation at Saratoga,” the Times trumpeted in its front-page story, which included an interview with Hilton.
The judge claimed that Seligman had arrived “in an ostentatious manner,” demanding the hotel’s best accommodations. And he insisted that the Grand Union did not discriminate against all members of the Jewish faith—just a certain class of them. He drew a distinction between “Hebrews” and “Jews.” The former category, which included such wealthy and long-established Sephardic clans as the Hendrickses and the Nathans (whose descendants included a founder of the New York Stock Exchange), he found upright and respectable. It was the latter group, the new-money sort, whom he considered preening and flashy in their displays of wealth, that he deemed objectionable. The Times reported:

Mr. Seligman, Judge Hilton said, belongs to a class of, not Hebrews, but Jews, with whom this class of guests, especially the female portion of them, will not associate and whom they do not wish to be forced to meet, even under the etiquette of the dining-room and parlor of a public hotel….It is the fault, continued Judge Hilton, of this class of “Jews” themselves that they are discriminated against….They have brought the public opinion down on themselves by vulgar ostentation, a puffed-up vanity, an overweening display of condition, a lack of those considerate civilities so much appreciated by good American society, and a general obtrusiveness that is frequently disgusting, and always repulsive to the well-bred.[30]

In a separate interview with the Times, which ran in the next day’s paper, Hilton unloaded on Seligman. He asserted that Seligman “owes some of his most vaunted offices”—his memberships in exclusive clubs, bank directorships, and seats on prestigious municipal boards—“to the practice of the veriest Shylockean meanness.” He alleged that the Seligmans had landed a role in a U.S. government bond syndicate that included the Rothschilds and Drexel Morgan (the predecessor firm of J.P. Morgan & Co.) by exercising “political influence not squarely secured” and contended that “the position of the Seligmans in the syndicate is just as distasteful to the other members of that organization as their presence is considered in the Grand Union Hotel.” The vaunted Rothschilds, he added, would consent to meet with the brothers only “at second hand or through a clerk.”
Hilton went on, building up steam into a spectacular antisemitic diatribe:
Should the Seligman “Jew” be excluded from certain first class hotels? I say emphatically, yes. Not at all because he is a Hebrew, but because he is not wanted….He is too obtuse or too mean to see his vulgarity, or to go where it may not be on public exhibition. He is shoddy—false—squeezing—unmanly; but financially he is successful, and that is the only token he has to push himself upon the polite. He is as audacious as he is vulgar; he is as fussy as he is worthless; he is as vain as he is devoid of merit; and he is puffed out with as much importance as he is poor of any value….
It is no wonder that Americans are down on the Seligman “Jew.” The richness of this new country has tended to propagate the breed, and the breed has cursed the Hebrew race socially in this country. People won’t go to hotels where the Seligman Jew is admitted. And hotels if they would thrive must keep out those who would ruin their existence.[31]
The Seligmans’ partners in the loan syndicate signed a joint letter to the Times stating that “Judge Hilton is under a misapprehension as to the relations of Messrs. Seligman with their associates, which always have been and are of the most satisfactory character.”[32] Meanwhile, Jesse Seligman, whom the Times had located at his firm’s downtown offices, spoke out on his brother’s behalf. “I am at a loss what to think concerning Judge Hilton,” he said. “In view of his extraordinary statements…it would be charitable to suppose that the warm weather had affected his brain.”[33]”

RATING:.
4

STARTED READING – FINISHED READING
4-17-2024 to 5/8/2024

[Stephen Ditman · Rating 4 out of 5]

4.5 stars

[Walt · Rating 3 out of 5]

Who is the intended audience?
Schulman begins the book describing the first Jewish bankers in the United States. It slowly morphs into a convoluted family history. Then ends with an argument for and against a worldwide Jewish banking conspiracy. There is something for everyone - economists, historians, Jews, and antisemites. What is the purpose of the book? Schulman largely drops off the banking aspect once the lead characters become bankers. But despite all of that, I do not see any glaring errors or bias, just confusion.

The subject of the book is not so much the Jewish banking dynasties as it is about Jacob Schiff. I never heard of him either. When Schulman introduces him early on, I had no idea that he was more important than any other character in the book. The only person Schulman introduces one person in the entire book as being important in the long term is only mentioned twice in passing. The vast number of people introduced in the book as brothers, brothers-in-law, sons, partners, etc. is bewildering and overwhelming. Unless the reader has familiarity with these people prior to the book, they will have no idea if they should pay more attention to their story.

The introduction of the Lehman, Seligman, and Goldman Families ca. 1850 was fascinating. The energy that these immigrants, mostly poor, mostly peddlers, and mostly frontiersman is truly marvelous. Door-to-door peddlers in the rural areas of the South and slowly rising to dry goods stores and then to commodities is awe-inspiring. That Lehman supported the South, and Seligman the North is more interesting. But the leap from dry goods and commodities (especially for Lehman) to government contracts is glossed over in the book. It looks like Government, rather than grit pushed them into wealth. Marcus Goldman selling debt for a 1% profit is both pitiful and inspiring. It was a slow, methodical, and brilliant success.

Then, the second generation pops up. Partners appear out of nowhere. Firms appear out of nowhere. Jacob Schiff, the hero of the book, marries into a banking family and "takes over." What did he do? It is not clear. His rise is buried in with those of the sons, brothers, partners, and competitors. Schiff quickly (almost instantly) took over Kuhn-Loeb, a smaller bank than JP Morgan, but still a competitor. Schiff ran Kuhn-Loeb during the Gilded Age when there was very little regulation, and the robber barons - like Schiff - strove to make monopolies and cartels, even if they named them something more pleasant. Again, who is the intended audience?

The big banks of the 1890s focused on the big deals - government, railroads, steel, boats, etc. The bankers were weary of one-another, but agreed to abide by the monopoly instincts. That code of honor was thrown into the air by an ambitious industry disruptor who (possibly) dragged Schiff into his orbit. The 2 chapters describing Schiff battling Morgan are fascinating in an David vs. Goliath sort of way until you realize that JP Morgan and Kuhn-Loeb were nearly equals in the field. These chapters provide an end to Schulman's discussion of banking and any semblance to banking clans. The next half of the book is entirely Schiff.

All of the bankers discussed in this book are German Jews. Most of them supported Germany through thick and thin. However, they were also very much aware of strong and violent anti-semitism in Russia. Schiff especially was angered by the pogroms. When Russia and Japan went to war in 1905 Schiff organized the worldwide banking conspiracy to starve Russia and fund Japan. Schulman has documented resources showing that many people believed that Schiff was the architect of Japan's victory, so much so that the Japanese sought to protect Jews in East Asia during WWII just to curry favor with the Jewish bankers. Schulman definitely makes a strong case that the rumor mongers were right about a Jewish banking conspiracy dominating the world.

The events of WWI were similar, but not as noticeable. Schulman discusses the creation of the income tax and the Federal Reserve as a mission of some of the scions of the banking class - mostly Jewish who won support among a few Gentiles, but continued to work in secret less their influence and participation became know? Conspiracy? Paranoia? Schiff and other German Jews were not as supportive of one side or the other. Henry Goldman, son of Marcus Goldman, was an exception and forced out of Goldman-Sachs because of his favoritism. But the bankers tried to be neutral almost to the end. And then they popped up at Versailles - in big numbers. They were possibly so over-represented that it gave antisemites, like Hitler, cause to blame them for the treaty.

In-between are chapters describing anti-Jewish pogroms going back to the Middle Ages. What is the purpose? The Russian pogroms are introduced as a casus belli for Schiff to fight the czar. Henry Ford, Father Caughlin, Charles Lindbergh? The last chapter describing Ford's anti-semitism is fascinating because Schulman argues that Schiff convinced the bankers to not fight him. But other, less prolific Jews did fight him and won. Ford back down completely, surrendered, and apologized even though Schulman argues persuasively that Ford's opinions did not change. The fact that a titan of industry and a robber baron with every door open to him, humbled himself in total capitulation suggests a hidden cudgel forcing his hand. Conspiracy?

So Schulman argues for and against a global Jewish banking conspiracy. It is buried in painstaking genealogical data and family drama. The books begins with the Jewish pioneering families struggling to make the American dream and ends with Schiff's eulogy and burial. Was Schiff the apogee of the Jewish banking conspiracy? Or was he merely the forerunner? Readers can decide for themselves. Schulman avoids discussing the banks, the banking, or what they were doing. Apparently, after building a bank in NYC, the narrative ends. Goldman-Sachs created a niche for themselves in creating IPOs for non-major industry movers. Lehman concentrated on commodities. JP Morgan concentrated on major industry players, etc. How and why these were profitable is left out of the book. Minor family squabbles and relations are more important in this narrative. Maybe that accounts for the decline of the dynasties and why few people ever heard of J.Seligman or Kuhn-Loeb.

[William T · Rating 4 out of 5]

While well written, and thoroughly researched, this book had a muddled objective. Was it a history of the great Jewish investment banks, as the title would suggest, or was it a history of the philanthropy of the involved men? Was it a history of these men's involvement in political/religious agenda's, efforts and success's? Mostly well done, but not focused the way the title would imply.

[Bj · Rating 4 out of 5]

A very interesting and informative book about the early years of finance in the US. Many of the same family names still are part of our system today. Overall I enjoyed this book, even though keeping track of the various families and their impact was a challenge at times. The history of the development of our financial institutions is greatly improved with this author's book.

[Cheryl · Rating 4 out of 5]

This was an interesting story of a group of Jewish immigrants who became the most influential money men in the country. They came to America, fleeing a very antisemitic Germany beginning in the mid 1800s. Jews in Germany at that time were very much considered to be “lesser than” and were relegated to an underclass that was not allowed to fully participate in the German economy or culture. They were smart, ambitious and many of them would first make their living here as traveling peddlers. Some initially settled in the south and became part of the cotton trade and later they moved with their families to NYC.


As they prospered, they supported a great deal of philanthropy, particularly with respect to Jewish causes. Mt. Sinai Hospital and Montefiore Hospital in NYC were funded by the philanthropy of these men. Their families intermarried with other soon to be prosperous Jewish families, so there were always family connections as well as business interests in common. I recognized some of the family names immediately while others were new to me. Names like, Goldman, Sachs, Lehman, and Jay Gould were familiar. Other names like Joseph Seligman, who arrived in the US in 1837 with $100 in his pocket, and Jacob Schiff were new to me. Many of these captains of finance and their families are buried in Salem Fields in Brooklyn NY. Salem Fields is a German Jewish cemetery and mausoleum which was founded in 1852 by some of the money men in this book who rose from poverty to become the titans of banking and finance.


I was impressed with the drive of these people, their commitment to their families and to their religion. Many of their children and grandchildren married each other so it was often difficult to separate family from business. As in any family, there were feuds between business partners who also happened to be related by marriage.


As in Germany, they were subjected to both subliminal and overt antisemitism in the US. There was a very interesting story about the Seligman family who regularly vacationed in Saratoga each summer. In the summer of 1877, Joseph Seligman arrived with his family at the Grand Union Hotel in Saratoga and was told that “Israelites are no longer permitted to stay at the hotel.”


My one criticism of the book is that there were so many names and marital connections that it was sometimes very hard to follow. Jacob Schiff was a particularly interesting person but so was his son Morti. Sometimes I had trouble remembering which Schiff (or Lehman, or Sachs) the author was writing about. Often the author would use just the last name to describe what a particular person was doing, and I had to look back several paragraphs to remind myself which of the family members he was writing about. It would have been VERY helpful if the author had included some charts of the family trees of these people so I could refer to it when I was confused about which person he was writing about.


Overall, this was an informative book and would recommend it to anyone who likes history and finance.

[Izzy · Rating 2 out of 5]

The money kings by Daniel Schulman
1. Joseph Seligman born 1819; leaves Germany age 17 by steerage arrives in a US financial crisis, in Mauch Chunk 1837; became private secretary to Asa Parker, but then became pack peddler. Multiple siblings join him…initial financial success in Alabama…by 1848 returns to Bavaria to claim 1st cousin as wife. Sets up company in Manhattan
2. Emanuel and Henry Lehman set up business in Montgomery; first as peddler then storekeeper; slaves owned!; Henry felled by yellow fever 1855

“In mid-December 1862, Grant, recently promoted to major general, handed down a controversial order expelling “the Jews, as a class violating every regulation of trade established by the Treasury Department,” from his military jurisdiction, which sprawled from northern Illinois to southern Mississippi. Known as General Order No. 11,”

— The Money Kings: The Epic Story of the Jewish Immigrants Who Transformed Wall Street and Shaped Modern America by Daniel Schulman

During Civil war, Lehman brothers profiting in the South; Seligmans in the North…..
Army sutlers…. (The sutler was a civilian who was authorized to operate a store on or near a military camp, post, or fort. He could sell goods and items that were not considered necessary or supplied by the army.)
“During his visit to Washington, Joseph may have again pleaded his case for prompt payment, but he also delivered another pitch, offering to leverage his family’s European business contacts to sell northern securities on the continent. Negotiations with Chase nearly broke down over the secretary’s request that the Seligmans underwrite the portion of bonds they intended to sell. In other words, they would effectively have to agree to buy the bonds themselves, shouldering the risk if they couldn’t off-load them.”

I am not able to recommend this book It goes on and on but with out a clear cut theme other than to recount that there were more than a few German Jewish immigrants who were successful as businessmen in the growing America even before, and especially after the Civil War. What their being Jewish had to do with their business success is not clear. Is this book grist for some latter day version of the Dearborn Independent, or some new Protocols of the Elders of Zion?

In short, I was prepared to be interested, and there are interesting parts…. I have taken a few quotes…. Jewish money people on both sides of the Civil War; Jewish bankers’ continued role in Frankfurt except for when the Nazis reigned, Jacob Schiff’s outsize role in Jewish philanthropy, and many pictures some of historic interest.

But overall, it is kind of boring, and kind of so-what-ish!
Other than that there were successful money people in America who were Jewish, and these families often intermarried, as well as often out marry-ed (to gentiles). At best I was able to read perhaps 25%.

[Jenn Naughton · Rating 4 out of 5]

In "The Money Kings," author Daniel Schulman tells the fascinating story of the German-Jewish immigrants who made their mark on Wall Street and shaped the course of modern corporate finance. The book explores their impact on the world of IPOs, their philanthropic contributions, and the complex attitudes towards Jews and antisemitism in the United States.
One of the strengths of this book is its ability to shed light on a little-known aspect of American history. Schulman's thorough research and engaging writing style make for a compelling read, and his exploration of the complex attitudes towards Jews and antisemitism in the United States provides valuable insight into this complex and often contentious topic.
Overall, "The Money Kings" is a must-read for anyone interested in the history of finance, the experience of Jewish immigrants in America, or the complex dynamics of antisemitism in the United States. Schulman's illuminating work adds an important perspective to the conversation about the history of finance and the experiences of Jewish people in America. With its deep insight and engaging writing style, "The Money Kings" is a valuable addition to the literature on this subject.

[Harold · Rating 4 out of 5]

The Money Kings is the story of the leading Jewish banking families in New York during the Guilded Age — the founders and leaders of Kuhn, Loeb, Lehman Brothers, Goldman Sachs, and a few others. It makes sense to talk about these family at once, since they mostly have similar backgrounds, and frequently married into each others families. It is also confusing, and as much as the author rails against the stereotype of Jewish bankers, by focusing only on these families and generally ignoring the other lead banks and lead industrialists such as J Pierpont Morgan, the Vanderbilts and Rockefeller, and Andrew Carnegie, Leland Stanford, and Andrew Mellon.

But as a Jew, there were many tidbits and insights which moved me, and which I related to. The great philanthropic spirit of most of these men, the communal spirit amongst Jews of different backgrounds and beliefs, was important and laudable, even though the wealthy bankers, almost entirely of German heritage and light on religion, often looked down own the more recent poorer and more religious Russian Immigrants.

If you of a Jewish family, like mine, which was part of the waves of immigration in the 19th and early 20th Centuries, or if you are a student of the period and have learned about other elites, I highly recommend this book. If not, consider it as part of a larger study of a fascinating period in American history, in which these men played an important part — perhaps one rather amazing considering the antisemitism of the time — but hardly the singular import that you might reading this.

[Michael · Rating 3 out of 5]

I usually love any book regarding history, but this was so dry I nearly choked on it. Don't get me wrong its very well written and researched, almost too researched. I liked it well enough in the beginning. Lots of interesting stuff about these Jewish Immigrants and their families. I learned so much information that I did not know about the Civil War, Ulysses. S. Grant, the events surrounding the assassination of Czar Alexander II, and how these events and so many more affected the status of Jewish people. That being said it was a very long and at times a very boring book and I had to DNF it. Thank you to Goodeads for the Uncorrected Bound Proof of the book. This edition of the book did not have any of the pictures which will appear in the final edition. I would have liked to have seen them.

[Jill Verenkoff · Rating 4 out of 5]

I appreciate the sheer amount I learned about the history of the German Jewish Immigrants who revolutionized American and international economics. Even though these families were some of the wealthiest movers and shakers of their day and some of the most generous philanthropists, they had to endure a shocking amount of social marginalization. This novel traces the roots of American antisemitism that still raises its hydra-head today.

One of the problems with this read is that it is so detailed that i found it difficult to wade through all the names of the many family members and their generational offspring. As a result, it frequently became a tedious and frustrating read. This book desperately needs a character guide or family tree.

[Man Ha · Rating 3 out of 5]

Historical books on the long history of Jewish immigrants who established the policies to support the Jewish community are tough to follow. I was aware that they worked together to bring wealth to each other, but they were struggling with the immigrant policy and politics in the US at that time, specifically for Jewish people. Half of the book mentioned the fighting for Jewish immigrants and Zionism on Wall Street. The rest of it was about how to protect the Jewish community before World War 2 when Hitler took over Germany.

It was a long book, and I need to read it again, like the book about Spotify.

[Ted Daniels · Rating 3 out of 5]

There is some interesting history in this book, but it is definitely not a page turner. It focuses on the period from the mid 19th century through the stock market crash of 1929, including the Civil War and WWI. (I guess it's no surprise that successful bankers managed to finance both sides of both wars.) The book does delve deeply into anti-Semitism in the US and Europe.

The author jumps around as he traces the history of the the various families that eventually founded the big Wall Street investment banks. A few family trees would have been helpful to keep track of the players, as well as organization charts to show the connections between the various individuals and firms.

[Ryan Manganiello · Rating 5 out of 5]

A great book, packed full of finance related history, of which I am a total sucker for.

There was however in my opinion too much Jewery information for my tastes, so if you're gonna give this book a read, please be aware that the Jewish religion and its origins are heavily featured throughout the book.

I personally believe that religion as a whole plays a big role in a bunch of the world's problems, so for me, the heavy inclusion of it in this book was a big turnoff, but the author doesn't praise it or try to indoctrinate anyone over to it or anything like that, so no complaints or worries from me there.

[Emily Braverman · Rating 5 out of 5]

A good book for anyone looking for a history of the creation of the US financial system, it’s historical tie with global geopolitics or a history of powerful Jewish American families.

A masterful and detailed weaving of family histories, illustrating the creation and growth of the finance industry via the successful families who built it. A reminder of the importance of strong families and trusted friends and of a lesser known aspect of the history that has helped shape geopolitics even today.

[Robby Mitchell · Rating 4 out of 5]

- Read like a history textbook but fascinating story. I never heard of the name Jacob Schiff even though I knew Kuhn Loeb. I also never understood how connected all these firms were to each other and the profound impact they had on US government and foreign relations.
- They financed the civil war, world war 1 and were impactful in immigration during the entire history of the Jewish people. The stories of them working with Japan to try and beat Germany in WW1 was interesting information.
- Glad I read it, I feel like I learned a lot of relevant things for my life now.

[Marsha · Rating 1 out of 5]

I only gave it one star gamma but not because it's not well written or anything But mostly because I hated it. I have a financial planner for whom I pay, and that's because I am not interested in money at all!
This was a book club book, and the book club meeting about was Monday. I decided not to go, because I had nothing to offer to the group. I don't always like the book club book, but I often get something from it anyway- not this time! And I didn't really read it properly; I read, got bored and skimmed some, then I read more, then skimmed more...
Definitely not my style of book...

[Joann · Rating 3 out of 5]

A fascinating, well researched and well written book with a large cast of characters at time difficult to keep straight. In addition to the history of the financiers, there is history of the financial development of America and the role these men played in it. Social, economic, ethical issues are discussed as these pioneers were at the helm of so much. I must confess to skimming the last part of the book because it was not as gripping as the first half.

[Dan Zwirn · Rating 4 out of 5]

This is a a fast-moving, readable history of some of the key German Jewish families who evolved in the late 1800s from merchants to bankers and, frequently, investors and traders. Particularly good at covering their origins and early years and by the author of a similarly entertaining history of the Koch brothers and their father, it is a worthy addition to books including William Cohan’s ‘Money and Power,’ Ron Chernow’s ‘The Warburgs,’ and Stephen Birmingham’s ‘Our Crowd’.

[Rolf · Rating 4 out of 5]

A well-researched and thorough history of the Jewish families that formed much of the bedrock of the contemporary U.S. finance industry. It balances well a recognition of the history of prejudice and stereotype around Jews as bankers, while also trying to be true to the history of those Jewish bankers who were an important part of US history.

While thorough, I think it could have been more critical of the banking industry as a whole.

[Marissa Sobel · Rating 3 out of 5]

A fascinating read about how prominent Jewish American bankers supported the Russian Jewish community and Jewish immigrants while also financing overseas entanglements. Its nice that they supported Jews all over the world, but the war financing was all over the place. Some loyal to Germany, some loyal to America, some loyal to Jews. A lot of the book shares the history of the families and how they get to the gilded age. After that part, the meat of the story begins.